So you find a property that looks promising NOW WHAT?
Everyone tells you how to find deals
There are countless webinars and blogs on how to find real estate deals. How to find your first property flip. How to make $10 million in the first year (crazy hype), it's almost endless and to me it's certainly asinine.
It's one thing to find a deal, it's another thing to make sure you run the numbers correctly and you still have to convince the property owner to sell it to you at a specific price!
Wasted Energy and Time
I love it when people want to take action. The difference between those who want to make it in those who actually make it is defined by one word "action"! So kudos to you for taking action. But what is action all about. I see many people taking action and accomplishing nothing. It's not their fault, they just don't know. So what's the use of finding off market deals or motivated sellers or distress property if you can't get any of them under contract? Would you have been better off staying at home eating cake and drinking tea or coffee?
Action with a purpose
I know there are no schools for the staff, and then you have those seminars the water fleece you. In the day used to be $50,000 for a ring binder in a couple of DVDs and a bunch of hollow promises. I am still amazed at how many people buy that stuff.
This blog is just about talking to the property owner.
It is not what you say it is how you say it
I was lucky enough when I was a kid to pay my way through college I started working for insurance brokerage in the United Kingdom. Part of their sales training was literally the Xerox selling course. If you don't remember Xerox I'm not gonna explain. From that point on in my life I sold, I made money and I develop selling systems and build large sales organizations. Talking to a property owner is just like talking to anyone else you're looking for a desired result or response.
Every human interaction needs to start in the same manner;
- 1. Get their attention
- 2. Ask questions
- 3. Set the agenda
- 4. Presentation
- 5. Irresistible offer
- 6. Call to action close
This effort needs to be scripted
The reason you write a script is so that every presentation is standard, uniform, and that you're selling with your best foot forward, leaving nothing to chance. It is organized. I'm sure that you have a favorite movie am I right? Did they make the movie as they went along or was there a script involved?
Now I know some of you will say; "oh boy a script", well, believe it or not over time even if you don't intentionally write a script, or organize or presentation, you develop your own pitch or rhetoric. We say something, we get a favorable response, we keep using that tool. The opposite is true also, you say something, you don't get a response you're looking for, you throw it in the trash.
When you talk to the property owner
Hi my name is John Common, I'm a real estate investor here in Las Vegas Nevada, I've been investing for more than 20 years as opposed to 20 minutes like most people. If you and I can come to agreement today I'm more than willing to pay cash for your property and I can close in as little as 10 days or 10 weeks, it's up to you. In fact, I brought my checkbook, so I can even write a check to title today.
Are you serious about selling your home?
If I buy your home what are you going to do after?
Why are you selling your home?
OK great how much time do you have?
I am sure that you (both if spouse/second decision maker is there) have set a price and are determined not to take anything less is that right?
Well remember I came out here today to make an offer for your property for its true fair market value as it is in its current condition, is that right?
OK well what I'm going to do, is explain to you how I come up with my offer price. As I explain it to you I want you to pay close attention and listen carefully, all I ask is that you keep an open mind.
Now I'm going to make a cash offer to you, you might not like my number and I might not like your number but that's OK we're still going to part company as friends is that OK with you?
Again as I explain to you how I get to my offer price I would like you to keep an open mind and ask any questions you might have if I need to clarify anything.
Do you promise to keep an open mind?
Make the C-U-P-S presentation
If you would like more clarification do not hesitate to reach out to me you can use this link to book an appointment with me on my website and I'm more than happy to help you.
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