Conference Call Recap 2/12/09

We talked about SO MANY things on the call that it was impossible to keep up.....but also impossible not to be engaged. So many great learnings and ideas about how to make our businesses more efficient and profitable.

Anyway, here's some info recalled by Jeff:

Connecting with the BPO Agent
When BPO/App calls - make sure to write down the phone number where they called from, then skip trace the phone number on google while you're speaking with the BPO/App to build rapport. Example: Ring Ring Ring PH# on caller ID: (213) 253-1120....

Take that ph# and throw it into google like this.... "213 253-1120" you will get a solid match to a website. Now you have the company name, address, other workers, email etc etc...

While you are on the phone say something like the following:

You: "You're from _____ company right? (which you just found out)
BPO/APP: "yes"
You: "Yeah, the ______ bank told me you where going to call" (which you didn't know)
You: "WOW!!! This property is special (let them think whatever)...would you be offended if I sent you some of the information that ______ bank already has?
BPO/APP: "no" (everyone will say it)
You: "Your email is ________________, right?" (which you just got from the internet)

***now you have planted the seed - with your comps/pictures****
***remember, if it doesn't help you - IT HURTS YOU!!!***

SIDE NOTE: This method of skip tracing while on the phone is golden - you can use this while you are negotiating with the lender.

Example.
Bank: "May I have the loan number... blah blah"
**give all the info - while you're waiting for them pull everything up***
You: "Where am I calling today?"
Bank: "Fortworth, TX" (pay attention very carefully)
You: "Awesome..." NOW GOOGLE THE CITY, STATE IN GOOGLE MAPS FAST AS YOU CAN
You: "So are you near _____ or _____" (picking a main highway)"

The goal is build rapport as fast as possible... by using this technique the individual on the other line will assume you have been to that city. Everyone likes to do business with people they know. You can even say things about a golf course, the lake, the mall, etc. This way you now
have some type of connection.

Marketing
MLS: Marketing to previously "pending" MLS listing that went back to "active". This means that the buyer fell out of escrow and the agent is probably extremely frustrated. ***Listing
must be a short sale***

Send an email to the listing agent....

Example:
" Hey agent Joe, I saw your listing on 123 abc street just went back to active. I wanted to make an as-is all cash offer on this property. I can close very quickly but you're seller needs to be comfortable to allow us to do the negotiation with the bank."
**This week I'm going to test this....***

Breaking Down Brokerages Barriers
I (Jordan) have been fighting with the larger brokerages for weeks now trying to get them to accept the Option Contract and the way I do business. But these brokerages are big and slow and tangled in more red tape than you can imagine. Despite the sheer volume of short sales, REO's and foreclosures here in California, the real estate industry is a relative newbie in dealing with distressed properties - particularly the large brokerages. They just don't now how to handle or deal with anything other than the ordinary, standard agreements and ways of doing business. And none of them (with 200+ people in each) have ever worked with this type of an Option Contract.

Lately, I've had to let my attorney loose on these brokerages to demand what legal basis they have for not accepting the contracts. As a result, it looks like I'm about to be accepted by Prudential and Keller Williams. But I've had to modify the Option Contract & Affidavit of Understanding per each individual brokerage. And it turns out that it's not actually changes to the legal principles in these contracts that have changed. But rather adding clauses like the following:

- "The homeowner agrees that he/she is not under the influence of alcohol or drugs when signing this contract"
- "This contract is 5 pages in length."
- "(Bold this clause)"
- "This contract will be recorded in the county recorder's office"

After all the legal posturing, it's these kind of things that make them feel comfortable. Amazing, isn't it? I guess someone's got to break down the walls. Hopefully, my efforts will open up the doors for everyone. I'll let you know.

So much more that I can't remember. Until next time...