Many real estate investors lose out on an untold number of real estate deals by pre-screening too much on the telephone. Far more real estate investors pre-screen too much even before the first phone call, but that’s a topic for another day. Let’s discuss why you should NOT pre-screen for motivation on the phone if you want to buy more deals, with better terms and at better prices.
Are you the type of guy or gal that asks/asked if they’re going to get an end of the date kiss when asking for the date in the first place? Then, why would you ask the seller if they’d sell below market and/or with great terms on the equivalent of the initial date inquiry call? You shouldn’t!
If your potential date has lips, there is a chance you could get an end of date kiss. If the seller has equity, you could buy the house at a discount and/or with great terms. You really won’t know until you go out, meet face to face with the seller, invest time in the deal and see what happens.
My experience tells me that the overwhelming majority of the sellers I’ve dealt with behaved much differently on the phone then they did in person. I take meticulous and copious notes when I talk to sellers and more often than not, I am amazed to see the difference between my initial impression about motivation, desire to sell at a discount or with great terms and what eventually comes out as the real situation when we meet in person.
It makes sense though, doesn’t it? When someone first talks to you, they are reluctant… they tend to play their hands close to their chest and don’t want you to really know what is going on. Once you get to meet them in person, invest some time with them, build rapport, share some common interests and discuss their options with the house, you discover things that you never would have found out on the phone.
So, do yourself a favor and adopt this rule: if the seller COULD accept the deal, make an appointment and go and see them.
If it turns out not to be a deal, you might have made a new friend. If it turns out to be a deal, you could make a new friend and make a handsome profit for helping solve the problems and adding value to the marketplace.
Until my next post,
James
P.S. Want more information on how to talk with sellers? Eaves drop on training I’ve done with my staff on taking a large number seller calls with Real Estate Investor Daily Training Volume #1. Download that real estate course free for a limited time.
I am a night owl and tend to stay up very late. Occasionally I watch some television during the wee hours and many of the infomercials for real estate courses are completely shocking to me.
Come on folks, do you really think you can make a million dollars a year doing no work, with no money, no credit and no risk? Give me a break!
Can you make a million dollars per year in cash (not equity) investing in real estate? Probably. I haven’t… yet.
Can you do it with no work? Nope.
Can you do it with no money? Yes, but you need to be creative. You need to be working with partners that have money or credit, or you need to have credit yourself. Or you need to find a seller motivated enough to offer some type of owner financing.
Can you do it with no credit? Yes, but again, you might need to be creative or use partners. Or both.
Can you do it with no risk? Well, maybe. There is risk in everything, but you can significantly limit your risk, by either sharing it, or putting it entirely on someone else. For example, if you got an option on a property, you are putting the risk on the seller. If you brought in a money partner, they are taking on part, or all, of the risk.
So, before you get too excited about putting up three easy payments of $49 plus $19 shipping and handling, realize that while you can make money in real estate like I have and hundreds of thousands of others have over the years, it does take hard work, determination and realistic expectations.
Until my next post,
James
P.S. For a realistic, practical set of training materials on investing in real estate and consulting to help you implement the strategies in your own business then sign up for our Real Estate Investor Bronze Membership to access over 100 real estate courses, systems, checklists, forms and on-going free training and consulting.
