Hey everyone! I am a newbie, but very optimistic with this business model. I have sent out my first mail campaign using general postcards, and I received my first few leads. I’m hoping I receive more, but I’m having a hard time knowing how to start the conversation with the potential seller. I have the checklist from the Masterclass I have on hand, but I don’t want to dive in to just asking questions about the property. I want to build a rapport, and I’m just sort of stuck on how to lead the conversation. Do I explain exactly what I’m looking for? Property at a massive discount? I feel like that will immediately be a turn-off for the seller if we haven’t built that “trust” yet. Any advice would be appreciated.
@chelseamyers hey, Chelsea. I usually start by asking questions about the property to show that I’m trying to determine the appropriate offer. Not only does it help you come to a proper amount, but it shows them that you are discerning and not just out there to throw money around. And then, when you make your offer, you can say “based on what you’ve told me about the land, and the due diligence we’ve performed, here is our offer.” Questions are always a great way to start a conversation.
Don’t be afraid to make low offers, and be ready to have a lot of them rejected. It’s just the way it is, and you need to build up some callouses to it.
From one Myers to another, best of luck.
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Chelsea,
Here are some things to that I remind myself of when I feel I don’t know what all to say.
- If I blow them all this time doesn’t mean I can’t call back in 6 months. And I do.
- Don’t value one lead so much that I don’t call it for fear I’ll never get another shot.
- Go get more leads. I always do better from a place of confidence like having another 1000 leads to call.
- If I call 1000 leads and signs only one how much did I make per call? (minimum $5 per call.). This helps me mentally as I know if I call enough I will eventually get one. So mentally I say to myself before calling that this call is worth over $5 even if I don’t get it.
- I am finding that even when folks are expecting your call they screen calls. I always leave a message with a time range to call me back. In my message I ask that if for some reason they miss me they leave me lots of details about their property.
- Prepare a list of open ended questions like what is the highest and best use of your property? They have probably thought a lot more about their property than you have.
- Practice on someone. Record that conversation.
- Remember people that don’t speak English are buying property like this everyday. If they can do it so can you!
Jeff the Tree Pimp
Best to you!
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I’m not by any measure a salesman or an eloquent speaker. I’m an introvert and get nervous every time I talk to a new lead. I’ll small talk and ask questions and usually I’ll get a feeling what type of seller they are. I personally think there’s three types. 1. They want market value and let you know early in conversation. 2. The person who is curious how much there land is worth maybe not ready to sell. 3. The person ready to sell and at a fair price, fair could be 30% below market to 90% below market. Either way they want to sell.
One thing I try to do is ask them how much they want for it. Sometimes it’s less than what I would have paid them.
I’ve only been at this 2 years but this is what works for me.
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Hi @ChelseaMyers, I love the way Kevin put it previously in his reply to you. If you treat each of these as gaining more callouses, then you are free to make some mistakes without beating yourself up. I am also a high introvert. I can remember how hard it was for me to talk with other investors let alone sellers. But over time you overcome that with experience. When I start a conversation, I usually have a questions in front of me I want to know or validate but I keep the initial conversation open. I ask why they are selling their property. What do they think it is worth and why. I tell them about myself and why I like land investing since I can help people sell their land that they otherwise may have difficult selling. Don’t be shy in asking for the deal. Good luck!
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Chelsea,
When the phone seems like it’s weight is over 500 pounds here are some things I do to get myself going.
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I lie to myself! I tell myself I can quit after 5 calls. Even though I know when I get to 4 I will start over again!
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I also lie to myself about the quality of my calls. I tell myself I will blow the next 5 calls. Even though I will give them my best shot. The fact that I give myself permission to fail seems to help.
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Concentrate on how long I can keep someone on the phone! This is my victory. Not making an offer just keeping them on for 30 seconds, a minute, 2 minutes. I made this into a game so that I give myself so many points for each. When having a hard time I think about my all time best number and exceeding it. I have given myself points just for starting a conversation. I can quit after reaching a certain number of points. This forces me to think about how I come across.
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I have an unusual sounding voice so I try to keep it interesting by constantly changing pitch, speed, breaking sentences in all the wrong places. I do this even when leaving messages. I try to concentrate on leaving the most interesting message possible. Thinking about how I come across helps me start.
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An easy way to get to the point while holding interest is to ask for a favor. “John, I’ve got a quick favor to ask you. First your the party that owns a 5 acre parcel up on Chuckanut right?” Then I follow with I am real estate investor. “Know any of your neighbors that might be thinking of selling?” If they are they will tell you but it’s a soft way in.
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For years when buying timber on the phone I would start with something like this. “John, Jeff Hodgin over in Blaine here, hey I’ve got 2 quick questions for your regarding the property up on Chuckanut?” Then I would proceed knowing that their lack of stopping me was permission to go on. I still use this on vacant land. Obviously I would not give a local town if it isn’t close to where their property is. For some reason in our area out of town is an evil person just looking to take advantage of them. While a local is more solid person.
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Lastly I use the I just made an offer on the property near them. If the property is a mile down the road I say so. Do they know anyone who might be interested in a property in that area? Then I shut up. If they are thinking of selling they will tell me. Who knows they might be a buyer.
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Remember people that don’t speak English are going to die rich because they came to this country and kept trying! America was built by people who just wanted the chance I have today!
Jeff the Tree Pimp!
Best again to you!
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