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| Price: $100,000 | | FMV: $1,283,233 | |
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Pre Foreclosure Door Knocking
| | Thursday, September 08, 2005 @ 10:00 AM EDT
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Contributed by: John Michael
John Michael Properties
Read more archived articles about Buying
For many, this can be the most difficult form of investing that takes skill and absolute sales ability. With a little practice and developing your people skills, you will find that the rewards can be great.
In the sales world, you will find this technique to be called "Cold Calling".
You will find that this technique to be vary frustrating simply because you will be faced with rejection, doors slammed in your face and the list goes on.
Getting your foot in the door to help a homeowner out of foreclosure requires more than going to seminars, reading books and listening to tapes
on the subject, it requires the proper state of mind, great people skills and a proactive not reactive skills.
You have to ask your self why would someone let "YOU" in his or her home? Why should they trust you? And why should they like you.
Failure to build trust with your customer amounts to time wasted!
Courage + Creativity + Trust + Consistency = More real estate transactions.
Courage is simply the ability to deal with your fears, face your fears and simply overcome your fears by doing. By taking action against your fear of door knocking will help you overcome this fear.
Creativity is problem solving and overcoming objections in a gentle state of mind will simply put your customer at ease. Mixing a little empathy and understanding along the way will simply open doors.
Trust comes when you add Courage and Creativity with your understanding and knowledge of the service you offer and most importantly understanding your clients wants and needs.
Now let's explore the Consistency factor the entire foundation for your success. In this part of the game, it's not the big things that you do; it's the little things you do for your customer that adds up! Let me give you and example of what I'm talking about.
Customers home had a value of $237,000 - customers asking price was $199,000 on market for 10 months and customer was down to the wire.
Had 2 weeks to be at his new job out of state.
No takers on the purchase.
Customers mortgage payment was $1,197 and he was 60 days behind.
Customer was willing to owner finance no down at $1,250.
I simply asked the customer if the lender agreed to the owner, finance and he said no! I asked to see his mortgage agreement and showed him that if he did owner finance that the lender could call in the note and seek the full balance.
Therefore, I offered him a lease option purchase under the following terms:
100% credit for my deposit towards the purchase of the home.
100% credit for each monthly payment made towards the purchase of the home.
I asked him if it would be ok to give him $15,000 down and pay a full year in advance of the monthly payment and I would be happy to give him $195,000 as a purchase price. He agreed to place the funds in a trust that will make all payments to the bank and the difference he will get. Of course, he agreed.
So let's run it down to the cash flow.
The property was subleased out under a lease option purchase at full value for $237,000 with $20,000 down and a monthly payment of $1,450.
It's not about closing a deal! It's about making an offer that is a WIN-WIN for all parties. When you create a WIN-WIN transaction the deal will close itself!
Some of the best sales materials, books and tapes can be found at http://www.ziglartraining.com from the man him self Zig Ziglar.
Note: John Michael is the author of many guides that can help you become more successful as an investor. See http://www.thecreativeinvestor.com/ChanPart-JohnMichael.html
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