My guest for today's podcast is Michael Quarles a full time investor from sunny California. Today's show is on how to negotiate like a pro. 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
[podcast title=”Negotiate Like a Pro with Michael Quarles”]http://traffic.libsyn.com/letstalkrealestateinvesting/MichaelQuarlesLetsTalkRealEstateInvestinge30pt01.mp3[/podcast]
[podcast title=”Negotiate Like a Pro with Michael Quarles Part 2.”]http://traffic.libsyn.com/letstalkrealestateinvesting/MichaelQuarlesLetsTalkRealEstateInvestinge30pt02.mp3[/podcast]
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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 and say hi. Just click here.
If you want to schedule a 1 on 1 call with me to talk about specific strategies for building your brand and creating more effective marketing for your business, you do that here by clicking this link.
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This was a very educational podcast. Thank you so much! I took a lot of notes. 🙂
Sharon, I asked Michael about it but I also wanted to get your thoughts on this question. I’m still not 100% sure how to get someone to reduce the price of their house from say $100,000 to $70,000.
I did get what Michael was saying about budgeting $1,500 for the water heater (instead of $700). I figure, if you did that for the flooring, windows, etc then you can come up with a lower sum.
But is this the main way to reduce the price and get my profit? Are there other ways to convince the seller that his house should sell for less?