You need to have a solid proven sales process that you can use on every single lead that comes through your pipeline. Having a system is the difference between consistent results and sporadic results.
Ultimately you want to be able to teach this system to your team, basically duplicating your efforts and allowing your business to make more money while you concentrate on improving the process and increasing the lead flow.
#1 LEADS RESPOND TO YOUR MARKETING
- Talk to the seller. This beginning phase is extremely important because this is where you start to build rapport with the seller and build a business relationship.
- 80% of the time is building rapport and that could be simply listening to their story.
- “What’s the situation, why are you selling,” this question in my opinion, is what starts the main rapport building phase and ushers in the Information Gathering Phase.
#2 GATHERING INFORMATION
- 20% of the time you’re on the phone you are gathering information.
- Fill up the lead sheet with all the important information about the property.
- Repairs Needed, Mortgage amount, Payments, Occupancy, along with others are very important so you get a good picture of the situation.
- “what is the lowest amount you will take if we pay all the closing costs and close in 7 days,” is one of the most important questions to ask because it could get you a price drop ASAP.
- “When are you looking to Sell” is a very important question because this can determine the sellers distress level.
#3 SETTING & GOING TO THE APPOINTMENT
- If the Seller is motivated, set the appointment.
- Make sure you know the lowest price you can offer and the highest so you make money if the agreed upon price sits anywhere within these 2 prices. The lower the better!!
- Bring 2 blank Purchase & Sale Agreement Contracts. 1 for you and another for the seller as a copy, since most people don’t have a copy machine at their house.
- Bring an Authorization Form So Escrow can get the payoff from their bank if you get the house under contract.
#4 SEND THE DEAL TO ESCROW
- Give Escrow the Contracts and now your job is to find a buyer and get them under contract.
- Escrow is the mediator that handles the sale between buyer and seller So, they will be requesting for the title from the title company.
- They will also get the payoff from the Seller’s bank so the buyer knows how much the sellers owes and how much money will be left over for the seller to keep.
#5 GET THE BUYER UNDER CONTRACT
- Blast the deal to your buyers via text, email, or give them a property flyer.
- Negotiate with buyer at a higher price than what you got it under contract for.
- Buyer Signs the Assignment Agreement
- Give Escrow the Assignment Agreement and now they will handle everything.
#6 GET PAID
- Buyer & Seller Signs the final Documents
- Buyer wires in his money to cover the purchase price and Assignment Fee
- Escrow Sends the Deal to the County Recorder’s Office to record the transaction publicly
- The deal closes and Escrow sends you a wire or check!
- Rinse and Repeat!!