I’ve been a DGer myself now for about a year now. I joined the success academy in the middle of September, but have been busier with school and put off fulltime real estate until now. Since I am out of school and have my buyers list built (and building), I want to start having that bucket of sellers start to pour in and know what to do when they call. I remembered in Matt Larson’s Empowering Conversation that he and Dean talked about that topic. I just wanted to mention some of the things Matt said as well as ask if any of you can add to the list.
Some of the things Matt asks the seller are:
“I know you are asking $90,000 for the property and you say it’s worth $100,000. But I have to buy it at 50 to $60,000 in order for it to be a win situation for me. Why don’t you list it with a real estate agent and 6 to 9 months down the road it’ll be sold?” (If they say they can’t wait that long, then you are in business to negotiate with them much closer to the price you want it. If not, and they can wait that long, they will list it with an agent and you will move on to the next seller.)
If the seller can’t figure out why you need it at that price, just be transparent about the deal to them. Explain the numbers. Either they will see your point and agree with your offer or they will say no and you move to the next seller. They may also say no at first and contact you later to accept the offer.
“Will you take what you owe on the property?” (You don’t want to ask them what they owe on the property and this is a good alternative to that question. A couple of things can happen on this. You can find out what’s owed and you can make a decision on that. They can say they owe nothing. Then you have room to negotiate. If too much is owed then what the property is worth, you may be able to get bird-dog cash out if it by referring it to someone who deals with short sales.)
“What are you going to do if the property doesn’t sell?” (If they say they will rent it out, ask “Would you consider rent-to-own?”. If they say yes find a way to do a sandwich lease.)
One of the things I’ve heard before is:
“What if I could pay you all cash and close quickly, what would be the lowest price you could accept?”
(This one I have memorized because you never know, you may be able to save a good bit of money after asking.)
All of the things mentioned are after you have found out about the house, so they are level 2 questions. I hope these questions can help you out and if you have anything to add to the list, just respond to the post. I am excited about this whole experience, yet nervous at the same time. So that is why I am developing my “Lead Sheet” so I can have it in front of me when I do get the sellers calling. Matt said he would be making 1000 offers a year and this was before he got his 100th deal. So that tells me you have to start off somewhere and build confidence. It’s ok to start off sounding nervous on the first phone call as long as you try to correct it on the second. By the third or fourth you will sound like a pro. Practice makes perfect and building a system for finding motivated sellers will give you all the practice you will ever want.
Hello fellow DGers,
I’ve been a DGer myself now for about a year now. I joined the success academy in the middle of September, but have been busier with school and put off fulltime real estate until now. Since I am out of school and have my buyers list built (and building), I want to start having that bucket of sellers start to pour in and know what to do when they call. I remembered in Matt Larson’s Empowering Conversation that he and Dean talked about that topic. I just wanted to mention some of the things Matt said as well as ask if any of you can add to the list.
Some of the things Matt asks the seller are:
“I know you are asking $90,000 for the property and you say it’s worth $100,000. But I have to buy it at 50 to $60,000 in order for it to be a win situation for me. Why don’t you list it with a real estate agent and 6 to 9 months down the road it’ll be sold?” (If they say they can’t wait that long, then you are in business to negotiate with them much closer to the price you want it. If not, and they can wait that long, they will list it with an agent and you will move on to the next seller.)
If the seller can’t figure out why you need it at that price, just be transparent about the deal to them. Explain the numbers. Either they will see your point and agree with your offer or they will say no and you move to the next seller. They may also say no at first and contact you later to accept the offer.
“Will you take what you owe on the property?” (You don’t want to ask them what they owe on the property and this is a good alternative to that question. A couple of things can happen on this. You can find out what’s owed and you can make a decision on that. They can say they owe nothing. Then you have room to negotiate. If too much is owed then what the property is worth, you may be able to get bird-dog cash out if it by referring it to someone who deals with short sales.)
“What are you going to do if the property doesn’t sell?” (If they say they will rent it out, ask “Would you consider rent-to-own?”. If they say yes find a way to do a sandwich lease.)
One of the things I’ve heard before is:
“What if I could pay you all cash and close quickly, what would be the lowest price you could accept?”
(This one I have memorized because you never know, you may be able to save a good bit of money after asking.)
All of the things mentioned are after you have found out about the house, so they are level 2 questions. I hope these questions can help you out and if you have anything to add to the list, just respond to the post. I am excited about this whole experience, yet nervous at the same time. So that is why I am developing my “Lead Sheet” so I can have it in front of me when I do get the sellers calling. Matt said he would be making 1000 offers a year and this was before he got his 100th deal. So that tells me you have to start off somewhere and build confidence. It’s ok to start off sounding nervous on the first phone call as long as you try to correct it on the second. By the third or fourth you will sound like a pro. Practice makes perfect and building a system for finding motivated sellers will give you all the practice you will ever want.