Can’t meet with sellers because of coronavirus? Here’s how to get contracts signed over the phone.
This works… we’re locking up contracts right now without meeting sellers in person.
A lot of real estate investors are waiting on the sidelines… but the guys and gals who’ve figured out how to do this are crushing it.
I asked my acquisitions manager Chad King to break down how you can do this. He’s digging into stuff like…
- What you need to do DIFFERENTLY when closing over the phone…
- How to build REAL rapport when you’re not face-to-face…
- How to make offers (what to say and NOT say)…
- What you need to do NEXT after your offer gets accepted…
- How to handle getting contracts and other documents signed…
You may recognize Chad King from Flip Hacking LIVE 2019. Chad is Bill’s Sales Manager at Blackjack Real Estate and handles all sales training for the company. He is also a sales coach for 7 Figure Runway and 7 Figure Altitude members.
Want to hear more from Chad? Join him and the rest of the 7FF team at Flip Hacking LIVE, the #1 live event for impact-driven house flippers and wholesalers October 15-17, 2020, in Orlando, Florida!
Listen in iTunes
Enjoy the podcast? Subscribe and leave us a review!
To hear all episodes of the podcast, visit https://7figureflipping.com/podcast.
What’s the difference between closing over the phone and closing in person?
Closing a deal over the phone can be a challenge. It’s not always easy to build rapport with a seller when you’re not face-to-face, but it can be done.
The problem for most investors isn’t that sellers won’t agree to sign contracts over the phone… rather, the problem is that most investors don’t want to buy a house they haven’t seen in person. The first step in closing deals over the phone is getting yourself past this mental block.
We know deals can be made over the phone because we’re making them.
Going into a house and talking to face-to-face with the sellers takes time. If you’re not making offers fast enough, those houses may get sold, and you can end up losing business. If you want to close deals quickly, you’ve got to get comfortable closing them over the phone.
How do you build rapport over the phone?
1. Smile. The old cliche is still true, a smile can be heard through the phone.
2. Set the framework for the call. Make your intentions clear at the beginning of the call, and let the seller know what to expect from the call.
3. Establish the time frame. Make sure the seller has the time to talk before beginning your conversation.
4. Ask great questions. Rapport is built when the seller is doing most of the talking. Great questions will get the seller to open up. Ask questions like “How long have you been there?” and “What’s making you think about selling?”
5. Genuinely care about the answers. Sellers will be able to feel your care and concern for their specific needs over the phone. Actively listen to understand their situation.
How do I make an offer over the phone?
When preparing to make an offer for a property over the phone, start asking about basic property information. What repairs does the property need? What is your estimate for the cost of repairs?
Many times you’ll have to take the sellers at their word for the repairs needed. If you do take the sellers repair estimate at face value, you can make your offer contingent upon the accuracy of the estimate.
Photos are another way to estimate repair costs. The seller may be able to provide you with photos of the property even as you’re talking.
Next, you’ll want to find out why the seller is selling.
Once you’ve got the information you need, Option A is to keep the seller on the phone, make the offer, and get the commitment on the first call.
Option B is to put the call on hold while you quickly come up with your offer. When you let someone off the phone, your closing percentage will drop, so keeping a caller on hold can buy you a bit of time without losing the deal.
Option C is scheduling a follow up call. A follow up call is not ideal, but it will allow plenty of time for you to craft your offer while keeping the seller engaged.
Is there any advantage to making offers over the phone?
It’s often easier to be more aggressive with your initial offer and price anchor over the phone. A phone call allows you to be more detached from the seller emotionally than a face-to-face meeting.
If a seller is not highly motivated, you can be very direct over the phone.
Closing deals over the phone also allows you to make more offers in less time. Phone calls reduce travel time. Phone meetings are also typically shorter than meetings in person.
Most importantly, with the coronavirus pandemic all around us, closing over the phone might be your only option to continue growing your business while everyone is quarantining and practicing social distancing.
With the right mindset, closing over the phone can help you do more deals while saving time for both you and the seller.
Links and Resources
Ready to accelerate your house flipping or wholesaling business? Get your ticket to Flip Hacking LIVE, the #1 live event for impact-driven real estate investors who want to tap into the strategies that are working RIGHT NOW in today’s market. Register at FlipHackingLIVE.com!
Already running a successful real estate investing business and want to reach the NEXT level? 7 Figure Altitude is a mastermind group for experienced house flippers and wholesalers who want to get out of the day-to-day grind so their businesses can grow BEYOND them.
This group is where you’ll level up your relationships. It’s where you’ll connect with other serious investors. It’s where you’ll learn how to systematize and scale your business while working less.
If you’re ready to surround yourself with other high-level investors, head over to 7FigureAltitude.com and apply to join.