How to answer when someone receives your letter and calls you for the first time?

How to answer when someone receives your letter and calls you for the first time?

Investor · Covington, LA · Member since 2012 · 517 posts · 317 votes

I have a few campaigns lined up, probate, tax sales, houses that looked neglected etc... that I am going to send each owner a letter inquiring about their property and if they would be interested in selling.

Here is what I was thinking, let me know if this is a good idea, if you do this, or any suggestions you have that would be a better way to handle it.

I put my phone number in the letter and ask them to call me if they are interested.

I get a call, (answer "hello") they say " I received a letter from you about my house, yes I would be interested in selling".

At this point I have no clue who they are. I might be laying in bed, driving on the road, or who knows where when I get the call. I have no clue who they are as I sent out 100's of letters.

I respond, "may I ask who I am speaking with?" (assuming they didn't state that already) and if the property is in your name?. Hi, Mr. Jones I am glad you received my letter and gave me a call. (if they say the property isn't in their name I would ask them for the address) I would must definitely be interested in talking to you further about purchasing your home. If it is ok with you, is there a good time that I can call you bacK? I am on the highway driving right now but will be back in my office in an hour and will pull your file and give you a call then? Is this a good number to call you back at? Thank you again and will be back in touch with you soon?

Is this the correct / best way to do this? When I am sending out 100's of letters I think of it as more of a shot gun approach, if I researched every property first it would take hours and hours of time, then I might only get a couple people calling me back so all of that time would be wasted. I was thinking just shoot everyone a letter, see who bites then sit down and research it real good before calling them back.

Is this the way that you guys handle mailing campaigns?

Thanks!
Will

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Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
14y
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  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
    14y

    You're likely going to want a script that you keep with you that will lay out the questions you'll want to ask. For a target list of owners with equity, the list of questions will probably include things like:

    - What is your name?
    - What is the address of the property?
    - Are you the owner of the property?
    - What is the best phone number to reach you at?
    - Are you ready to sell your house in the next couple weeks?
    - Is the house currently Listed with a Real Estate Broker?
    - What do you think the house will be worth in today's market? 4. - What are you hoping to sell the house for?
    - Why are you selling?
    - How quickly will you be willing to sell?
    - Is the home vacant or occupied?
    - Do you have a mortgage? How much do you owe?

    Etc...

    If the property owner is likely underwater (say you targeted mortgage lates or pre-foreclosures), you'll want a different list of questions that will ask things like:

    - How many mortgages do you have?
    - Who are the lenders?
    - What type of loans?
    - How much do you owe on each?
    - Do you still live in the house?
    - Is the house in foreclosure? What is the auction date?
    - What is your hardship?

    In either case, the goal is to get enough information that you can hang-up, do some quick research, determine if it's a potential deal and then call the prospect back.

  • Justin SilverioPro Member
    Developer · Andover, MA · Member since 2008 · 1k+ posts · 489 votes
    14y

    It sounds like you don't want them to know that you are sending 100's of letters out? Don't worry about this. If they are a motivated seller, they don't care. They are just looking for help.

    I ask for their address and continue to ask questions similar to what J Scott pointed out. If they sound motivated, I will continue with questions about the condition of their property so I can estimate repair costs. Once I get this information, I tell them I will call them back with an offer when I get to my office. This is when I will research the ARV and compute my MAO.

    As J Scott said, I would also recommend creating a questionaire form or script for callers. PM me if you want a copy of mine.

  • Flipper/Rehabber · Bakersfield, CA · Member since 2008 · 3k+ posts · 3k+ votes
    14y

    I dont have the time for all of the nicey nice crap and relationship building that some investors use to filter prospects...

    I want the low hanging fruit... Motivated sellers... Plan and simple..

    4 questions tell the story.

    1) Do you have a house you're wanting to sell? - Must be a Yes answer...

    2) Is the house currently Listed with a Real Estate Professional? - Must be a No answer...

    3) What do you think the house will be worth in today's market? - Must give a number...

    4) What are you hoping to sell the house for? - Must be a number equal to or less than the worth value...

    Once they answer correctly then I will ask the other 20 questions however there is little reason to ask until I know there are wanting to sell and are motivated.

    You can grab 4 scripts off our site under seller scripts. I think most are in word so you can edit...

    Good luck hunting..

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    14y
  • Investor · Covington, LA · Member since 2012 · 517 posts · 317 votes
    14y
    Originally posted by Justin Silverio:
    It sounds like you don't want them to know that you are sending 100's of letters out? Don't worry about this. If they are a motivated seller, they don't care. They are just looking for help.

    Partly, I am just not used to being unprepared when talking to someone. Since I contacted them first through mail, they calling me back and then I am asking them "who are you?" it just seemed kind of strange. But I understand now from everyone's replies.

    However, I do think it would be good for me to at least know which campaign they came from. If it was someone responding to my probate letter or someone who received my pre-foreclosure letter, I would know which list of questions to ask them.

    If you are mailing multiple campaigns like this and using the same phone number how do you find out which campaign they are calling about?

