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There is no doubt about it: if you want to be successful in real estate investing, you HAVE TO talk to sellers.

Not only do you have to talk to sellers, but you have to do it often.

Because – let’s face it – there may be times that you randomly stumble on deals but, most of the time, you need to make a concerted effort to find property deals.

To give you a little inspiration, I’m talking about how to keep things simple when talking with sellers. As an inexperienced real estate investor, I used to spend hours on the phone with sellers. The problem? I was only talking to maybe 2-3 sellers over the course of several hours. It was exhausting and not very productive.

So, I’m sharing how to have impactful but concise conversations with sellers and some other tips for how to approach the conversation. Remember, you’re proposing a solution to the seller’s problem… you just need to determine what, exactly, their problem is.

Tune in to hear more helpful examples of seller conversations from my own experience and get ready to find more deals, earn more money, and build your real estate investing business…

Listen and learn:

What’s inside:

  • How I approach conversations with sellers. 
  • How I went from having super long, exhausting conversations with sellers to finding a way to make my conversations shorter and more effective. 
  • I explain practical tips/ways you can structure your day in order to speak with more sellers. 
  • I also share some examples of recent deals/conversations I had with sellers 

Mentioned in this episode:

Transcription:

Download episode transcript in PDF format here…

Everybody what's going on, Joe McCall, REI in your car. And on this little episode I'm going to be talking about keeping it simple when you're talking to sellers. How's that?

Glad you guys are here and just finished a two-day workshop. I'm tired. You know, it's crazy. Like, we're not doing any real physical exercise, but I don’t know how, you know, teachers do it, especially elementary school kids when they're up all day on their feet teaching and talking. Cause like you gotta be on your A game. I'm not saying my students are like elementary school kids. I'm just saying like people that stand up and teach all day and talk all day… it's exhausting. I'm not, I'm not kidding.

But anyway, I had a great couple of days with some clients, our private clients that come into town for small little workshops that we do. And we do, you know, we set up their systems and stuff. But in these workshops, we talk about a lot about sales and skills that you need to have to run a successful investing business.

The most important skill we spend the most time talking about is really talking to sellers. How to make offers, how to talk to sellers, that stuff, right? Because whether you like it or not, if you want to make money in this business, you've got to talk to sellers. You've got to know how to make offers. You gotta know how to like dig deep and figure out not just about the house, but why do they need to sell the house? Do they want to sell the house or need to sell the house? What are their real problems? Because you know, when you're making offers, you're not really making just an offer to buy their house. You're making an offer to solve their problem because you may not be able to, you may not be able to buy that house, but there's some other ways that you could actually help that seller solve some of their problems.

So, we spend a lot of time diving deep into sales and talking to sellers, and it's the million-dollar skill. It really is. I often say, you know, we're not real estate investors. We're marketers that do real estate investing, but at the same time, marketing is important, but marketing doesn't matter at all if you don't know how to talk to sellers and how to close the deal. Sales is the million-dollar skill.

I was talking to my son the other day about careers and what you want to do with your life and all that. And you know, we weren't necessarily talking about which degree you'd want to go into, but we were talking about jobs and Gavin is actually, he stays with us at our house. We have a separate little carriage house where he stays when we're doing these workshops. So, Gavin was here and one of the things Gavin said I thought was so true. It's like, you know, we wish there was a degree on sales, like you could get a college degree on sales skills because it really is probably the most important thing that you could learn in a university and it's never taught.

So, anyway, today we just finished our second day of the workshop and I am really tired, driving home and I was thinking about something that I wanted to talk to you guys about. You know, we do everything we can to not do what's most important, don't we sometimes? Like, and I remember, so this happened to me so many times when I was first getting started and I see it happen to a lot of our clients who are just getting started as well.

You've got a lot of things to do right? And you look at your list of to do's and you pick the easiest things and you know, so many of us would rather spend, we've got a couple of hours there in front of us. We would rather spend that time going through, maybe reading another book, learning more about real estate or watching another video or listening to another podcast, reading another module, learning about some other tactic, you know, learning how the contracts work or building a website, building our database, getting a business card, designing a logo, learning more about raising private money or building an entity and all… When none of that will make you any money, none of it will. You know what will make you money? Picking up the phone and talking to sellers. That's it.

Okay, so we talked a lot about that. You got to push yourself out of your comfort zone a little bit, and if you got two hours ahead of you, the only thing you should be doing and like, the first thing you should be doing, is picking up that phone and calling sellers.

We did a bunch of marketing the other day for one of our new clients and I was doing this as a kind of an experiment, a live show. I wanted to show everybody, all right, we did on Facebook live video. Hey, we're going to be doing marketing for this new client. It's 9:00 AM and I'm going to come back at the end of the day to tell you how many leads we got, right. And I went crazy. We just did a bunch of marketing. We only sent a thousand postcards, right?

So, we're talking about a cheaper free type of marketing and we got over 60 leads for this guy. Poor guy, sixties leads. Like I'm talking 60 leads that either received an email or a text from us or a cold call from one of our VA's and raised their hands and said, yeah, I'd be interested in selling my rental property. Or yeah, you know, they have a FSBO and they respond to a message that says to them, Hey, I'm an investor looking for a property in the area. Is your price negotiable? And they raised their hands and say yes.

So, we have, we gave him over 60 leads from sellers, landlords, realtors of people that said, yeah, I'm interested in selling, maybe… tell me more. And I feel for the poor guy, cause now he's like freaking out, what do I do with all these leads? Well, what do you think? Here you go, pick up the phone and call them. And so, he is actually, he's calling them and in fact he just sent me a message earlier… one of the first sellers he talked to is open to doing a lease option. I mean how cool is that?

