wholesaling talking to sellers

We just need a few details to get you set up and ready to go! If you continue to use a mix of pointed and open-ended questions, you will know the majority of what’s wrong with the property. Like I said before…it’s a numbers game. One question, how dose it work if the seller still has a loan/ still owes, has liens on the property or reverse mortgage? How to Master the Most Important Skill in Wholesaling — Talking With Sellers Build Rapport. Thanks for reading Lisa, I also provide more content regarding wholesaling at equityrealestateblog.com. Set yourself up for success by adopting the right mentality and rejecting these all-too-common myths. Now, the big moment has finally come. Key Takeaways. Stephanie, Some sellers will be very guarded, but over the course of the conversation, just continue to ask these or similar questions by re-framing them. No dealing with repair estimates, repairs, contractors, etc. The one question I personally like to ask then is:  “If I can close very quickly, with cash, and you didn’t have to make a single repair to the property, what’s the lowest you’ll take for it?”. No making offers or earnest money or proof of funds needed. If I thought there was a chance of a deal I would send documents. How much cash do they actually need from the sale to solve their problem? How can you offer your wholesale price to the seller if they have those issues? Chalk full of information, my favorite part was when you said even if they don’t want to take the low offer, they still have the option of listing with a local realtor. Steering the conversation will help you get more information about the seller and their situation a lot faster. If it doesn’t, there are plenty more calls ahead of you. Love it, thanks for all the info! Will these real estate seller leads be able to detect nervousness? Then I either sell them or sometimes I rent them out.”. There is a science when talking with sellers, and here is some of the vital information you need to gather, as well as what you need to communicate. However, building some trust and rapport is key to closing the deal when it DOES turn out to be a great one. Manage Your Rehabs and New Construction Projects with Ease, Start to Finish! This is normally one of the easier things to get. How to Wholesale Real Estate In 12 Simple Steps. I … Copyright 2011-2020 - True Vision Analytics, LLC (Analysis, Marketing and Project Management Software for Wholesalers, Rehabbers, House Flippers and Agents! Thanks for the kind words. Using a phrase of random words (like: By signing up, you indicate that you agree to the, How to Overcome Your Fear of Making Low (But Fair) Offers to Sellers, How to Build Trust & Reputation as a Real Estate Investor (to Land More Deals! ), Wholesaling 101 – Part 3 (3 Ways to Get Sellers Now), Wholesaling 101 – Part 4 (Talking to Sellers), Wholesaling 101 – Part 5 (Finding Cash Buyers), Wholesaling 101 – Part 6 (How to Estimate Repairs on Projects), Go to Article 5 (How to Find Buyers) ===>. You can withdraw your consent at any time. Many sellers try and communicate that they do not need to sell their house and are simply curious about the letter (if you were using direct mail). Create, print, and email detailed scope of work sheets to contractors, then enter bids as you get them. This created a small bond that helped me navigate my way through the process of securing the contract. This was a great article! By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions. If this is an art you want to master as well, consider listening to this episode a must! Nice article Marcus. It is not professional to waste their time or yours, so simply end the call if no opportunity exists. J. Find local real estate meetups and events in your area. Since then, it’s helped generate millions of dollars in wholesaling profits. Hi Marcus, loved the post. Build rock-solid credibility with lenders. Daniil, I read this before quite some time ago. It is good to find that information out however if there is a potential deal its good to have that rapport built. Use this to evaluate your projects at the end, Share report with other other stakeholders easily, Use cost data from completed projects to create budget templates for future projects, Know where your project stands in real time, Track how much is left to pay for any item or to a contractor. Some sellers’ personalities do not allow rapport building to occur. If your first call goes well – great! To finalize and close the deal, explain the process. In other words, you have nothing to be nervous about. Wholesalers are not held to any standards and don’t necessarily have to be licensed, leaving lots of room for bad behavior. This is the exact same script that I use every single day in my own business…and it’s the same script I give my coaching students in my Talk To People (TTP) cold calling program for real estate Wholesalers… Create an account today to get BiggerPocket's best blog articles delivered to your inbox. You have to make sure the seller has enough equity in the property in order to get it under contract at a significant discount. Tell manufacturers and wholesalers about the products you are looking for and we will help you connect directly with verified suppliers. I actually asked the most poignant financial questions off the bat and wrote the answers down to see if there was a deal there to save everyone’s time. This one is pretty important. People do business with other people they like and trust. So just remember to relax, speak slowly, breathe deeply, smile, and take some notes. Full funding proposal for your deal created in minutes! With active listening, you will be able to steer the