meeting with first Potential seller!

[Marcus Durant]

ok, 

One month in, mailed directly to absentee owners and put up bandit signs. I received my first call back from my mailing campaign. 

older gentleman who has 2 properties he's curious what he can get for. he stays in one and rents the other. 

I asked:

what his situation was (to assess motivation)

last time he visited the property.

when were there last repairs done/ what repairs are needed (he says none, the properties passed inspection to rent. "anything i find might just be cosmetic")

what he would like for the property (he says what the comps are going for, to be expected)

if I made a cash offer today, what is the least you would be willing to accept. (after going back and forth with his wife they couldn't come to specific number)

We set a time for this Saturday and I will be taking a look at both. i will run comps on both prior and will walk through and take pics and not any damage

My question so far is aside from gathering this information what else should I gather? I know I should build rapport first, assess damages and follow up with an offer. 

really nervous. any input is appreciated. 

[Jose Flores]

Hey @Marcus Durant  Negotiation skills is the focus now. For me this involves being able to identify the seller's interests and establishing legitimacy. Interests are the underlining reasons for motivation and serve us when trying to help find an agreement. Here’s the problem in a typical negotiation we are focused on what I want out of the deal, the price I need to be at and we lose focus of their interests. And when we do that we cannot explain to them the connection between what their needs/interests and our service. Legitimacy or fairness is the fact everyone wants to feel like they are getting a great deal and when you insist on Using Objective CRITERIA, you active legitimacy into the negotiation which strongly pursues the seller. I teach my students to build these concepts into their scripts. Then test them and revise as needed. Last tip I have is preparation. You must prepare before meeting with any seller. The side that has more information about the item to be negotiated and about the relevant market or industry has more power in the negotiations . This will make you more confident and gives you a sense of control at the bargaining table. Preparation is all about leveraging this power. Let me show you how to do it. And of course I have a step by step process for you to follow because I believe in developing systems and checklist to improve your effectiveness and to later automate your business. Here is an overview the steps.

Step 1: Find Comparable Sales

Step 2: Bring an estimate rehab checklist with you

Step 3 Property records

Step 4: Prepare the contract 

Hope this helps.