Real Estate Investor Articles

So you've put out some marketing and had some potentially motivated sellers call you. Whether you are taking the call live or returning the call from a voice mail message, here is a big picture overview of the process for talking to motivated sellers for the first time.

First off, do not... I repeat... DO NOT... research the deal before you talk to the seller. Get back on the phone with the seller as quickly as possible and without doing ANY work on the file before you call. There will be plenty of other areas to procrastinate where it is to your advantage to do so... this should NOT be one of them.

If you can, take the call live from motivated sellers. If not, return phone calls as soon as you can.

For this initial call, you will want to

Follow up:

grab a blank Property Information Sheet. The Property Information Sheet that I recommend has a space for all the information about the property in a neat, organized way. If you are not going to use the one I recommend, I do recommend you get one and stick to it so that you can become accustomed to your own version.

I use a very basic script to fill out the Property Information Sheet, but really I am trying to accomplish a few key things on this call.

They are:

1. Build rapport and trust with the seller.
2. Get enough basic information about the property so that I can do my full research once we get off the phone.
3. Set an appointment to meet with the seller to see the house and present my offers.

It is important to realize that in all but a very few cases, you want to do all three every single time you do one of these calls. The more face to face appointments you have with sellers, the more houses you will buy and the better deals you will find. Saving time by pre-screening on the phone is a HUGE beginner's mistake. The real rule is if the seller could make a deal if he had a reason to do so then you should make an appointment.

You will notice that I did not say, if they seller seems motivated. Or, if the numbers work based on what they are asking. No, no, no. I said: if the seller could make a deal if he had reason to do so then you should make an appointment. In other words, if the seller could sell to you at a price that you would buy at, then go. If the seller owes more than the house is worth or what you'd offer, then you may consider not making an appointment, but otherwise you should make an appointment and at least visit the house and seller.