May 13, 2011 in Wholesaling
Funny things happen when you’re a real estate investor, and I just had to share this story about a seller I spoke with today. We’ll just call him “Mr. Bottom Feeder”.
For all you newbie’s; don’t think it is your lack of experience as a real estate investor that causes folks to be rude and nasty with you. Some sellers are just naturally rude and nasty and there is really nothing that you can do except to laugh it off and say “next”.
Sometime These Calls Are a Teaching Moment
I got a call from a man today that had received a direct mail piece from me. Anyone that has been around me any length of time knows that I am the “direct mail queen”. I love direct mail! It is my main source of leads.
He told me he had a house he wanted to sell. I asked him all of the standard questions that I have on my property information sheet I use when I talk with sellers. (If you’re not using a standard form and asking the same questions each time you talk with a seller you should be). Click Here to Get Yours!
During this process I learned that he lived in another state and had purchased this house 35 years ago. The seller had never been in the house and nothing had ever been updated since he purchased the property except maybe the roof. However then he said he said really couldn’t remember spending any money on the house.
Well, right about this time I’m thinking that I see a deal coming my way!
The Seller Lays it Out for Me
Then he went on to tell ME his terms for selling me his house. This is the part that is funny.
He instructed me to drive out to the property which was about 25 miles from me, and if I still wanted to see the interior I could call him and he would make arrangements with the property manager for me to get in at a later date. (No, he wasn’t about to give me the property manager’s name). Mr. Bottom Feeder was asking at least $5,000 more than what the property would be worth after it was updated, and “he wasn’t updating one ___ thing in the house”. “Not one ____ thing” to use his exact words.
He then reiterated that he really wanted to sell the house, but he wasn’t negotiating and he wasn’t dealing with “any bottom feeders”. “So what do you plan to do”, he demanded to know? I told him I would look at the comps and call him back if I was interested while I was simultaneously throwing the property information sheet in the trash. I’ve learned (the hard way) that I just don’t need this kind of seller around messing up my good mood.
I’m pretty sure he’s not going to be selling this house any time soon.
Do I want to spend time dealing with this man? Not on your life. If you have your direct mail campaigns set up correctly it's just a matter of time until you get another lead. That's the beauty of consistent marketing. You will eventually get to choose the sellers you want to work with and leave the rest behind.
What's Next? Do I Take Him Off my Mailing List?
Heck no! (At least not for a while). It’s worth a stamp just knowing he will look at the post card each month and shout “Bottom Feeder”.
An Update; Mr. Bottom Feeder Calls Again
I was pretty sure it was going to happen. He called again!
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