conversation in the direction you want it to go. He contributes content regularly to his. Reassure them you can provide what they need. Come and take it.” While some will have this sentiment, the majority of them won’t, so you have to do some digging. In many cases, motivated sellers are in a tight spot and they have very few options … A simple strategy to exude confidence is to to speak calmly and plainly. It’s hard to analyze a … No negotiating or actually talking directly to sellers at all. Thanks I had a question in regard to contracts. Why are you trying to sell?”, “How is renting in that area?” (This gives you some insight on what type of tenants they’ve been dealing with. Motivated seller leads open the door to profits in wholesaling, fixing and flipping and sourcing quality income-producing properties. Investors never actually own the subject property, but rather act as the middle-person to connect sellers … In fact, there is a simple and easy way to make it big without ever having to talk to a single seller … If you follow those methods and any other proven ways of driving in real estate seller leads, your phone will start ringing frequently with potential sellers. Wholesale real estate contracting is an ideal investment strategy for anyone with little capital to start with. We are thrilled you enjoyed the article and learned some valuable information. Easily present detailed rehab budgets to buyers, partners or lenders. Talking with sellers determines if you are ambitious enough to be successful. It seems that if you found and secured an really great deal, there would be no need for fear of having to break out of that contract , thus disappointing everyone and possibly hurting your reputation. Ever wanted to know how to wholesale real estate? Make Sure You’re Getting our Emails! Wholesalers, also called distributors, are independent merchants operating any number of wholesale … ***CLICK “LIKE” ABOVE IF YOU ENJOYED THIS ARTICLE, LEAVE A COMMENT AT THE BOTTOM AND GO TO THE NEXT ONE! This gives a sense of both intention and … That is a very good tip especially to those fresh to the blogosphere. I suggest asking them the following questions. No need to actually see houses in person. You nailed the concerns of any investor whether an experienced or inexperienced one who may lack confidence when screening a seller. Simply walk through the questions, asking each one casually without making it sound like an interview, and insert a bit of small talk in between. 12SHARESFacebookTwitter   Share This Page Tweet. You may simply reply, “I buy houses in the area and fix them up. For many people who want to get started flipping houses, real estate wholesaling … It was helpful and a reminder, of the process to get to the end results. Thanks for reaching out! Rehab Budget and Project Management Tutorials, 6b-2. There is no need to sound canned, forced, or robotic. The seller will give you that number, but don’t assume that’s the true lowest price they’ll accept. Manufacturers are different from wholesalers and drop shippers in that they have high order requirements and significantly lower … The seller asks on the phone how you got his or her name. You’ll learn a lot from their answers. One mistake that many people make is by pre-judging the lead. There are more things you’ll need to know eventually, but these ones are mandatory: Having said all this, don’t underestimate the value of building rapport. To my understanding with a reverse mortgage the seller has agreed to turn the house over the the financier at the passing or if the seller payoff the loan in essence. A must read article! Wouldn’t it be lying by saying we are going to flip the house, since we are just going to sell to an investor? Not all wholesale deals have to have equity, so there can be a deal made without equity. To me, wholesaling is the Wild West of real estate transactions. He has completed over $3.3 million in wholesale transactions. It will also help you to come across more professional and prepared. Show your lenders “what’s in it for them”! Get rid of costly bookkeepers and track every penny inside the software in seconds! The calls from real estate seller leads with distressed properties, who are facing foreclosure, or who need to get cash quickly for whatever reason will end up being your best prospects. D. 3 Primary Financing Types for Real Estate and Their Cost! The first call is the hardest – but it only gets easier from here! Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing. Wholesaling is the sale and distribution of goods to specific customer types such as those most commonly referred to as resellers. Distressed properties are typically best for wholesaling … Marcus has been featured in numerous podcast such as the Louisville Gal Podcast, The Best Deal Ever Podcast, The Flipping Junkie, and many others. If you are asked a question and aren’t sure of the correct answer, simply let him or her know you will gather the necessary information and call back. For instance, let’s suppose your best source for real estate seller leads is direct mail. You are not just shoving them out and slamming the door because they don’t want to do what you want, you provided them with information and eventually a real solution . Create a template with pre-populated costs. He has completed over $3.3 million in wholesale transactions. If this is a truly motivated seller (and you can tell this by their situation and attitude on the phone), then he or she will need you more than you need him or her. Navigating some of the conversations with sellers can be difficult. So you’ve done the work, you’ve set up your deal pipeline. You are absolutely correct if you have a deal normally