Here's one of the other cool things about why we get, we're able to get them so many leads. Get this: It was a small town. We were doing this marketing in a small town in Georgia and there's just not very many other investors doing any marketing there. So, it's cool. I'm excited to hear he's, he's already done a bunch of wholesaling in that small city, but it's been about a year. He's been kind of out of the game for a little bit. But we gave him 60 leads and he sent me a Voxer message that one of them has already said, yeah, they'd do a lease option on it. So, he's working on the paperwork or helping them with that to send it to them, you know?

But the other cool thing I wanted to tell you about was during our, I was showing some things with these leads and one of our clients who was at the workshop, I was inside of his account, his REI Simple account, and I forget how he got this but had a particular lead. He had a lead from a seller. I don't remember how we found it. I think it was a rental. Yeah. It was as a house on Zillow for rent. And he sent the realtor a text message saying, and we didn't know it was a realtor, it's just somebody listed for rent. And we said, Hey, would you be willing to rent your house?

She responded back. Yeah. And she was a realtor or something like that. So, we thought, you know, this was for a house for one of her clients or something like that. But it turned out she actually owned the house. I thought, Oh a really… what? You know, and Gavin… Gavin was already… Normally Gavin, he's better on the phone than I am, but he's the one who talks to sellers, but now I'm put on the spot. I'm not going to say no like, they called me… I had to show my cards like, am I going to do this or not?

And I've never liked to talking to sellers. It's not fun. Right? But somebody's got to do it. And when I first got started in this business, I was the one doing it and I was horrible at first and I'm still not the best, but like I was really bad. It was ugly when I would talk to sellers cause like I would be three hours later and I had talked to maybe three sellers and my conversations with them were like 30 to 45 minutes. I was exhausted and just, because I was just talking way too much.

Anyway, so I called the seller up, her name was Louisa, I think, from Texas and she had a really nice house. She was advertising it for rent but she was willing to sell it. And that's what it was… she left a voicemail in response to our marketing. And she said, yeah, I'd be willing to sell it. And I was asking her questions about the house, you know, why don't you just list it on the MLS and sell it? “Nah, you know, I don't know what to do yet. I'm just kind of thinking.” She wasn't super motivated, but she kind of was, I had a feeling she was hiding some of her motivation. Right?

Well, so I started talking to her about, you know, would you do a… This is what I said. I said, “Well, you know, I don't know if I can get you that price that you need, but what if I could get you that price if you did like an owner financing or lease purchase or something like that?”

And she said, no, no, no, no. She didn't want to do a lease purchase, but she said, I'll do a rent to own. I said, okay. Okay. And really there's not much difference; maybe for her there is. I don’t know. But I got her to say, yeah, she's willing to, she would be willing to rent the home for a year or two and then sell it. And there is, the interesting thing about Texas is you can't really do sandwich lease options. So, I would be doing a lease option assignment.

And so, then we spent another half hour or so kind of looking at the deal and writing up a contract, writing up a proposal and the student was going to send it to her. So anyway, it was funny too because I told her my name was Nick. Yeah. Cause the student's name was Nick and I have a different voice than he does. So, it'll be interesting when he calls the realtor back if she remembers my voice, what's the disconnect going to be?

But anyway, he was going to tell her something like, well my middle name is Joe. And sometimes I go by that, you know, but I'm really, I'm the real Nick or something. I forget, I forget what we said we would do, but we had a way to cover for anyway, you know, here I go. I bring this all up because you know, here we are, we got a seller lead and all of these students, and there was about eight of them. Like, “All right, Joe, you talk to the seller, show us how it's done. Come on!”

And what happened? I was like, nah, I don't want to talk to this seller Gavin, you do it. You know, or we got more stuff that we need to talk about. We need to teach you how to do this stuff and this and that. I didn't want to do it, but I said, all right, I'm going to do it. Let's go. Come on, let's get it over with, right, let's get it over with. Talked to the seller and it turned out great. You know, it was only like five minutes. What's the big deal? And all I did was ask a bunch of really good questions. Try to uncover a little bit of the seller story, their motivation, why do they need to sell and got her to say yes to maybe a rent to own.

So, here's my whole point guys, just get out there and do it. Make it happen. Don't be a wuss. Don't be a sissy. When you're looking at all this stuff that you gotta do, you need to prioritize the stuff that you gotta do. All right? And talking to sellers, making offers is on the top of your list. Don't do what I've done before in the past. And what I know what a lot of you guys do, like, Oh man, well, you know what? I can watch, I need to watch videos. I need to learn how to do something in REI Simple or Podio, or need to learn how to raise private money. Because what if a seller says, yes, I'm going to need to learn how to buy it, and I don't have the money to buy it. So, I'd better watch a course or buy another course on raising private money. You'll do everything you can except the most important thing… talking to sellers.

So, let's get that. Let's nip that problem. Let's nip it in the bud and let's start. Let's do it. Just get it over with, right? Cause like after I talked to that seller, I was like, alright. Come on, let's do some more. Let's call 20 more sellers. Right? Anyways, it's fun.

I'm outta here guys. If you're interested in coming to one of our next workshops, I want to give you a link right now. We're doing one in early November. It's an implementation workshop. We're locking it down to 10 people. We only got like maybe three or four spots left, so it might be full by the time this is out. But if you go to this link I'm going to give you, we'll give you some more information on our future ones. JoeCoaching.com/workshop. JoeCoaching.com/workshop.

Okay guys, we'll see ya. I'm going to take a nap or maybe just go to bed early. I don't know. Bye guys.

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