Much has been written about secrets to telephone success for all types of sales but rarely is it possible to obtain all the best possible tips in one convenient place. Here at my blog I make a practice of providing information you can really use in your day to day investing techniques so without further ado, here are the top eight secrets to phone success for REO investors. I am sure you are all aware that I am not a big fan of people that expect to get paid for doing nothing. So make sure you try selling your own projects to have a better understanding of what is involved. Craigslist, postlets and signs are very inexspensive and the same tools that realtors use. Just save you up to 7%!!
1. UP the Ante.
Buyers who call to inquire about homes listed in advertisements with a price listed can usually afford more. Research indicates most people responding to an ad with a listed price tend to be more conservative and searching for bargains. Make a point of asking about upper limits then provide enticing alternatives whenever possible.
2. Downsize.
Buyers calling about homes with signs in front are usually at - or above - their upper limit. Research indicates prospective buyers that respond to yard signs often have lower income or credit scores. Be sure to screen callers carefully and have other more affordable options available.
3. Ask questions.
The person who asks the most questions tends to be "in charge" of the conversation. Be prepared to ask plenty of questions when responding to a call or inquiry; it's a good way to begin building a list of potential prospects.
4. Follow-Up.
Experts have found that buyers and sellers rarely tend to call back but will respond to information that meets their search criteria. Make it a priority to gather relevant information then follow-up whether via email, phone or standard mail.
5. Ask.
Always ask buyers if they have a house or other property for sale. Even if you don't make an offer, it could become an important part of the negotiation process. It's also a quick way to generate a little extra cash or goodwill by making a referral to your favorite agent or broker.
6. Don't Make Assumptions.
Investors tend to have clearly defined goals so it can be difficult to realize that both buyers and sellers may have little idea what they really want. Don't make assumptions - instead, realize that lack of information is a rampant problem among many Americans. Be prepared to provide information, examples and education
to make the deal work.
7. Compare the Competition.
Most of the time, both buyers and sellers will have other ads circled. From time to time savvy REO investors should know the local competition both in terms of what is for sale and the amenities offered. Don't shy away from comparing your property or service against others - just be sure to do it in a positive way that reflects information.
8. Sell a Service - Not a House!
This is a common mistake among novice REO investors. Remember, every contact is an opportunity for present or future clients so make the most of it. Rather than responding about a specific property, learn to develop a relationship instead. After all, once the caller has rejected the property they have typically rejected your service. Differentiate yourself by providing solutions to their problems rather than just information on a single property.
See you at the top!
Adam
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