Real Estate Acquisition Process: Qualifying The Seller
You have done a great job getting interested sellers into the top of your funnel using different marketing strategies, congratulations. Once these sellers enter your sales funnel, the hand off between your marketing team and your sales team will occur. In order to know if the sellers that have entered our funnel are qualified leads for us to pursue, we must qualify these leads to determine if we have a hot, warm or cold lead. By understanding the reason the seller wants to sell, the price they are looking for, the condition of the property and when the seller is looking to sell, we will know if we have a potential deal on our hands right now or this is something we are going to have to push through our funnel.
When it comes to qualifying a seller there is specific information that we will need from the seller in order to determine if this specific seller is a lead or not. To successfully qualify a seller, obtain the proper information and delegate this task to another person, we must create a script to work off of to ensure that all of the important questions are asked and answered. Your qualifying script will be very straight forward and it's intent is to create a conversation with the seller around specific questions that you need answered. When you are working through the qualifying process with a seller, you do not want to sound like a robot but want to be able to have a conversation and build a relationship with the seller in order to have them build trust with you and your company, since this is the first touch point you will have with them.
As we stated earlier, we want to eliminate all of the fluff from our script and only ask questions that will allow us to determine if we should move to the next stage of the sales process which is a face to face appointment at the property. We see it a lot where investors have a 20 page script full of 100 questions that simply bore a home seller which results in a negative first impression. If we just ask the most important questions that will allow us if the lead gets to an appointment then we can ask the rest of the questions face to face where we build more of a relationship with the seller.
Your introduction to your script will differ based on where your lead came from or is coming from. For instance, if you are receiving an inbound call from a direct mail piece your intro will differ compared to if you are making a cold call to a seller out of the blue. This is where your marketing team and sales team need to communicate to make sure your sales team has access to this information. To start the script, we always want to gather the personal information from the seller.
Can I have your first name and last name please?
Can I have a phone number where we can best reach you?
What is the address to the property you are calling in regards to?
As you can see these are straight forward questions but you want to get to them being conversational with the seller. Once we have there personal information, we move to one of the most important questions for us to see if we should continue with the seller or move in a different direction.
Is the property currently listed with an agent?
We ask this question next, because this is the threshold for our VA's to know if they should continue with the script or move to close the call. Since we are looking for off market deals and we already have access to all listed properties, we do not want to continue with the script if the property is listed with an agent.
If the property is not listed with an agent, we take the call directly to the motivation and urgency to sell the property.
If you don't mind me asking, what is the reason you are looking to sell?
Ok, thank you. If we can get you an offer quickly, what would be your time frame for selling?