Property Manager · Greene County, NY · Member since 2018 · 28 posts · 14 votes
Good morning BP family,
So I'm taking a big acquisition role to help me and my mastermind group acquire multifamily properties. I've got the list with all contact info of the building and the owner and or sometime PMs. I've using my own script and later two other partners mentioned other ways to position the call and or the message I send the owner via LinkedIn/Facebook/email. For those of you who had success reaching out to the owners of multifamily properties, can you please share your verbal and written script with me? I'd greatly appreciate it.
Currently I'm position the call to only build a rapport with the seller:
Sample script: Hi John, my name is Ahmed Al-Absi, I'm a real estate investor with "Name of Company". We currently own a multifamily property in "The Same Market". I see that you are listed as the owner of "Greenview MF" and I wanted to connect with you as a professional courtesy. I'd love it if we can speak on the phone for few minutes to have the pleasure of getting to you know and your business. When is a good day and time? I look forward to speaking to you.
Thanks,
Name+name of co
contact info(mobile+linkedIn)
Horrible. You are are not connecting out of professional courtesy, you are connecting out of personal interests. What is their benefit in having you "get to know their business". Your pitch needs to offer a benefit to them, otherwise you are just wasting their time. When I hear people tap dance like this, it just annoys me. Successful people don't have time for BS. Cut to the point of what you want and be honest. Establish credibility by talking about a recent acquisition. Maybe talk about a property located close by that shows the seller you are a closer and not just a talker. One benefit could be, "we buy off market, pay top dollar and you don't pay realtor fees".
Real Estate Entrepreneur · Owasso, OK · Member since 2015 · 220 posts · 154 votes
4y
@Ahmed Al-Absi
I'm curious if you are targeting just mom and pop owners?
As with any script or sales process, most important is to build rapport, and ensure the value you are bringing to the deal meets the true need of current owner.
For example, most off market properties I've purchased have been motivated by the seller's need to retire or they need a big chunk of money for some reason.
I'm curious if you are targeting just mom and pop owners?
As with any script or sales process, most important is to build rapport, and ensure the value you are bringing to the deal meets the true need of current owner.
For example, most off market properties I've purchased have been motivated by the seller's need to retire or they need a big chunk of money for some reason.
How do you target those people specifically? I've been looking for duplexes and the first letters I sent out were to buildings on a street I wanted to live on that were not LLCs. Since then, I've been looking at a list from the MLS. This has more info and I've been trying to drill into the owners who only have one property, assuming that it's their primary and they aren't investors.
Property Manager · Greene County, NY · Member since 2018 · 28 posts · 14 votes
4y
Currently I'm position the call to only build a rapport with the seller:
Sample script: Hi John, my name is Ahmed Al-Absi, I'm a real estate investor with "Name of Company". We currently own a multifamily property in "The Same Market". I see that you are listed as the owner of "Greenview MF" and I wanted to connect with you as a professional courtesy. I'd love it if we can speak on the phone for few minutes to have the pleasure of getting to you know and your business. When is a good day and time? I look forward to speaking to you.
Real Estate Entrepreneur · Owasso, OK · Member since 2015 · 220 posts · 154 votes
4y
@Zachary Balas
There are many sources of leads!
If a LIST is what you're looking for then listsource.com is a great resource. You can filter by area, home type, etc and then if you choose to, you could exclude LLC ownerships.
Currently I'm position the call to only build a rapport with the seller:
Sample script: Hi John, my name is Ahmed Al-Absi, I'm a real estate investor with "Name of Company". We currently own a multifamily property in "The Same Market". I see that you are listed as the owner of "Greenview MF" and I wanted to connect with you as a professional courtesy. I'd love it if we can speak on the phone for few minutes to have the pleasure of getting to you know and your business. When is a good day and time? I look forward to speaking to you.
Thanks,
Name+name of co
contact info(mobile+linkedIn)
Horrible. You are are not connecting out of professional courtesy, you are connecting out of personal interests. What is their benefit in having you "get to know their business". Your pitch needs to offer a benefit to them, otherwise you are just wasting their time. When I hear people tap dance like this, it just annoys me. Successful people don't have time for BS. Cut to the point of what you want and be honest. Establish credibility by talking about a recent acquisition. Maybe talk about a property located close by that shows the seller you are a closer and not just a talker. One benefit could be, "we buy off market, pay top dollar and you don't pay realtor fees".
So I have to agree with you about being direct and trust me, I was a business banker and I've made thousands of cold calls before. The new approach is something was exchanged to me by other investors. Here is another script that was given to me by a friend:
Hi (Owner Name), My name is Ahmed with CitadelHorizons and I'm looking for a multifamily property that I can buy and fix-up, or add some value to, do you have or know of any properties like that? No - Okay, thank you for your time. Would it be all right if I follow up with you maybe once or twice a quarter in case you run across anything? Yes - Great! What's your best email address, or do you prefer snail mail? (get info and add them into a follow up campaign. Follow up should include a hand-written thank you note, then monthly newsletter and monthly or quarterly follow up call.) Yes - Great (go through Seller Lead Sheet questions, qualify the lead, set appointment) ------------- Version 2: Hi (Owner Name), My name is Ahmed, I'm a local investor and I'm looking for a multifamily property that I can buy and fix-up, or buy with cash, do you have or know of any properties like that?
No - Okay, thank you for your time. Would it be all right if I follow up with you maybe once or twice a quarter in case you run across anything? Yes - Great! What's your best email address, or do you prefer snail mail? (get info and add them into a follow up campaign. Follow up should include a hand-written thank you note, then monthly newsletter and monthly or quarterly follow up call.) Yes - Great (go through Seller Lead Sheet questions, qualify the lead, set appointment)
Looks like it might get a better response...launch it and see where it needs modifications.
I agree it is much better and see what happens. You will know pretty quick if the message works. I am just not sure that asking a yes/no question so quickly will yield many yes answers. People are used to just saying "no" to get off the phone. The other thing I question is the "buy fix up or add value" part. I know that is common BRRRR terminology, but most investors don't consider their properties distressed or run down. That is why I suggested saying "we pay top dollar and you don't need to pay a realtor". That is what an investor wants to hear. They don't want to hear, "we will buy your crap hole for under market value" haha. Even if the place is a crap hole and you won't pay top dollar, they don't want to hear that. Also keep in mind "top dollar" is all relative to condition. A junk yard may advertise top dollar, which may be $200 to haul your heap away.