Question re: how to handle callers that are responding to bandit signs

Bump...can one of you experienced wholesalers answer my question above? I put out 2 signs at Walmart and one in front of a restaurant on a very well travelled road. Making more signs today to put out!

Teresa use your marketing to pre-screen and filter.

on signs intended to draw buyers can do something like:

4bd/2bth $30k CASH!!!
Owner Desperate! Must Sell!
phone #

buy adding CASH in there, you weed out. (note put a price in there just below your bottom (foreclosures are selling)
Put them on both end of streets that HAVE foreclosure listings (cash buyers will be viewing those properties), put them at higher end place in town: close proximity to nicest/high end restaurants in town, country clubs, golf courses, doctors offices, attorney offices, business parks/complexes, executive suites, exclusive shops, etc. (get the idea - GO where the money is...where people with cash would frequent)

If you still get some retail buyers that come through, I'd still take there info but can say something like "typically the properties that I work with are distressed properties, meaning deferred maintenance and needing quite a bit of repairs. I am needing a cash transaction because the property in it current condition would not pass a bank inspection to qualify for a loan." OR what ever you feel comfortable with. I personally hate the "Oh I'm sorry that property is no longer available, can I get your criteria" line. I'll come back with "oh so you're a new wholesaler? Where'd you get your REI education?" LOL (For one I what to know where they got it because gives way to knowing if they truly know how to run the #'s and analyze a good deal. Then I turn then on to DG!)
When you do get cash investors coming through and you don't have a deal to send them.....Bottom line just be honest. People will respect and appreciate that. Let them know you'll work your tail off to get them a smoking deal. Not waste their time and only call them with what fits their specific criteria.

Best wishes!
Jen

Teresa,

a buyer is a buyer! if they are pre-approved for a loan, that's great, if they want to do a lease-option, that is great too! Add them to your list of buyer; ASK what they're looking for and find it for them; that will be more deals for you!

wishing you success,

Jen--thanks so much for that detailed information...the more info. I have, the more confident I am. Putting the signs near high end restaurants, country clubs, etc. sounds like the smart (and logical) thing to do. I will do what you say because you are the expert!!

Val--if they want to do a lease option, can you tell me the steps I need to take?

Thanks again to both of you!

Jen,

When I'm talking to a cash buyer, you say "be honest with them. People will respect and appreciate that." Do I tell them up front that I'm a wholesaler? Do I tell them I'm building my buyers list and will contact them when I have a prop. that fits their criteria? Won't they get mad that I have advertised a house, but don't really have one? I just need to know how much info. to give to a caller. Can you give me verbatim what exactly to say?

Thanks in advance!
-Teresa

What were you planning to say when they called you?

I know there are alot of people that have different opinions about this. Meaning ghost ads. But since you directed the question to me, I will tell you my opinion and how I would handle it.
Me personally hate ghost ads. I think they are misleading and are a bait and switch for the intended party. That leaves them with an impression of deception. I personally do not want to start any relationship based that way and I run my business with honesty and integrity. If I screw up, I will 'woman' up to it. But the truth will be told no matter how painful. That being said, ads I use to run to get buyers were based on actual properties I had under contract (so I could give them detail and a address). I built my buyers list primarily off rental ads. Then it grew when I'd get properties, blast it out to my marketing and list all at the same time - lol. Got my best buyers off ads of properties I was running. I didn't used bandits to draw buyers I use them for leads. Yes, now that I am doing 1-on-1's for Dean when I go into a city, never been there, client may have absolutely no team or buyers. I have 3 days to help them get up and running. I have them put out the exact sign I mentioned above. When buyers call to tell them the truth. You are a local wholesaler, you are putting out a ton of aggressive offers weekly. You have a very unique and unusual method for finding deals that no one else can. Non listed properties that are deeply discounted. (what you just did there was unconsciously just tell him that you are his door to the NON listed properties no one else knows about. You just created value. If he ask how you are finding the deals. Simply tell him "sorry I can't give away my competitive edge")

