Where do I go when they say no?

Question

Ben here from Knoxville, TN.

Advice needed. Where should I go when a lead says they don't want to sell? What do you do?

Do I say thank you and then just wait to hit them up again? Do I ask if I can call back? Do I hang up then hit them with mailers?

Help a brother out.

Account Closed · Answer

@Benjamin Barredo

That is a broad question with no easy straightforward answer.

It depends...every seller is different and you have to be able to read the seller and determine how to direct the conversation.

What you are asking has to do with sales, the psychology of selling and negotiation. A lot has been said and written about these topics by many speakers and writers that is applicable to sales in almost any arena whatever the product or service is.

Since your focus is wholesaling, if you have never heard of Sean Terry, look him up here: http://www.flip2freedom.com/ and listen to his podcasts. They are all free. He does sell a system but the podcasts which go into great detail on how to wholesale, talk to sellers, negotiate etc. are free.

Hopefully that will help.

David Faulkner · Answer

Why don't they want to sell? If you can come up with a solution that overcomes those objections, then they will either sell or come up with more objections that you could similarly overcome. The more you do that, the better you'll get at it but even still most won't sell on first contact.

Assuming you found their house D4D, their house is distressed, and it can't be fun and most likely not an accident that they are living in such a state ... they have a problem, figure out how to tactfully drill down to what the root problem is, and if you can present a solution to that problem that is still profitable for you then you can likely make a deal.

One other suggestion is to to reframe it not to what they have to lose but what they have to gain. If they were to sell, what would that enable them to do? How could that put them in a better position than they are in now? Could they finally retire and move to that less expensive market closer to their kids? Could they rent a nicer place and stop worrying about the repairs or how they will pay the mortgage? Can you help them see that picture and execute on it? If not, then you are not REALLY helping them, and there really is no reason why they should sell to you other than you somehow cheat or trick them into it, and you don't want to be THAT guy.

In short, find out what the problem is, figure out how to solve it and profit at the same time, present them with their options and how you can help them, and earn your wholesale fee.

Account Closed · Answer

@Benjamin Barredo

I don't know how you got the lead and managed to get in front of them.

Assuming they look like they have many signs of a motivated seller that needs to sell, whether they know they need to sell or not, it is only a matter of time before they feel so much pain that they break and they are ready to sell.

If I determine that they fall into the category of "motivated seller that needs some time to break", I would thank them and let them know that you understand that they are not willing to sell at this time.

I would then let them know that I am very interested in buying if they should change their mind. To underscore my interest, I would make them a strong offer or different offer scenarios on the spot like @John Thedford suggested that you are confident you can follow through with and leave them with my contact information. That will get them thinking so that when they finally feel enough pain, you are most likely the guy that they will call.

Then if you don't hear from them, I would follow up with them every 30-45 days or so to depending on how you assess the situation until they break and sell....to you.

Mindy Jensen · Answer

@Benjamin Barredo, if you find someone who isn't ready to sell at this time, let them know you would still be interested should they change their mind.

I would also write up another letter that says something simple. "Just a note to remind you that if you are considering selling your home, I'm interested in buying it. I can be reached at..."

And then give them every single possible way you can be reached. Not everyone wants to email you, or phone you, or text you. I give my street address, too. I have received 3 letters back because of that.

I've also received some letters about my house. One particularly memorable one had an air of hostility to it, as though it were somehow my fault they couldn't get in touch with me. Be nice in your postcard/letter that says I'm still interested.

Benjamin Barredo · Answer

Thanks Account Closed

I'll check that out.

Benjamin Barredo · Answer

Account Closed at first. The first comment made me feel like he was being a naysayer but the second was actually advice, so I'll take it.

I get my leads by D4D and investigating the property details on the county website.

I understand what a motivated seller is but let me ask you this...when I've called, I pretty much tell them who I am and ask if they want to sell. Is that smart or should I try to strike up a conversation to find out if they're motivated. I don't actually get incoming calls yet, so any calls made are me to find out if the owner wants to sell. If they called me, it would be much easier to find out if they're motivated because it's obvious they are interested in selling. But making a cold call, I don't know if I'm get a seller or not. Is there a way you talk to potential sellers when you call them for the first time? Or do you not do that?

I have very little choice. I'm trying to hustle and work a full time job and be a good dad and husband. But I made goals to get a deal a month by the end of the year and I don't have a direct marketing campaign going, so I'm calling and mailing as I put a list together. I have one for-sure buyer lined up and a few potentials. So I feel good about things. I just need to find that seller. I love the hunt though. It's like fishing but more work. A lot more.

Account Closed · Answer

NEXT!!!

Benjamin Barredo · Answer

@Mindy Jensen Thanks a ton for the feedback. I just wrote the letter to that guy but I'll rewrite it. I was contemplating making it more personal since we already talked.

I handwrote about 50 yellow letters yesterday and didn't put my email on a single one of them. I don't know why I didn't think of that. Probably because I mimicked a lot of yellow letter images I reviewed on Google.

I'll be adding it tonight.

Benjamin Barredo · Answer

Thanks @Anthony Donaldson. How do you use Evernote for leads? I have it but I made an excel spread for now. I don't have the money to get lists from places like Listsource. I'm strictly D4D and looking for houses that look neglected, vacant, or scream for help. I write the address down, take a pic or two and then hunt the owner information down on the county website. I will admit, I broke down and got a membership on Intelius because...well...it's only $19 a month and it's awesomely cheap for what I can potentially get from it's use. As soon as I hit a good wholesale deal and close it, I'll invest in some more focused marketing.

Seriously though, I'd love to know how you use Evernote. I use it for notes, I have my goals on there, and stuff like that.

Anthony Donaldson · Answer

I trying to make atleast 5 offers a day equal you'll get a lot of no and not yet, that's where Evernote come in play follow up 30 and 60 days are gold. Get your listen down to specific candidates etc tax delinquents and probates I like.

Where do I go when they say no?

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