By the way the title “real estate wholesalers” should only be used as a reference only.
In reality, you are a marketing professional who uses your skills
… to find motivated sellers with the possibility of finding a deal for yourself as an investor
OR to be assigned to another investor who is willing and able to buy and pay you an assignment fee.
- Want to sell?
- How may I help?
- How soon?
- Confirm Motivation!
Below is a question for us to address with this lesson for Real Estate Wholesalers…
“What questions should we ask a seller who is selling a mixed used commercial property?
How would we know if it’s a deal or not?”
Enjoy the video.
7 Questions that Real Estate Wholesalers MUST use PREQUALIFY Sellers
What I have noticed with lots of newbies and rookie real estate wholesalers is the act of overthinking.
Therefore I am breaking this down into easy consumable pieces to help you stay in control while prospecting.
If you are prospecting buyers, it’s even easier as you don’t have to sell them on real estate investing.
But I understand that many are stuck on the idea they fell in love with when they became a real estate wholesaler; finding motivated sellers.
The first question to find answer to is more of a confirmation of identity.
It is better to ask like that as opposed to saying…
“May I speak to John?”
By using just the name to ask a one word question, you are landing an autosuggestion that makes the answer an affirmative “yes”
…if it’s in fact the right person.
Any other type of question like the 2nd question (“Can I speak to John?”) will give you away as a cold caller.
Effectively, they can build up a defense wall.
So confirm identity…
Because if you are not talking to the right person, owner or controller or the real estate, it’s pointless to ask further question.
But that’s with the exception of ONE QUESTION.
If it’s in fact the wrong person, ask them the following exit question.
“Do you know anyone in the area looking to sell a property?”
That’s a form of outreach that I’ve used to make countless thousands of dollars that I wouldn’t have otherwise made.
The question and answer is designed to confirm that you are talking about the same property.
Again, don’t ask a direction question.
Pre-frame the question with an autosuggestion that you already know that they own the property.
“Do you own the property at 123 Main St, HomeTown”
“I calling you about 123 Main St, HomeTown”
Then shut up for them to confirm.
Who ever talks first at this point loses the control of the conversation and I’m guessing you don’t want that to be you.
If the prospect doesn’t own the property, drop your exit question and know that it’s a “NO” for the most part.
But you never know.
On the flip side, if there is a match between the owner on the phone and the property, congratulations
Move on to the 3rd question.
(3) Want to sell?
At this stage, you simply want to know if the prospect is open to selling their property or not.
The type of leads you are calling does not matter.
Therefore don’t overthink it.
Don’t say because you are calling preforeclosures, you should change this question to…
“I can help you avoid foreclosure.”
That is creepy behavior and intrusive.
Stick with the respectful way of doing this…. Simply ask…
“Are you open to entertaining offers on the property?”
Once a potential seller tells you that they are open to selling in one of many ways, ask them simply for the reason like this.
“Why do you want to sell?”
Depending on the motivation level, the seller may attempt to intimidate you with condescending answers or questions like…
“What is the offer?”
“No reason, you called me.”
“I don’t have to sell.”
“Are you a real state wholesaler?”
Relax and respond with…
“We have creative way of making sure you get what you want; so why do you want to sell.”
So always end your answer with a question.
(5) How may I help? (REMINDER: You are not a real estate wholesaler, you are a problem solver…)
The rest of the questions including this one is designed to emphasize the fact that your time
As a professional, not just random real estate wholesalers, time is valuable.
Also, you are making it known that you value your prospect’s time.
So you need to find out EXACTLY how your engagement and interaction with the prospect will impact them positively.
If that’s not the case, there is no point moving forward.
As a matter of fact, you are not necessarily going to use the same exact words as it doesn’t always necessarily fit in every conversation.
It could be…
“So how can I help?”
“So you are saying it will really help if I…”
“If I could help…. , would that be close enough to what you want or need.?”
So do you get the gist?
You simply need to identify for sure the value that you will be adding to the relationship being initiated.
That alone will make you stand out from 99% of real estate wholesalers.
Real Estate Wholesalers Script Question #6 – How soon?
This is an important question to get answered to protect your time as much as you can.
“How soon do we need to get this done?”
If they can’t answer the question, there is a chance that you can’t bring value or they don’t see it.
