What is the best way to qualify a wholesale lead?
I'm gearing up to do my first wave of wholesaling marketing. Once I develop some traction and start getting calls, what are some ways that I can qualify the seller?
Here's a few that I can think of off the top of my head:
- What made you decide to give me a call today?
- (Once I understand motivations) How quickly are you looking to move forward?
- What do you think your home is worth?
- Is the home occupied and/or in livable condition?
- Is the home in good repair?
What's worked for you? Is there anything that I should or should not do to qualify my lead?
#4 All Forums Contributor
- Plymouth, MI
I assume you are looking off book (MLS) or these questions would be immaterial.
The real "qualification" needs to be your buyer. The seller is qualified once they accept your offer.
I would suggest phrasing the last one a little differently. I would ask "What repairs or updates does the property need?" That way they start thinking about all the things that need to be fixed. Kinda reminds them how badly they may want to get rid of the place.
@Joe Villeneuve - Yes, these would be off-market deals that I source through my own marketing. I understand what you mean about qualifying buyers, but I still need to qualify my sellers before I invest more time and energy into a deal that I may not ever be able to put together.
@Jim Viens Great point - I will add that to my list.
I would try to ask more open-ended questions. For instance, instead of asking "Is the home in good repair?" (which is too easy to just answer yes to), try asking "Can you tell me about the home?" Then just sit back and listen. That will be more likely to get the person talking and they may even tell you something about the house that you wouldn't have known to ask about.
If you go into the File Share under ebooks, I uploaded a book I wrote called Driving For Dollars. In this book I have a script that is perfect for talking to sellers.
Check that out.
@Curt Davis I just read through the whole ebook and found it useful - thanks! Since I'm wholesaling remotely, my next hurdle is find someone on the ground in the cities I wish to target who can meet with the seller and help me ascertain value.
Glad you liked it, thanks!!
I know this post is over three years old, but i still found it educational. Thank you everyone for all this great information.