How to Talk to Sellers Over the Phone

As a new real estate wholesaler doing deals nationally, the biggest obstacle that I hear from most people is, number one, how to talk to sellers over the phone. What’s the process to talking with sellers over the phone and being able to get a contract over the phone? That’s number one. Number two is, what do you offer? Right? You have all these deals all across the country. What do you offer?

Well, my name’s Sean Terry, and I’ve been wholesaling now for the past 18 years, and we do deals all across the entire country. And in this short video, I want to … first off, I’m going to show you our four-step process that we use to make offers over the phone. And I’m going to talk about the current market right now. Inventory, we know, is ridiculously low. The biggest problem is trying to get a deal. Sellers want retail. What do you offer a seller? Do you offer 70% less repairs, less fee? Do you offer 48 to 53%? Who knows, right? And also, I’m going to invite you to work directly with my team.

So first off, let me just tell you, if you’re brand-new and you want to have an experience that will literally change your entire business, I want to invite you to Syndicate 9 Mastermind. It’s not like anything that you’ve seen. What we essentially do is you come out to Phoenix, and you work with my team. What happens is you sit down, and we’re in a room obviously with a group of people, and we have a team of people, and we’re actually calling our leads, so you get to earn while you learn. So you use our scripts, you work with my acquisition team. You’re making offers over the phone, you’re talking to sellers, you’re securing contracts, and also, you’re getting paid while you learn.

Now, the best thing to learn, instead of sitting in a classroom and just learning a bunch of information, is actually doing the business. So what if you could do the business with my team and myself, making offers to sellers over the phone, getting contracts, selling properties, the whole entire thing? I can tell you the experience that people have had has been absolutely game-changing, where a guy named Eric Chan he turned around and got the check for $63,000. And the reason why is because of these events that we do. We do events every quarter. So first off, before I get into how to make offers to sellers and making offers and stuff like that, I want to invite you to that. And it’s actually … Syndicate 9 is a mastermind. Deal Syndicate is where you work with my team. All you got to do is click the button below. You can learn more, and there’s a whole video with people sharing their experience and what they do. And then you can fill out an application, and one of my team will come out and reach out to you.

Okay, so let’s get into talking with a seller over the phone. We have a four-step process when we’re talking with a seller. First off is a deep dive, right? We do a deep dive with the seller where we’re building rapport with the seller, gathering information, gathering information about the property, and really … because you can’t see a house, so you have to really dig into why they want to sell, number one, and number two, the repairs on the property. What we do is we talk to a seller, and we want them to tell us what they believe the cost of the repairs are, because if they say it, it’s true. If I say it, it’s not. So we go all through, ask them about the roof, ask them about the interior, when was the last time it was remodeled, what about the exterior, what about the landscaping. We get them to name a number for all of that information. So through the deep dive, we’re building rapport, we’re finding out the reason why they want to sell, and we’re also being able to get the repair estimate. Sometimes it’s 20, 30, 40, $50,000, and they’re naming the numbers.

Now, once we do that, then we’re going to do the set. Now, remember, we are … everything’s done over the phone, so we’re going to set an appointment where we get back on the phone with them in about 20 to 30 minutes, right? And during that time … so we do a set, get them back on the phone in 20 to 30 minutes, where we’re going to say, “Hey, listen, you know what? We’re going to have our underwriter, we’re going to go look through the property, I’m going to get all the details, I’ll look at comparable sales, and I’m going to try to find the highest and best number we can offer you.”

Now, just so you know, during this deep-dive part and prior to the set, your goal is to get the first and second asking price from the seller. So initially, when you’re talking to a seller, you say, “Hey, what are you asking for the property?” And they’re going to say, “I want $150,000.” Now, after you build rapport, you dig into the repairs, then you’re going to say, “Listen, Mr. Seller, if we pay cash, we can close quickly. We take care of all of the repairs. You don’t even have to pay any commissions or closing costs or fees or any of that type of stuff. What’s the minimum cash offer you would take? And if it was a net number, what would that number be?” So now you get the first asking price initially, then you get the second asking price prior to the set. It’s incredibly important. You’ll typically see it drop between the first and the second. So first, they might say 150, and then they say, “Well, if I don’t have to pay commissions, closing costs, fees, and I don’t have to do any repairs, and it’s quick and hassle-free, I could probably do 120, 130,” right? And that’s what typically they’ll say.