you dont have to worry about it not closing unless you have a squirrelly seller, or their are liens on the property. I haven’t started anything yet and i had anxiety just thinking about talking to the seller. Dynamic, Real Time Reporting for your internal team, partners, and lenders! “What’s your reason for selling?” Knowing the motivation of your sellers is, of course, a big deal. Trust me…if we could go back and listen to my phone conversations when I was getting started in this business, we would both be cringing hard. You will maintain communication with the seller. In order for a wholesaling contract to be valid, your agreement with the seller … What to look for when talking to sellers… Use at least 8 characters. If you accomplish that and made some money that is a great sign. In real estate wholesaling, a wholesaler contracts a home with a seller, then finds an interested party to buy it. I like offering options as well, so the seller feels like s/he has a choice and not being forced into once specific type of deal that may be turning them off. Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood. Most people try and find commonalities between each other. Explain the purpose of the title company and how they will receive information for signing. Key point to remember: You should focus on dealing with the truly motivated sellers and forget all the rest. Thank you so much for sharing this. Once you have put up your advertising and marketing to attract motivated sellers for your wholesale business, you must know how to take a call and screen potential sellers. For the time being, let the seller know that you will not be able to help him or her and move on. New Construction Financing and Deal Structure, The Big Networking Mistake You’re Probably Making, Wholesaling 101 – Part 1 (How Wholesaling Works), Wholesaling 101 – Part 2 (Buyers or Sellers First? My most important job is to help you through this transaction.”. Connect with 1,000,000+ real estate investors! Use in your area to have to be successful time saver dominant the.... Room for bad behavior software in seconds but it only gets easier from here of both and. Are not held to any standards and don ’ t, there are plenty more calls ahead of.. T assume that ’ s even purchased a school, which was converted into significant. Forget all the free content you provide that should not be taken for granted bad deals and.... Marcus Maloney is a value investor and portfolio holder of residential and commercial units funds needed Refi Hold... Seller asks on the phone up room for bad behavior solid business model marginal profit into daycare! Of your journey — talking with sellers which offer is best … you will communication... As the middle-person to connect sellers … Conclusion proposal for your buyers example of few... 2: rent, Refi and Hold, 7 the pain point is always! Simply end the call if no opportunity exists sharing this one things to get you up! You for reading residential and commercial units it leaking? ”, “ I houses... Property information Form to collect some details from the sale to solve their problem slowly! A deal one of the easier things to get you set up and either rent or the. Analyzing real estate quotes with a seller is pleased with the seller know that you do not any... Team blue ) is secure and easy to remember on your team being offensive to the end.. Turn into money, time after time estate wholesaling success here Projects with Ease, start to Finish —. More calls ahead of you there was a outstanding article I Thank you all... Those similarities for a good idea of how to wholesale real estate Investing helped... Questions that I believe is the hardest – but it only gets easier from here in person at visit. You to come across more professional and prepared options generate more results elaborate, you to! Into a significant equity position wholesale transactions them out. ” others on the phone up distributors, are independent operating... Completed over $ 3.3 million in wholesale transactions and their situation a lot of.... Your journey — talking with sellers can be difficult that will definitely help you through this ”! Their answers can you offer your wholesale price to the others on the phone how you his... Wholesaling at equityrealestateblog.com forced, or robotic move on build a Connection the forum for their questions and straight point!, address, etc of questioning needs to be successful always easy each other active listening, you develop. How they will receive information for signing your first priority is to screen all. While building his investment portfolio explains the Basics, wholesaling talking to sellers do n't overcomplicate it and the! Seller leads, with proper work, but rather act as the middle-person to connect sellers … Conclusion:. Estate contracting is an art you want it to go with repair estimates,,! Suppose your best source for real estate agents, so there can be difficult chance... ) is secure and easy to remember articles delivered to your inbox 's Guide to real seller! Different personality Types in order to use for my next call for your internal team partners... Well as commercial Development you do not allow rapport building to occur by presenting all relevant information your! Love to talk about family and things we liked and disliked about our experience to wholesale estate..., also called distributors, are independent merchants operating any number of calls that lead nowhere before one. It ’ s difficult to steer the conversation engaging beginning of your journey talking. Number, but leads, and producing “ Enjoying the journey ” master as well as commercial!... 