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option8

Calling FSBOs and FRBOs

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Option 8, I figured today since the phone has been slow(Billboard not up as of yet) that I would call FSBO. I made 18 calls today. 3 are very interested, 11 messages I left on answering machines, and 4 said no. Not bad! Tomorrow I follow up on those 3 and tell them that their numbers looked good and that the next step is for me to see their house. Once I go see their house we set up a time a day or two later to sign the papers.

 

Pete

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Great job, Pete!

 

Are we all begininning to see what a valuable resource the phone can be?

 

option8

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Are we all begininning to see what a valuable resource the phone can be?

 

option8

My teen daughter has known that for years! :(:lol:;):angry:

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I hear that, we have 3 teen daughters :lol: I once registered a separate number for our eldest, when the phone rang , it made a diff tone, so nobody else was allowed to answer it!

When the bill came, it was itemised...so "nobody" else was allowed to pay it :angry:

Having said that, Jessica will be coming into business with us later in the yr.

She's 19 now...should make for a fun adventure ! :(

She's also in Aussie right atm, so we hope to crank up our deals over there by yr's end.

Let me know if anyone is interested...........given the ratios on the $$ these days, it will sure get us some value out of this good ol $USD

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Update on my progress with "the challenge": I'm finding that the cold calling has outproduced my newspaper ads. I called 14 FRBOs this morning and got 2 "leads" (sellers that were interested enough to request more info).

 

I'm finding that they end up thinking "this is too good to be true - my asking price, positive cash flow, no maintenance or closing costs, etc... - so it must be flawed somewhere" They are VERY cautious about it...Anyone else experience this?

 

Again, one guy owns "several" rentals and is "tired of it" and thinks he's ready to get out. HE told ME, "I bet we can work something out!" I'm sending him the LPA while he "thinks on it". :lol:

 

Gary

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Update on my progress with "the challenge": I'm finding that the cold calling has outproduced my newspaper ads. I called 14 FRBOs this morning and got 2 "leads" (sellers that were interested enough to request more info).
That's certainly interesting! And a kick in the pants to those who are of the mindset that warm calling is a waste of time. Simply ain't so!
I'm finding that they end up thinking "this is too good to be true - my asking price, positive cash flow, no maintenance or closing costs, etc... - so it must be flawed somewhere" They are VERY cautious about it...Anyone else experience this?
All the time, Gary. Sometimes I think homeowners are reading from the same script. I just slow down the info flow to them until they are comfortable with the pace I'm moving. I find that having something in their hands they can hold and read provides a big leap in credibility to what we are saying. Keep in mind that up until they have something tangible in their hands you are just a strange voice on the telephone making some extraordinary claims. Who wouldn't be skeptical?

I'll follow up with some written documentation to my claims. (I use my Lease Purchase Advantage letter). Email it preferably to speed up the process, or a fax will do nicely. If need be I'll use snail mail. But, however I do it, I get some info in their hands, and quickly follow up with another phone call to answer their questions and try and close the deal.

Again, one guy owns "several" rentals and is "tired of it" and thinks he's ready to get out. HE told ME, "I bet we can work something out!" I'm sending him the LPA while he "thinks on it".  :lol:
Beautiful! You never know when that one phone call will lead to a deal or, in this case, multiple deals. Just remember, Gary: no loose ends and strike while the iron is hot!

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Good evening peeps,

quick update, meeting with Fairfield Bay seller on or shortly after the 25th may still, ( good excuse to go romp in the lake for the weekend !)

he is travelling down from MN for a short vacation...no bites on this yet, a tad overpriced, but we'll keep plugging away.

 

Fat equity lady called back, says she wants to take our offer, but her and hubby cant agree, I cant help with that end of things though..think she just needed to vent. Glad she called me though, shows some trust.

 

Another house in Northern Arky, explained to couple the advantages of LO, they were impressed, but think they'll see what kind of cash offer they can get and soon, or they'll be back for the LO from us...BUT, only if we help them BUY a home on the same basis in a few months time.

OK we can do that! :rolleyes:

 

Did I smile at this one? you betcha...

