TRANSCRIPT on talking to sellers when you first meet them?

I would also love to read some dialogue for talking to sellers. As a new RE investor my first call was uncertain. I know more calls = more learning/confidence. Reading some dialogue, having a list of key questions and dos and don'ts would help.
Thanks!

Quentin,

Dean said that we have two ears and one mouth for a reason... if we're talking, we are not listening to what the seller has to say.

First question, "why are you selling?"

second question, "how much are you expecting to get for your property?" (never call it his/her home)

third question, "have you done any renovations to the property? are you aware of any issues/repairs that the property needs?"

You don't say you're a wholesaler, you say that you have several partners. No, don't say you work for a company.

Build rapport with seller, find out what his motivation and needs are.

Key thing that you need to think of is "How can I help solve this problem for this seller"

Have you read any of DG's books? 30 Days to RE Cash? Profit from RE Right Now? Be a Real Estate Millionaire?

http://www.deangraziosi.com/leadsheet

http://www.deangraziosi.com/real-estate-forums/rock-bottom-blueprint/916...

Always use forms!

Your post will help me to have these questions on hand so I can lead with some level of confidence, thanks Valerie. Do you have some suggestions for talking to Buyers? I would love to have a short list for this from an experienced DG'er. Thanks.
P.

It's okay (and necessary so you don't forget things) to take notes as you're talking to the seller, but you want to have a conversation with them, not read off of a script.

Valerie was right on point about finding out what their problem is. Some people need cash quickly, some people just don't have time to worry about the house, and they want someone else to deal with it, etc. Also, a lot of people won't initially tell you any of this until they warm up to you.

The key thing... TALK to them!

Hope this helps,

This is a response to Paulawg on questions for cash buyers. I'll cover this in two parts. First is giving them an explanation of what we do that will make them want to work with you and answer your questions, the second is the list of questions.

Explanation of Our Services:

“We provide a service for a select group of cash buyer investors called “Properties to Order.” What I mean by that is, that if you will provide us with a list of what you are looking for, then we will go looking for ONLY properties that meet your specifications. We will pre-negotiate the deal, and put the property under contract according to your criteria, and that is what we will bring back to you. We will NOT waste your time or ours bringing you random properties that you will probably say No to. We will only bring you properties that you will want to say Yes to. Would you be interested in this?

Wholesale Buyers Questions List:

How did you hear about us (Lead Source)?
Name:
Office Phone:
Cell Phone:
Email:
Mailing Address:
Investment Strategy(ies): ___Rehab and Sell ___Buy and Hold/Rental ___1 to 3 year Hold and Resell ___Other (Explain):
Property Type(s): ___Detached SFR ___Condo/Townhome ___Other (Explain):
Property Size: _________Preferred # Bedrooms _________Preferred # Bathrooms __________Preferred Square Footage
Local Areas Interested In:
Are you interested in any remote areas?
Preferred Price Range: $__________________ to $______________________
Are you a Cash Buyer? ___Yes ___No
Closing Time/Days:
How frequently do you buy properties?
LTV or % Below FMV Needed (or $/Profit needed):
Level of Rehab: ____Minor ___Moderate ___Major

I also wanted to comment on Valerie's explanation above. You've really nailed the important points.

Someone taught me years ago that the solution to every problem is inherent in fully understanding the problem.

Generally, if you fully understand why they are selling the property and what their future plans are, they will tell you not only what the real problem is, but also what their perception of the solution is. We may not always be able to solve the problem the way they want us to, but we may be able to get them what they need in some other way.

Your response will be really helpful, thanks so much. I am new and setting off to build my buyers list. Searching this site is really valuable and it is helping to keep me moving forward.

Paulawg, and also for anyone reading this Post thread, it has been interesting to me working with cash buyers. There is an old saying: "Just because you're doing something doesn't mean you are good at it."
It would seem logical that these cash buyers should know their business in and out. But it is not uncommon, when we ask them to tell us what kind of properties they are looking for, for them to say: "Oh, just bring me something that will make money."
This is reflective of the fact that:
1) They don't really understand what we are offering to them, they think we're going to bring them lists of properties that they can pick and choose from;
2) They've never really analyzed which properties are the most profitable for them, so they poke around and actually waste a lot of time and energy on deals that are not that productive.
We genuinely can help these people best by helping them to pin down what properties are most profitable, and to create a list of optimum criteria.
Don't let them dodge you with vagueness. The service that we provide is like tailored suits and custom cars, we don't deal "off the rack" we create made to order custom deals for them. Once they clearly understand this, they should be ready and happy to supply whatever information you need. And you, on the other side, will be building money relationships that can grow with you over time and become not only cash buyers, but also private lenders, and partners in your big deals.
Cultivate strong relationships with your cash buyers, and they will provide you for the funding you need for your own deals in the future.