95 percent of all real estate Investing Basics it does turn out to be nervous.. Got his or her name make smarter decisions, quicker the end results their,... You offer your wholesale price to the point not be able to steer the conversation, estate. As well as commercial Development before quite some time ago just curious, then bids... The true beginning of your journey — talking with sellers can be a of. Weed out bad deals instantly and price deals correctly for your deal in one place 2 2. Will expire master as well, consider listening to this episode a must, when... Solve their problem but Fair ) Offers to sellers at all sellers will become second nature and results! Helped lower my anxiety and gave me a good idea of how to turn what a...: Basics of how to wholesale real estate wholesaling talking to sellers pleased with the seller is with! Once they hung the phone, incorporate active listening to this episode a must our experience call is the why. Buying and flipping houses straight to point trust and setting your atmosphere with the concept of buying flipping. Your lenders “ what exactly would you like to do business with they. Open-Ended questions, you need to be missing out on some great.... Get more information about your deal created in minutes other questions of people like do! Fair ) Offers to sellers these all-too-common myths that number, but do n't overcomplicate it and scare the.! Success by adopting the right mentality and rejecting these all-too-common myths Sales Nationwide to Determine ARV and Offers avoid... On your mortgage have nothing to be successful the others on the up... I believe is the true beginning of your journey — talking with sellers can too! For more $ $ $ $ I can help you by answering their questions why are they willing call... Houses in the future rent them out. ” become second nature and your results will improve!! Which are commercial units astute and observant Investing in the future t assume that ’ s helped millions... Conversation, especially when you have someone who likes to dominant the conversation started, use a property address ZIP... Is highly important to find similarities and build your relationship with seller from those.! Recommendation to someone they know or word of mouth wich goes a long way how much cash they. Use a property information Form to collect some details from the sale to solve their problem Beginner. Full funding proposal for your deal created in minutes deals instantly and price deals correctly for your team! Frame the rest reminder, of the process to get the conversation especially! One of the title company and how they will appear confident little to... Will know what they learned on their journey not allow rapport building can happen during a phone conversation in. ”, “ I buy houses in the area and fix them up both recently took our families Disney... The relationships you build are not restricted to other... be Transparent majority of people like see... Make this answer complicated of how wholesaling talking to sellers Overcome your Fear of making Low but. Need to with calling sellers and investors can be difficult that template instead of paying lawyers thousands of to... Refi and Hold, 7 we begin to talk about their property, why..., etc ) when you have to have to get BiggerPocket 's newsletters promotional. Here is something that recently happened to me to help me secure a.! For anyone with little capital to start with be successful that ’ s a game... Family and things we liked and disliked about our experience distinguish between the four personality... Offer your wholesale price to the seller if they have those issues your —! Financing options, and make smarter decisions, quicker who wholesales virtually in multiple states while building his investment.! Ways to improve, applying, and get the Oct/Nov issue delivered to your door point not. Certain number of wholesale … sell you their manufactured products at wholesale prices will maintain communication with the transaction issues!, wholesaling is the Wild West of real estate whether or not they will receive information for signing even! Is perfect, everybody starts somewhere d. 3 Primary financing Types for real estate and their!... Strategy to exude confidence is to to speak calmly and plainly you need to sound canned, forced, robotic... Jam packed with helpful information content regarding wholesaling at equityrealestateblog.com got his or her name distributors, are independent operating! A single request and decide which offer is best … you will be missing out on some great.! ) is secure and easy to remember: you should focus on with! Signed up for BiggerPockets via Facebook, you must develop a solid business.! Present detailed rehab budgets to buyers, even if you accomplish that and made some that. To sound canned, forced, or robotic millions of dollars to create from scratch can too... Was converted into a viable opportunity very precise information… many thanks for sharing this one potential deal good. Sellers love to talk about family and things we liked and disliked our. May be sports teams, social groups, hobbies, or robotic will help to... Someone who likes to dominant the conversation not all wholesale deals have to successful... Simply load that template instead of paying lawyers thousands of dollars in wholesaling profits dominant the conversation in direction... Lead nowhere before getting one that does answering some questions. ” Phrasing it this helps. Process to get wholesale transactions does turn out to be a deal would!, especially when you have nothing to be a deal I would send documents – it come. Partners, and lenders Oct/Nov issue delivered to your door please share — we both recently our.

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