Seller Calls: The Art of Building Rapport

2014-12-16-260Over the years, I’ve talked to thousands and thousands of potential sellers. By trial and error, I‘ve developed an art to mastering the negotiating technique that I’m going to demonstrate with a script for you today.

Keep in mind, when it comes to that first phone call with a motivated seller, you need to control the conversation and achieve these 5 objectives:

  • Build rapport with the seller over the phone.
  • Identify what is motivating the potential seller to sell.
  • Collect information about the property.
  • Set a preliminary price.
  • Make an appointment to see the property.

Okay, are you ready for a little impromptu role playing? (No, not that kind…)

Our Scenario

I sent out my nifty postcards to tons of absentee owners with high amounts of equity. A motivated seller, whom we’ll call “Bud,” received one of my postcards and gave me a call.

How We Measure Our Success with Seller Calls

2014-12-09-260Franklin Cruz here – REI Drill Sergeant and Mentor …

Today, I’m giving you a chance to look behind the scenes at one of the coolest aspects of our student coaching…

I’m going to let you in on how to measure your success when it comes to working with sellers.

While I can’t give you the full spreadsheet to enjoy that my students use, I can show you some visuals of what you’ll hear me describe in the audio.

The audio is clipped from a private conversation between me and a colleague where I was explaining to him what we do. I just happened to record the conversation and I’m gonna share with you a slice of our conversation. You can follow along with the numbers you hear me talking about in the audio with the screenshots I’ve placed below.

Basically, I want to give you an idea of how we are internally helping our students track whether or not they are winning – and how well they’re winning – in their conversations with motivated sellers. Even though you’re not a coaching student and don’t have the spreadsheet, you can still take the ideas that you hear me describe and cross reference them with the screenshot pictures below and apply it to your benefit.

Look, these super-cool tips will add a whole heck-of-a-lot of value for you in tracking your effectiveness when dealing with sellers, which is a critical piece in any REI business.

Get Your Head Right To Get Past ‘The Dip’

2014-11-25-260From Craig Fuhr, The Fix & Flip Artiste …

This post comes directly from a few 1-on-1 calls I’ve had recently with several of my mentoring students. So as not to offend the innocent, I will make no mention of their names. But if I’m being honest, I could list the names of most any investor – as most of us will struggle at some point in our investing careers with the exact same issues.

Sticking to It. Persistence. Getting Past ‘The Dip.’

Maybe you have a friend or family member who has had success as a real estate investor. Maybe you saw a late night commercial or attended a seminar. Maybe you found Clever Investor or Cody Sperber while surfing your Facebook timeline.

Then it hits you…like a 2-ton lead brick and you say to yourself:

“NOW is the time. NOW is MY time. I’m going to follow my dreams. I’m going to crush this – and I’m going to be a real estate investor.”

And in that very lucid and immensely powerful moment you could walk barefoot over 100 yards of white-hot embers because you are completely convinced and convicted in your decision. Nothing can stop you!  Nothing!

Don’t Be Afraid To Venture Into New Territories To Find Deals

2014-11-18-260From Tom Nardone, Millionaire Mailman …

Some of my students have been saying that the market where they live is fully recovered from the crash, and in fact, some markets are just as stupid hot with insane pricing as they were back in 2006 prior to the big crash.

If you live in a hot market like this, fear not…

We live in an age of internet information that allows us to thrive in distant markets.

I live in Ft. Lauderdale, Florida where I have seen prices of an average house go from $300,000 down to $50,000 and then back up to $200,000.

In markets where the hedge funds have jumped in, it’s created a competition for properties where all the reward goes to the person who “finds” the deal.

The Moment I Became the Clever Investor

GIFSec.comPeople often ask me what lead me to success and how I came to be the Clever Investor. But the truth is, I would not be where I am today without hitting rock bottom first. It’s in those absolute times of desperation that you find out what you are truly made of and how bad you want it. You have what’s called a “defining moment.”

Here’s how mine came to be…

My Personal Story

I actually never planned to go into real estate. When I was a kid, I wanted to be just like my dad who was in the military. So I enlisted in the Navy right after high school. Unfortunately, I didn’t give myself time to process the actual reality of this.

I had never been on a boat before, so I didn’t know that I didn’t have sea legs. I was seasick the entire first year I went into the navy and I was absolutely miserable. So I made the decision the Navy was not my long term career, and I got out.

I then went to college and was getting my degree in Financing. At the time, I had a buddy that was flipping houses. One day he flipped a house and made like 100 grand. I remember thinking to myself, “That’s amazing.” I had always heard you could make money in real estate investing, but my buddy was not the sharpest tool in the tool shed.

