We have a treat for you today: Cody Hofhine mentoring a student live on how to find motivation in your sellers – real motivation. Our time is valuable so we can’t waste any time waiting for sellers to tell us they’re motivated (or not). Sometimes we need to go out and find it. You’ll want to keep this episode close by when you’re making calls!
Cody will reveal why motivation level is the only thing he cares about when talking to leads and walks you through the best way to use your script (and a hefty dose of positivity) to find motivated sellers.
IN THIS EPISODE YOU’LL LEARN:
- How to leverage your script to find motivation
- Why great Wholesalers care about the people they work with
- Why your offer number shouldn’t be your main focus
- Learn more & get coaching at InvestorGrit.com
If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!
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Welcome to another edition of Wholesaling Inc, the number one podcast for all things wholesaling real estate. In today’s podcast, you’re going to get to hear Cody Hofhine live mentoring a student on how to find motivation, real motivation, but not just identify it, how to really dig deep. Just get in the nooks and crannies of the situation to get to the heart of the matter as quickly as possible because, hey, our time is valuable and unfortunately a lot of wholesalers waste a lot of needless time when they’re having these conversations. The strategies that this killer wholesaler reveals in this episode are pure gold. Seriously. Keep this episode close to you when you’re making phone calls because I promise, you are going to pull out nugget after nugget after nugget. This is exactly the way to spot pure motivation when you’re talking to motivated sellers. Enough of me talking, enjoy the episode.
Cody Hofhine: Hey, it looks like (beep).
Student: Hey, how are you?
Cody Hofhine: Not too bad, yourself?
Student: Doing good. My question is, for you, what does calling back and making the after the initial phone call and they tell you what they want and everything and after you run your comps, when you call back for the verbal offer, how does that call usually go for you?
Cody Hofhine: Give me a scenario and we’ll do a role play if you don’t mind.
Student: Okay. Like I’ll call and the guy said he needed 120,000 and I’ve come up with that, I can offer 80,000. I’m just wondering, do you waste a lot of time telling them the benefits of your offer or do you just jump right into, hey we can do 80 and then you know, kind of thing?
Cody Hofhine: That’s a good question. What you need to do on this is a couple of things. On the callbacks, I don’t worry too much about the callback and a verbal offer because I really don’t do verbal offers on the phone. The reason being is I’m not worried about what their price is. I know it sounds crazy what I’m about to say, I do not worry about what their price is like I don’t care really what their price is. What I care is the motivation level. Let me take it for example.
Student: All right.
Cody Hofhine: This is a deal that stands out perfect in my mind. Call lady and she’s like, yeah, we’re selling. I said, okay, what you’re selling for? But we go down to question number four, what’s question number four on that script? Man, it seems like a great home. What are you considering selling? Right?
Cody Hofhine: Do you remember that question? Okay, so you ask that question. She says, oh, we’re actually going to move out of state. Okay. Motivation level just bumped up, but not all the way, but it bumped up from a one to a three. We’re going to a scale, to a 10, but I don’t know the reason yet, so I don’t stop at that. A lot of people stop and go on to question five. I stay on question four for quite some time. I said, okay, perfect. Well, why are you moving out state? What state you’re moving to? We’re moving to Arizona. Here’s what I do. I usually say something just to keep the conversation going. Arizona, you’re leaving Utah for Arizona? It’s like 130 degrees down there in the summer. Why on earth would you even consider Arizona? Just see what they say. They’re not going to be offended or mad. They’ll kind of [inaudible 00:04:13], no, we’re moving down there. We’re actually going to move in with my parents. Boom. Motivation level just went from three to five now. Now I got to find out, because that doesn’t mean anything yet. I said, oh. Now here’s where the curve ball comes. You can ask them, why are you moving in with your family? They’ll probably not going to tell you, or it’s no different than if I asked you, if I said, let’s see. It’s Steven, right?
Student: Yes sir.
Cody Hofhine: I said, Steven, how much money you make a year? You’d probably tell me, go pound sand. It’s none of your business. But if I said it this way, holy cow, Steven, you must make a fortune. You must make like a quarter million dollars. You’re going to be really quick to shut me down and say, ah, I wish, Cody. I actually make 60. I don’t know the numbers by the way, I’m just making this up.
Student: Right, right.
