Today’s REI Classroom Lesson

Chris Bruce gives us a simple, easy to remember acronym to help us determine how willing the seller will be.

REI Classroom Summary

By noting the type of seller you’re working with, you’re able to quickly assess how open they’ll be to working with you and who you should target.

Listen to this REI Classroom Lesson

Real Estate Investing Classroom Show Transcripts:

Announcer: Welcome back to the REI classroom, where experts from across the real estate investment industry teach you quick lessons to take your business to the next level. And now let’s meet today’s expert host.
Chris: Hey, how you doing, everybody? Chris Bruce from Internet Landlord LLC and I’m the host of today’s REI class. What I’m going to be talking about today is how to determine how open a seller is to your offer.
Announcer This REI Classroom real estate lesson is sponsored by
Chris: And I’ve actually created a similar concept, pretty much, it’s called “Open,” as a matter of fact. And it’s an acronym. I’m pretty much going to break this down, so that way you can figure out, when you’re talking with the seller, if they’re even going to be open to whatever you’re going to be offering to them as far as the price to buy their property.
So first, number one, the first letter of “Open” is “O.” And that is someone that is oblivious. Now, the person that is oblivious to the offer, they might not really be in any type of rush to sell their property. So they might have come across some of your marketing before, maybe you sent them a letter or postcard. And right now, this is just not the perfect time for them to sell. They’re not really in the market to sell and they’re just want to see maybe what you’re offering. And those types of people, they’re not really going to be very open to your offer, especially if you’re coming in at a low price.
Now the next letter of “Open,” of course, is “P”, someone that is pretty much pondering. Maybe they’ve done a little research to find out if it’s a good time to sell their property right now. Maybe they come across your marketing and they’re thinking about selling their property. But they’re still not 100% for sure that they want to sell; there’s still really not any big motivation right now for them to sell. They’re kind of thinking about possibly selling their property.
Now the next letter of “Open,” of course, is “E”, which is engaged. Now these people are good because these types of people have actively been talking, maybe to some realtors. They come across your marketing and maybe even other’s marketing and they’re still trying to figure out how they can sell their property and get the best price they can. So maybe they’re entertaining your offer and other offers.
Now these people will be a little more open to your offer, but I can tell you the last letter of the “Open” concept, guys, is someone that needs to sell. Now these people are really going to be good because these people have a situation. Maybe they’re behind in their taxes. Maybe they’ve just inherited a property and they live in California and their house is in Florida. These people have a need to sell and they’re going to be very, very open to whatever offer you’re offering them.
They’re going to be open to it because of the fact that they need to sell. They can’t sit on this house because, for whatever reason, they need to get rid of it and turn it into some cash. Maybe they even, possibly, just evicted a tenant, and they’re just tired of dealing with and having to go through the eviction process and getting a new tenant in there. These are the people you want to target. They’re going to be open to your offer when you present it to them and you’re going to be able to get that deal more than likely.
All right. So that is the “Open” concept of how you can determine how open a seller will be to your offer. And I will see you on the next one.
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