4 Tips To Help You Talk To Motivated Sellers
By Paul Esajian on June 3, 2016
After weeks of plotting everything about your direct mail campaign you are finally ready for your phone to ring. You think you have everything covered until the homeowner starts peppering you with questions. By the third phone call you are ready to let the calls go right to voicemail and devise a different plan. This is a common scenario for many newbie investors when marketing directly to motivated sellers. Instead of focusing on lead retention and execution they focus more on the mailing itself. This may work to get your phone to ring but it doesn’t help you close deals. Before you send your first letter you need to know how you are going to talk to people when your phone starts to ring. Here are a few tips to help you talk to motivated sellers.
- Relax. If you don’t have experience selling talking to homeowners can be an intimidating prospect. As difficult as it may be you need to take a deep breath and relax. Instead of thinking about making a presentation treat each incoming call like a regular conversation. The fact of the matter is that the homeowner probably needs your help more than you want the deal. By stressing out every time the phone rings you make the homeowner nervous and apprehensive to work with you. There is also the chance that you try to end the conversation as quickly as possible without knowing where you stand. Like anything else the more people you talk to the easier it becomes. Each call that comes in should not be treated like the last call you will ever make. By doing this you reek of desperation and won’t portray yourself in the best light. There will be other calls and deals in your future. Relax and let the conversation come to you.
- Have A Script, But Don’t Rely On It. With each incoming call there are certain questions you need answered. How you get them can make all the difference. One way to help guide you through the first handful of calls is to write up a script. This doesn’t have to be a line by line list of everything you will say. Instead it should be a bullet point of ten or so questions that you can ask throughout the conversation. They key to conversion is asking these questions in a way that does not make the homeowner feel like they are on the stand at trial. After each answer you should make a point to reflect on what they just said before diving into the next question. With your script you should also have a list of common questions they are going to ask. Most sellers are curious how quickly you can close, what’s in it for them, what you intend on doing with the property and whether or not they may be able to keep their home. Answer every question you can but if you don’t know the answer it is ok to say that as well. To increase conversion you need to get the information on the first call without sounding like a robot.
- Let Your Personality Shine. To get the most out of your mailing you need to let your personality come out in your conversation. The people that call you want to feel that they are talking to a real, live person. It is ok to veer from your script every now and then and touch on something outside of the property. If you have a story they can relate to it is ok to interject it if the time is right. If your personality is laid back you don’t have to try to rattle off questions like a stockbroker. What you will find is that sellers want to work with you the person more than you the investor. It is important to remember that they very well may be getting calls from fellow investors on a daily basis. They are probably sick of the same old pitch and the same approach. They want to know that whoever they work with is going to explain the process to them and make them feel at ease. The best way to do this is by letting your personality shine during the conversation.
- Listen. The homeowners you talk to will probably tell you exactly what they want if you listen to their answers. They may not just come right out and say it but the answers are there. Instead of being in such a rush to ask the next question or end the conversation make notes of what they are saying. The key to conversion is by discovering motivation. Some sellers are motivated by price while others want to stay in the house for a specific period of time. By listening to their answers you can adjust your offer accordingly. Furthermore they will appreciate your approach and be more likely to want to move forward with you. By the end of your initial call you should have a pretty good idea of what kind of deal you have. From there you can schedule a meeting at the property and go from there. If you don’t listen to the homeowner you can end up wasting time that could be better spent on other deals.
The more prepared you are the easier the conversation will go. You should be ready for anything that comes your way. Even if you are not you should be able to learn from every new experience. Getting your phone to ring is nice but your goal is to convert those calls into deals. How you talk to your motivated sellers makes all the difference.