How I Reached REI Domination from Crossfit (and 3 Tips for You)

2014-11-04-260

Hey Clever Investors, Franklin Cruz, REI Drill Sergeant and Mentor, here again…

I have been known to try many workouts in my day, but the awesomest one by far is Crossfit. Crossfit has a lot of parallels to my professional life, so I’ve boiled down this Crossfit knowledge into three key lessons that will hopefully help make you a better investor.

1. The first lesson you learn in Crossfit is that you CANNOT EVER QUIT!

Quitting is NOT an option!

Quitting is NEVER an option!

You will use this same motto as a real estate investor. You have to keep calling. You have to keep talking to sellers. You have to keep talking to buyers. Even if it looks grim, just believe in the motto and believe in your mentor.

Success comes from pushing yourself.

If you don’t have a mentor, it will be difficult. In Crossfit, there’s a coach. Coaches motivate you. It’s their job to see something you can’t see and help you improve on it. I highly recommend a mentor because having the right mentor will guide you to success. You shouldn’t do this alone!

It’s all about The Price… Right?

From Dave Ludena, Real Estate Rockstar…

Joe felt pretty good as he walked up to the seller’s door.  He had a great deal of rapport built on the call, seller had some motivation and house is distressed.  All the ingredients seem to be there.  As Joe walks in, he scans the beat-up surroundings, and then his eyes fall to the kitchen table where he sees at least a dozen postcards and yellow letters stacked like a plate of IHOP pancakes.   

Suddenly, Joe’s optimism falls faster than a feather tied to an anvil as he realizes he isn’t the only investor sniffing around this deal.   

Sound familiar? Hey, it happens and it will continue to happen.  In this market, I’ve had this happen more and more.  In a negotiation, many people think that it all boils down to price, and in our case, who can offer the highest price to the seller to get them to sell.  Remember, we are NOT motivated buyers.   

That is what many investors become, but not you…you are a Clever Investor, so today I’m going to show you how you can meet with more success in these instances.

Highly Effective Real Estate Marketing Ingredients

From Craig Fuhr, The Fix & Flip Artiste …

Do you really know what marketing is? I’m guessing not so much – so let me break it down for you. And trust me, once you get this, you’ll never forget it.

Marketing consists of 4 essential ingredients, miss any one of them and you’re just wasting time and money.

Essential Ingredient Number 1: 

Audience – Who are you going to market to? This must be defined.

Who is your audience? What are their wants, needs or desires? In terms of real estate, your audience could be motivated sellers – but even that audience could be more narrowly defined:

  • Homeowners in foreclosure
  • Absentee homeowners with equity
  • Landlords with code violations
  • Personal representatives of estates
  • Recently divorced homeowners, etc.

Once you define your audience, you must be certain that the audience is large enough to achieve the results you’re looking for. If you’re trying to generate 10 wholesales per month, you better not be marketing to an audience of 1,000 homeowners. 1,000 houses may seem like a lot – but remember, you’re looking for distressed homeowners. Only a small fraction of the 1,000 households will be distressed. Pick a big audience.

Why You Must Have a Competent Licensed Title Company

From Tom Nardone, Millionaire Mailman …   ​

Recently one of my students got a deal under contract on a house that the seller had owned for decades. 

When the seller bought the house decades earlier, they went ahead and bought it without getting the title checked or getting a title insurance policy. Upon examination of the title for my student to get ready to close, it appears there was a gap in the title.

The person the current seller bought the house from never recorded the deed on the official record books and therefore there is a gap in the title. The prior owner, who the seller purchased the house from is now deceased, and the process of the title company trying to track down the past heirs of the previous sellers estate has begun.

ALWAYS get a title insurance policy from a title company you trust.

Short Sale Investing Part 2: How to Negotiate Your Way to a Paycheck

challengeHowdy, mi amigos. Today we’ve got Part 2 in my two-parter series about short sales. In Part 1, I covered the basics including the life cycle of a short sale. Go check that out, and then head back over here. Go on, it’s good stuff, go.

Today we’re going to continue down the short sale road by answering this good question:

How do you negotiate your way to a paycheck?

I know I’m gonna be throwing a ton of info at you guys, but just remember that I didn’t become a short sale expert overnight. I've been negotiating short sales for the past four years and I've been involved in hundreds and hundreds of transactions. So, I do have some advice for you that I learned from the school of hard knocks…

Hide me
7 Video Starter Course...FREE For Limited Time!
Email *
Show me