We’re back with another jam-packed episode where we share the tips, tricks, and strategies you can immediately implement to start making money in real estate…RIGHT NOW!
In today’s show, our host Brent Daniels discusses the 6 cold calling techniques to help you with your Cold Calling game and how to deal with each of the responses you get when calling motivated sellers.
Join Brent as he breaks down each technique to level up your cold calling game.
- The 6 responses you’ll get from motivated sellers when asking if they would consider an offer on their property…and how to deal with them.
- The best and most common responses and how to overcome objections
- The tool that can help you get the best information on the hottest properties
- How to know if a perspective seller is really considering selling their property
- Brent’s 2 minute process for qualifying a motivated seller
- The Pivot: How getting a “No” can actually give you even more opportunities
- The “right” language to use to get a motivated sellers to drop their defenses and continue the talking with you.
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When you ask somebody, if they would consider an offer on their property, there’s only six, only six, can you believe it out of the millions of different responses that you think you can get, there’s only six responses that they’re going to give you. Okay? And we’re going to go over each one of these responses so that you feel comfortable and confident moving forward with that conversation. And you feel like you can, whatever they respond, you know how to respond to that so that you can keep going and further that conversation and see if there’s somebody that will actually do business with you.
So the first response, the best response, the scariest response is, yes. Yes, I would consider an offer. This is where you pile in the benefits, the benefits, the benefits, of benefits of them considering and reviewing and looking at the offer that you’re going to give them. Well, we purchased properties, cash. We pay all the closing costs. There’s no real estate commissions. The best part is we buy them completely as is. So you don’t have to put another dime into the property, another cent into the property. So for an offer like that, how much would you take?
I want to kind of see what’s going on here. I want to see how thick their force field is around them. I want to see if they’re going to give me any information, if they’ve got a price. You would be shocked. The deals that we get through, typically they’re giving us the price within the first 60 to 90 seconds. This is what you’re looking for. Let them respond to you. Maybe they have a price in mind. And then you can move from there.
Now the most common response… Well there’s kind of two that are tied is no. If they ask you the second response is really, really how much will you give me? How much will you give me? Is that and no are kind of the most common ones, but they throw it right out at you. Some version of that. So you’ve got yes. And you’ve got how much will you give me? And there you want to try to pivot and remember you answer their question, but then you respond with a question. They’re trying to control the conversation right now. They’re trying to bulldog you as, “yeah. Sure. Everything is for sale at the right price.” That is a version of how much will you give me? Okay. And there’s a couple of different strategies that I want you to consider here, depending on who you are talking to. Okay? So as you’re calling and if you’re using a dialer, you can press a button on any of these dialers and it’s going to take you to Zillow.
And Zillow is going to give you the information on these properties. And you want to dig in a little bit and you want to show a little bit of credibility. And you said, well, it looks like your home is about 1200 square feet. Is that right? And then remember you’re answering their question, but you’re opening up… You’re finishing with the question. So it puts it back on them. And then you say, “the condition of this property is really important. Have you done any major remodeling to the kitchen and bathrooms in the last five years?” Because this is going to be a really great indication if they are fixing up this property, because where is the money spent in the property? It is spent in the kitchen and the bathrooms. Anything that’s wet needs to be… You need plumbing, you need electrical, you need things so that you don’t get shocked by the plumbing and electrical.
That’s typically where people are putting their cabinetry. That’s where you’re getting countertops. That’s where a lot of the expenses in properties are going to be is in the kitchen and bathrooms. So it’s a phenomenal question to ask, to see what is the condition of this property. And then when they ask, the other thing that you can do here is you can pivot to timeline and you could say, if they say, “well, how much will you give me?” And you say, “well, that’s a great question. Let me ask you this. Typically we close properties in about two weeks to 30 days. Does that timeline work with you if we can give you an offer that makes sense. Does that work for you?” Cause I want to see, are they just lookie-loos or are these people really considering selling their property? If you can get their timeline out of them, holy cow, you’re halfway there, right?
