Posted by $Cash$ on July 13, 2002 at 22:34:00:
Eva,
Glad to meet you.
I never had the inkling to study under the “Guru’s”.
The script I use is my own, developed through 30 years of being in sales.
Am I that old, wish I wouldn’t have brought that up, but the thing I don’t do is live in the past I keep current with what is happening today. I would revise my presentation if need be. Have not had to in seven years because it still works for me.
$Cash$
PreScreening Motivated Sellers - Posted by Phil(ATL)
Posted by Phil(ATL) on July 13, 2002 at 12:15:02:
hello board. Could you suggest how best to prescreen sellers without selling the “program” (Sub 2)over the phone?
A successful investor here in Atlanta suggested that I get as much info as possible from the callers AND explain to them to some extent what you may be doing to help them out BEFORE even leaving your house. In other words, do the following:
If and only if they give your a favorable response, do you go out and chk out property. Else, move to next caller.
While I think its good to prescreen and get good info over the phone. I think I may be losing deals over the phone based on my prescreening method.
Could someone suggest a step/step method(s) used to avoid selling the whole “program” over the phone?
Thanks in advance.
What about Motivated Buyers? - Posted by $Cash$
Posted by $Cash$ on July 13, 2002 at 14:35:25:
Phil,
Glad to meet you.
I am a Motivated Buyer, it is my job after arriving at the sellers house to make them Motivated Sellers.
The prescreening is used to set the appointment and where the property is located.
After you arrive at the appointement tell the sellers what they are going to do. If it’s a Sub2 or L/O then thats what they are going to do. Take Control.
I think I heard it some where, about an unsucessful pre screener.
$Cash$
Re: PreScreening Motivated Sellers - Posted by JoeKaiser
Posted by JoeKaiser on July 13, 2002 at 12:27:14:
My friend Scott was a master prescreener of motivated sellers. He got so good at it that after awhile, nobody qualified ;-).
What’s the big deal about going to see a seller just for the practice? Everytime I sit down at someone’s kitchen table, I learn something new about people, the business, or just the price of tea in China. All in all, not so bad. Plus, I get to practice and develop my skills in the process. At some point, I may get good enough at this that I don’t need more practice, but I don’t see that coming anytime soon. Now, I’ve been at this for nearly twenty years and have talked to literally thousands of sellers. How does someone relatively new talk to sellers when he’s had zero practice? Not to well is my guess.
Some people say “go look at a hundred houses” to learn your marketplace. Not a bad idea. A better idea, though, is “go talk to a hundred sellers” to learn what makes them tick. You do that a pretty soon recognizing a motivated seller is the least of your problems.
Joe
Re: PreScreening Motivated Sellers - Posted by JoeKaiser
Posted by JoeKaiser on July 13, 2002 at 12:25:38:
My friend Scott was a master prescreener of motivated sellers. He got so good at it that after awhile, nobody qualified ;-).
What’s the big deal about going to see a seller just for the practice? Everytime I sit down at someone’s kitchen table, I learn something new about people, the business, or just the price of tea in China. All in all, not so bad. Plus, I get to practice and develop my skills in the process. At some point, I may get good enough at this that I don’t need more practice, but I don’t see that coming anytime soon. Now, I’ve been at this for nearly twenty years and have talked to literally thousands of sellers. How does someone relatively new talk to sellers when he’s had zero practice? Not to well is my guess.
Some people say “go look at a hundred houses” to learn your marketplace. Not a bad idea. A better idea, though, is “go talk to a hundred sellers” to learn what makes them tick.
Joe
wouldn’t be my approach . . . - Posted by JoeKaiser
Posted by JoeKaiser on July 13, 2002 at 17:29:48:
The notion that I would “tell sellers what they are going to do” is not one I’d entertain. I don’t see that as being any part of my role, and I am perfectly willing to allow them to keep total control. In fact, I prefer it that way.
Some “power negotiation” techniques talk about these control issues. Things like getting the seller on your turf, (meeting at your place instead of theirs), or artificially creating severly restricted time frames in which to do business. Heck, they even say that sitting in a taller chair gives you more control of the outcome of the negotiations.
It’s nonsense.
Those things merely create the perception of control and frankly, I’ve got little need to inject that sort of perception in to the mix. That’s why I’m perfectly willing to meet them in familiar settings like their home and not pressure them into a take it or leave it - the offer goes when I go scenario. Yes, I’ll even sit in the shorter chair.
I don’t need to prove who’s in control. Frankly, I’d rather they feel themselves to be the ones in control. Let them perceive they have the power and are the ones calling the shots. And do you know what? People who feel as though they are in control are more likely to do business with you. Why would you ever want to turn that around?
In the end, as long as I end up with the deal in hand, the deal that I needed, then who felt in control, in charge, in power is a meaningless issue.
Trust me . . . although it may appear otherwise . . . I’m the one pulling the strings that matter. And don’t forget, I can get up at any time and say “thanks, but no thanks . . . call me if your situation changes.”
Joe
Re: PreScreening Motivated Sellers - Posted by ScottS
Posted by ScottS on July 13, 2002 at 13:59:09:
Oh sure Joe bring up the good ol’ days when I wasn’t such a good learner. 
You’ll be happy to know though, I’ve gotten much better at prescreening because I don’t do it as detailed as I did before. I guess it’s just no longer necessary to know if the studs in the wall are made of rough hewn lumber or finished 2x4’s. LOL
Seriously though, it’s just like you’ve always said. Find out if the seller has a reason to be motivated and if they are go make a friend.
Thanks for everything, I’ll be submitting my annual report here in about a month or so. Keep an eye on your inbox.
