Question: How Can I Use Computer Automation To Get FSBOs To Call?
Joe. You keep talking about your incredible FSBO system – would you tell me how it works or do I have to pay you thousands of dollars to find out?
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Read Transcript for “How Can I Use Computer Automation To Get FSBOs To Call?”
Here’s how to get FSBO’s to call you and sell their property to you on terms.
“Joe, you keep talking about your incredible FSBO system. Would you tell me how it works or do I have to pay you thousands of dollars to find out?”
Joe: It’s a very simple process. What we’re doing is we’re going to for sale by owners and instead of saying, ‘Hey, I’d like to list your property for you,’ and them getting upset with us and hanging up on us, what we do instead is say, ‘I’d like to buy your property. I’m an investor and we buy on terms. Would you consider selling?”
Joe: Instead of calling them by phone, we do it a couple of different ways. One, we use voice blasts which I talked about in other videos that I’ve done. The other is we use email blasts. You can go onto websites like fsbo.com or forsalebyowner.com (almost every town now has its own for sale by owner website) and contact those sellers by email and send them a simple letter (which I have written copies of). You can do something along the lines of what I just said, and then you’ll get responses from them.
Joe: When you get a response from them, you’re going to structure it so that you’re not going to buy their property for cash, you’re not going to get a loan and you’re not going to put down payments down – what you’re going to do instead is to make them an offer that an investor would make. After all, you told them you’re an investor and that you wanted to buy “Subject-To” or that you wanted to buy on land contract. And that’s exactly what you’re going to do – you’re going to make that offer to them.
Joe: A certain percentage of them will say yes, and it’s actually a pretty high percentage once you get good at this. A lot of the reasons people don’t sell on terms is because they don’t trust the person who’s making the offer. If they trust you and they think you’re going to follow through with what you offer, it’s a great solution for them – you can get them very close to full price on these deals and it doesn’t cost them any closing costs. They don’t get any money at closing, but most of the people that are selling this way can’t do that anyway.
Joe: For sale by owners: there are two types of for sale by owners: there’s the need and the greed for sale by owner. The ones that need to do it are typically the ones that don’t have a lot of equity and they can’t afford to pay for a realtor. This is the perfect kind of person to go after, and I’d say that about a third of all for sale by owners out there are people that need to sell it themselves because they can’t afford to pay a realtor to do it.
Joe: The other two thirds of people are in the greed category. They don’t want to pay a realtor. They don’t like realtors. They don’t think realtors deserve the money they earned, and they want to do it themselves, they think they can do it themselves and they also tend to overprice their properties. Well, those people, you can help, too. You can help them get equity out of their property and there are also things that you can do with refinancing to help them refinance the property so that they can then sell it to you on terms. Then you can take over the property and put a lease option tenant in it, have it managed by a professional and then never touch the thing again.
Joe: This is how I do it with all of the properties that I own. I don’t manage my own properties. I hate to be a landlord. I don’t ever want to talk to tenants. I don’t ever want to evict anyone. I don’t want to have to chase after and collect late payments. I don’t want to have to do repairs. I don’t want to clean out any toilets. I want someone else to do that for me, so I pay a manager to do that. For 8 to 10% and sometimes even less than that, you can have property managers do it. You can get them all over the country (I have properties in a lot of different states) and pay them to do it for you. This is a great way to do it with for sale by owners.
Joe: Hopefully, that answers the question. You didn’t have to pay thousands of dollars to find that out, either. Alright, thanks.