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JustinT

First phone conversation. How not to blow it?

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Hi All,

I'm about to make my first phone conversation with a possible seller. What do I say? What forms should I bring up if they are interested? I tried calling Michael, but I think he's still asleep!

 

Thanks,

Justin

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Oh wow. first post and I've already got that nickname again. Hahah. Thanks for the help Michael.

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Don't worry about 'blowing it' Justin. There are more sellers where they came from. Remember, your job is to eliminate not to convince. You can't talk a seller into doing something creative, you can only qualify or disqualify them.

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Go in with the goal of collecting some information about the house and the sellers situation, not putting a deal together or negotiating anything on the first phone call.

Especially your first few calls

  • Let them know you're looking at the property as an investment, not to live in yourself

Then ask questions to find out:

  • General info about the house / location
  • Why are they selling
  • How much are they asking? (Bonus: 'is that the best you can do?')
    • How did they get to that number?
  • If they rented it, what would it rent for?
    • Would they rent it, and for how long?

If you can get that info from a seller, you can do your homework and check the numbers, then call them back with an offer and go over how the process works.

 

I assume you have (and have read) the Naked Investor manual?

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I agree, the manual is good to have on the desk when making calls. Tag the those pages and use them as a reference during the phone conversation to make sure you ask all the needed questions. Also, have an attutude that you don't care if you get a deal or not and take the call/deal as far as you can. Gets easier as you go.

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Having the manual handy is a good idea for sure, I'm personally a big fan of typing up and using scripts (you could re-write important parts of the manual in your own words how it would fit in a phone conversation) to refer to for important questions / answers, and I write them out exactly how I will say it...

 

You can say the same thing in many different ways, using different words, tonality, or emphasis on certain words or pauses, and it will get you different results.

 

By planning out ahead of time exactly what you're going to say in response to the typical questions, or how you're going to ask for certain information without sounding invasive or salesy, you can take even more control of the conversation and steer it in the direction you want rather than letting the prospect lead the conversation.

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