Calling FSBOs and FRBOs

[Chris&Kez 0]

...oh, and the 2 referrals from one of our sellers , be calling those after the weekend.

[Gene 0]

It has been 25 days since my acceptance of this challenge. Unfortunately I can not claim success in completing 50 calls. Two weeks of job related travel and unavoidable family time have prevented me from reaching my goal. Actually, I was sitting down to start making calls that first weekend when I received a call from a seller who saw one of my signs. As this was my first truly motivated seller, I spent a lot of time working the numbers and preparing an offer. Good news is that I met with my first seller and presented my first offer. Bad news is that in the end, the seller decided the deal was not for him. However, I take full responsibility and welcome condemnation from my challenger, MC and any others participating in the challenge.

 

On a positive note, I did make some calls and am here to document my experience. I must say that not one person with whom I talked got mad or disrespected me in any way. In fact, several people were interested in what I had to offer. I called 18 FSBO’s. My next mental barrier to be conquered is FRBO’s.

 

As for the results:

 

Nine said no

Five were under contract

Four said maybe and were willing to allow me to send them the Lease Purchase Advantage

One was interested. This seller has been provided with the LPA and we have talked two times. He is evaluating his options and we are due to speak again soon.

 

Thanks for the opportunity and I hope we can keep this challenge going. I believe this will be a valuable thread for future newcomers.

 

Gene

[Gene 0]

It must be late, because I can not count. In my previous post I stated that I called 18 but provided results for 19. In correction eight said no, not nine.

 

Gene

[Gary (MO) 0]

Thanks option8, I too took the challenge. I did not keep a running talley of how many machines I talked to (there were MANY) and how many live voices that were unmotivated (again - MANY!). I did sign two deals out of the challenge though and it is true...just one deal makes all of those 'other' calls well worth the time and effort spent.

 

What did I learn from this?

1. The wheelbarrow doesnt' move unless you push it.

2. There are many factors for success in this business but none of the others will happen unless you first talk to sellers!

3. Cold/Warm calling is reallly expensive....NOT!

 

 

Thanks option8!

 

Gary

[option8 0]

You are welcome, Gary and Gene,

 

Keep up the calls and the talley. Everyone who jumps in on the challenge is taking action and making things happen.

 

I can't wait to hear more results...

 

option8

[Alan 0]

Does anyone have any ideas on how to track your "GOLD" calling? I hate to keep calling the same people on different ads they run.

[Gene 0]

Alan:

 

I use a spread sheet to track my calls. There is a find function that will search the spread sheet for what ever data you are looking for. I just type in the last four digits of the phone number and click on find. If I have called that number before, that function will find it.

 

Gene

[Mr Saint 0]

I created a simple form in Microsoft Access for keeping track of phone numbers. The form doesn't allow duplicate numbers so it tells me if I'm trying to call a number I've dialed before. It's pretty nice.

[-Tony- 0]

Computers and Tony don't get along so ....ahh... I repeat call. Either they will get tired of me calling and sign with me, their motivation changes and sign with me, they sell fsbo or they get a realtor.

[Kimberly 0]

Computers and Tony don't get along so ....ahh... I repeat call.

Index cards could be another option. Just keep them filed by number or address. You'd want to be sure to note the dates of their ads on the card and the dates you called them.

 

Kim

[Alan 0]

What is the best way to handle the second call after you email the first letter and FAQ?

 

This is my weakness.

[MichaelC 160]

Much depends, Al, on the homeowner you're speaking to. Too many variables to quote any sort of script. Have a conversation, not an interrogation, and you'll find it will go easier than you suspect. If need be, jot down some notes first, to use as a guide and to be sure you get the information you need, and you make the points you want to make.

[Guest Gary]

If you are not using the phone to find properties, I'd like to challenge you to change your thinking.

 

My experience has proven that this is a valuable method of finding properties and it costs nothing but a little time. I've located several motivated sellers using this method.  I also have noticed realtors listing houses for rent or even RTO and I'm thinking this is a great opportunity.  They obviously already know something about the RTO system or they wouldn't be advertising. Over the last 30 days, had several opportunities to craft deals with other investors by dialing for houses. I'm amazed when the person on the other end has more than one house for sale.

 

Some people think it is a waste of time, but I beg to differ.  If you just carve out 1 hour per week calling these ads, I'm certain it will be worth your while. What would just 1 more deal per quarter do to your financial statement?

 

If fear of cold calling is your stumbling block, what exactly are you afraid of?

Rejection? They aren't rejecting you, just your solution to their problem

Ridicule? Don't you face this with family and friends who think your REI plan is nuts?

Physical harm?  Over the phone?...NOT LIKELY! ...Press *67 and dial!

Sounding like a fool? Practice makes perfect! Use this method to get in your practice in a short amount of time. Press on thru the uncomfortable process of sounding like a blathering idiot until the words become comfortable in your mouth.  Just cringe and keep going. Conduct a personal review after every call and ask yourself "How could I have stated that better?"  "How could I have answered that clearer?"

Questions/Objections?  None of us has all the answers. If you don't have the answers, someone here does. With practice, you'll get better handling the routine questions and objections (and trust me, they are all routine!)

A Deal? AH HA! So, before you pick up the phone have your next step in mind.  "Mr Seller, I'd like to 1) see the home or 2) make you an initial offer.  What would be a convenient time to meet."

 

What's the worst thing that can happen?  They say "NO WAY!"  and you say "NEXT"...and dial the next number!

 

I challenge anyone who is up to it to make the committment to dial 50 numbers in the next  7 days and keep track of the responses.  Did they say No, Yes, or Maybe later? Did you get an appointment?...Report back here and tell us how it came out.

 

Post a reply here if you are willing to take the Cold Call Challenge.

 

now go find another motivated seller....

option8

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[Craig 0]

Been making cold calls and sending out weekly emails. Doing this part time is keeping me busy every night. Thats great. The response has been very good.

 

One of problems I can see starting to happen is I am getting calls, emails, or web site request from a wide area. Maybe a mile range of 50 miles radius.

 

I am not complaining at all. I am loving this more and more each day. MC your letters, ideas and forums really do work well. Thanks again.

 

Would suggest this program to anyone who is having a little trouble getting going in Buying and Selling with nothing down. Someone who is over educated and just doesn't know what steps first steps to take and when. Just go do it... :ph34r:

 

I got 5 good clients in the works and thats just from calls and emails. In the last 2 weeks.

 

Lets go do it.

[MichaelC 160]

One of problems I can see starting to happen is I am getting calls, emails, or web site request from a wide area. Maybe a mile range of 50 miles radius.

Not a bad "problem" to have, Craig. Keep in mind you can offer your consultation services for properties that are geographically undesirable. Help the homeowner to help themselves, and be paid for sharing your know how.

I am not complaining at all. I am loving this more and more each day. MC your letters, ideas and forums really do work well. Thanks again.

It is fun, isn't it?