So BP, I need your help.
I've gone to two meetings with sellers lately that have ended in potentially-spectacular deals falling apart. Both sellers wanted to sell in a general way, but needed time to 'think over' the offer specifically. Then they discuss with an advisor and the deal falls apart. One of these deals was worth about $400k in PROFIT.
Here's what I've decided to try:
1. Confirm up front that their goal is to make a deal in this meeting. If not, tell them why it should be and ask if they want to make a deal today or to call you when they're ready.
2. Put a time limit in place (ex: "I have another meeting in an hour and a half").
3. Make an initial offer based on your understanding of their goals. If the initial offer isn't compelling enough to make a deal right there, ask what is missing for them to make a deal right now. Then negotiate as able.
4. When the contract doesn't get signed, don't let them walk with a written offer. Tell them that the market and situations change, and if they're interested in selling you'll be glad to meet them again.
Do you guys have some tips from your years of experience? I could use it...
I guess these techniques are secrets.
"My offer expires when I walk through that door".
- This is a high pressure technique and agents use it all the time - -but you'll never make friends with it.
- I know a carpet company that operates this way and I always say NO because of this approach.
The choice is yours.
Yeah, I think high pressure sales tactics aren't the way to go.
At the same time, how often do sellers get back with a "yes" answer when they aren't motivated enough to make the deal initially?
I'm asking for ways to avoid using high pressure sales tactics and still put a property under contract right away.
So here's my plan:
-Make a script, so I can test and iterate from a solid foundation. Right now I'm shooting from the hip every meeting.
-Incorporate the principles from 4 books into my script: Influence, Pitch Anything, Start With No, and How to Win Friends/Influence People...
-Confirm upfront that this person isn't a tire kicker - they really want to sell. It's emotionally draining to work out a deal based on 2 hours of listening and have the offer declined 3 days later by text.
When you're out prospecting for deals, how do you interact with the sellers you find?
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That's true - I think the offer WAS too low.
She didn't feel comfortable counter-offering either. So I need to have a better "bedside manner" AND explicitly ask what else she needs to close the deal.
Another part might be that I never set the expectation that we were going to make a deal. These were just exploratory sessions the the sellers.
These are tough learning experiences, valuable for sure.
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