How to ask if they are selling

Question

Roy N. · Answer

Hello Mr. Eccles:

We've never met; my name is Roy.

[Perhaps 2 - 3 minutes of small talk, depending on the setting]

I've recently started looking for properties in this area and your apartment building caught my attention.   You wouldn't, by chance, be thinking about selling?

No?  I understand.  At least, allow me to leave you my card and if, or when, you do decided to sell the building, please give me a call first.

Of course, before you even have the conversation, you have done your homework and know all about the owner (age, size of holdings, how long s/he has held that particular building, etc) and the building (age, condition, clientele, pending CAPEx, etc) and the area (gentrifying, redevelopment, degrading, large employer coming/leaving, etc).

The idea is to know the answers before you ask the questions, that allows you to concentrate of the owner and read her/his body language and how they receive you and answer your questions.

If the owner is not ready to sell, put a follow-on encounter in your calendar (6-weeks, 6-months, 1-yr, etc.) to keep yourself top-of-mind (without crossing the line to become annoying).

Steven Steffel · Answer

@Benjamin Eccles Great question! This question can be difficult at times but once you get your verbiage down it becomes natural and non-threatening. One thing that has really helped us find our target market sellers is using a little secret called Yellow Letters.

Yellow Letters are a handwritten yellow letter that basically says whatever you want it to and that fits your buying model i.e.

"Hello my name is Steve. I drove by your house and might be interested in buying it if you are interested. I am not a realtor; I am a cash buyer who can close within 5-7days and would be happy to discuss in more detail if you are interested. Please contact me at xxx-xxx-xxxx if you're interested. Thank you and I look forward to speaking with you soon. Steve."

Works like a charm for us and this is one of our main ways that we find great deals and it is non-threatening and leaves the ball in their court to call you... and everyone that calls you is a warm lead instead of you chasing possible leads all day long.

Works great for us and I hope it works great for you to.

Cheers!

Steve

Jason Roman · Answer

In addition to building a relationship with the potential seller, make sure you go into the conversation with your offer and reasoning ready to go. You don't want to find out that they are receptive to an offer and not be ready to move forward. Good luck.

Nathan Schoenborn · Answer

"establish rapport" is the number one piece of advice I've received.  Make small talk for as long as you can before bringing it up and they'll feel much more comfortable discussing their situation with you.

Steven Steffel · Answer

Good point.

Yea, the original post was non-specific on the type of property and requested generals. Additionally for as little as $0.79/ letter we have seen a great return on our advertising investment and have saved lots of time with unmotivated sellers. You would be surprised how many property owners (large and small) that we get calls from that originated from our letters.

However, for apartment complexes and commercial, networking with the "right people" and getting accurate information is key in finding and researching those types of properties for sure.

Roy N. · Answer

@Steven Steffel

I figured you were talking residential real estate.  I think yellow letters would be less effective - though perhaps humorous - when hunting for apartment buildings/complexes where there are far more moving parts and the owners tend to be a little more sophisticated (or at lease aware).

Steven Steffel · Answer

@Roy N.

Single Family Absentee Homeowners is the bulk of our target market however we have successfully found leads, contacted, and purchased condo units and other types of real estate using the Yellow Letter marketing campaign.

Using the city records is your best friend when trying to find out owner information. Additionally, keep in mind that you can also send individualized and customized letters to those owners if you write them directly.

Hope this helps.

Cheers!

Steve

Roy N. · Answer

@Steven Steffel

Do you actually send Yellow Letters to owners of apartment complexes?

I agree they are a great medium for finding residential properties, but apartment complexes are an entirely different beast with different masters.

Christine Mwai · Answer

My last buy that's now a rental was somewhat like that....turned out the seller  is a big shot with hundreds of properties. .... he was looking to retire and ready to negotiate on this particular house.... you never know :)

Aleksandrs Vilumsons · Answer

Ben,

I would say it depends on the situation. If you are meeting them at some sort of real estate event, I would agree with Nathan. Make some small talk, get familiar with each other, explain why you are interested in real estate, show that you are interested in a mutual relationship, not just the single deal you are looking at.

If, however, you are "cold calling/contacting" the person because you looked up their info in the public records, I would be relatively direct. I would tell them exactly who you are, how you found their number/email address/etc., then why you are contacting them. This way, if they are not interested in selling the property, they can tell you that and you can both be on your way. If they are interested, then you can start getting more personal and opening the dialogue to build that relationship. If they do say no, I would still repeat your name, the name of your company, or try to give them a phone number or some other way of contacting you. You never know what might change in a month or two. If they suddenly do want to sell, they might remember you and contact you letting you know the new situation.

Which ever way you pick, I think most people would agree that your first impression will be very important. It's important to present yourself professionally, but even more crucial, be honest.

If it doesn't work out, then you have lost nothing, but if it does work, then you might have a deal in play, plus you have potentially added another person into your network.

How to ask if they are selling

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