Yes, You Need To Talk With The Seller (Part 2)
Today I want to dive deeper into my first point on why YES, you do have to talk to sellers. ☺
Like I mentioned before, being able to present yourself in the right way over the phone is going to give you the leg up on your competition and get you closing more deals while being more efficient with your time.
On this first phone call we’re not looking to put a deal together or negotiate price, we’re simply trying to accomplish 5 things:
- Build Rapport - Establish Price
- Uncover “Why” - Set up Higher Authority
- Gather Data
Today I want to discuss two of the most important of the 5 – Building Rapport and Uncovering the Sellers “Why”.
These two words can sound intimidating and a bit mystical, but it simply means to build a relationship with your seller. Most of our competition sees a property and ignores the person that owns it; these investors have a “price only” mentality. To separate ourselves on this first call we want to start laying the foundation of our relationship with our seller. People do business with people they “Know, Like, and Trust”, which means we need to get to know who we’re talking to so they feel comfortable enough to let us know the real reason they want to sell. Which leads me into the next goal of our first call.
The easiest road map to getting a discounted property requires that the seller is motivated and the property has equity.
I like to say it like this – “Motivation + Equity = Potential Deal.”
The main reason a seller is willing to sell one of their most important investments at a discount is because they are under some sort of distress. This distress opens up an opportunity for us to come in and not take advantage, but help the homeowner out of their situation.
Some common reasons are:
- They’re a Tired Landlord - They’re Behind on Payments
- They’ve Inherited the Property - The Property needs too many repairs
- They’re Going Through a Divorce
On this first call I want to find out why they want to sell this property, and once I know that I can begin game planning how to make this a win/win for the homeowner and for me.
In the next Blog I will dive into the other 3 goals on our first call and why they are paramount in helping put the puzzle pieces together.