Angry voicemail

Today I got a semi-angry/disgruntled voicemail from a property owner who requested to be taken off my mailing list. She said,

"I've talked to investment groups like yours in the past and they just want to come in here and steal the property from me and not pay me what's it's worth. I want you to know I'm coming to Tulsa this summer to fix my property and sell it myself"

So that got me thinking, how do you respond to someone like this when you're actually in a conversation. Obviously when they have that attitude the odds of it working out to a deal are probably minimal, but how can I at least help this person understand where investors are coming from when they make the offers they do. So I thought of an anology I could provide that would go something like this:

"Ma'am, that's very true, we do make offers that are below market value, but let's pretend for a second you are in the market to buy a car. You come across a seller who has a car that is worth $10,000. It's got a great paint job and a great interior, but it unfortunately needs an engine rebuild that's going to set you back $1,500. So the gracious seller has offered to sell you the car for $1,500 off and give it to you for just $8,500. Does this seem like a fair deal to you? (rhetorical) Obviously the answer is no because now you are taking over their problem of having to get the car fixed. What happens if it turns out to cost more to repair than estimated? What happens if the mechanic finds other problems that require additional cash? What about the inconvenience you'll endure by not having the car while it's being repaired and you're making payments on it?"

It's the same exact thing in real estate. Only they don't just need an engine rebuild, they need an engine rebuild, a paint job, and a new interior. Food for thought.

If anyone else has some responses that have worked for them in the past, I'd be interested to hear them.

Edited: 06/26/2010 at 11:40AM by Eric W

Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado

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Feb 16 '10, 09:07 AM

How about "You're absolutely right. You should fix it up and sell it yourself. That will certainly make you more money than I could pay you. I'll drop you from our list right away (hedge if your system is automated enough another letter might already be on its way.) But hang onto my contact info and give me a call if something changes."

Edited: 06/26/2010 at 11:41AM

Jon Holdman, Flying Phoenix LLC

Andy J.

Real Estate Investor · Colorado Springs, Colorado

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Feb 16 '10, 09:51 AM

I just politely apologize for the inconvenience, tell them I will remove them from my mailing list, and get them off the phone asap. No need to trouble yourself with someone who is upset at something else and taking it out on you. You're not going to be able to change the mind of someone like that, just be nice and let them go, your time is more valuable elsewhere.

Edited: 06/26/2010 at 11:41AM

Jaremy Moritz

Real Estate Investor · Houston, Texas

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Feb 17 '10, 01:18 PM

I always say "I know there are a lot of investors trying to buy houses for next to nothing, but we aren't like that. What we do is work with you to get a price that you're happy with and that meets our investment criteria. Sometimes it works out, sometimes it doesn't. Do you have a price in mind that you would be happy with?"

Most of the time, this really gets the caller to stop in their tracks and go from "attack" mode to "maybe I would sell it if the price was right".

I then say "We also pay referral fees to people who find us houses that may or not currently be for sale, so that may be how we got your information. We pay people up to $xxx if they find a house that we end up buying. Do you know of anyone that we might be able to help? Is there anyone you can think of that has a house in bad shape or a rental house they are always complaining about?"

You'd be surprised how many leads you can get once you diffuse the caller. Obviously, it doesn't always work out, but when it does, you just pulled a lead out of what was an upset caller a few minutes prior.

I've gotten several leads over the last couple of years from one old man who was so pissed at me for sending him a postcard, he hung up on me after cussing me out for about 15 seconds. I waited about 30 minutes and called him back using my script above - by the end of the conversation, he referred me to his neighbor and a church member. He's since been paid for both deals (I wholesaled both) and he has called me with several more leads that didn't work out.

Life is what you make of it. If someone is so upset that they call you, capitalize on it as best you can. Clearly your advertising worked - THEY CALLED!

Edited: 06/26/2010 at 11:42AM

Michael Quarles

Real Estate Investor · Bakersfield, California

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Feb 17 '10, 01:31 PM

Good to meet you

Let me be blunt... If you say "Ma'am, that's very true, we do make offers that are below market value, " what is heard is "I am on my way over to rape you"...

And I know that isnt politiacllly correct but hell.. That is what you said..

Instead say I can not determmine a fair price for your house until I come out to buy it..

Your rule should be to go out on an appointment when the seller is in reality land or better...

When they are in fantasy land use them to role play with...

Happy hunting

Michael

Edited: 06/26/2010 at 11:42AM

Michael Quarles, Yellow Letter Mail
E-Mail: michael@YellowLetterMail.com
Telephone: 888-YOUR-MAIL
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1-800-Sell4Cash Territories are available for 147.00 per month.

Jaremy Moritz

Real Estate Investor · Houston, Texas

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Feb 25 '10, 05:20 AM

LOFLMAO! Michael, what the h&ll kind of response is that! How did you "hear" that from his statement? Good to know I'm not the only one with a mind that works like that. I know it's not a PC statement, but it was funny as h&ll!

Edited: 06/26/2010 at 11:49AM