Three tips that will help you better approach distressed sellers.
If you’re looking for a strategy that can help you source leads and has the potential to turn into a great profit, you may want to consider targeting distressed properties. Rocket Mortgage defines these properties as homes that are facing foreclosures or are already owned by the bank. They present fantastic sales opportunities; however, in most cases, distressed sellers are going through a rough time and can be emotional. If you do or say the wrong thing, they’ll think you’re taking advantage of their situation.
Working with a distressed seller needs to be handled with care. You have to earnestly show them you’re there to help, but how can you do that? Here are three ways to approach a distressed seller and earn their trust:
1. Use a general script. Whether the seller called you or you called first, having a general script will always be to your advantage. You should have already practiced your script and be able to say it without sounding like an emotionless robot. Remember that these are people who have fallen in unfortunate events, so try to sound genuine.
If they called you first, make sure to ask them where they heard about your services, how you can contact them in case the call is cut off, and from where they’re calling so you can check your notes for any previous research you’ve done on the house. From this point on, your general script should play out no matter who called first.
2. Establish a connection. Don’t just jump into offering to sell their home if you haven’t established a connection yet. It just makes you look desperate. Communicate with your potential seller, ask questions about their house, and understand their goals and situation. Doing this shows them that you’re interested in helping and working through the difficulties involved in selling their home.
Once you’ve made a connection, ask how you may be of service to them if they called you first. However, if you’re cold-calling, you may want to ask for more details about their financial status and the situation with their property.
3. Have an open ear. Your distressed seller probably has a lot of weight on their shoulders, so chances are they’ll have a lot to unload. This is a good thing because the more they share, the more likely they’ll trust you. Ask your questions at the right time, go with your general script, and make sure you pay attention and listen well.
The conversation will naturally wind down at some point. If you feel you’ve already collected the information you need, let your seller know and also mention how soon you can get back to them.
Approaching distressed sellers will require some finesse on your part. However, if you can do it the right way, you can help them out in their difficult situation, and at the same time, you get a fantastic sales opportunity. The process can be very time-consuming. If you find that it’s too audacious or don’t know where to start, consider joining a team that can support you, drive leads, help you find more listings, and set up several appointments for you every single week. Give us a call or email us so we can talk more about it. I look forward to talking to you.