Welcome to REI In Your Car. I’m driving to pick up my son from his guitar lesson. I’m going to talk about the 2ndday of one of our Implementation Workshops.
Today we did role plays on talking to sellers and buyers. We use scripts that get students tuned into asking questions to determine how to help the seller with his or her problems.
We turned on some more marketing; our students are leaving with appointments with sellers. We talked about specific deals, and how to talk to sellers and identify their pain.
And DO TALK to sellers. Please do not try to have a text or email conversation—it will kill deals because the thread gets lost. Make an appointment to talk on the phone.
This workshop teaches and facilitates everything a student needs to be doing with the knowledge they’ve gotten from other training. No money can be made until you implement, put systems in place and TAKE ACTION.
Listen and learn:
- Don’t overanalyze leads… just contact the individual and ask questions.
- Have a VA schedule a time for you to talk to leads… don’t let VAs ask questions about property.
- Watch my Virtual Case Study video on YouTube to learn what my team’s doing in various markets.
- Consider attending an Implementation Workshop; it’s a stunner of an opportunity.
Mentioned in this episode:
- Joe’s podcasts on iTunes: Real Estate Investing Mastery Podcast
- Joe and Gavin’s video on YouTube: VirtualCaseStudy.com
- Joe’s lead follow-up system: REI Simple
Download episode transcript in PDF format here…
Hey guys, Joe McCall, REI In Your Car. What’s going on?
I’m excited and pumped. Today was day two of our implementation by a house workshop, trying to come up with a name for it. It’s a private workshop, it’s a workshop that we do for our private clients. And today was another really good day. We turned on some more and marketing campaigns got Our clients some leads, you know, not just leads, I’m talking appointments, like text the seller, call them, talk to them, get an appointment to go see the house. And we ran through about four or five different deals, looked at these properties and looked at what would you come up with for repairs. What would you come up with for comps? What would you come up with for offers?
And it was really simple, so much fun I love doing it. I love looking at deals and talking about what are the different options that we could do. What are the different scenarios? Like how could you help the seller? What’s the real problem here? You know, we had one caller, one seller lead that we were talking to that half the room thought the seller wasn’t motivated and the other half of the room thought the seller was very motivated. So it’s really interesting to talk about that and figure out, well why did you not think the seller was motivated? What keyed you into that? Why do you think the seller was? And in my opinion, I think the seller was motivated. I think a lot of sellers are really good at hiding their motivation. They’re not going to just open up their secrets and tell you everything that’s going on.
Their not going to come up right away and say, hey, I’m desperate and I’m motivated I got to sell this house because I’m flat broke and I am, credit cards all maxed out and my wife has left me and I can’t make next month’s mortgage payment. They’re not going to tell you things like that. It’d be cool if they could maybe, you know, to get right to the heart of the matter of fast. But you’ve got to nurture these leads. You got to talk to them, you got to be nice to them and talk to them and find out what’s their situation, what do they really need, what’s going on with them? Why do they need to sell this house? Why now? Why not later? Why not listen to list it with a realtor? Find out what their real problem is and try to help them and give them a real solution, right?
So it was just great having these discussions. And I wanted to just let you all know, again, we’ve been talking about this a lot. We just released a case study talking about how we do all of our deals and hold on a second here. Let me just scoot over three or lanes of traffic. How do we find these leads? How do we select our markets? How do we find the targeted sellers to market to? How do we, what are the scripts that we use? How do we talk to them? What other systems and the marketing tools that we use? And so we did all of that. And, in this case study video, we’re just kind of showing you in this video what we’re doing right now in our own wholesaling business, we’re averaging five to 10 deals a month and what we’re doing in our client’s business as well.
So we’re not just telling you what you should be doing. We are kind of, but we’re telling you what we are doing right now, what we’re doing in our own markets, what we’re doing for our clients, what we’re seeing, what’s working, what’s not. And it’s really quiet, kind of simple. But if you try to do it yourself, I promise you this, you’re going to spend more money than you need to and you’re just going to take you three times as long as it needs to take.
So I got to go actually, I’m here sooner than I thought. I got to pick up my son from guitar lessons. So if you wanted to get more information on this case study, go to VirtualCaseStudy.com VirtualCaseStudy.com in there we’re going to show you how we did over $155,000 in the last couple months, like a couple months of this year, like as in the last 60 days, not a couple months, two years ago.
These are deals we’re doing right now. We show you everything that we’re doing step by step. Go to VirtualCaseStudy.com VirtualCaseStudy.com I would love to see you at the next workshop, so if you want to come, that’s how you can get more information about it. Watch that case study. It’s about a 45 minute case study video. We’re going to tell you in there how you can work with us and we’ll tell you more about the workshop and it’s a lot of fun. We’re going to roll up our sleeves, implement the systems for you, create the marketing for you. And we’re going to talk about how to make offers on leads, on deals, how to get the leads, how to make offers, how to follow up, how to set the systems that does the follow up for you. One of the guys in the group, Shawn, super cool guy from Nebraska, he has done lots and lots of deals and every time we dig deeper and I show him something new with REI Simple, like we spend some time looking at digital signatures and how you don’t need Docusign anymore.
And I don’t know what Docusign costs per month, $20 bucks, $40 bucks a month, depending on what level you’re at, you know, but he’s going to save a ton of money just not using Docusign anymore. But showing the integration and how everything is kept inside the lead, how you can create contracts. So we spent some time uploading some of the standard contracts that he likes to use for his deals, putting them into REI Simple so he can just click a button and contracts created and then he can send it out for digital signatures. He can send it in the mail. He can also email it, it’s just all there, it’s just beautiful.
