What Are Your Best Qualifying Questions -Before Visiting a House?

What Are Your Best Qualifying Questions -Before Visiting a House?

Real Estate Investor · Steamboat, CO · Member since 2010 · 295 posts · 34 votes

Like many, I have expanded the area I send my marketing to. I now have a max of 2-3 hour roundtrip drive-time to see a property which makes it even more important that sellers and their situations be better qualified before giving up a major part of a business day. Some people like to have a property under contract before ever visiting a property but I find that excludes too many possibilities.

In my immediate cities' market, if a seller expresses some financial, renter, or property-condition distress, I am more than willing to make the trip.

What might some of your best "Qualifying Questions" be of sellers, before you are willing to commit to visiting a property. As a marketing radius gets bigger, this becomes more and more important in potentially wasting lots of driving time that could be better applied in one's business.

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Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
10y

@Burt L., I would start a conversation and see where it goes. 

"Why are you thinking about selling your property?" Is a great first question, and go from there. Other questions are 

What sort of work/repairs/updating do you think the property needs?

How much are you looking to get out of it?

When would you like to close on it? 

Is it occupied? Who lives there? How much time do they need to move out?

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  • Investor · Kitchener-Waterloo, Ontario · Member since 2008 · 1k+ posts · 1k+ votes
    10y

    @Burt L. I've been going in the opposite direction. Decreasing the radius and increasing the requirements to get me out the door. I guess I'm lazy. As a matter of fact I've been toying with the question of whether it's feasible to do enough business in a single neighborhood.

    Anyway, to answer your question my top qualifying question is: "Are you willing to sell the property for what you owe?"

  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    10y

    @Burt L., I would start a conversation and see where it goes. 

    "Why are you thinking about selling your property?" Is a great first question, and go from there. Other questions are 

    What sort of work/repairs/updating do you think the property needs?

    How much are you looking to get out of it?

    When would you like to close on it? 

    Is it occupied? Who lives there? How much time do they need to move out?

  • Investor · Downers Grove, IL · Member since 2015 · 1k+ posts · 955 votes
    10y

    I think motivation is the biggest factor. Find out why they're trying to sell and how motivated are they?

    Almost everything within the house could be fixed but if they're not motivated enough to sell to you at your price, then you're just spinning your wheels. 

  • IA · Member since 2015 · 304 posts · 152 votes
    10y

    @Burt L.

    Check this out. It is a phone script uploaded by @Brandon Turner

    https://www.biggerpockets.com/files/user/brandonat...

    Good luck!

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