Pre-Foreclosure Conversion Rates

[Anthony Greco]

Hi BP!

I am curious and would love to know from anyone who does heavy marketing to owners in default on how they approach these prospects. I have always been going about it the same way for a while and curious if anyone has tested different approaches and noticed better conversion rates from one approach to another.

To be more specific on a cold call for example:

Option 1: you immediately bring up that you have noticed the property is in a foreclosure status at the start of the call and/or make it known you are aware of their situation

Option 2: you start off as a buyer looking to buy homes in their area/making cash offers and let them uncover their own pain points through purposeful questions to lead them to uncovering their motivation/situation.

I have always done option 2 and it works well but I sometimes wonder if I could have a better conversion rate with a different approach. It may be time for me to try option 1 and see what the metrics say. 

What do you do and what has worked best for you?

[Joe Gonzalez]

When I first got started I mostly focused on pre-foreclosure leads, it's definitely an INTENSE ride.

My approach made me over $150,000 in just wholesaling/wholetailing these deals that year.

I would call the pre-foreclosure lead and explain to them that I was aware of the "situation going on", I was here to bring a possible solution.

Tonality is everything, you have to sound sympathetic - you can't approach someone in this type of distress with too much energy. Tonality alone is a science that needs to be studied to increase conversion. 

Hope that helps!