How you solicit prospects will highly influence your script. Cold calling takes some stamina, patience and salesmanship.
Handwritten letters are one good way to get sellers to call. However, the more aggressive approach is get to the door and knock on it.
Many won’t answer, because they think you’re a bill collector.
I think a more effective way, and one that keeps me in control, and exudes confidence … is to send a letter that says if I’m coming by your house after 5:30 on Thursday to talk about your real estate. Let me know if you can’t make it. Call me at …
The assumption is, “I’m coming anyway” so let me know you’re gonna be home and let’s talk. Some will call and tell you that they’re not going to be home. Set up another appointment time. Others will tell you take a hike, in not so many words, or have made other arrangement. Some investors I know have script for pushing through denial. I just take them at their word, because I’m not there to hard sell a solution.
Meantime, if you get calls from mailers, and aren’t cold calling, this is the generic template of a script I use for all sorts of real estate offers…
BTW, I went to an appointment two weeks ago, and the husband didn’t show up as scheduled. I rescheduled. When I came back, I realized why the husband didn’t show up. He wasn’t interested in dealing with me or anyone else. I disqualified that prospect nearly immediately, since he sat with his arms crossed for the first five minutes, and I wasn’t getting agreement on the basic introductory points, so I said “buh bye.”
Here’s a basic “script formula” that can be tailored to fit different situations that I use as a template. However, there’s nothing more efficient at noting objections and adjusting the script, than being in front of an objecting prospect.
The basic script template I follow:
Set the tone of the presentation by having the seller fish or cut bait at the door. “Are you ready to lease/option your house today (if we can come to terms)?” If the seller responds with anything other than a clear, definite “yes,” then tell him you’ll come back when he’s ready, because you’re only here to do a lease option today. It sets the agenda very clearly and places you firmly in the drivers seat.
Tell them about you; what you’ve done; with whom you’ve done it; and whom likes you (testimonials/references/affiliations).
Rub salt in their wounds; rehearse the problems the seller is most likely experiencing with their property (setting up a solution); slow market, lazy Realtors, failed escrows, competition, deadbeat renters, negative cash flow, etc. Get agreement on what’s said thus far, meet objections, or walk.
Demonstrate your solution to all that pain, without being eager to do any deal with this person (You’ve got options, and lease/optioning this particular house may not be a good fit for you).
Inspect the house. Ask for everything you see to be included in the option price/lease/sale/etc.
Go through the numbers and discourage the seller from any/all unrealistic equity expectations. I call it “yellow padding” the seller. Get agreement on what’s said thus far, meet objections, or walk.
Write up the agreement and have it approved then and there including submitting the deposit/option fee, etc. Affirm the decision and get out.
This is not a firm outline, but the basics are in order.
As far as meeting objections, nothing is more efficient than simply pitching sellers on your solution, and letting sellers tell you exactly what their objections are. Then adjust the script to meet those objections in advance of the next go round. In no time, you’ll see patterns emerge in your presentation that are completely predictable. Every prospect will respond one of two (maybe three) way at each juncture of the presentation, and you’ll be nimble, agile, and quick to either continue with the presentation, or quit and move on to the next money-maker.