I mean, you’re understanding, okay, these people are serious about selling their house. I caught them at the right time. This is phenomenal. And that’s the pivot there. You’ve got a couple of different… Go to the condition of the property or go to their timeline on there. Remember all this script, every conversation that you’re having with the property owner is getting down, drilling down to the four pillars of pre-qualifying, which is condition, timeline, motivation, and price. All right. So that’s how you move that. How much will you give me? And then the third way is to qualify their price. Sometimes I like doing this with driver type personalities, A type personalities, aggressive personalities. I don’t care if it’s it’s a guy or a gal, they come out and they’re like, “well, how much will you give me?” And you’re like, “oh my gosh. Well just looking it up on the computer right now, it looks like homes in the area similar to yours are selling for…”
And then if it’s above 250,000, if Zillow’s estimate is above 250,000, I want you to throw out 66%. And if it’s below 250,000 I want you to throw up 50%, and this is just to take a shot across the bow. They’ll be like, “oh, I would never you’re crazy.” Click, great. Move on to the next one. Or they’re like, “yeah, you know, that’s kind of in the ballpark.” That’s what you’re listening for. That’s what… the alarms in your head should be going off and going like, oh my gosh, this is incredible. This is somebody that has potential to sell this property to me and sell it to me really quickly. And that’s what we’re looking for.
And that’s just to get an idea. That’s not just perfect. It’s not what you’re going to offer, but you’re saying homes similar to yours in the area are selling for around this. Is that what you were thinking? Right. See how we like definitely maneuvered that we can move and shake with our price, given the information that they’re giving us. But remember this is typically 15, 20 seconds into a conversation, right? So you want to see, is this somebody that is serious or is this somebody that’s just hoping that I’m going to tell them that I’m going to give him double what it’s worth and they’re going to go for it.
The next step there is just the qualifying their price a little bit, right? So you can say, “my partner runs all the numbers.” If you have a partner, you can say, you know, I take this seriously, it takes me some time to run the numbers. Firstly, I just want to reach out and see if you would consider an offer and I can call you back really quick. But could you tell me what remodeling have you done to the kitchen and bathrooms in the last five years? Because that’s really going to affect the price that I can offer you.” Does that make sense? The condition is really important, right? And that’s pulling it back. You’re pulling back or you’re controlling that conversation now a little bit more because the more questions you ask and actively listen, the better opportunity you’re going to have, the better shot you’re going to have in pre-qualifying them, knowing if they’re a legit lead and understanding if the timing is right. How to respond, how to do the lead follow up with them. They might not be able to sell this for 30 days, 90 days, a year.
You need to know these things. And that’s what you’re trying to pull out. Now the next one is yes, but maybe in the future. They’re like some response is, “well, we’re kind of thinking about it. We’ve got a tenant in there for the next six months. So we’re going to sell it in the future.” Or they’re saying, “well, once my daughter graduates school, we’re going to sell this property because we need the money for her college or whatever else.” Or, “you know what, we’re not going to be in town. This property is in a different state. We bought it as a investment property and now we want to sell it, but not until we can get there and clean up some things and make sure that we understand the condition of the property so we know what we can get for those types of things.”
So they’re kind of pushing, they’re kind of kicking the can down the road type of thing. And you just want to get in there and say, “okay, great. Should I call you back in a month? You know, I’m really looking for something.” Tell them what you’re looking for. See if this is really a property that would fit the criteria that you’re looking for, which is typically a property that is ugly, a property that needs some rehab, a property that needs renovation, property that maybe is a small property can be added on to all of these things. Maybe it’s a duplex, but it’s better as a single family. Maybe it’s a single family better as a duplex. Just depends on where you’re at in the country. But you want to see, you want to ask them, “I’m really looking for something that needs some love.”
I like saying needs some love as opposed to I’m looking for something that is totally destroyed or I’m looking for something that’s a fix and flip or any of these terms that us investors use that the normal population kind of gets, but they don’t really. And you want to make it really digestible. The words that you use have to be common language. I’m looking for something that needs some love, right? Something that needs some major remodeling, something like that. Do you think that that would fit what we’re looking for this property? Oh yeah. This property is destroyed. This needs a lot of rehab. All of those things, right? And then pro tip here is make sure they save your number in the phone, in their phone as whatever. Brent home buyer, Jesse home buyer, Matt, home buyer, Alejandro home buyer, whatever it is, put your first name and home buyer next to it.
