My guest for today's podcast is Michael Quarles a full time investor from sunny California. Having done close to 1000 deals, that certainly qualifies him as an expert.
Michael is also the owner of a direct marketing company called YellowLetters.com that I use in my business.
Today the topic is “Learn to Negotiate Like a Pro”. If there is one thing that hangs investors up it is negotiation. For most folks this is a skill they have to learn; they aren't born skilled negotiators. But the good news is that everyone can learn to be good at this.
On tip I loved was when Michael said that he doesn't go out to “look at houses”. When speaking to the seller he says, “When I buy your house”… What a game changer this is when you understand the power of this sentence. I know you are really going to love this podcast. Be sure to leave us any questions you might have for me or for Michael.
Here are just a few of the nuggets you will get from listening to this podcast.
- The first 5 crucial questions to ask a seller
- Two crucial questions to ask during the first conversation to help determine what the expectations are
- Trying to find out what the seller will “take” for the house as opposed to what they say they want
- Why sellers often ask “unrelated” questions and how to handle them
- Why Michael insists the seller walk the house with him, and how he gets them involved in this process
- Repair estimates; Michael's system for repairs; ugly, uglier and ugliest
- Getting folks engaged or invested in the conversation
- Making sellers feel valued; really listening to them
- Sending out a follow-up questionnaire
- Why Michael survey’s the neighbors before meeting a motivated seller
- Pushing through the fear; doing the hard things
- Determining what the seller wants or needs in addition to cash
- Knowing what it really means when the seller offers something to drink
- The 3 reasons Mike is actually goes out to a house
- Making offers on the spot
- How Mike moves folks that are “on the fence” over to a yes
- Doing business in an ethical manner
- Following up with sellers that say “not now”
- The magic sentence that gives Mike the edge over his competition
- Final tips for folks; how to get to “yes”
- Doing things “on purpose”
You Can Listen to the Podcast Here
Part 01 - Download This Episode
Part 01 - Download This Episode
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Michael is the owner of YellowLetters.com. If you are looking for a direct mail source I can recommend his company. This is the service I use in my business. You can choose your direct mail pieces, order your list, and they will do everything for you. It doesn't get any easier than that does it?
A little about me, I started investing when I was still a teenager buying an R2 lot and constructing a duplex onto it. I didn’t know what the heck I was doing all I knew is that I wanted to. I made every mistake one could make and still survived. The really cool part is that during the process I fell in love with dirt. Since that day I have been involved with nearly one thousand real estate deals. In 1991 I obtained my contractors general building license and have built over 70 units from ground up. In 2006 I obtained my broker’s license as well.
After doing over two hundred deals in 2005 several people asked me how I did as many deals as I did and my answer was and remains that it was of matter of marketing and understanding negotiation. Subsequently I began helping investors new and seasoned jump start their marketing and formed YellowLetters.com.
Michael also has a new website for investors so be sure to stop by Buy Sell Fix Flip by Clicking Here….
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