Cody Hofhine: Right? You’re going to be quick to tell me now, I wish I made a quarter million. I only make 60 grand. Same thing on this scenario. I can ask them, why are you moving in with mom and dad? They’re going to say, go pound sand. It’s none of your business. Or I can say and suggest something really happy for him like I suggested you make a quarter million, something really happy and then you told me the truth. I said, oh you’re probably living with mom and dad because you have a fat big house getting built for you because Arizona market is really hot right now. She went completely opposite. Oh, I wish I could say that Cody. I’m actually moving to Arizona because my husband lost his job. Boom, ding, ding, ding, ding, ding. Motivation went from five to 10. I say, okay-
Student: Just kind keep it like go to the extreme positive?
Cody Hofhine: Yeah, yeah, yeah. That’s what I do and it works every time. Here’s the next step. You get down to the point. If I could pay off cash, pay for closing costs, blah, blah, blah. Go through that question. Right? We would look at 180. Let’s say my number is 140 because I’m looking at that point. I’m on the phone, I’ll be on the computer and I’ll pull up the county assessor’s tax value first and then I’ll go to the MLS and go from there.
Student: You’re on the initial phone call still?
Cody Hofhine: Yeah, yeah, yeah.
Student: At this point? Okay.
Cody Hofhine: At this point, this is motivated. I’m not going to chance not getting them to answer the second time to me. I’m going to do everything right now and I’m going to book the appointment right now. I need to determine motivation. They said 180. I know my number is 140. Again, if I can teach you anything, I could care less that they told me 180. I’m booking the appointment because they need to move to Arizona and live with mom and dad because husband just lost the job. I went to the appointment. I locked up the house at 1:35.
Cody Hofhine: My point being is, I just need to know motivation because once they meet me in person, they’re going to realize I’m a friend. I’m here to do business and I’m a friend. First and foremost, how are you? How are you guys doing? I’m sorry to hear about your husband. Go through the whole thing, be a friend, let them know you care about them and then they want to do business with people that care about them.
Student: Okay, great. Yeah, that completely answers my question. Also, we’re sending written offers to every single person. I don’t care what they say on the phone. Is that still the best thing to do?
Cody Hofhine: That’s the [cold 00:07:35] ones I do.
Student: Send an offer and then I mean, even [crosstalk 00:07:39].
Cody Hofhine: They haven’t quite told you to pound sand.
Student: If I even catch myself saying, well, should I really send them an offer? You know, we were like a 100 grand, I’ll just still go ahead and do it anyway. I just wanted to make sure it wasn’t wasting time and money with those.
Cody Hofhine: I do. Okay. I don’t think you’re wasting time or money because all you’re doing is still training to the next level of motivation. They called you in, right? Let’s give them value of a true motivation, because they called you, they called you on the flyer. But that doesn’t do anything more than that yet. My point is yeah, send them out a triple offer because they’re going to tell you to pound sand. Great. You just got off my list. I know I don’t need to waste my time to follow up because my time is valuable. Your time is valuable, or they’re going to call you back. All that triple offer is is just another way to have another future appointment or a future conversation. That’s all it is. It’s not to lock up a contract, it’s just to create another visit essentially.
Student: I mean, that softens the blow for the cash price as well.
Cody Hofhine: Yeah.
Student: Okay, cool.
Cody Hofhine: Focus more on the motivation and not the value because you already got them on the phone.
Student: I mean, I kind of don’t, I know that I catch myself going back to the lead on a different window and trying to see what they want. I’ve recently stopped myself from doing that because nothing good can come from it. I just try to come up with my number regardless anyway but I appreciate-
Cody Hofhine: Yeah, come up with your number but again, don’t let that be your focus because again, I got a deal 45,000 off of what they wanted on the phone. I don’t care what they want on the phone. I just want to know are you motivated in selling? If there’s a motivating factor, I’m at your house. I’m booking the appointment.
Student: If they weren’t, you know, I’m moving to Arizona with my parents, because I know Tom has been saying, go on the low to mid level motivation appointments. I’m trying to figure out what… If they have [classified 00:09:46] as a mid level motivation.
Cody Hofhine: Yeah. Mid level is going to be, you know, yeah, we’re thinking about selling if the price was right. Low is like, no, we’re not moving for like an eight month or, but the mid level is like, yeah, I don’t know we’re quite going to ask yet. We’re toying around with moving. We don’t know the exact date. Okay. Perfect. Well, how much do you owe in your current mortgage? Oh, we all 180. Then I already know, okay, well this is worth 250. Okay, there’s equity there. I’m going to book the appointment. Right? Then from there you’re hoping your friendship is what wins it. Right? That they want to do business with you because they’re meeting you and you’re like, oh, this guy [inaudible 00:10:29], I want to do business with him. Yeah, I can see why we’d want to move now.
Student: Okay. Perfect.
Cody Hofhine: All right.
Student: Awesome. Well, I appreciate it.