Speaking to sellers

15 Replies

How do you know what to say to the seller when you get the first call?  Anyone have any tips on how to be prepared for this?

Thanks

What would you like to  hear from a real estate investor if it was you needing to sell one of your houses?

Put your self in their shoes,

The first step is for you to find out what is their expectations: (examples)

Tell me about the property?

Why do you want to sell?

what expenses do you currently have?

What do you expect  to get for the house?

Who did you come up with that number?

What is the lowest you lowest you will sell if I pay cash in 7 day? 

By then you should know if they are motivated... if they are not motivated do not spend much time,   but let them know that you will always be their plan B.

The goal is to identify the need and then cum up with the solution to solve the problem, that is what every entrepreneur does.

Thanks so much..Great info.!

Find or create a script for handling calls and practice it until you have it down pact. 

@Norma Cole  Use open ended questions just as @Luis Montanez  suggested. Some of the questions may not even be related to real estate. Just get them talking. Talking about the house, about their family, about their job. If they're motivated, they will often spill their guts about the situation, without you ever asking them to do so. Sometimes it's too much information :) Their husband just left & their mother is sick & everything is hitting the fan all at once. All of that helps build trust & good rapport which ultimately puts you in the best position to help them & hopefully buy their property.

When they tell you what they need, that is where you can provide the most value in helping them form a solution to their problem. Even if it's not you buying the house, you can add value by offering helpful suggestions or getting them in touch with someone that can help. 

But hopefully they need you, so you can make some $   :)

@Norma Cole  

Brandon and I actually roll play this question on the postcast #77

here are my conversation questions.

The first five questions tell the story. Unless your using multiple marketing media sources. If so, then your first question should be:

1. How did you happen to hear about us? Otherwise just ask the following.

2. Do you have a house you're wanting to sell? - Must be a Yes answer...

3. Is the house currently Listed with a Real Estate Professional? - Must be a No answer...

4. What do you think the house will be worth in today's market? - Must give a number...

5. What is your "Rock Bottom" price, the lowest amount you'll sell for FAST and FOR CASH? - Must be a number equal to or less than the worth value...

6. What is the address of the house?

Without the right answers to these five or Six questions I don't continue with the questions on the following seller questionnaire.

The Following is a script we have used with great success.

Call Date __________________________

Owner first and last name. (confirm spelling)______________________________________________

In case we get disconnected what is a good number to call you back on?_______________________________

Do you happen to have a cell number? _________________________

What is the best time to call you back? _________________________

What's the address of the house you're hoping to sell? __________________________________________

Property City?___________________ Property State? ___________ Property County?_______________

Out of curiosity, why are you selling? __________________________________________________________

When do you want the house sold? _____________________________

On a scale of 1 to 10, 10 being highly motivated, how would you rank your motivation to sell? ___________

How did you happen to own the home? ____________________________________________________________

Is the Home Vacant or Occupied? Vacant Occupied

Occupants Name? ________________________________

Do You Know the Year Built? __________________

What is the approximate square footage? __________________

How Many Bedrooms? __________________ How Many Bathrooms? ______________ Size of the Garage? ___________

Knowing I buy "As Is" tell me a little about the condition of the property, does it need any repairs? Things like paint, carpet, roof repairs and such?

What do you think the repair costs are going to be? _______________________

What do you think your house will appraise for in today's market? ____________________

What are you asking for the house? _______________________ Pause

Is that price "As Is" or fixed up? ___________________

How did you happen to come up with that price?____________________________________________________

Are your payments current or behind? Yes No A little In Foreclosure

If in foreclosure; You may owe more on your home than it is worth, would you agree?

Do you have an interest in NOT having a foreclosure on your record right?

Have you heard of a short sale? Yes No

Notes _________________________________________________________

Keep Studying this form Norma

You will find deals in your area.  I am originally from Pomona, CA the city right next to yours so i do know that areas "good and bad"

Michael Q has a great script and advice that i will actually be taking and using for myself :)

Have a great day!

Wow!  Thanks so much Michael for the awesome script...very helpful.

Norma

Prepare a script yourself or get one online :)

Michael's reply is a good one it is all info you want the answers to. But, yes the big but, I want the caller to relax a little before I pull out the rubber hose. 

Seller, I understand you buy houses... You, yes I do, could you give me the address of the property so I can see if it is in an area I buy in?  Seller, yes 123 Main Street,any town. You, repeat address back to them, did I get that right? I did, good. By the way do you live there now or is someone else living there now?

That gives me the information I have to really have at this point. Now you can go into questions where they talk and you listen such as what is happening in you life at the moment which is making you think of maybe selling the property?

I see no reason to act like a car salesman with 5th degree questions. Just ask for the address and say when can I stop by and visit the property and then make an offer and if the seller says that is a low-ball offer show the seller in writing where you came up with that number and be honest with the seller.


Joe Gore

Most times, I just handle it as if I were an end buyer looking to purchase the home. The same questions and concerns (i.e. neighborhood, condition of home, repairs needed, etc.) would come up. Through experience, I've found the more they talk the more information I gain about the property and the seller's overall situation. 

Hope that helps! 

Lots of good advice on what to speak about here.  Also, be prepared for the many sellers that will call and just ask you what your offer is for their house.

Great feedback already on this post - I'm stealing some tips for sure.  A few additional questions I would ask are:

In a perfect world, what would you like to have happen as a result of our conversation?

AND

If we were to come to an agreement today on the property, how soon would you like to sell?

These questions will determine motivation - and we ususally don't have a deal unless the seller is highly motivated.

@Michael Q.  is a masterful negotiaor. Check out his interview on the BP Podcast #77. 

http://www.biggerpockets.com/renewsblog/2014/07/03/bp-podcast-077-negotiating-way-1000-wholetail-deals-michael-quarles/

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