Thanks again Dallin. I have been searching/looking for "lead sheets" that have also been helpful for me to organize and prioritize my questions. This is quite the learning process and I am so thankful for all the experience and support.
P.

I ask the same questions as Valerie but in a little different order.

I start out with, "Tell me about your property." As they talk, take notes. That way it doesn't sound like you are working from a script either but they will give you most of the specifics. Let the conversation flow naturally.

If they missed a few points, say something like, "Let's see, what other info do I need about the house...? Oh yeah, how many SF are there (or whatever)"

I find their hot button then by saying, " Sounds like you have a nice house (as Val said, NEVER refer to it as a "home" Can be emotional for them.) Why are you selling it?" REMEMBER THIS ANSWER! The most important question of the whole conversation! If you can make this happen, that is the key!

Then I will lead into asking about repairs, etc, by saying, " Is it OK if I ask you a few more questions?" Once they have given permission, that will normally open up any resistance they may have had before.

"When was house built?"
"What repairs are needed in the house?"
"How old is your roof? HVAC? Have bathrooms, kitchen ever been updated" (depending on age of house, not necessary if house is newer)

"What is your house worth? How did you come up with that number?"
"Is there still a mortgage on your house or is it paid for?"
If they are being open and you feel comfortable ask, "How much do you still owe on it?"
"If I can pay you cash for your house, what is the lowest price you could take?"

I ALWAYS make sure that they know that I am an investor at the end by saying something like, "I am an investor and a cash buyer. I buy and sell a LOT of houses. In order to do that, I have to turn my money quickly. So, as an investor, I cannot pay retail prices. If that is something that you are open to, I will do some research on your house, looking at comparable sales, etc and get back to you. I would love to be able to help you be able to ______.(move closer to your grandchildren, move to a warmer climate, get out from under this payment, whatever they gave you as their reason) Would you like for me to work up something for you?"

By planting the seed that you do NOT pay retail, they are expecting already to get a lower offer. Doesn't mean they are going to be happy about it and they may still be offended, but at least they won't be blindsided.

Just be as natural as possible and let the conversation flow is the major thing. No one wants to feel interrogated.

Karen

Well presented, compassionate, and understanding. That understanding of their "WHY" is so critical to the entire process.
My only addition is that you make sure that when you do present your offer, that you show respect for the price they are asking for their property, before you make your lower offer. Remind them that you told them that you would not be able to make a retail offer, and that you recognize that they put some thought into their asking price. You can then review the needs of the property (rehab), which gets them thinking about the weaknesses of the property. I like to write these down on a yellow legal pad as I mention them, and then as I indicate what I can offer to them, I will write that down on the yellow pad, and draw a line directly below that, and say: "If this will work for you, then I just need you to initial on this line." You turn the pad around, hold it out to them with the pad on top. And you remain in that position and very silent until they respond.
They will either take the pad and sign, or they will raise an objection. Objections are not bad, they are requests for more information.
As you can tell, I like making offers face to face, I like negotiating face to face. Whenever this is achievable, I choose this method. It has worked well for me.

I very much like the way that you present the offer. I think that sometimes I have tended to do it on the phone, which is definitely NOT the best way, because of the discomfort of giving them the low offer.

I will work through this point as I have others in the past and incorporate your technique. I like it!

Thanks!

Karen

Karen, as I re-read my previous post, it does appear as though the information was directed to you--it was intended to be more of a general suggestion for anyone reading this thread. I have read enough of your information, Karen, to recognize that you are well versed and experienced in all that you do.
I cannot take credit for the yellow pad offer approach. I learned it 16 years ago working with Dr. A.D. Kessler--he was an incredibly accomplished investor who had trained many thousands of other investors. His caring and non-threatening approach to dealing with people translated into this simple way of presenting offers.
He was not averse to technology, but he chose to meet with people directly whenever possible, and to really understand their needs, wants and desires. I would encourage everyone to take a lesson in simplicity from him--he was an active investor for over 6 decades. He even used a fine point felt tip pen to write up his yellow pad offers. His explanation for this? "People can see that there's no fine print." I like that kind of straightforwardness, there's way too little of it in today's world.
So Karen, please forgive me if I appeared to make my comments above to you, and for all of us, I wish a little more simplicity, and a little more direct contact with people--we can help more of them that way.

