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

Question

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

Michael Quarles · Answer

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..

Ibrahim Hughes · Answer

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.

Alison M. · Answer

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

Steve Babiak · Answer

Read this next thread, and links it points you to:

http://www.biggerpockets.com/forums/87/topics/61286-scripts-for-calling-on-sellers

Michael Quarles · Answer

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.

Justin Silverio · Answer

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.

J Scott · Answer

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.

Michael Quarles · Answer

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.

Michael Quarles · Answer

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 Grote · Answer

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!

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

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