Today’s REI Classroom Lesson

Today, Dave Payerchin talks to us about the type of answering system he uses and the script they go off in order to get the information you need.

REI Classroom Summary

Dave lets us in on a few of the specific questions to have asked so that you can gauge their knowledge in their home and market.

Listen to this REI Classroom Lesson

Real Estate Investing Classroom Show Transcripts:

Mike: Welcome back to the REI Classroom where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Dave: Hey, everybody. It’s Dave Payerchin. I’m your host in the REI Classroom and today we’re talking about capturing seller leads and gathering information from sellers.
Mike: This REI Classroom real estate lesson is sponsored by
Dave: All right, everybody. I’m super happy to be back in the REI Classroom. I’m your host with the most and today we are going to be talking about capturing seller leads. Now, here’s the thing. There are plenty of courses out there on how to get the phone ringing and how to get people calling you who want to sell their house. But if you have no way of capturing these people, you’re going to be leaving a lot of money on the table.
So what we do in our business is we use a live answering service, and we use PATLive. It’s very common in the industry. I’m not getting anything from PATLive, I wish I was, to recommend them. But we use PATLive and we have a very simple, but still very comprehensive script and I want to share with you some of the questions that we ask.
So when a seller calls in, whether it be from a bandit sign or a direct mail piece, or online, first and foremost, the operator is going to ask for the person’s name and their phone number. That’s probably the most important, especially the phone number. Any live answering service that you’re working with, make sure they have that caller ID function for the simple reason that if you don’t have the ability to call somebody back, none of the other questions after that really matter if you don’t even have the opportunity to ask these people these questions. So gather their name. Gather their phone number.
Next is very important, “How did you hear about us?” It’s very important for you to track your marketing dollars so you know what’s working and what’s not. That’s just, any good business needs to do that. So this way you can be most effective in your marketing. Next is, “What is the address of the property that you’re looking to sell?” “What is the reason you are looking to sell?”
This is very important and we want to know what is their motivation because we’re looking for motivated sellers. So, “What is the reason you’re looking to sell?” “Is the property currently listed?” We want to know if the property is listed on the MLS. “Does the property need repairs or does the house need repairs?” This is very important. When you’re making your offers, you want to get a general idea.
Again, everybody, you’re going to confirm this information with the seller when you actually get them on the phone. This is just some general information gathering here. “Does the house need repairs? If yes, how much would the repairs cost?” “How soon are you looking to close?” “Do you have a mortgage on the property? If yes, are the payments current?” “Are you willing to sell the property for what you owe on it?”
It’s almost like a little offer right off the bat. You’re just trying to find out what their motivation level is and if they’re willing to sell the property for what they owe on it. If no, here’s a great question. “If we can pay you all cash and close quickly, what’s the least you can take?” Got to love that question. That’s the oldest one in the book. “How did you arrive at that number?” “What is the estimated property value in the area?”
That gives you good information there because you want to know what the person’s market knowledge is, if they even know what the property is worth. A lot of times, you’re going to get calls from people who are out of state. So sometimes you have to inform them and educate them on what the property is truly worth, and that’s going to come from showing comparables.
When you’re working with a motivated seller and showing them comparables, show them actual cash purchases in the area. Because oftentimes, the cash purchases are lower than the people who are buying houses in the area using bank financing. You most likely are a cash buyer. So make sure you’re always comparing apples to apples.
But those are some great questions to ask a seller when they call into your live answering service. Get out there, shake that money tree, make it happen, and I look forward to seeing you on the next video.
Mike: HomeVestors, the We Buy Ugly Houses folks is a franchised system of hundreds of real estate investors that have purchased over 65,000 houses. If you’d like to learn more about the most powerful real estate investing system in existence, whether you’re a pro looking to take your business to the next level or whether you have no experience at all but a burning passion to be successful in real estate investing, please visit to learn more.
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