OfflineMany people have asked me how to find and qualify buyers using craigslist or other classified sections. This also works for buyers you meet at investment clubs, or buyers that you see who placed bandit signs.
This is a word for word script that I use to qualify the buyers, but more importantly, a great way to make yourself an asset to the buyer and to give them a huge desire to work with you.
Hope this helps.
When I am either calling an investor/buyer off of a Bandit Sign, or off of an Online Ad I use the following script to help the conversation flow. I use this script because most new investors are scared to death to call buyers and feel uncomfortable asking someone so many questions without having a relationship with them. Plus this script puts a new investor in a position of being an asset to the buyer immediately!
Here is how it goes….
“Hello, my name is Matt and I saw your ad on [craigslist] or [your bandit sign] that said that you buy houses. I take it you are a real estate investor right?(Investor usually answers “Yes I am”.)
Great! I am a real estate investor as well!!!
Question #1
“Tell me, do you have any properties that you are trying to sell at this time?”(I am hoping that they say “Yes” as well.)
At this point if the buyer asks me “Why are you looking to buy properties right now?”
Then I answer by simply saying, “I am always looking for great deals!”
If the investor/buyer says that they do in fact have a property or multiple properties that they are selling I will ask them to describe these properties to me.I know that if someone does have a property, they are going to give me details on the properties. As investors are creatures of habit, it is likely that as they describe this property, they are really describing the type of properties that they buy as an investor.
So I take notes on the property as they describe it to me. I want to find out as much as I can about the property specs, the neighborhood, as well as rehab that they have done to fix up the property.
After they describe the property to me I will ask them the second question.
Question #2
“I am always looking for great deals and occasionally I come across deals that I am unable to close on. However, I work with other investors who may be able to close on these deals. If I show your property details to one of my partners, and they are interested in it, would it be okfor me to share your information with them?”
(Of course they are going to be ok with that. I am bringing them a potential buyer and I have become an even bigger asset to them.)
Now here is when I ask them the final question and “seal the deal” to get them on my Qualified buyers list.
Question #3
“As I mentioned before, I am always looking for great deals. If I were to come across a deal that fit the criteria that you just described to me and I wasn’t able to close on it, would it be ok for me to shoot you the information on the property to you?”(Again, I just became even more of an asset to them, and I now have a qualified buyer that I can send properties to!)
Three simple questions and I have a good solid qualified buyer to add to my list.
Happy Investing.
Matt W.
great information but my question is how does this make them a qualified buyer; I mean don't we need to know financials?
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
WOW MATT!!!
This is some powerful information. I can see just how this system would make any investor show an interest and it also builds a relationship at the same time. Thank you for your contribution.
TheoT.
CogniWorld-LV
The problem with not having a goal is
that you spend all of your time running
up and down the field but you never score.
-Bill Copeland
For Question #2, you mean passing along the other person's POTENTIAL DEAL info, not their CONTACT info, correct? It may not have been clear enough for some readers, I know I had to read it twice to be sure. Putting two investors in contact with each other is a great way to talk yourself out of the "middleman" position (and any deal before it even happens), so I just wanted to make sure.
If that's what you meant, these are the 3 most powerful questions you could possibly ask. A huge source of fear for newbies, pretty much transformed into a short, natural conversation. Great job!
Paul: "I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when my fear is gone I will turn and face fear's path, and only I will remain."
Duke Leto: "I'll miss the sea, but a person needs new experiences. They jar something deep inside, allowing him to grow. Without change something sleeps inside us, and seldom awakens. The sleeper must awaken." - "Dune."
at the Foreclosure Auctions!!...and create more REO's for the miserable banks
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Mike! I am gearing up to go to an auction soon.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Great question femailceo.
We have to keep in mind that as we are talking to these potential buyers, this is our first conversation with them so we need to keep our expectations real. Kind of like the idea in the dating world that we don't typically propose to someone to marry us on the first date.
As we are working with our buyers for the first time, we want to take some time to get to know them and take extra time to listen to what they are saying. A popular saying that I heard once before but don't recall who quoted this is "People don't care how much you know, until they know how much you care". This quote goes a long way even in the business world. Give them some time to talk. Let them know that you are listening and you will get so much out of your conversation.
Hope this helps.
Keep the ?'s coming.
Happy Investing!
Matt W.
Awesome Observation Alpine Investments. You are correct. This does put you in a natural position of being a potential middleman, but even better, it gets the curiosity of the potential buyer peaked. The reason why is because by asking them if they have any properties for sale puts you in a position as a potential buyer to them making you an asset to them. Then by asking if you could refer any of your buyers to them makes you an even bigger asset to them and ultimately puts you in more control of the relationship. All of these questions are a perfect setup to ask them the most important question of all...... "If I found a property that fit your criteria, would it be ok for me to send you details on the property if I don't purchase it. It's so natural, and the progression is perfect.
Hopefully this helps for you and others who may be reading.
Keep the questions rolling in my friends.
Happy Investing
Matt W.
This is a great place to hold this exact conversation. If you approach someone who you just got done watching win a bid on a home, you have a pretty good idea that they are a "cash buyer". And there is a great chance that they have other properties that they have purchased before. Great chance to qualify them. Asking someone the simple question "do you have any properties for sale right now" will stop someone in their tracks as they are walking back to their car. It gets their attention, then you progress through the conversation. If they are in simply too big of a hurry to talk right now, ask them the question as a teaser, then set up an appointment to meet with them to continue talking to them.
Hope this helps too.
Matt W.