When you are about to talk to a seller for the first time you will want to use a combination of the Property Information Sheet and a prepared, well practiced script to gather the information. The script we recommend is the Initial Call Back Script.
In the script, we give you our preferred way of asking for the information you need on the Property Information Sheet. Most of the questions are very straight forward, but a couple parts I do want to mention here.
First, we want to find out what they think the value of the property is, but we ask it in a very specific way referencing what they think an appraiser would say the value is. This usually has them give us a more objective answer than what do you think it is worth.
Second, we will ask the seller if the house needs any work, but then follow up with asking very specific questions about things that most properties will need. We’ve found that most sellers will say that the house needs less than it does unless you ask about specific items that need to be addressed. Of course, you will be inspecting the property when you go out to meet with the seller as well.
Two last things. First, yes… it really is important to use the script as written when talking to the seller about your cash offer unless you have a proven, alternative strategy.
And lastly, some real estate investors get hung up asking a seller what they owe on their property. If you are in good rapport with the seller, it really is not a big deal and most will gladly answer the question. I usually ask the question by asking if they own the property free and clear or they have a mortgage. Sometimes I add, “that I will need to take care” to the end of the question, but not always.
It is extremely important that you practice your script until you are very comfortable with it. The time to practice is not with a live seller on the phone. Generating calls from sellers can cost upwards of a $100 per call, practicing on these leads is an expensive proposition and is not recommended. You should practice dozens of times before ever talking to a live seller.
Initial Call Back Script
As you ask the questions below, fill out the Property Information Sheet.
- How did you hear about us?
- What is the address of the property?
- What subdivision is that in?
- Where is your house by?
- We are looking for an answer like “two streets behind WalMart” or “two blocks from the hospital”
- We are looking for an answer like: “had it appraised last month” or “real estate agent did comps” or “house across the street just like this sold for that amount last month”
- If so:
- How long has it been listed?
- What date does your listing end?
- What price do you have it listed for with the agent’s fee included?
- What did you start the price at?
- Can you cancel the listing with the real estate agent?
- If so:
- How long has it been for sale by owner?
- What price are you trying to sell it for sale by owner?
- If I could close quickly and pay ALL CASH, what is the least you could consider?
- [WAIT FOR ANSWER]
- Is that the best you can do?
- [WAIT FOR ANSWER]
- Are you saying that if I do not pay [WHATEVER THEY JUST SAID] then we can’t do business?
- [WAIT FOR ANSWER… If answer is “that’s not what I am saying” then ask]
- Then, what IS the best you can do?
- [REPEAT LAST TWO QUESTIONS UNTIL YOU FIND OUT THE BEST CASH PRICE]
Overview of the Real Estate Investor Initial Call Back Checklist
In a future update, I will be adding a detailed narrative to supplement information already provided. In the meantime, contact me if you need help.
Related Resources To Initial Call Back Script™
Feedback on Seller Script
How are you enjoying using the script for talking with sellers for the first time about their property? Want to share a tweak you’ve made? Want to ask a question? Go for it using the comments below.