Then immediately divert their attention to themselves. Ask them what they are looking for (not like an interrogation - but casual conversation) Lead them where you want to take them. Meaning Ask them to tell you about one of their last smoking deals they did. (Never found a buyer that did not like to share how awesome he was - LOL) listen intently, ask how much it took it down for, how much he put into it. How much he rents it for (OR if flipper how much he cleared on the sale). (you are not prying. honestly a man will tell you quicker what he makes than a woman will - lol it's part of what defines him. How does well - 'in man code' meaning he's a strong provider for this family! He handles his business. They'll tell you in a heartbeat) (But what you just did was find out his numbers. what HE thinks is a good deal. what makes him buy! = spread needed or how much he's looking to cash flow, etc.)
Be genuine, take notes as he's talking. He'll give you what you need (details) to go out and get him one just like he DID but better! (don't have to say that...just DO it! lol)
NOTHING about that was dishonest. You told the truth, you were upfront, let him boast on his good judgement/work. You built a rapport. I have never done this or had a client do this that they did not end up saying "It was a pleasure talking to you, but I'm serious.....when you get a deal...you call me first!" (the magic words you have his attention)!!! And never once did you have to say "can I add you to my buyers list" lol

People do business with people they like. Start off on a good foot. Build your business with a good foundation. Be good to your buyers, they will be good to you!

Again just my opinion. We each are responsible and have to make our own choices daily and can run your business anyway you like. The truth it the right way for me. I'm always thinking on a long term. I'd rather have handful of solid buyers I've built a good relationship with that I can funnel deals to every month then have to go out and get new buyers every deal. Some may disagree and 'use canned lines' or bait and switch but I'd have to ask.....o.k. doing it that way....how many deals have you actually closed?

just sayin......

Hope it helps.
God bless,
jen

Thanks Jen. I have been having a really hard time convincing myself that ghost ads are the way to go. I'm not wanting to start my relationships with my buyers based on a lie either. I will try calling for rent ads and see how many buyers I can get that way.
Always great info and always appreciated. Best wishes.

Rick

Jen this is why you are the person you are (and you scare us men..lol) and are doing so well right now. Glad to see you are doing boots on the ground which is what I had as one of my goals this year. It didn't happen with deans group so I did it on my own! Will have to tell you about it in a PM. Check out my site at www. reiwealthacademy . com and see what i have been up to. Bandits signs will be an upcoming blog and one of the ten steps (10 steps in 10 weeks)so I will quote you if that's ok? PM me and lets catch up..Keith

So much good information above! I want to be honest also. So basically, you call For Rent signs and build your buyers list that way. At the same time, you are looking for properties to get under contract...correct?

When you say, "I don't use my bandit signs for buyers, I use them for leads." What does that mean exactly? I know, dumb question but I need to know.

Thanks for all the insight on how to handle men...lol!

-Teresa

She means she is not using them to build her buyers list, she is using them to find people who have properties to sell.

No question is dumb. If you don't understand, there are probably others who don't either but are afraid to ask.

Karen

Thanks Karen! I'm 53 yrs. old and have reached the point to where I'm not afraid to ask...LOL! I figure I'm helping out others that are on here to that are afraid to ask.

-Teresa

Thanks Jen for all the good information you are giving,I am kind worried about the Ghost Adds. I haven't done any deals, I have a lot of information; but
FEAR to be rejected or do something wrong is holding me back.
Here where I live they don't allow that kind of signs, if you put'em up they taken down asap (lol), and I agree with you; I don't like lying I rather talk to them and see if I can get their information.

I am starting after all this time WHOLESALING and I am getting all the information that I can possible get, but I will try my best to make it. no excuses this time.

Thank you again and I hope we can keep in touch.

Adamina

I am confusing the GHOST ADDS with BANDIT SIGNS I know, that is why I am
correcting this, but anyway I don't feel right lying.

Adamina

Teresa Jo- thank you for asking the questions.

Jen & Karen- thank you both very much for the detailed answers!