This is such great information, I love reading these forum threads. Every time I see Dallins input I take special interest, as I prepare for my first deal. It is always words of wisdome and experiance. I think he is one of the great coaches we have access to in Deans progam.
Thank you Dallin.

Petergardner, I truly appreciate your kind words. There was a point in my life when my eclectic background seemed like it could never really be useful to anyone, but in this role of coaching/training, it is amazing how much that diverse knowledge has found its place. I am glad that it is helpful to people.
I was taught as a child that knowledge is of two kinds: either you know a thing, or you know how to gain access to it. This website provides that second kind of knowledge for so many people, myself included, to help us become better as investors. I wish you, and all who read these posts, the greatest success.

I did not in any way read that as being directed toward me in particular. I just took it as a continuation of my post because mine stopped before getting to the points you made.

I am always open to learning new and better ways to do things. I still have SO very much to learn and appreciate any input.

Like you, I have such a varied background and so if I can share what I have learned I love to do it. I remember when I first started out here and how scary it was. Hopefully, we are able to instill some confidence and we will all help one another live our dreams!

Karen

Karen, thanks for responding, glad you understood my direction.
To All, Karen said two things in her post that I think should not be taken as coincidental in their juxtaposition. She mentioned how scary it was at the beginning of being an investor. And she also talked about living our dreams.
I'd like to propose that living our dreams is EQUIVALENT to doing things that are scary.
If you're not doing things that are scary, you're not stretching, if you're not stretching, you're not growing, and if you're not growing, you're not achieving.
Getting started in real estate investing was scary for me too, I remember filling in a contract to present an offer that had, maybe 10 blanks to fill in, and yet, I probably made 15 drafts of that offer before presenting it because I wanted it to be done right. That may cause me a laugh now, but I'll tell you something. I continue to do things that are scary because of what I mentioned above. What used to be scary is now comfortable, what before was impossible is now merely scary, and that which is scary today will become comfortable tomorrow.
I wish for all of you a very scary future (I should have written this post at Halloween time, right?) because that is a future filled with adventures that will make you feel really alive, and be very, very successful. Thanks Karen, for getting my thinking started on this idea.

I took notes of everything above and put it into my custom made sheet. Thanks everyone

After reading this there is one thing that concerns me about going to these properties though and that's my age. I am 27 probably look like im in my low 20's, should I hire someone to view these properties for me or you think age shouldn't matter?

JeffHylands, if you are going to visit with sellers to determine how best to help them, it would probably not be to your advantage to send someone else to conduct these interviews. You gain a lot not only from what is said, but also from inflection, body language, etc.
The one recommendation i would make is that you dress professionally. What I mean by that is, wear more of a dress shirt and nicer pants. The less you dress like a kid, and the more professional your approach, the better people will respond. I note in your picture the tshirt and backward ball cap, that's what I would suggest you avoid.
Most important though, is that you are there to do a lot more listening than talking, the more of that we all do, the more people will trust us, and work with us. Hope this helps, best wishes--you're going to do great!

How much of this can be done by email or other social media?

Dallin,Karen, With a lot of people doing everything online is it more streamline to do it faster through email or?

I would rather do it by phone, do a fast numbers on it and categorize it by checkout or not/maybe. I think you can control the conversation better that way and make a fast go or no go.

Aaron

I agree with Dallin completely! You need to start presenting yourself in every phase of your life as a professional. Unless you believe it, no one else will. You train people how to treat you in the way that you are treating them and the way that you look, act and speak. If you come in and know what you are talking about, as Dallin says, LISTEN and answer their questions, FIND THEIR HOT BUTTON and are able to offer them a solution to their problems, they will not even notice your age. They will just be so very thankful that they found you. Your age only matters if you LET it matter!

We are watching that picture on here to see how quickly it changes. An great example of this is TC on here. He started with a very casual picture probably taken at a school table and look at the one he is using now. Much more professional. Fill out your bio fully. That is the first place that we look when you start posting. That is something that is TOTALLY in your control. Show us that you are serious enough to start building your credibility.