Now, now what happens is now you’ve got the set. Now, during the set, you’re going to gather all the information, you’re going to look at the comps, and then you’re going to figure out what to offer. Now, I’m going to get to what to offer here in a second. Well, why not do it now, right? So here’s what we do when it comes to making an offer. Right now, in this current market environment, we have no inventory. Sellers are smart. All they’ve got to do is go on Zillow and then look at the retail prices.

So when you look at comparable properties … and what most people teach, that aren’t in the business, they teach 70% less repairs, less fee. But if you do that in the current environment, you’re going to get outbid, and you’re never going to get a deal, right? Maybe you’ve been doing this before, you’ve been doing this, and you’ve been talking to sellers, and you’ve been making offers, but you’re not getting contracts, because you’re getting outbid. The reason why is those numbers in this market doesn’t work. Now, in a normal market, those numbers would work. But in the current market, where we have the lowest inventory in literally history, that I’ve seen, that you can’t … with those numbers, you can’t get offers accepted from sellers.

So here’s the thing. What most people tell you and teach you is to look at sold comparable properties, three sold comparable properties. Now, you want to look at sold, right? So here’s the problem with looking at sold. Sold properties is essentially historical data, right? That is where the value was, not where the value is or is going. So what we do is we don’t look at … we use sold as a reference to negotiate with a seller and to essentially make an offer and talk to them about sold properties. But when it comes to trying to find what to exit on the properties, which is essentially going to get to your offer price, we look at the pending properties and the active properties. Pending, most important. Pending tells you where the current market value is and where it’s going.

Now, here’s the thing. When you do deals nationally, you’re going to find that you have all these rural properties out in the middle of nowhere. Well, those are treated different. And I won’t get into that right now, but there’s a specific formula that we use to deal with those type of properties. But I’m talking about properties where you can go on Zillow, you can go on Redfin, and you can see, and then it’s in actually subdivision, you can see comparable properties, and there’s activity in a neighborhood. Now, when you look at the activity in a neighborhood and everything’s pending, that’s really showing you it’s a pretty hot market, and you’re able to offer higher. So what we’re doing is we’re looking at those pending properties right there, and then we’re looking at the active properties.

Now, our goal is to be the cheapest available active property on the market. We want to be the cheapest available property, so we look at, say, all the pending properties, and maybe there is five or ten active properties on the market. We want to be the cheapest one available … well, comparable … to our subject property. Now, we we’re going to do is we’re going to take that cheapest number, and then we’re going to back out our spread. Now, our average spreads, we’re running right now about $55,000 for our average spreads that we’re doing nationally, across the entire country.

So what happens, because we’re offering higher to a seller and we’re being able to sell the properties higher, because we’re looking at the lowest available property and then we’re taking off our spread off that … and we’re accounting for repairs if it’s trashed, right? But a lot of buyers right now are buying properties, especially in hot little markets, that are trashed, as well, which is amazing. So essentially, we have this offer price, right? We have this offer price, and we would negotiate with a seller based upon the comparable sales, and then we’re able to sell the property based upon being the lowest available property in looking at the pending properties.

Now, when it comes to making offers to sellers, it takes some time to learn, but the bottom line is, when you look at it, you can’t put a formula, because every neighborhood across the country is different. So when negotiating with a seller, you can look at the comparable sales, but you’ve got to realize, here, listen, here’s what I can sell it for, including my spread, and then that will give you a negotiating point with the seller, a Point-A point, and then you can negotiate up to your exit point.

So if you have a retail number, say you’ve got the 150, and they want 120, and you can sell the thing for 200 or you can sell the thing for 180, and you back out your spread, well, guess what? You’re in the money at 120. Now, what if they wanted 170? Well, guess what? You’ve got comparable sales, you can stay at 120, 130, and guess what? You can get the property for what those comparable sales are actually selling for and still be able to make 20 to 30 grand because you’re exiting that property at a higher price. So that’s what it comes to, making offers.

Now, I know it’s easier when you pull up a property and you can kind of look at it. And that’s why, in our events that we do, Deal Syndicate, and you come, we actually pull up properties. We look at properties. We look at the comparable sales. We make offers right there, and you’ll understand, and you get to see not only from rural properties, you get to see from properties in certain neighborhoods, because it is a learning process. But once you understand what we’re looking for and you see it and you can do it, and you make an offer to a seller, and you understand the process and how to get the contract over the phone, it makes a huge difference. So you’ve got the deep dive, then you’ve got the set, right? Then you’re doing your due diligence. You’re figuring out what’s the highest number you can offer, right? And obviously, you’re not going to start there. You’re going to start a little bit lower, negotiating.

