Does this scenario sound familiar?
You’ve found a property that you really like and the seller seems very motivated to sell. So you start talking to the seller about buying the property. So far, so good, right?
However, the seller ends up rejecting your initial price for the property, and then the next offer and the next, until it seems that neither one of you is going to reach a price that works.
For many people, this is considered a dead lead.
Dead leads happen when a seller, for whatever reason, no longer wants to sell their property; in many cases, it’s because they aren’t getting the amount of cash they want.
A lot of investors don’t usually mess with dead leads because, well, they’re dead. Why chase after something that’s not going to happen?
But here’s the thing – dead leads don’t have to stay dead.
How to Turn Dead Leads into Deals
So if a dead lead isn’t truly dead, how exactly do you resurrect it?
Well, to answer this question, I turned to the one man who had all the answers – Mr. Pace Morby.
Pace and I go through talking to a particular seller who seemed motivated in the beginning, but then became a dead lead in the video below:
This was an interesting deal for us because the seller was motivated in the beginning but seemed to cool off once the price offer wasn’t what he wanted.
As you’ll see, Pace was able to get to the underlying reasons why the seller didn’t want the deal as it was and made sure to make follow up plans.
And that’s a crucial aspect of turning a dead lead into a hot deal – you have to – have to – follow up with a seller.
Sometimes, a seller’s motivation changes, but they can always come back around; things happen and you need to reassess. And that’s a common scenario for sellers.
The problem lies in whether we, as wholesalers, are following up with these sellers. The follow up is important because it means we haven’t completely forgotten about this property.
Now, this doesn’t mean we start stalking the seller and become a nuisance; it means that – as Pace does in the video – you ask when will be a good time to get back in touch.
And this can be anywhere from calling a few days later to a few months.
The best part is, this also keeps us in the minds of sellers, and when they get to a point where they’re again motivated to sell, they can get in contact with us.
Dead leads don’t necessarily mean that a deal is over; sometimes it helps to find out what a seller is looking for and if this is the right time for them to sell.
If you’ve run into a similar scenario with a seller, let us know in the comments or come join our Astro community to hear from others on how they turned those dead leads into deals.