Ask Nick: What to Do at the First Meeting with a Seller?

Boston, Coaching, Deal, Wholesaling on December 17th, 2014 Comments Off on Ask Nick: What to Do at the First Meeting with a Seller?

If you’re new in the business, you are probably nervous about your first seller phone call, and eventually your first seller visit.  Hopefully this post clarifies what your goals are on each.

 

Before talking to you, I wasn’t sure about the effectiveness of the direct mail. You convinced me to continue the process.

Today one owner called me. I suggested to meet with them next week. Where would you suggest we meet them since I don’t have a dedicated office?  What should I discuss when I meet with them?  Do I need to bring my lawyer with me?  How does the process work?

~ Hong

Hi Hong,

GOOD WORK on getting a call to come in – you probably guessed by now you should meet them at the property, or if they refuse, a Panera Bread or Starbucks is good – but you’re eliminating the whole point, which is to see the property and go through what’s needed in the rehab, and to verify their motivation level (reason for selling).

I usually tell my students the point of the phone call is to:
1. Build rapport
2. Why are they selling / assess motivation (and what problem do you need to solve?)
3. Collect Info on the property
4. Set an appointment to view (if motivation is high enough)

Once at the appointment, your new goals:
1. Build rapport
2. Gather project & site data (scope of work, rehab needed, pictures)
3. Re-assess Motivation, figure out your best solution & exit strategy (not necessarily the same thing!)
4. Either make offer (rare), tell them you’ll have an offer for them in 24-48 hours, or plan for follow up if they aren’t motivated enough.

Hope this helps!!! If you’re brand new, I’d suggest checking out our blog for free info, and to stay active on BiggerPockets.com, Black Diamond, CREOnline.com, and to KEEP NETWORKING!

Happy Investing –

~ Nick

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