By the time you get to this stage in the conversation, it’s should be an easy “as soon as possible.”
Unless, you’ve rushed too fast through the prospecting…
Also, the “WHY” may simply not be strong or deep enough.
Sometimes, you have to ask up to 3 or 4 “why’s” before you can move forward to the 5th question.
So, it’s always okay to go back to #4 if you find that your prospect is having a hard time to give a time when they want to get things going.
Also, it can mean having to follow up in a few weeks or months by text, call or email… whichever one you can consistently use.
Therefore, follow up (automated or not) is key to your success in the long run because it directly reduces your cost of marketing.
(7) Confirm Motivation!
Last but not least, use this last stage to go through your notes and repeat highlights that you have noted during the conversation.
This should have felt like a conversation.
If your prospect remembers that you cold called them, you are probably doing a bad job.
So you need to make sure that you are taking your time to get to know them.
Another good way to make sure of that is to use transition questions and commentaries in between each of the questions.
These are little small talks generated from what the prospect is saying to you as they answer your question.
Subsequently, whoever is saying the least in the conversation is in control of the conversation.
It’s a sign that they are building the necessary rapport needed to get them to do business with you.
In other words, people only do business only do business with people they FEEL LIKE they know like and trust.
So it doesn’t have to be the reality, they just have to feel like it.
Many Real Estate Wholesalers, Particularly beginners get stuck…
Because they overthink wholesaling real estate and I think they also have a hard time with belief system.
You do have to develop a healthy confidence…
But the same is also true if you are training contractors to do the cold calling for you.
The same is also true even if you are picking up calls generated from attraction and inbound marketing outreach.
So you do have to learn, practice and teach this lesson to others if you want to build a big business.
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Padilla 5.0 out of 5 stars ⭐⭐⭐⭐⭐ Awesome book!!
Cliff R. 4.0 out of 5 stars ⭐⭐⭐⭐ Full of actionable, useful information for sure.
The author does an excellent job of cutting through much of the real estate wholesaling BS that is prevalent in the market. That is to say while most gurus are teaching what they DO NOT DO, Ola outlines steps of creating value at the center of your marketing. His down to earth delivery just makes sense. He speaks of leveraging technology, the importance of multiple income streams, and an overview of the real estate wholesaling business in the new age of business marketing. For example, he mentions that many people don't even like their family members stopping by unannounced, so how can you expect them to be ultra receptive to a stranger popping up looking to capitalize on a misfortune. Of course that's not how the "Door Knocking" conversation would be framed, but that's exactly what it is. All in all I enjoyed the read and if you plan on making action your focus, you will too.
Brian Ellwood 5.0 out of 5 stars ⭐⭐⭐⭐⭐ Solid Advice From Someone Who's Been There
Ola is a legit real estate investor and marketer. He's a real student of wholesaling and marketing - his approach to marketing for wholesale deals - ADD VALUE - is recession proof and feels right. Don't pass up this book!
Melton Thomas 5.0 out of 5 stars ⭐⭐⭐⭐⭐ A true mindset shift!
As a virtual real estate wholesaler and investor, it makes sense to me to optimize my approach and use technology to drive. This book gave me a clear, concise framework that I could leverage and implement!
stacy 5.0 out of 5 stars ⭐⭐⭐⭐⭐ Amazing
This book is amazing and very beneficial. The author is very knowledgeable on the concepts at hand. Definitely a great book to read.
What is a real estate wholesaler?
A real estate wholesaler is a person who finds discounted real estate deals, lock the properties under contract and assign the equitable interest in the contract to an able and willing buyer.
How much do real estate wholesalers make?
It depends but particularly on how much of marketing and how skillful the wholesaler is as a marketer in a digital age.
A skillful wholesaler should be making no less than double 6 figures income once up and running with momentum.
Keep in mind; it is entrepreneurship. There is probably not going to be any paycheck next Friday as of yet.
Is wholesaling real estate legal?
Yes wholesale as a real estate investing strategy is absolutely legal
However, some states make require licensing once you close beyond one deal in any give year to regulate the business.
How do you become a real estate wholesaler?
Becoming a real estate wholesaler does not require any licensing in most states to get started.
But as with any viable business in life, it’s only worth if you will put in effort in acquiring a few skills.
Particularly, success as a real estate wholesaler requires marketing skills.