  • Investor · Covington, LA · Member since 2012 · 517 posts · 317 votes
    14y

    Thank you to everyone who provided a list of questions, I will use what you put here to create my list and will make sure to carry it with me everywhere so I will be prepared when people start calling.

  • Justin SilverioPro Member
    Developer · Andover, MA · Member since 2008 · 1k+ posts · 489 votes
    14y

    I'll ask them to explain their situation. The type of campaign I used to find them usually falls out from their answer.

    And if I'm near my computer, I can find out what campaign by searching my direct mail database by their name or address.

  • Houston, TX · Member since 2012 · 14 posts · 1 vote
    14y

    I recently started in probates, investing in general, and I think you are making it more complicated than it needs to be. I wouldn't answer with just "hello" as it sounds unprofessional and I have had people tell me that. Then they almost always tell me who they are and I am sure to write it down as well as all other info that they give me. I find its best to let them talk and sit back and listen. Most of the time they will tell you all you need to know. I also think it helps to build a comfort level with them. Ask open ended questions. "So tell me about the house?"

    Once I get their info, I run the numbers and call them back to see what kind of deal we can work out. Some times Ill get make an appointment to view the house and meet them and in the mean time, Ill do my research.

    Get google voice as this will help keep track of who is calling and they will most likely give you more info on their house.

  • Jason GrotePro Member
    Developer · Austin, TX · Member since 2011 · 287 posts · 88 votes
    14y

    Will Sifert You have already received some great advice... well, except for Michael Quarles ;) Unless you are planning on sending thousands of letters out, I personally suggest juicing every phone call through a friendly, yet professional conversation.

    THEY CALLED YOU, so allow them to explain their reason for contacting you. I start the conversation with, "Can you tell me about your situation?" This will immediately bring their guard down and show that you are interested in why they need/want to sell. You will quickly learn to qualify them naturally without making them feel like they are being squeezed through a processor.

    WE ARE IN THE "HELPING PEOPLE WITH THEIR SITUATIONS" BUSINESS! The initial phone call is the beginning of your service to your clients. Serve them and they will take care of you, just like in any other business.

    Two examples of this working THIS YEAR:

    1. A lady called me about a house that she inherited, so I went and met them at the property and made an offer on the spot. I TOOK MY TIME WITH HER and showed her I cared. This was last November and her property is still tied up with Medicaid... BUT 2 months ago she referred a co-worker to me who needed to sell their inherited property and we picked up a great house.

    2. We just acquired a home in Westlake (the Eanes ISD is one of the most coveted school districts in the USA). When the owner called me it was listed with an agent and active on the MLS! I told her that we only buy wholesale and being on the open market, they obviously needed a retail price. BUT, I told her to tell me her whole story and that I would offer any advice I could to help her sell her home. She told me about the foundation issue on her home. I gave her my advice. She called me the next day and asked me what I would offer her. Her agent released her of the listing agreement and we got it under contract for $80k less than she had it listed for!

    MORAL OF THE STORY: You can become an investor that only cares about money... or you can become an investor that loves helping other people and make a lot of money while doing it... the choice is yours!

  • Flipper/Rehabber · Bakersfield, CA · Member since 2008 · 3k+ posts · 3k+ votes
    14y

    Jason

    My approach doesn't work for everyone. Only for those who want to buy a bucket load of houses. Seems yours does too.

    I respect almost all forms of prospecting and capture systems. Everyone has their personal style and ability. Mine happens to have worked for hundreds of transactions. Maybe yours has too Congrats. Just proves that there's all kinds of ways to buy a couple hundred houses a year.

    Btw none of my sellers disagreed to anything they agreed to do.

  • Jason GrotePro Member
    Developer · Austin, TX · Member since 2011 · 287 posts · 88 votes
    14y

    Michael Quarles Are you personally buying a couple of hundred houses a year? If so, then you are in a completely different league than I am... better yet, a different game! Forgive me if so...

    So, our friend that started this post is probably more on my playing field and needs advice that will help him with his first 5 transactions!

  • Flipper/Rehabber · Bakersfield, CA · Member since 2008 · 3k+ posts · 3k+ votes
    14y

    jason

    I only bought one at a time. Its like McDonald's... systems systems systems.

    I think the best thing anyone could do is read Micheal gerbers Emyth it explains a bunch. Maybe go through their mastery program. Simple answers to complex questions. One deal at a time.

    I do appreciate your post here. I sincerely find it valuable and worthy. Keep up the great posting.

  • Jason GrotePro Member
    Developer · Austin, TX · Member since 2011 · 287 posts · 88 votes
    14y

    Michael,
    Thanks, I will check it out!

  • Investor · Covington, LA · Member since 2012 · 517 posts · 317 votes
    14y
    Originally posted by Jason Grote:
    Michael Quarles Are you personally buying a couple of hundred houses a year? If so, then you are in a completely different league than I am... better yet, a different game! Forgive me if so...

    So, our friend that started this post is probably more on my playing field and needs advice that will help him with his first 5 transactions!