ScottS
Re: PreScreening Motivated Sellers - Posted by Stacy (AZ)
Posted by Stacy (AZ) on July 13, 2002 at 13:08:55:
Joe, I don’t know if you’ve listened to any of LeGrand’s tapes, but he is a big advocate for pre-screening sellers. Saying things like, “You realize that I have to make a profit and I can’t pay you a lot for your house. Knowing this, is there any reason I should come out to see the place?”
When I was a new LeGrand “grad” I tried this strategy. Not only did I feel like a jerk saying it, I think it put-off some sellers I could have dealt with. So, I read a few of your posts about getting over there as soon as there’s even a “hint” of motivation. I discovered what you said is very very true. My success rate and volume of deals increased substantially by getting in front of the seller and establishing rapport before getting down to numbers.
Here’s the proof in my mind. Sellers have chosen me after getting similar offers from other investors. I really think they end up selling to the person they trust and like, even if the offer is lower.
Getting in front of the seller, with a positive, empathetic attitude brings more deals than a “take it or leave it” attitude. No doubt.
By the way, thanks for helping me out by posting this excellent advice. It’s put many thousands in my pocket!
Stacy
Re: PreScreening Motivated Sellers - Posted by Phil(ATL)
Posted by Phil(ATL) on July 13, 2002 at 12:46:07:
Joe, you are right! I need to go out there and see, talk, feel, “connect” with more sellers.
Will do boss!
Thanks Joe!
Knowledge Joe, Knowldge - Posted by $Cash$
Posted by $Cash$ on July 13, 2002 at 18:50:27:
Joe,
Glad to meet you.
When the house seller calls me, over the phone my script is designed to have the seller tell me everthing about the house and him with just a few leading questions. Sometime even things I don’t want to know. I never ask them what they will do or won’t do over the phone. I just set the appointment. They called me, I am the one with cash in my pocket to buy their house.
They called me into their home, I don’t start at the kitchen table, I start my memorized scripted presentation in the living room in what I believe is a more relaxed atmosphere. This is where I place them when I start.
After I done a few things I direct them to the kitchen table and finish my presentation where I close the deal. When I am finished it is a Win/Win situation for the Seller, The Mortgage Company and me.
I do not use hard sell tactics, the seller will never no that I am using my scripted presentation. They have to sell me that it is beneficial to everyone before I purchase the house. I have walked out if I see even a little doubt in the sellers mind about selling or my program to buy Sub2.
My presentation is base on the Knowledge they need help, the Knowledge I have in Real Estate Investing, the Knowledege I have in sales and the Knowledge to know that I helped them.
Knowledge puts me in control, I related earlier I gave my Plaid Jacket to Good Will.
Joe I’m sure you have a following of students that you have trained and are very sucessful in the REI industry. You have given of your time to help the posters on this board, this is very commendable I for one thank you for this.
If my situation changes, Joe you will be the first one I call, but my closing ratios are very close to 95% if that drops expect my call.
$Cash$
Re: PreScreening Motivated Sellers - Posted by JoeKaiser
Posted by JoeKaiser on July 13, 2002 at 17:33:51:
ScottS,
Looking forward to the update.
Joe
P.S. Rough hewn AND twelve inches on center . . . I can hear your blood race from here.
Re: PreScreening Motivated Sellers - Posted by JoeKaiser
Posted by JoeKaiser on July 13, 2002 at 17:31:56:
Stacy,
It’s put many thousands into my pocket as well. Thanks and good luck.
Joe
Are you being funny and am I being gullible? - Posted by sydel - florida
Posted by sydel - florida on July 13, 2002 at 21:23:36:
Cash:
A closing ratio of 95%?? Is that a joke between you and Joe Kaiser? Or are you serious?
If 9+ out of 10 people I went to see said, “Yes”, I would never again have time to visit this great website - I would be totally occupied having contracts signed and accepting deeds and depositing checks and getting financial advice from people who would have much less money than I.
You are joking, aren’t you?
Sydel - Florida
Re: Are you being funny and am I being gullible? - Posted by $Cash$
Posted by $Cash$ on July 13, 2002 at 22:23:12:
Sydel,
Sales is a numbers game. As a newbie out of the barrel with the proper training you should buy 3 out of every 10 houses you look at. As you develop your sales techniques that percentage will go up.
You need to read and study about REI, and learn from this board and listen to what the more knowlegable investors have to say.
If you are getting so many calls that all your time is spent following leads and closing deals, do not tell anyone where you live or you will have more competition than you want.
If I get one call per month and I close on that property my closing ratio is 100%. I was not being funny or pulling your leg, I have been in the business for 7 years. I can assure you I have done more than one deal per month and my closing ratio is 95%.
In my presentation to a seller I have what I call the “YES” question, if the seller does not answer that question with a Yes, I pack up and leave. That’s why I don’t get 100%. I turn over leads to another investor in my area, because I’m spending to much time on this board. Everone’s circumstances are different if I never buy another property, it will not make a difference to me one way or the other.
Sydel, I believe you can reach a closing percentage of 95% if you are really serious about this business and when you do please send me a post.
$Cash$
Re: Are you being funny and am I being gullible? - Posted by Eva
Posted by Eva on July 13, 2002 at 21:55:43:
I would like to know as well and what is this script you use?
Re: Are you being funny and am I being gullible? - Posted by Angler
Posted by Angler on July 15, 2002 at 11:12:24:
Well, now that you mention it, $CASH$, I am a newbie and I’ve learned to ask advice not from those who’ve been at this for one or two years, but for, say, Seven! If you don’t mind,