I'm not bashing the ghost ads, it's just not my preferred method of approach.

Teresa
My bandits are for leads. (to draw me motivated sellers)

yellow corrugated plastic 24x18 yellow (i get them from signwarehouse)
handwritten with fat tip permanent sharpie

my exact sign:
I BUY HOUSES!
Any Condition!
phone #

that's it.

It can be done, but why not work smarter not harder (so to speak). If wholesaling is the preferred strategy in my opinion (and the way Dean teaches) get buyers first. Isn't it easier to go shopping if you have a grocery list. Same thing. By getting the property first then trying to find a buyer for it, you are 'hoping' you find one that it meets their criteria, #'s meet their desire, etc. Your speculating. UNTIL you have buyers and know what they want and will buy....I'd suggest getting a min of about 10 cash buyers on your list before marketing for properties. Preferably 15. Not all will perform, so have a pool that are buying now that you can 'go shopping' for. lol

Once you get the buyers them flip the switch. Blast you area with the I buy houses bandits to draw you non listed properties.

Make sense?

Yes, rental ads are awesome. You are either going to get a landlord or a motivated seller that is trying to rent because they cant sell.
Look for the ads that say "Section 8 Welcome", "2, 3 and 4bdrms available", etc. those are your landlords. Drive neighborhoods looking for For Rent signs. Same thing. Can also contact property management companies as ask if they know if any of their clients are looking for more properties OR either looking to sell any inventory. Tell them you offer referral fees for any lead that closes. Also, ask their info management fees, turn around time to vacancies, etc. Ask can you refer clients to them if they are needing a PM? (Make win, wins.) A lesson I picked up from Joe Polish: never ask for something til you can offer something. Create value for others every chance you get.

Jen

I don't know why you always say I scare you!?! lol In a personal setting pretty quite til I get to know someone. (business, yeah I flip a switch lol) But regardless, I am always super sweet and have a massive heart for helping people. (Can see how that is frightening - bhahhaa) It's just because I'm tall and can out hang you on the treadmill isn't it???? heheheh just playn.

Can't wait to see ya again at the Edge. Enjoyed getting to know you a bit this year.

Sure not sure what you want to quote but go ahead. (just made sure it's EXACTLY what I've said. No paraphrasing allowed on quoting! LOL

Congrats on the coaching/mentoring! I know you will do very well!!!

Hit me up....we can catch up!

Jen

Glad to help!

-Teresa

Jen,

Right--I have the yellow signs already from Sign Warehouse and I've already written on them I BUY HOUSES, etc. I knew that I need to get at least 10 buyers before I started trying to get properties. I will start calling For Rent signs this week!
I sent you a PM...

Thanks again!
-Teresa

Hi Jen thanks for all the info, I have had some hit and misses from ghost ads on CR but when you call for rent ads how do you start the conversation?

Thanks

Huw

Wow, this is great thread!

Matt Inomata

Thanks for sharing all the great info!

Another of my bookmarks!

I just put out three signs two days ago and just got my first call,I told him that property was already under contract. That I was a investor whole selling propertys if i find another great deal can i call him back i asked for his name which he gave to me and he said sure he said I saw the hand made sign near my house and thought is was a good deal. I put them at stop lights in high income areas.

dminlow wrote:

I just put out three signs two days ago and just got my first call,I told him that property was already under contract. That I was a investor whole selling propertys if i find another great deal can i call him back i asked for his name which he gave to me and he said sure he said I saw the hand made sign near my house and thought is was a good deal. I put them at stop lights in high income areas.

Diana,
That's great! You are taking action!! Keep it up!

-Teresa
College Station, TX

glad you started it. how are you doing ? doin any deals yet ? thanks for friending me on facebook...

WALT

This is a good thread although I'm embarrassed about how little I knew back then. Things have slowed way down for me because of my mom being in the hospital but she's out now so all is well. I bird dogged a deal over to a cash buyer and am waiting for it to close. I'll post about it after it closes.

What about you? Done any deals recently??