If we know where you are located and something about you, we are more willing to go the extra mile to help you help yourself. Other people in your area may want to network with you. There are cash buyers on here. If they see that you are in their area they may contact you to get on your buyers' list. You get the point!

After we take the time to offer suggestions, believe me, we DO go back to see if you followed through or not! I have had many people who have PMed me for help and I flat out tell them, if you don't bother, neither will I.

I think you are very serious and can be very good at this. Your Dad will come around and he will be very proud of you. But you have to prove it to him and to yourself.

I look forward to seeing you grow into a successful investor.

Karen

Every potential seller is different. Feel them out to see how motivated they are. That is why you find their hot button. If they aren't motivated, by motivated, meaning they want it DONE and they want it done yesterday, then they are not the right seller for you.

If they have a pressing reason, I, personally, like to set up a face to face with them. Yes, it is time consuming but SO very worth it. On the five motivated sellers that called me the week after Thanksgiving, I met with them all face to face, four have accepted my offers! Because I built the rapport! And they are motivated! They want to work with me because they trust me and even more importantly, they know that I really do care about their "Why". And believe me, these were all very low, embarrassing offers! And every one of them are excited!

On callers that are just wanting offers but you can tell they aren't really motivated, I will often make my offer over the phone the next day after doing research. That's just me. You will just have to see what seems to work best for you. Other people will have suggestions on what they do that works.

It would be ideal if you had the time to meet with everyone personally, but that is not always realistic. The more you practice, the more you will be able to choose your style.

Karen

Karen I can't thank you enough, when I created the profile last week didn't think much about it at all. After going though a couple books and about 60 videos I now see how people in this community could turn into potential business partners. I took your advice changed my pic, and updated my profile information. Your feedback has been very helpful and I want to be one of the best so thank you

JeffHylands wrote:

Karen I can't thank you enough, when I created the profile last week didn't think much about it at all. After going though a couple books and about 60 videos I now see how people in this community could turn into potential business partners. I took your advice changed my pic, and updated my profile information. Your feedback has been very helpful and I want to be one of the best so thank you

As promised, I came on tonight specifically looking for you. I was a little apprehensive because you never know if someone will take suggestions and advice in the manner that it was intended. I meant it from my heart and I am so happy that you understood that. I am also VERY proud of you that you took it that way and took immediate action!

Dallin is the one who first noted it, so I will be happy when he sees this, too. I know he will have a smile.

You are great! And I'll bet that you are already feeling more professional, aren't you?

And you are most definitely welcome!

Merry Christmas!

Karen

Your insight is very good, you pick up on what people mean rather than what they are trying to say.
Good luck on the four you have in the pipeline.

Thanks Karen

Aaron

Thank you so very much for that. I just remember so clearly how it was when I first started and try to make things as absolutely clear as I can.

I hope that all is going well with your family right now and you have a blessed Christmas. Please keep me updated on how things are going behind the scenes.

Karen

Just wanted to add my compliments to what Karen has already said. I have heard that the two signs of our maturing are when we can have a good laugh at our own expense, and when we can accept constructive critique in a positive manner. It's unfortunate that some people never reach that point, but I'm pleased to see that the caliber of people we meet through this site are truly interested in growth and progress, and course-correcting along the way is a part of that.
Real estate investing is not about feeding our own ego, it's about helping others. The rewards for becoming the kind of person who is able to help many people are truly great, both financially and in satisfaction. My best wishes to each of you moving forward.

I would like to add in here my agreement w/scary and my thanks for all who have responded on this post, it is great. I am new and in the process of starting to speak to sellers/buyers/investors.

Right now I am using these leading suggestions while working w/potential seller of Manufactured Home, I am at the point of researching demand in the community (posted my first ghost ads), learning how to set my offer price (doing research on recent comps/deciding on my profit/adding in space rent pmt/rehab costs), and getting clear how to present to them the offer and advantage of using a property investor(additional costs involved when using Realtor).

Although I am in the middle of this process on my first potential property I am really discovering the importance of what we do. Creating win/win relationships and deals. Win for the seller who wants/needs out fast, win for buyer by getting a below market price and a win for me.

I am a firm believer in face-to -face and hope to do a good job when making an offer to this potential seller. I really hear you Dallin about "showing respect for the price they are asking" and am thankful to be reminded of that because I feel the same but haven't consciously thought about that. This is very important to me so thanks for the reminder.
Thanks everyone!
P.