If you’re new to wholesaling, there is one key thing you need to know: oftentimes, sellers will not say yes the first time around. So what can you do about it? Fortunately, this is where doing follow-ups can be a total game-changer!
In this episode, Wholesaling Inc’s virtual investing mastery coach, Lauren Hardy, highlights the importance of doing follow-ups and the significant impact it can have on your business. While short, today’s episode is filled with amazing tips and insights, so don’t forget to tune in!
- Why a CRM (customer relationship management) is the perfect tool for follow-ups
- What to tell sellers when doing follow-ups
- Biggest mistake she sees some of her students make
- How to follow-up with motivated sellers
- How to follow-up with sellers gone “cold”
- Importance of honing your negotiation skills
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Hey, what’s up guys? This is Lauren Hardy, and I’m here to talk all things virtual real estate investing. Today I’m going to talk about why it is so important that you follow up with sellers. So I want to really drill it home why following up is very important, and the reason it is, is because sellers will never say yes the first time around. Sellers will never offer you a discount on their house, at first. I would like to argue that it’s pretty much a 0% chance that a seller is going to offer you a discount on their home or say yes the first time you offer the price to a seller. It might happen once in a while, but for the most part, it’s not.
I actually had a student who had this come up. We were talking and I noticed that the student wasn’t getting any results. I started thinking, “Okay, well, run through your process. You’re making an offer to the seller, and then what happens after that, and what do you do with that seller lead after that?” He essentially said, “I make them the offer, and then I hang up the phone, and that’s it.” I said, “Well, what do you mean that’s it?” He’s like, “Well, I don’t know. I mean, he didn’t say yeah. He said the price doesn’t work for him.” I’m like, “Well, the price will never usually work for them, at first. They need to kind of digest it and think about it. Are you following up with the seller?” He said no, and I thought, “Well, bingo, this is why you don’t have any deals right now.”
So that was it. I let the student know, listen, you have to follow up with that seller. A seller will never offer you a discount on their home, at first. That student took that advice, and literally a week later, he got his first contract. I was blown away. He actually went back, he looked at all the seller leads that came in, and all the seller leads that he’d made offers on. He called all of them back, and he followed up with them, and he started negotiating.
So what do you do? How do you keep track of all the sellers, and following up, and whatnot? Well, the first thing is, you want to make sure you have a CRM. You want to make sure that you have a place that you are recording how much you’ve offered to the seller, what conversation, like, how it went, when you talked to him, what date and whatnot, and a CRM is a perfect tool for that.
When you are making offers to sellers, you need to keep it in mind that they’re probably not going to say yes immediately, so you need to schedule a followup, like, “Hey, Mr. Seller. Okay, so listen, I get that this price, you’re not happy with it. Can you share, what would you be happy with?” Hear what they say. “Okay, well, let me follow up with you in a couple of hours. I’m going to go re-look at costs, and I’m going to let you know if I can get close to that price.” Hang up, and then boom, follow up in a couple hours. It’s as simple as that.
From there, you keep following up with that seller until you guys can agree on a price. It’s really not that hard. The biggest issue I’m seeing with a lot of students that are taking action is they do take action, but then they stop at the follow-up step. You have to follow up. You can’t just make an offer, and then, “Oh, I didn’t get what I wanted. I’m never going to talk to that seller again.” No. No, no, no, guys. You have to keep following up with sellers.
I would put a seller on maybe a weekly follow-up protocol, to then monthly, to then quarterly. That’s typically how I work it, and the hotter the seller is, the more I follow up. So if it’s a seller that is very interested in selling immediately, and I can tell that they are going to make this decision quickly, they’re getting followed up with every couple of days to every week. If it’s a seller that’s starting to go cold, and maybe right now is not the best time, I move them to more of a monthly follow-up pattern.
But basically, what I’m trying to drill home to you guys is that a seller will never offer you a discount on their home. You really have to negotiate, you need to get better at your negotiating skills, you need to get better at your seller communication, and you need to follow up.
All right, guys, that’s all I have for today. If you guys like what you hear, please subscribe to this channel, and if you guys want to learn more about my coaching program on virtual investing, I want you guys to go to www.wholesalinginc.com/virtual and apply there. All right, guys, take care.