    I will take all of the help I can get, digest it all and then come up with some type of mix that works best for me. Yes, I would like help with the first 5 but hope to be doing 100's my first year.

    I appreciate all of the feedback. I am about to send out a lot of letters from several different campaigns and wanted to be prepared as much as possible for when I started receiving calls. I suspected that people would be expecting me to know who they were, when they called but what everyone here is telling me is it is ok to ask them who they are, what their situation is etc...

    I guess my hang up was that I was trying to put myself in the person's shoes. If someone sent me a letter saying "Will, sorry about your loss, are you interested in selling the house you inherited please call me" and then I called them saying I was interested in selling and their reply was " who are you, what's your situation, what is your address etc.. I would have responded with " wtf, you send me a letter interested in buying my property but now you don't know who I am or why I am contacting you back??". It sounds like I am not the norm, thankfully.

  • Investor · Covington, LA · Member since 2012 · 517 posts · 317 votes
    14y
    Originally posted by Michael Smith:
    I recently started in probates, investing in general, and I think you are making it more complicated than it needs to be. I wouldn't answer with just "hello" as it sounds unprofessional and I have had people tell me that. Then they almost always tell me who they are and I am sure to write it down as well as all other info that they give me. I find its best to let them talk and sit back and listen. Most of the time they will tell you all you need to know. I also think it helps to build a comfort level with them. Ask open ended questions. "So tell me about the house?"

    Once I get their info, I run the numbers and call them back to see what kind of deal we can work out. Some times Ill get make an appointment to view the house and meet them and in the mean time, Ill do my research.

    Get google voice as this will help keep track of who is calling and they will most likely give you more info on their house.

    im not trying to make it complicated, just be prepared to do it right. If I was just sending out probate I would be prepared for evering calling me to be a probate lead so I would at least know right away that it was someone who just lost a family member, in process of inheriting a house and which questions to ask. In my case I wont know if it is a pre-foreclosure, probate, late on property taxes etc... Short of getting a different number for each campaign I guess I have no choice other than to ask them " tell me about your situation / why are you selling your house." It just sounds stupid to me to ask them why are you selling your house when I sent them a letter saying " i noticed you just inherited a house, contact me if you want to sell it, etc. "

  • Flipper/Rehabber · Bakersfield, CA · Member since 2008 · 3k+ posts · 3k+ votes
    14y

    Will. You're over thinking...

    Keep in mind the seller doesn't know what you don't know until you tell them. Certainly some will think they're special however most won't.

    Motivated sellers have two things in common.

    1) they want to sell
    2) actually they only have one thing in common.

    Too many of us put our own feelings and expectations into the perceived outcome. Just ask your question and hold your poker face tonality.

  • Real Estate Professional · Falls Church, VA · Member since 2012 · 238 posts · 83 votes
    14y

    One more suggestion that I don't see addressed elsewhere in this thread - don't answer the phone if you're not prepared to talk! In bed, driving, during dinner, etc - if I can't talk intelligently on the phone I let my VA/voice mail pick it up. You will still have the phone number and can call back, even if it's just a few minutes later, in the right frame of mind.

    And to reiterate someone else's comment - just let the seller talk. The lead-in question "tell me about the house" will probably turf up most of what you need to know, then you can ask specifics for the stuff you didn't get. "Could you spell your name for me please?" etc.

    Alison

  • Jason GrotePro Member
    Developer · Austin, TX · Member since 2011 · 287 posts · 88 votes
    14y

    Will Sifert My final comment would be, yes you are over thinking just as Michael pointed out. I did the same thing and sometimes still do, but experience will sift all of those questions down. I appreciate you wanting to give every call the best opportunity. You will be successful thinking that way...

    Don't forget to post the results of your campaign!

  • Real Estate Consultant · Bloomfield, NJ · Member since 2010 · 2k+ posts · 1k+ votes
    14y
    Originally posted by Jason Grote:

    MORAL OF THE STORY: You can become an investor that only cares about money... or you can become an investor that loves helping other people and make a lot of money while doing it... the choice is yours!

    I agree with this. My marketing is very targeted (maybe too targeted at times!). So when someone calls me and gives me their name I know exactly what property they own and how I came up with the lead. It helps when they say "Hi. This is Mrs. Johansen I just got your letter", and I can respond "Oh hi Mrs. Johansen. Yes I rode past your house on Sunset St (sometimes I don't remember the exact number) and wondered if you might be interested in selling".

    Then as others suggested, I ask them to tell me about the situation with the house and allow them release a lot of frustration and emotions about the property.

    Almost every house I target has lots of equity, hasn't been marketed and is likely vacant and/or abandoned. So I'm almost sure we can come to an agreement on the price. Thus I'd rather meet them personally, look at the house, talk to them some more about their problems and answer their questions as well as address their concerns right on the spot.

    When I'm done, like a beloved family pet they are forced to give away, they are happy their home is going to such a nice man. Jason is spot on. Don't go in caring about the money. That will come. Care about the customer, in this case the seller, and you'll have no problem achieving success in this or any other field.

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