Hey, Eric Medemar here. After getting hundreds of questions asking â€œWhat do I say to investorsâ€, I put this little guide together to help you out. On this first page you will find what looks to be about a 30 second conversation. On the following pages you will see the reasoning behind the dialogue.
1.Hey this is Eric with [REMOVED]
2.I'm an investor here in (your city) and was just doing some research on a home I'm thinking of buying on (name of street from data) noticed you had purchased (piece of real estate you discovered)
3.Do you still own that piece of real estate? Depending on their answer, ask them about whatever real estate niche they fall into.
4.What do you think of the area on (Whatever side of town the home is)?
5.Continue the small talk if everything is going smoothly then once you're finished jump to this: â€œWell hey, thank you for your time and insight on (the area that your data gave you). I really appreciate it. You've been more than helpful.
6.Say before I go, on occasion we/I run into a piece or two of bargain real estate that we/I can't close on because our money is tied up in other projects. Since you've been so helpful it would be my pleasure repay the favor of your time today by giving you the inside track.. Would you be offended if I gave you a buzz/ring? Then without giving them a second to answer, jump to the next question, â€œAS IFâ€ they just said yes.
7.Is this the best number to reach you at? Or would you prefer I shoot you an email?
Why You're Saying What You're Saying
1.It's helpful to have a website with a domain name that matches the type of investing that you plan to do or at least has something to do with real estate. However, if you do not have a website you might consider making up the name of your â€œCompanyâ€ so that you can sound official. Once again I would suggest including real estate, ptoperty or investors in the â€œCompany nameâ€ somewhere.
This gives proof that you're a serious investor without having to come out and say â€œI'm a serious investorâ€. This type of proof slides completely under their IDS (Investor Defense System) because it subconsciously answers the question â€œIs this person I'm talking to an investor or notâ€.
2.It's a presupposition phrase, meaning that by saying â€œYou're researching homesâ€ the investor will be forced to presuppose that your are an investor. In order to question whether or not you are an investor they would have to question whether or not you were actually looking at homes...Which as you might guess would make them sound more than a little silly.
3.This is a good question to get investors to open up about who they are and what they buy. People love to talk about themselves and this question will get you off to a good start. Listen closely to their answer as you may be able to pull some insight as to what type of investor they are. If they no longer own it, then you'll know that more than likely they flip houses (especially if you're calling fairly close to the sale date). If they say they still own it then you should ask what they intend on doing with the property.
4.Once again this keeps the conversation flowing and the investor talking more about â€œWhat they thinkâ€, which is most likely their favorite thing to talk about.
5.You're not going away yet, but you want them to believe that you are. That's the beauty of this, because the investor thinks you're ending the conversation they will lower their IDS (Investor Defense System) so that you can once again sneak under it.
Additionally by piling on the compliments you're building them up and and giving them a new identity that they will subconsciously feel the need to remain consistent with. This new identity that you've assigned to them will make it extremely difficult for them to be impolite when you actually bring up the real reason for your call.
6.This is the MONEY SECTION and the reason why we dropped their radar with the last section. This chunk of phrasing is absolutely overflowing with phrases meant to stack the deck in your favor.
#1 â€œBeing tied up in other projectsâ€ let's the investor presuppose that your a big time player without the need for you having to say. Becauseâ€”As you know, if YOU SAY IT, they won't believe it, but if THEY THINK IT, they believe it.
#2 â€œBargain real estateâ€ We use the word bargain because, as you know, NOBODY CAN SAY NO TO A BARGAIN. Words like cheap, distressed, and foreclosure all have an underlying tone of â€œSomethings wrong, so the price is lowâ€, where as BARGAIN says inexpensive without the hassles.
#3 â€œSince you've been so helpful I would love to repay you the favor by....â€ gives the impression that they've earned something and you're wanting to give them something for being so gracious. As you know, most people won't turn down something FREE, especially when it's something that they've earned.
#4 â€œGiving you the inside track...â€ leaves the investor with the impression that they are going to get something special from you that most people will not be privy to. Getting â€œInsiderâ€ information is far more cool than just getting information. In addition, because they are getting â€œInsiderâ€ information from you, they must presuppose that you are an â€œInsiderâ€.
#5 â€œWould you be offended if I gave you a buzz/ringâ€ This is my hands down favorite closing phrase. â€œWould you be offended ifâ€ is an extremely hard question to turn down; because it unknowingly requires a person to become inconsistent with what they really think.
Sure, they probably don't want you to call, but more than likely they can't say it would offend them. After all, you're offering to call them to reciprocate a favor that they granted you earlier.
Basically you're asking them a question that has nothing to do with the answer you are seeking. Leaving the investor â€œGiving you permission to callâ€, by answering only that it â€œWouldn't offend themâ€.
Lastly in this section, don't ever use the word call. Most humans have an automatic response to the word call. The word â€œCallâ€ carries an underlying tone of interrupt, disrupt or taking your time. Where as buzz or ring leaves the impression of â€œJust a quick contact, that'll just take a secâ€.
#6 â€œIs this the best number to reach you at? Or would you prefer I shoot you an email?â€. Remember earlier when I said we would be stacking the deck in your favor? Well, this is where it all comes together.
We've already preloaded the entire conversation to lead the investor to believe that we are â€œBig dogâ€ investors. Mind you, we never once said that we were.
We've also preloaded the conversation to make it difficult to say â€œNo I don't want to work with youâ€, without being pushy in the least.
Now to further stack the deck we're not going to even let them answer whether or not they want a call back from us, we're going to respond as if they said â€œYes I want you to callâ€, they will be giving us an â€œImplied yesâ€ by saying yes or no to â€œIs this the best number to reach youâ€.
Lastly, in most cases they will say email is the best way to reach them. Which is exactly what you want them to say, because now you have their phone number and their email to contact them when you've got an awesome deal under contract.
It's pretty amazing how much insight goes into one short call script, isn't it? Rest assured with over 140 transactions under my belt, this stuff is tested and true.
I hope you enjoyed reading this as much as I enjoyed putting it together.