Anyway, I wanted to also, not just talking about how awesome the event was, but I also wanted to give you some takeaways that you can listen to this and think, all right, now, how does this apply to me? What can I do with all this, right? I’m not in St. Louis I wasn’t there. One of the biggest things that I think everybody took away was when you’re looking at a deal, when a lead, first comes in, don’t overanalyze it. Don’t spend a dump a bunch of time at the beginning trying to look at comps, trying to figure out repairs, trying to learn everything you can about the property.
You shouldn’t spend more than one or two minutes if that by looking at the property and figuring out, well, what you may think that you have to understand everything about the property. You need to know and you need to be educated about the property and about the situation. And so that you can be more knowledgeable or whatever when you talk to the seller, you don’t have to. It’s okay to only know a little bit about the property, maybe the address of the location where it’s at approximately. Maybe you can look at a Google street map view, but that’s it.
You don’t have to spend more than a minute or two max looking at the property, looking at comps because when you call a seller, all you’re doing is you’re finding out about their situation. You’re not as concerned about the house as much as you are concerned about what’s their situation, what do they need to have happen? Why do they need to sell this house? Do they need to sell it or do they just want to sell it? So you should be spending your time on the phone with sellers asking questions. And that’s the powerful thing of this with the system is when you are just focused on answering or asking questions, not answering questions, you should be the one asking the questions. Then you’re going to find out what the seller really needs, what is their real problem?
You may think they need to sell their house. A lot of times they don’t really need to sell the house. They just need $5,000 so they can pay off some debt collectors or so they can buy a new car so that they can, they just need to get their monthly mortgage payments paid off because they don’t have enough cash flow at the end of the month. They have more month than cash at the end. How does that saying go anyway, nevermind. Anyway, that’s what you need to focus on. So don’t spend much time at the beginning.
The other thing we did is we did a lot of roleplays and we looked at some leads and we talked about some questions that you could ask and we do have a script that we give everybody, but I don’t like scripts, I prefer to call it a list of questions that you can ask sellers and I encourage all of you guys to come up with a list of questions that you can ask sellers, not scripts. You’re not selling or explaining anything. You’re just asking them questions.
And maybe one of these days here soon I’ll do a new podcast giving away some of the scripts that we use because they’re pretty simple and powerful. It’s going to help you a lot with getting out of the sales presentation mode, especially when you start talking about lease options and just get into the helping a seller mode. Asking questions and finding out what they really need and whether you can help them or not. Maybe the best advice and the best thing you can do to help them is tell them to list it with a realtor. That may be the best thing for them. Maybe at least option isn’t a good fit. Maybe a cash offer at .60 or .70 cents on the dollar isn’t a good fit. Well, what is the best thing for the seller? That’s what you need to be concerned about. And if you’re concerned about that, you’ll make a lot of money in this business. Promise you that.
Let’s see what else. Hold on. Yeah, one more thing that’s really helpful. When you were in a texting conversation or in an email conversation with the seller, the fewer the emails the better. Let me give you some examples. Like if your VA’s are doing the initial texts or the initial emails, you don’t want to get the, make the VA’s ask a ton of prescreening questions. You just, the whole purpose of the original marketing that you go that you’re sending out, whether it’s sly broadcast voicemails drops or it’s texting or it’s cold calling or emails or even messaging sellers on Facebook Marketplace. The whole point is to get a phone number and to call them to schedule a time to talk to them on the phone so if they want to sell or if there’s some motivation they want an offer.
Even then ask, you should have your VA’s schedule a phone call with you, that’s it. You want to be really, really careful about, I know it’s tempting. You want to ask them a bunch of prescreening questions. You want to text them and try to figure out what is the least they would take or what the condition of the property is in. And you may be tempted to ask a bunch of questions and sometimes that temptation comes from just being uncomfortable. You don’t want to talk to the seller on the phone you’d rather email them or text them. Well, that will kill deals. Here’s the thing time kills all deals. You’ve got to sell that wants to sell their house. I don’t care if they’re motivated or not.
Schedule a time to talk to them, text them back and say, you know, it’s a great question. Why don’t we just, can I just call you? Are you available right now, can you talk? And then if they’re not available right now, find out when they aren’t scheduled a time and let’s say they say, well, yeah, I’m available at 6:00 o’clock all right, send them a text at 5:55 hey, you ready to talk in five minutes? Send them a reminder. Let them know, hey, you want to talk? You just be careful. Don’t get into the temptation or fall into the temptation of just texting them back and forth and communicating them.
Because what’s going to happen is they’re going to see a response. They’re busy, they’re going to put the phone down and now your text message is read. It’s not unread anymore and so just, it’s going to get lost in their text thread and it’s going to go down. Get him on the phone, talk to them. That’s what you’re VA should be doing. Instead of asking a bunch of questions, just try to see if they have a house that they want to sell, they want an offer or not, and then say, would you, would it be good time to talk today at 5:00 or 6:00 or tonight it’s 8:00 or tomorrow at 9:00 AM give them two choices. Cool. All right that’s all I got, almost home and my son is probably tired of hearing me talk about real estate, so maybe not. I don’t know, he’s laughing.
If you want to check out this case study that we’re doing and you want to come to our next workshop, please go to write this website down, VirtualCaseStudy.com VirtualCaseStudy.com Gavin and I did a 45 minute video teaching a bunch of real good stuff and how we’re doing this, what we’re doing and how you can do it too VirtualCaseStudy.com. Check it out and we’ll see you guys take care. Bye Bye.
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