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!
Wholesaling Quick Tip – Why Follow-Up Calls Are Everything!
This is Lauren Hardy, and I’m here to talk about all things virtual real estate investing. I’m going to talk about why it is so important that you follow up with sellers. I want to drill it home why following up is important. The reason is that 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 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, “Run through your process. You’re making an offer to the seller. What happens after that? What do you do with that seller lead after that?” He essentially said, “I made them the offer, I hung up the phone and that’s it.” I said, “What do you mean that’s it?” He’s like, “I don’t know. He didn’t say, ‘Yeah.’ He said that the price doesn’t work for him.” I’m like, “The price will never usually work for them at first. They need to digest it and think about it. Are you following up with the seller?” He said no. I thought, “Bingo. This is why you don’t have any deals right now.”
That was it. I let the student know, “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 a week later, he got his first contract. I was blown away. He went back, 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.
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 follow-up and keep following up with that seller until you agree on a price.
What do you do? How do you keep track of all the sellers and follow up, and whatnot? The first thing is you want to make sure you have a CRM. You want to make sure that you have a place where you are recording how much you’ve offered to the seller, what conversation, how it went when you talked to him, what date and whatnot. A CRM is a perfect tool for that.
When you are making offers to sellers, you need to keep in mind that they’re probably not going to say yes immediately so you need to schedule a follow-up. It’s like, “Mr. Seller, I get you’re not happy with the price. Can you share what you would be happy with?” Hear what they say and go, “Let me follow up with you in a couple of hours. I’m going to re-look at costs and I’m going to let you know if I can get close to that price.” Hang up and follow up in a couple of 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 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 make an offer and go, “I didn’t get what I wanted. I’m never going to talk to that seller again.” 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. The hotter the seller is, the more I follow up. If it’s a seller that is 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 a monthly follow-up pattern. What I’m trying to drill home to you guys is that a seller will never offer you a discount on their home. You have to negotiate. You need to get better at your negotiating skills, your seller communication, and you need to follow up. That’s all I have for this episode. If you like what you read, please subscribe. If you 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. Take care.
- Be sure to join the Wholesaling Inc Facebook group
About Lauren Hardy
Lauren Hardy is a Virtual Investing expert and Real Estate influencer who owns multiple companies in the real estate industry including real estate investment, coaching, and software companies. She is also a Wholesaling Inc coach and co-host of the Wholesaling Inc Podcast.
Her experience in the last decade has been focused on real estate investing and creating products and services to serve the real estate investing community. If you are interested in investing in real estate virtually, house flipping, or virtual landlording, Lauren’s your girl.