And they know, save my number so that when I reach out to you, I’m going to follow up with you. I’m going to text you and I’m going to call you. And you know that it’s me. And not just some stranger that you’ve never talked to before. And you know that I’m reaching out in that I’m serious. And I do want to get you an offer. So have them save your number. Now, will they? Maybe, but at least you’re asking them to maybe it’s a 50 50 shot.
All right, next, this one is great because we have pulled so many deals when people tell us no. When people say, “no, listen, I have raised my kids here. They are going to bury me in the backyard. I am never selling this property. I love it. It’s the best.” I completely understand. Do you happen to have any other properties you would consider selling, maybe something that needs to be fully remodeled, something that needs a little love, right?
That’s what you’re asking for. Right? Do you have any other properties? Because you’re calling about a specific property. I want you to put them in a position where they are wondering, oh wait, where they’re remembering that they have other properties. Maybe it’s a rental. Maybe they’re inheriting something. Maybe it’s a piece of land. You can even hit them with that. Do you have any properties that need some love or even a piece of land that you would consider an offer on. When people shut you down for the house that maybe they live in, or they like the rental or they don’t want to sell, open it up and see if they would consider an offer on any other properties that they have. I am telling you, my company has made a fortune from this question. My TTP family members in the program have made a fortune from this question.
When people tell you no, there is still life in there. Ask about other properties that they have. Now this is what some people do because they get a little bit nervous when people tell them no. They go, “oh, okay, well, do you know anybody? Or any friends or family or neighbors or anything like that that wants to sell.” Listen, it’s just a rabbit hole. You can try it if you want. The problem is every blue moon, somebody gets a deal that way. But I just don’t like it I’ve tried it. I thought that it was genius. I thought it was super smart to ask, but it just turns into just you’re just chasing your tail at that point, because they’re like, now they’re have to think. And now they’ve got to talk to somebody. Now you’re following up with them to try to get the referral and all these things.
And it usually doesn’t turn into anything. So ask them specifically, if they have other properties that they would consider an offer on. All right, number five, there you go. This is the fifth response, right? So we’ve got so far. We’ve got, yes. I would consider an offer. How much will you give me? Maybe in the future. No, I’ll never sell this. And the fifth one is how’d you get my number, right? I have an internet provider. You don’t have to use Lexus Nexus this is kind of old. We’ll update that, but I’ve got an internet provider. You can use Lexus Nexus. They’re a big company that I send over the addresses that I’m interested in. And if they have the phone number, they send it back, and sometimes I get lucky. Just tell them. I mean, the data is provided by data companies. Just tell them.
And then they’re usually fine with that. They’re like, “yeah, I get it.” This is 2021. People are calling them. They’re like, whatever. My number is out there somewhere, right? It’s on the internet somewhere. Whether it’s they signed up for a club card at their grocery store or Best Buy or they put their phone number anytime in the internet, it’s going to be found by these data companies and sold.
And then the last one, the sixth response that you’re going to get is who are you? Who are you? I’m a local real estate buyer looking to do tasteful remodels in the area. I’m a local real estate buyer looking for properties to buy in your area. Whatever it is. When you say investor, the first thing that comes to the general public is, oh, they’re going to low ball me. Oh, this is somebody that knows more than me. Oh, this is somebody that’s looking for a deal. But if you’re a local home buyer, I’m a local real estate home buyer, and I’m looking for opportunities. I’m looking for properties in this area that we can do something special with. That sounds a lot better. It goes down a lot easier.
And that’s the six responses. Yes. I would consider an offer, how much will you give me, maybe in the future, no I’ll never sell, how’d you get my number, and who are you? Those are the six responses. If you’re interested in joining the most proactive group in real estate, investing it is the TTP program. Go to wholesalinginc.com/TTP. I personally mentor you. You get my cell phone. We text, we call, it’s crazy. It’s bananas. But it’s the truth because I want you to be as successful as possible. And I want to work with you and I love you. So if you’re interested in that wholesalinginc.com/TTP. Check it out, scroll down, keep scrolling. The little scroll things tiny, because there’s so many testimonials. Nobody, nobody more testimonials. Check it out. If it feels good in your gut, sign up for a call till next time. You’re the best. TTP.