Real Estate Investing Secrets of Success When Door Knocking for Dollars : What to Say at the Door
We we first began in real estate, we were a couple of broke college kids. We had done our first deal while in school and had embarked to follow our dreams of making the big money. Being that we had little to no capital, we were interested in low-to-no cost marketing techniques to get the ball rolling. In comes “Door Knocking for Dollars.”
One of the first courses that we bought was on short sales. It was an extremely rudimentary course but ultimately, it got us our next deal. The course taught us, among other things, how to go to the courthouse and research public records to generate a list of properties that were in the foreclosure process. And this list was FREE! Other than our time that we spent compiling the list and the cost of gas. Once the list was in hand, we had three choices. We could send the prospective client a piece of direct mail, we could seek out a phone # and call them, or we could muster up some courage and go knock on their front door.
With the research that I had done, it seemed that for the best results, getting in their face and knocking on their door was the most effective strategy. And, this avenue also seemed to have the least competition.
So, we decided that if knocking on doors was the most effective strategy, that was exactly what we would do. Comfortable or not. We forced ourselves into action by holding each other accountable for visiting a certain # of houses per week. Having an accountability partner has always been a key way of getting things done in our business. If you don’t already have one, I would suggest getting one immediately.
Our primary goal with every house that we knocked on was to simply get our foot in the door. That was it! If you get immediately turned away and all you do is leave your information, the chances of you doing business with them is slim to none. We knew that if we got in the door, we improved our chances ten fold.
Here is a basic script to get you started:
Knock, knock, knock…
Investor: The company that I work for was doing some research down at the courthouse and thought we may be able to help out with your property. (This is where you shut up)
Homeowner: What are you talking about? There aren’t any problems with the property.
Investor: Well, I understand. Our company saw that the house was a little bit behind and we typically work with homeowners who are frustrated with the way their bank is treating them and are tired of the hassles, phone calls, and letters that are associated with situations like this. Would you like to sit down and talk about it for no more than 5 minutes?
Homeowner: This isn’t a good time. How about giving me your card and I will get back to you?
Investor: Sounds good. I definitely understand that right now may not be the best time for you. What if I told you that with 5 minutes of your time, I could show you how our company works? Whether or not you are interested doesn’t really matter to me. Worst case scenario is in 5 minutes I’m walking out of here and you know what your options are. You seem like the kind of person that takes responsibility and would want to at least know your options. (This is where you shut up again. No matter how long the silence becomes, DO NOT SAY A WORD)
Homeowner: Well, I guess that would work.
Success! You’ve got your foot in the door. Remember, these people often times have been through some very difficult times ranging from illnesses, family tragedies, job loss, divorce, etc. Be gentle and understanding. That is how you will connect with them.
Oh yeah, by the way, the whole 5 minute thing is just to get in the door. You want to spend a lot more time with them than that. Make sure to respect their time though. After 5 minutes, tell them that the time is up and that you are glad to go ahead and leave. This is where they ask you to please stay and continue educating them on how you can help.
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