Well hey there…
I’ve got some quick tips that you can apply to your REI business today. Right now.
#1 When a lead first comes in, don’t overanalyze it. Don’t spend a bunch of time, in the beginning, trying to look at comps, trying to figure out repairs, trying to learn everything you can about the property.
You shouldn’t spend more than 1 or 2 minutes. It’s ok to only know a little bit about the property when you talk to the seller. If you can check it out online with the address and learn a bit about the area it’s in, that’s enough.
Look, all you’re doing when you speak with the seller is finding out about their situation. You’re not as concerned about the house as much as you are concerned about what their situation is and what they need to happen. Why do they need to sell this house? Do they need to sell it or do they just want to sell it?
Spend a little time on the phone with sellers asking them questions. Focus on asking questions. You’ll find out what the seller really needs and what their real problem is.
A lot of times, they don’t really need to sell the house. They just need $5,000 so they can pay off some debt collectors or so they can buy a new car.
That’s exactly why you shouldn’t spend much time at the beginning — because you don’t know how the lead will shake out.
#2 Instead of a script to use when talking with sellers, just have a list of questions. To me, scripts aren’t natural. And the whole point of your seller convo is to get info about their situation.
So, come up with a list of questions that you can ask sellers, not a script. You’re not selling or explaining anything. You’re just asking them questions.
Find out what they really need and whether you can help them or not. Maybe a lease option isn’t a good fit. Maybe a cash offer is. Maybe different terms. You’ll know by asking good questions.
And, if it’s not a deal that you can do, refer them to a realtor. That may be the best thing for them. You’re still helping them, just in an indirect way.
#3 When you’re in an email thread conversation with a seller, the fewer the emails the better. Don’t ask a ton of prescreening questions over text or email.
The whole point of the beginning communication is to get a phone number so you can call them to schedule a time to talk on the phone to see if there’s motivation from them.
I know it’s tempting, you want to ask a bunch of prescreening questions… or text them to try to figure out what’s the least they would take… or what the condition of the property is. You don’t have time for that.
Time kills all deals.
If they text you, your response should be: “Why don’t we just talk now, can I call you?” or “Are you available right now, can you talk?”
And if they’re not available right then, you say, “I’m available at 4:00 pm and 6:00 pm,” and have them choose one of those times. They don’t get to offer the time suggestion, you do. And send them a text 5 minutes before your call, “Hey, you ready to talk in 5 minutes?”
Don’t fall into the temptation of texting and emailing with back and forth communication. No good. They’ll put their phone down, they’ll accidentally delete your text, your message might go unread…
Get the seller on the phone and talk to them. That’s what your VA should be doing. Find out if they have a house that they want or need to sell, and if they want an offer on it.
Time is of the essence.
That’s it… 3 simple rules to follow for seller convos.
You got this.