Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Bob C.

Bob C. has started 22 posts and replied 145 times.

Post: Am I doing something wrong or are these not motivated sellers?

Bob C.Posted
  • Investor
  • Hopewell Junction, NY
  • Posts 153
  • Votes 58
Originally posted by @Mark F.:

The key to asking "why" is doing it casually and conversationally. If it seems like you're grilling, interviewing, or interrogating, the seller is going to shut you down. Probe about the "why" in a casual, conversational manner. Just get to know them and let them get to know you. This builds trust with the seller, which means they'll talk more openly with you and reveal information that can help you build a ton of value in purchasing their home beyond just price. . 

 And it seems to becoming clear that the best way to do this is face-to-face. Dial down the the pre-qualifying and vist them to get the best price.

Originally posted by @Mark F.:

The truth is, if it's a seller who thinks their home is worth full retail, but they've got tons of deferred maintenance, their home is not worth full retail. 

Agreed. We can see that, but they can't. They think their house is worth a lot more (this housing crises has really hurt) and RE agents tell them what they want to hear. It's really hard being "the bad guy" saying it's really worth 50 or 70% of what they think it is.  (and I can hear @Michael Quarles in my ear now saying "let them hear that from someone else and then come back to you".  That's a hard pill for me to swallow.

Post: Am I doing something wrong or are these not motivated sellers?

Bob C.Posted
  • Investor
  • Hopewell Junction, NY
  • Posts 153
  • Votes 58
Originally posted by @Jesse T.:

I think for motivated sellers - the price is what they "need", not really what the property is worth.   

This is very true.  Often the price seems more connected with "need" than "value".  I often hear the word "need" from them when talking price - and not (I don't think) from a posturing voice. 

Post: Am I doing something wrong or are these not motivated sellers?

Bob C.Posted
  • Investor
  • Hopewell Junction, NY
  • Posts 153
  • Votes 58
Originally posted by @Jay Hinrichs:

@Bob C. 

  watch movie Glen Garry Glen Ross... I was personally raised in that sales room as a 5 year old up until I got my license at 18.. I learned it from the best of the best.

its about making a deal and closing.. And it hard to close on the phone.  Sellers can just flow you off to easy you really don't know if you have a deal until you meet them. and if as you say you have a magnanimous personality you could easily win over others that would just blow you off on the phone..

What the heck do you have to lose... Listen to Michael Coarles Pod cast I could only get through a few minutes of it.. ( short attention span) but what I heard he is a pro  and has some great line's when your toe to toe

 Actually.. I love @Michael Quarles podcast in #77.  It is far and away my favorite that I have listened to at least 6 times  (TIP: the good stuff starts at about :25min) That one has had the most influence on me trying to pre-screen on the phone. 

I'm kinda proud of my magnanimous personality.  I often turn "Who the hell are you? I want 1/2 Million $$ for my house (2X what it's worth)" pissed off jerk into a friendly "hey.. .you're all right" pleasant conversation.   I love turning those folks. Fun!   (haven't closed a deal yet, but...)

Post: Am I doing something wrong or are these not motivated sellers?

Bob C.Posted
  • Investor
  • Hopewell Junction, NY
  • Posts 153
  • Votes 58
Originally posted by @Bob C.:
Originally posted by @Bob C.:

Thanks @Karl Krentzel for pointing me to your blogpost. I've signed up for your tips and scripts. 

 My compliments for those scripts. I've skimmed about 1/2 the pages and already see some good responses I can put into my own voice for their objections.  very nice! Big help.

 OMG!! L-O-V-E this one... can't wait to try it out.

"What you are offering is less than (Zillow, Tax Assessor, etc)." 

I can appreciate how your home is worth less than what a computer says it is. However computers do not buy houses, people do.

Post: Am I doing something wrong or are these not motivated sellers?

Bob C.Posted
  • Investor
  • Hopewell Junction, NY
  • Posts 153
  • Votes 58
Originally posted by @Jay Hinrichs:

@Bob C. 

 I am old school and was taught old school... Don't over qualify them on the phone. Unless you have so many leads you can't possibly handle.. your phone call should be about setting up a sit ... Then create some reporete'  then work on the deal....

 This is where I'm torn. I do have time and I do really well when I meet folks in person. (I'm fortunate that people like me when they meet me).  The tear is that I read and hear not to waste time going to people's houses where you don't think you can make a deal. (And the catch 22 seems to be - I don't know if there is truly a deal until rapport is established -typically needs to be done in person - and we get to talking the "real" price)

Post: Am I doing something wrong or are these not motivated sellers?

Bob C.Posted
  • Investor
  • Hopewell Junction, NY
  • Posts 153
  • Votes 58
Originally posted by @Bob C.:

Thanks @Karl Krentzel for pointing me to your blogpost. I've signed up for your tips and scripts. 

 My compliments for those scripts. I've skimmed about 1/2 the pages and already see some good responses I can put into my own voice for their objections.  very nice! Big help.

Post: Am I doing something wrong or are these not motivated sellers?

Bob C.Posted
  • Investor
  • Hopewell Junction, NY
  • Posts 153
  • Votes 58

Thanks @Karl Krentzel for pointing me to your blogpost. I've signed up for your tips and scripts. 

Post: Am I doing something wrong or are these not motivated sellers?

Bob C.Posted
  • Investor
  • Hopewell Junction, NY
  • Posts 153
  • Votes 58

What did she say that made you stick with her?  What clues did she give that you thought "eventually she will sell at the right price" ...and not "she's looking for too high a price - not motivated" ?

Post: Am I doing something wrong or are these not motivated sellers?

Bob C.Posted
  • Investor
  • Hopewell Junction, NY
  • Posts 153
  • Votes 58
Originally posted by @John Horner:

I think you haven't talked to a truly motivated seller yet.  You will know it.

Now we are always trying to make even low equity deals work, but when we get a hot high equity deal it is blatantly obvious.

Usually they are pretty open about getting rid of it.

For instance on my last wholesale I had the address and looked up comps before I called the lady back. I knew the ARV in the neighborhood was $110k-$120k. When I talked to the lady her first asking price was $60k... I knew we had a deal.

 I've heard that as a description of "motivated" but wasn't sure if that was just a Black & White example for descriptive purposes and that "motivated" might look different most of the time (like wanting to sell now, at (a bit of) a discount. 

Is what you describe what every motivated seller you've encountered looks/sounds like... they are ready to sell fast for deep discount?

Post: Am I doing something wrong or are these not motivated sellers?

Bob C.Posted
  • Investor
  • Hopewell Junction, NY
  • Posts 153
  • Votes 58
Originally posted by @Mike Watkins:

Tell me more about these "hot leads" and what are you mailing to? Also how are you getting the list?

Something Ive seen is people will let it go to voicemail and the message is something like, we can't pay top dollar for your house but we can buy it for what it's worth. Is it in distress? That way when people get to leave a message they know what to expect. And only those truly motivated people leave a message. 

 Listsource

SFR, Owned 7+ years, 40%+ Equity

(area is not big/dense enough for just non-occupied)

I am in the camp that "every call gets answered personally".  

But, I have been thinking of 

-Explaining the benefits of the service I provide ex ( guaranteed sale, they control the close date, As-Is, etc)

-then asking "Are you open to the idea of selling for a lower price in exchange for those benefits"

...to weed out the non-motivated sellers.  But I'm afraid of turning away someone who MIGHT be motivated, they just are expressing that yet. I mean they are close... are looking to sell..  at (bit of) a discount.  (Maybe they are not close)