And then you’re going to get them on the phone, right? Now you’ve got a seller on the phone, and now you’re going to start negotiating. Now, what happens during this process is you’re going to talk about the comparable properties, properties that recently sold in the neighborhood, and you’re going to start there. And then you’re going to back out the repairs, and then you’re going to make an offer. Now, the offer’s going to be pretty low, as an anchor, right? And you want to do kind of like a range. You’ll say, “Hey, listen, I talked to my underwriter. We’re going to be roughly around $90,000 to $104,000 for the property, based upon the comparable sales. If we can get in that ballpark, do you think we’ve got a deal?”

And two things are going to happen. They go, “Oh my gosh, there’s no way I’d sell for that,” or they’re going to say, “Well, I was hoping for a little bit more.” Well, and then you can say, “Well, listen, let me see what I can do.” You put them on hold, and then you can talk to the underwriter or you can go back and look at your numbers, right? And then you can come back and maybe offer 110 and get that property secured.

So now, during the negotiation, you want to anchor a low number and then be able to feel them out on a range, and then be able to, “Hey, listen, I just talked to my underwriter. I can do $112,251 for this property. I was able to get him up and be able to get this deal done. So if I can get you 112, are you ready to go today?” So now what happens is you came up on your price, and it’s still under your number, and maybe now you can sell the property for 140, $150,000.

Now, during this process, there’s going to be potentially objections. And this is where a lot of people get derailed when it comes to the negotiation, and I know because I have my sales team that we teach and train and everything. So the bottom line is what happens is they don’t want to confront the situation. So a seller goes, “You know what? I want to think about it,” or “Well, I’ve got a couple … I have a realtor friend,” or “I’ve got to talk to my partner,” or got to talk to whatever the case may be. And what they’re going to do is they’re going to throw out an objection. An objection doesn’t mean no. An objection just means that you haven’t come to an agreement yet. And the goal is to come to an agreement. It’s called a meeting of the minds. And if you can come to a meeting of the minds with a seller, then you can move to the contract process, which is the fourth step.

So your goal during this offer, negotiation process after the set, where you’re making the offer, is to get a meeting of the minds. Now, if you make their offer and they say, “No way. $102,000? What, are you nuts?” And you say, “Great. Where do you need to be to get the deal done today? Let me go talk to my underwriter to see what I can do, and I’ll go to bat for you.” So they might come back at $114,000, and you can say, “Listen, if I can get you $114,000 today, do you think we can make this deal?” And they’re going to say yes or no. So the bottom line is this, is that they’re going to … your goal is to get a meeting of the minds.

Now, what happens is … let’s say you make the offer of 94 to 102, whatever it is, and they go, “Well, let me think about it.” So they say … And here’s the thing, is that there’s four types of personalities. I’m getting real deep in this video right here, but there’s four types of personalities, and each personality is different. We teach this in our trainings. There are some people that are aggressive. There are some people that are non-confrontational. Some people are analytical. Some people are more social-conscious, where they care more about how their decision impacts everybody else, right? There’s people that are just want to build a relationship and they’ll make a decision today, and the more relationship you build with them, the better off they’re going to be.

So those are four different personality types, and if you know those personality types, it makes everything 100% clearer. But I don’t want to get into that right now. You actually can join us, just to learn more, at Deal Syndicate, and we actually show you and teach you personality types. Then, when you’re talking on the phone, you go, “Oh my gosh, this is easy,” right? “I understand that this person’s analytical. They like facts, they like numbers. They don’t like to get pushed. They’re non-confrontational,” and you’re able to negotiate with them in that manner.

Now, back to our situation. What happens is they give you an objection, and the objection is “I want to think about it,” right? So you get two different choices. Now, where people lose deals is right in the objections, right there in the objections. They lose deals right there. So what happens is they go, “Okay, well, let me follow up with you. Can I call you on Friday?” Right? Your deal’s done. Why? They’re going to call me, and I’m going to get the contract signed. They’re going to call my team. We’re going to get the contract signed because we know how to overcome objections.

