Re: Got my first call! - Posted by TRandle
Posted by TRandle on September 09, 2001 at 11:11:02:
I’ve been talking to sellers fairly consistently for about 2 and 1/2 years and I still choke occasionally. Granted, sometimes it’s intentional, depending on my mood or an attempt to do a quick prequal due to inventory levels, etc., but frequently it’s not.
I tried various scripts at first and eventually went to a Seller Information Form that just has blanks for the info I want to gather. Now, I usually bounce around the form depending on which direction the conversation is headed, but I still try to gather the essential pieces of information I need.
To me, here’s some of the critical questions:
the loan balance
the monthly payment (and components if I can get it)
interest rate on underlying loan
why they’re selling
what are their plans if they don’t sell
cash needs and why they need it
can they defer some of the cash need
what they think the property is worth
I’m probably forgetting some others, but without gathering the important information, it’s difficult for me to know what type of transaction to offer. If I were going to try and squeeze all my sellers into a L/O box, then I would sit down and write out the “phrasing” for that offer. In my limited experience, the phrasing of the offer can make or break the reaction to it, unless the seller is so motivated they couldn’t care less.
Another option I found that helped early on was to just get general “buy-off” on some concepts and then make the offer in person. It’s much easier to build rapport and trust in person than on the phone. Also, I have called folks back and just told them I forgot some important questions.
Don’t beat yourself up too much. The learning never stops and our skills gradually improve with experience. At least you’re taking action (hopefully, at least semi-informed action) - I didn’t for a very long time.
Hope that helps…