 

Moi

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Nice letter from our seller....... :huh:

Hello Kerry, sorry I spelled your name wrong. My husbands name is

Chris

also, so you shouldn't have any problems remembering it huh?

Just thought I'd mention that I may have two people interested in your services instead

of

one. They said they were going to wait and see what happens with our

home

and if things work out then they may be giving you a call. One of them

have

built them a new house out of town (where they plan to retire) and have

had

their home here in Paragould up for sale for longer than we have. They

aren't in a bind with it they just want to sell it. The other person

is in

a situation where he really needs and wants to get out from under it.

So,

you may get the opportunity to help two more families my dear. We'll

just

have to wait and see. Talk to you later.

THANKS Elaine & Chris

Paragould , Arkansas

 

How sweet!

Us

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How sweet!
How sweet it is, indeed! You never know what a call may lead to. Drop a few seeds along the way and you never know what's going to sprout. Heck, I've got two daughters and that's pretty much how they happened :lol::D:huh:.

Keep plugging away, Kerry. I know you're working all angles in this business. The payoffs will follow.

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Michael....yeah we have a few irons in the fire right now.

I'm off to meet with a realtor and some investors this afternoon, a kind of "you scratch my back, I'll scratch yours" approach.

Wish me luck, face to face isn't my forte....but I can bluff my way through most things and even be a tad intimidting...or so I'm told.

 

Anyway, our updates,

getting contracts together tonight for L/O in N. Arkansas....once settled, we have the 2 referrals from this couple to work on.

 

Trying to buy a home for ourselves, HUGE, sweet deal too, has numerous outbuildings suitable and like brand new, which can comfortably house various small businesses .

 

Anticipated income from these is around 3000K per month.

Plus there is 3 lots of land with the property we may resell.

 

Fairfield lake home isn't moving at all...will keep trying on that, bit too pricey I think.

 

2 leads in MO to go under contract, want to flip these if possible.

( Gary MO I messaged you, maybe I emailed you (?)

 

And one in the works with our dear Andrew...you're a gem Andrew :o

thanks for everything !

 

anyhoo, wish us luck!

thanks,

US ;):lol:

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It's Accountability Time!!!

 

It's been almost 30 days since I issued this challenge.

Does anyone care to share the statistics on the following:

 

How many calls did you make?

How many answering machines did you speak into?

How many possible deals did you unearthed and begin to pursue?

How many deals did you actually close?

How many possible deals are still pending?

 

Are you willing to tell us how you feel about cold calling now?

 

 

option8

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Option 8,

I guess I have been too busy to realize this challenge, but something ironic happened yesterday/today that I thought I'd share.

I hired a new associate a few weeks ago to help me with my business. Yesterday we were talking about marketing and he asked me about FSBOs. I told him my usual opinion and said that I thought they were pretty much a waste of time, but there's always potential. He then asked when the last time I called one was? This isn't an easy answer for me because I can't truly remember how long it's been. Not to mention that I had no right being negative about it because I haven't really tried that hard when I did call them. He then told me one of his Realtors called him and just lost a listing. She wanted to see if there was something he could do because the seller was really sick of the property. But didn't want the seller to know where he got the referral from. As a matter of fact, she wouldn't even give him the phone number, just the address. He asked me if we could take a drive by to see if the seller put a (FSBO) sign up so we could grab the number. We did and we got the number.

I told him that I would call and try to get a deal JUST to show him how I talked with people. (He's a 49 year old seasoned investor and it wasn't for him to "learn" anything from me. "I'm the young punk still" He's just as good if not better than I am at talking to people, but wanted to see how I negotiated in that type of situation.)

We did the three way call and it went like this.

 

Hi, I'm calling about the house for sale, is this the owner?

Yes.

Is is still for sale?

Yes.

Could you tell me a little about it starting with the asking price and why you're selling. I'm a real estate consultant and I don't want to waste too much of your time. I just want to see if there's something I can do to buy the property, or help you with it. Is that okay?

Yes, I'm asking...blah blah blah and it's a blah blah blah.

