Wholesale 101-Speaking with the Seller

This is the part I love most about real estate. You can really tell the real sellers from the tire kickers. When speaking to a seller you want to determine the distress, motivation and flexibility levels. Use a scale of 1-10 if you have to. If they are at a level 10, get off the phone and go see that property IMMEDIATELY!. Level 1-5 get made offers right there on the spot. If they say no so be it but if they say yes or maybe, then I will set up an appointment to see the property and increase that motivation level higher. 

So how do you determine if it is a real seller or a tire kicker? While others might say build rapport and a relationship with the seller, I get right into the meat and potatoes when I make my calls. I feel that if you ask the right questions and approach it just like how a real buyer would, the seller will respond accordingly. I need to know how much they want for the property, the condition, if it's vacant or not and if they own it free and clear of any mortgage or liens. Out of all of that, the most important question is, "why are you looking to sell?" All of your answers will be within this answer. In this answer you want to hear from motivation and distress factors. Those that say, "they don't need to sell" or " I was just seeing what I can get for my house" are not serious and there is no number that will please them. But those that give what sounds like key reasons to sell, you want to hone in on them and use their reason for selling as a negotiation tool. 

Being a wholesaler you have to figure it's all about the numbers. It takes at least 100 offers before you get one deal. That means you are going to hear a lot of no's or I am just seeing what I can get, so you make them an offer and move on. You don't have a chance at closing a deal if you're not making offers. That wraps up this blog and as always, I hope that it was helpful. Please feel free to provide any feedback as these are words from my experiences through wholesaling. Take action, and start making offers today! 

Thank you for reading, 

Louis Davis