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| Tuesday, January 31, 2012 |
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4 things you must know before talking to motivated sellers
By simon87 @ 10:48 AM :: 14 Views ::
0 Comments ::  :: Investments
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Some of the best real estate investing deals come from people who are looking to sell their houses. Even though there are so many houses sitting on the market, not all the sellers are motivated enough to give you a deal that ends up making you profit.
Similarly, even though some of the sellers could be highly motivated, not all such deals have enough equity to make you profits.
It is therefore necessary when you talk to sellers that you weed out potential time wasters without turning off potentially good deals.
Here are 5 things you must know before you talk to the next motivated seller.
1) Do not waste your time
You must be the one to take lead of the conversation. The conversation must focus in a direction that provides answers to all the questions you need answered to determine if you have a deal or not.
A lot of sellers will start talking about the good things about their beautiful home, the updates they have done, the great location and so on. Of course, even though they are attached to their house, this conversation will not help you much.
Unless you can buy their house at a price low enough to make you a profit, none of this information is of any value to you.
I always have a script open with specific questions I must have answered in the conversation. They can be answered in any order, but I must determine if it's a deal or not within 2 minutes.
First, you must deal only with motivated sellers. They must tell you the mortgage balance, or they are not motivated enough. Most motivated sellers talk about their mortgage balance as casually as they talk about the number of rooms in the house.
In my business, the sellers I talk with have already been pre-screened and pre-negotiated with on my real estate investor website. A few of them will still prefer to call, and they usually have to be motivated enough to leave a voice message.
My virtual assistant then returns the call and submits the information on my website. By the time I talk to them, I already know if I can make the deal happen or not.
This way, I do not have to waste time with sellers of houses I will never buy.
2) Develop rapport
Do not represent yourself as Mr. Big Corporate House Buying Company. You are a local guy looking to buy their house. And you like their house because it seems to meet your needs.
Build this rapport when you talk, especially once you establish you can make the deal happen.
3) Listen, listen, listen
Remember you are leading the conversation, and listen to what they have to say - how did they get into this predicament, how badly they want out, repairs, etc.
The only information you need is that which will help you determine their level of motivation, asking price, repairs and equity.
4) Negotiate
Remember to negotiate even when the asking price looks good enough. Lots of people might think they could have gotten a better price if you do not negotiate.
You can use on other things except the price such as appliances, closing costs or even furniture.
And always make an appointment to go see the house if the deal looks good at the first glance.
This will stop them from shopping your competition. If you later think the deal is not that good after all, you can always call to cancel the appointment.
As long as you remember to treat them nice, with respect and with sensitivity, they will be as keen to sell you their house as you are to buy it.
When your real estate investing business is run from an interactive real estate investing website, the website tells your story for you, pre-educating motivated sellers how you buy houses. It also automates most aspects of real estate investing, so you close more deals using less time, money and effort. Learn how you can employ such a website so you receive pre-screened and pre-negotiated deals ready for you to make an offer in just a few minutes. |
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