Today’s article is on how to build rapport with motivated sellers. It’s funny how people worry and fret over this. Whether it’s talking one-on-one to a motivated seller or speaking in front of a small group of people, the best piece of advice I can give you is this:
Think of this as a conversation between two friends. When you change your mindset, this will help alleviate most of your fears.
Here are some other Tips for You
Be prepared. Whether you are picking up the telephone or meeting a seller at the property, don’t show up for the conversation unprepared.
Find some common ground as fast as you can.
Always be on time for appointments.
Always do what you say you’re going to do.
Let’s talk about each one of these things a little more.
In the second part of this 2 part series on direct mail statistics, I want to talk about split testing. As you know, split testing is when you test one (or more) things against another thing. In this case we are talking about split testing different direct mail pieces.
For example: Let's say that you have a list of 900 names on an out of state absentee owner list, and you have been using a yellow text postcard as your mail piece. Even though you have been mailing consistently, you just don't feel like you're getting the results you should be getting.
Once you have determined that your list is good, the next logical thing to look at is your mail piece.
Here is a fact: different direct mail pieces work better in some areas than others. Different mail pieces also work better for certain groups of motivated sellers.
I get a lot of questions about how to talk to motivated sellers. More specifically, folks want to know “what’s the secret to getting a yes from motivated sellers”.
I wish I could tell you there is a secret process but really there isn’t. Even a lot of experienced investors don’t like having these conversations. And when it comes to negotiating, forget about that! They make their offer while looking down at their shoes. Now that inspires confidence doesn’t it?
If you are going to succeed in this business, you have to master talking to sellers.
Once you begin to think of every interaction with a motivated seller simply as a conversation where two (or more) people are trying to find a solution to a problem, everything changes. Read the rest of this entry →
In the first part of this article we talked about how to approach the seller, and what to say to get the conversation going. We also talked about the reasons you should always use a property information form. (If you missed part 1 you can CLICK HEREto read the article…)
Our ultimate destination is “negotiation”. We all want to get to the negotiation stage and get that property under contract.
Getting Right to the “Nitty-Gritty”
Now it’s time to get down to the hard part. We all want to get down to the real “nitty-gritty” which is how much money they want for the property. What are the seller’s expectations? What is it they really want (or need) in addition to cash?
One of the most common complaints I hear is, “The seller won’t tell me how much they want for the house”. I can tell you from experience sellers rarely spit out the rock bottom dollar amount they are willing to walk away with. You know; the amount they can accept without feeling like they have been robbed. Read the rest of this entry →
I get a lot of questions from new investors. You notice over time the same ones keep coming up again and again so I thought I would write about one today. One of the most frequently asked questions of all has to do with screening motivated sellers.
It goes something like this-
“How do I quickly find out in that initial phone call if I have a motivated seller, and how can I get them to tell me how much they want for the house? I ‘m wasting a lot of time on the phone, then I drive out to the property only to find out it’s a house that needs to be listed with a Realtor”.
My answer to that is you should never be getting in your car to drive to a property without a reasonable expectation that you can buy the property at a deeply discounted price. There will be times when you won’t know for sure if you can get to the exact number you need until you meet the seller face to face, but that initial conversation should let you know if you have a potentially motivated seller.
How exactly do you get better at this process? The short answer is that it takes practice. However, there are some steps you can take to speed this process up. Read the rest of this entry →