Would you mind if I could meet you at the house so I can see it?

Sure.

Great, see you at 4:30

 

I told Rod (My associate) that we would go and speak with him to see how we (Rod and Adam) did together trying to come up with a solution. We met the guy, listened to his story (Horrible one by the way...it included his ex-wife and the mailman. Nuff said) and quickly found out that there would be no room for an investor. I stopped my negotiating and didn't try to pull off any solution right there and then. I did this because I figured that if I were to leave without making any kind of offer, then it would remind him of what a bad situation he was in and make it all that much easier when I presented my solution today. So I told him again that there wasn't enough room for an investor to purchase the property, but I wouldn't give up on him and to give me 24 hours to come up with "something". I then asked him if he would be available again tomorrow?

Sure.

Here's my card, I'll call you in the early afternoon.

Bye.

 

He owes $149K (House is worth about $160K) and has a $1500 a month payment PITI, first and second mortgage. NOT an investment. But a good CA if he can take a little loss on the monthly payment to fill the property.

Called him back, met him at 4:30 again and brought contracts to a similar CA I did a few months ago.

 

Because I know some people want to know what I said that gave me some leverage and credibility, I've included the following. (Plus I can't sleep yet and I need something to do :blink: )

 

Before I put the documents on the counter, I asked him if he understood what I did for a living. He had my card that reads (Investor/Consultant), but still wasn't sure where I was going with this.

I told him that I make people money with real estate.

He said okay, I understand, I think.

I then told him that what he was about to see was how I could make "him" money in real estate. It would be no different than if he were one of my investors.

These contracts are in YOUR favor, I said. This system was created for my investors which makes them again, in YOUR favor.

I then simply showed him actual documents (real ink, not copies) from a past CA (mentioned above) so he could see it for himself and NOT keep them. He never read them, just listened and looked as I explained. I explained how this simple system from marketing, screening and closing worked, how the money was made, where it went to and even went as far as throwing some numbers around. I then pulled out the assignment agreement, pushed it over towards him and said; now you get the deal and I'm gone. I could clearly see that he was beginning to gain confidence in me and the solution I proposed. It was as if someone was finally coming up with something that could work. And that's all I said I would do; come up with "something".

Well, I believe we're meeting with his significant other to sign papers on Tuesday. Rod elbowed me on the way out. See, told ya....

Stranger things have happened.

Regards,

Adam

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Guest Guest_Lydia

Well, I'll take a challenge to make 50 calls. Should be able to do that this week. I am not putting too much faith in my radio ads coming out starting today. This is what the schedule looks like:

Sat:12:19 a.m., 1:39 a.m., 8:18 p.m., 8:49 p.m., 9:19 p.m., 10:18 p.m., 10:49 p.m., 11: 39 p.m.

Sunday: 12:38 a.m., 5:50 a.m., 7:49 a.m., 6:49 p.m., 7:38 p.m., 8:38 p.m., 9:38 p.m., 11:38 p.m.

Monday: 12:50 a.m., 2:50 a.m., 3:50 a.m., 4:50 a.m., 5:02 a.m., 6:46 a.m., 9:39 a.m., 10:38 a.m., 11:38 a.m.

 

I sure like it when folks call ME, but I see the value in using numerous lead generators.

 

I have several things that I've been involved with for a couple of months that might yet pay off. Just got to keep chasing deals in the meantime.

 

Hopefully, I'll get at least a good lead or 2 from 50 "warm" calls.

 

Lydia

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How many calls did you make?

 

didnt keep numbers...must say, most of these were via email.

 

How many answering machines did you speak into?

 

quite a few, some are quite amusing too <_<

 

How many deals did you actually close?

 

none closed.........yet

 

How many possible deals are still pending?

 

6 !

 

have 3 to flip

the Fat equity lady who decided to leave us, called back a few days ago "HELP"

 

one for US to keep ( see other thread, just had a brainstorm which may work this one out for us, will be speaking to seller & investor Tuesday morn.

It'll be a zero down too.)

 

Another deal we're working on with Andrew also. :lol:

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