So here’s the deal. They go, “Hey, listen, I want to think about it.” “Hey, Mr. Seller, I can appreciate that you want to think about it. But just so I understand, obviously you want to sell, we want to buy a house, and it seems like you’ve got a great house, it seems like you have a reason to sell. So let me … I’d just like to get more specific. What specifically would you like to think about?” And what you’re doing is you’re taking a generalized objection, “I want to think about it,” and then you’re putting it into a box. And I call it boxing the objection. And you say, “Do you want to think about me, or do you want to think about the process? Do you want to think about the contract? Do you want to think about the price, or do you want to think about me? What specifically, Mr. Seller, do you want to think about?”

And what happens is they’re taking their generalized objection and they’re boxing it into price, right? And they go … and 99% of the time, it’s price … “Well, honestly, your price is a little bit low, and I’m going to just see if I can do a little bit better.” You say, “Great, Mr. Seller. We offered you between 98 to 102,000,” whatever the number is, and say, “Listen, where do you need to be? Let me go to my underwriter. Let me see what we can do. I really like you. I want to get this deal done. Let me go to bat. Where do you need to be? What number would make sense that you can get this deal done?” And they say 114, 113, whatever the number is.

Then you can go back, and if you can make your numbers work, get the deal signed … Because remember this, what’s the worst thing that can happen? Especially if you use our contracts specifically … and if you don’t have our contracts, do not do this. But if you use our contracts specifically, you’re able to have a longer inspection period. And during that inspection period, if you need to cancel because you can’t find a buyer, then you’re able to do that. So if you get the property under contract and you can’t sell it for some reason, you can renegotiate with the seller or you can cancel the contract. And I don’t like canceling contracts. I don’t like signing a bunch of contracts that I know I can’t sell. I like to actually negotiate.

But the bottom line is you’re talking to a seller, and let’s say they say 114,000, 120,000, and those numbers work, get the contract signed. You say, “Listen, Mr. Seller, if I can get you 120,000 … I don’t know if I can right now, but if I can, do we have a deal? Let me go talk to my underwriter. Let me see what I can do.” That’s called a nail-down close. Now, there’s multiple different closes you can do. There’s alternate-choice closes, there’s nail-down closes, there’s fear-of-loss closes, there’s price-justification closes. All of that we teach in part of Deal Syndicate. You come, you work with our team, you actually learn and actually do at the same time. But I don’t want to get into that.

So here’s the thing, is now you’re at the point where you’re making an offer and you’re closing the deal, you’re getting a meeting of the minds. You boxed the objection. It was price. You overcame that objection by finding out where they need to be. You made an offer. Now they need to reciprocate their number. You made an offer at, say, about 104,000, and now they reciprocate they need to be at 118,000, and then say, “Listen, bam, I can get this done at 118.” You nail down the 118, go back to the underwriter, come back, bam, and then you sign it for 118.

Now you have a meeting of the minds. “Listen, Mr. Seller, I can get this done at 118,000. What I’m going to do is I’m going to earmark 118,000 for you, so let’s get the paperwork filled out right now. What I’m going to do is I’m going to email you the contract. I just want to confirm your email. I’m going to send it to you, and I want to go through it in detail with you so you understand what our process is,” and then you get the contract signed. So we use DocuSign. We’ll send it out, we’ll go through the information, we’ll get them to sign it right there, and that’s how we get deals signed. It’s the four-step process that we do that, and it works amazing.

Then, once we get the property under contract, then we go through the process of selling it. And we have a five-step process of actually selling properties in any market across the country nationally, and it works phenomenal. So I don’t want to get into that video, but again, my name is Sean Terry. If you like this information, you want to learn how to do this, and if you want to work with my team … I’ve been doing this for 18 years, done hundreds of millions of dollars in wholesale transactions nationally and locally, here in Phoenix primarily … then I want to invite you to apply to work with our team. We want to make sure you’re a right fit, we want to make sure a right fit with the team.

We have an incredible community. We have … And my right-hand man, [Bryant 00:21:29], will reach out to you, have a conversation. It’s no obligation, and it’s incredibly affordable. So all you’ve got to do is click the button below and just learn more about it. There’s absolutely zero pressure. Listen, if you don’t want to be a part of my world and a part of our mastermind thing, then listen, there’s no pressure. Really. I care, but there’s no pressure. The bottom line is all you’ve got to do is just click the button below, and you can learn more about it. We’ll answer all your questions, and I guarantee you will not be disappointed. So I hope this video helped, hope we can help you out a lot. God bless.


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