Remember these two basic realities...

1. Return on direct mail is less than 1.5%  So, if you mail out 100 pieces you generally receive ONE RESPONSE almost not worth the effort...

 2. 70% of all homeowners that have been foreclosed. Never reached out to find out what their options were.

 

 maybe... they are experiencing one or most likely all of the following:

 

Afraid to answer the phone, Afraid to open a piece of mail they don't recognize and are even Afraid to answer the door.

kinda makes it hard to reach these people..ya think!

 

Any ideas out there...?  

 

 

 

 

 

 

 

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Shari P - you generally NEVER want to use the word "foreclosure", brings up bad feelings for teh Seller and they will immediatley associate you with their lender.....

 

"NOD" - also not a good word because Sellers generally have no idea what that is and it may make them feel stupid or associate you with a bank attorney

 

We like to use "housing situation" or "situation with your property or home".

 

Remember to knock with the idea of "educating" teh homeowner (they already know you want to get teh listing adn get a commission).

 

To be REALLY effective align yourself with a good attorney (general counsel), as well as a good bankruptcy attorney to whom the Seller can speak AT NO CHARGE, at least initially.

 

Also, be 100% certain to align yourself with a good loan mod. company to which you can refer and track clients.

 

When you knock with the above team in place, you have all your bases covered (you should do this with ANY sales, find out why the client can say "no", and, have a response for ALL of the objections.)

 

If the homeowner says they are doing a loan mod., you say:

"A loan mod., that's great.  Many of teh homeowners I ahve spoke to today are trying loan mods.  WHo are you using, how did you find them, how is it going, do they have an attorney you can speak with, etc."

 

The above respond ties into more sales stuff  -  REPEAT APPROVE RESPOND

 

REPEAT what they say - this creates rapport and shows them you are listening

APPROVE what they say - more rapprot building and makes them feel like they have made a smart decision

RESPOND - with the above, they are MUCH mroe likely to listen to you, remember first impressions are VERY improtant, make THEM feel iimprotant, and, that they are doing the right thing, and, you should be KICKING BOOTY when door knocking!!!

 

Good luck guys.

 

Ben,
Is better to take a more direct path to their housing situation or act like I don't know about it and try to lead the questions to their situation? (This question is strictly about door knocking.)

I'd say definitely just lead the discussion. You don't know if you're dealing with someone who really knows the situation. It's not uncommon for spouses to keep how bad things are from the other spouse.

First keep this in mind:
Some WILL, Some Won't, So What, Someone's waiting

You won't close or get every door you knock on, BUT< they will ALL be glad to speak to someone knowledgable about their situation.

The discussion:
For "newbies" at door knocking, we normally go with something like:
"I am Ben Benita and we are reaching out to homeonwers that may need help with their housing situation, or may know someone who is struggling with payments"

This approach is VERY non-threatening, and, you can still "play dumb" if they are too shy or embarassed to initially discuss things with you.

When you get some more confidence, you might try:
"My name is Shari P and I was given a list of homeowners that may need some help with their housing situation, do you have a few minutes to talk?"

or something similar....again, this "hints" that you know what is going on WITHOUT using the "F-word" (foreclosure)

This approach IS a little more direct, but, saves you time


Jim brings up a good point as well, each knock and situation is differenet and case by case.....

Ben & Jim, this is perfect! Thanks for the openers--I was being way to direct when I tried. I am going to have an information handout to give them as a leave-behind. Also, I will leave it on the door handle if nobody is home.

Ben, I took your advice about getting a topnotch SS negotiator who I can partner with and can talk about their record of success and expertise, rather than just mine.

The only thing I'm missing is the attorney component. I interviewed an excellent one referred to me this week but she charges a large flat fee upfront for the whole SS--does not charge hourly. The one I was using (a referral) was inconsistent in his rates and if I paid him then he would only talk to me. He said whomever pays is the client. Do you pay for an initial consulation for your short sale listing clients? If so, do you always pay for one? Do you worry about recommending just one professional rather than several?

Shari - congrats. - if you ever need help, I run a nationwide SS neogtiations company.

Attorneys - I would find and stick with just one that knows what he/she is doing.
there should be NO direct chrage to the Selelr (or you) for this, and, simply put a few hudnred dollars on your HUD for teh attorney in exchange for his advising your clients.

Again, if you work with us, we have 2 attorneys on staff available for ALL of our clients.

I discovered our company has a great negotiator--we have a huge company so it took some searching but I spoke to him and I think we will work well together. He closed 50 last year and 45 the year before and our in-house counsel also recommends him.

More questions about the attorney...do banks usually allow this expense? What if they reject it and the attorney has already done the consultation? (I guess I would cover it out of commission, right?) Do attorneys work this way to be paid through escrow after they have given the counsultation? I've never heard of that but I've never asked an attorney either. FYI--our in-house counsel feels it would be a conflict of interest to represent the sellers on personal matters not related to the actual transaction.

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