Broker Script
Hi my name is ______
I’m an investor from the Nashville area, and I’m looking to buy some properties in the ______area. The types of properties we buy range between 10 and 50 units and are B,C type properties in B,C type areas. I’m also looking for properties that have some sort of Value Added component. Is this something that you might be able to help me with?
I’m also looking for properties with a 10% or greater first year cash on cash return. What listing do you now know about that I may be interested in?
Great, can you tell me what price range per unit that the B and C properties are selling for in your area?
I’m also in the process of researching your city, could you tell me where in your city that I will find the majority of these types of properties…. (would it be in the N, S, E or W)
I understand that your city is attracting a lot of new job growth, what companies do you know of that are coming into the area?
Can you tell me where the path of progress is going in your city?
Could you give me the names of a couple of good management companies in your area that specialize in these types of properties?
Thank you
Follow Up Call
Hey, it’s______. We chatted once before about opportunities in your market for the multifamily properties we target between 5-50 units.
I like the info you sent/provided and I’d like to chat a little bit more in depth about how we can work together. We usually work in a couple of ways…
As investors it usually doesn’t make sense for us to make a full price offer.
For an-all cash offer we are usually around 65-70% of ask. The other way we work if the seller is willing to structure the deal differently is to come in as a master tenant, come in and implement value plays to immediately increase the NOI and equity so that it does make sense to my investment partners make a full price offer.
Basically what this means is that if you are in danger of losing a listing because the property won’t sell or it’s close to expiring, let us be your best worst option.
As a master tenant, I can guarantee the owner’s current NOI as my lease payment and I will also sign an option agreement to purchase the property at some point in the future for close to the ask after I’ve done what I do with my value plays.
I don’t want your best listings, I want to help you resurrect your dead deals. Is that something that will work for you?
Seller Script – Apartments
Hello, BD Capital Partners, how may I help you?
Yes, I’m interested in selling my property?
You’re interested in selling your property great! How did you hear about us?
I received a letter in the mail.
A letter, excellent. Oh, by the way, my name is Bill, what’s yours?
(All future answers are a repeat of the end of the question with a positive affirmation. See example after next 3 questions)
John Wannasell
John, what’s your number there, just in case?
508-555-5555
508-555-5555 terrific, how many units are on the property?
There are 14 units.
14 Units, excellent. How soon are you looking to close?
I’d like to close with in 30 days.
With in 30 days, great! Can you tell me about your property?
What do you want to know?
Can you tell me how many units?
What the unit mix is (how many 1 bedrooms, 2 bedrooms, 3 bedrooms..)?
What are you getting for rents for these units?
How many units are vacant at this time?
Who pays for the utilities, you or the tenants? Heat, electric, water
What type of repairs need to be done to the property?
Are the tenants on 30 day or one year leases?
How much are you asking for your property?
Answer A - $250,000
$250,000 good. How did you arrive at that value?
Answer B – I don’t know why don’t you make me an offer
Well Mr. Seller, you called me to sell your property, before I come out to take a look at it, I need to have some idea as what you’re asking for it so I’m not wasting your time and you’re not wasting mine. That sounds fair, doesn’t it?
Yes
If I were to offer you all cash and close quickly, what is the least amount that you would accept for the property?
Is that the best you can do?
How much do you owe on the property?
Is your loan assumable?