Today’s REI Classroom Lesson

John Martinez explains that sellers don’t always want to offer up an asking price on their house, but that there are ways to still find out what they’re wanting for the property.

REI Classroom Summary

While some sellers remain tight lipped about what they want for their property, you’re still able to narrow down a price by asking certain questions.

Listen to this REI Classroom Lesson

Real Estate Investing Classroom Show Transcripts:

Mike: Welcome back to the REI Classroom where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
John: Hi, my name is John Martinez with Midwest Revenue Group and this is REI Classroom. A question I often get that I want to answer for you today is, how do I get an asking price from a seller who is kind of reluctant to give me their asking price?
Mike: This REI Classroom real estate lesson is sponsored by, FlipNerd’s private investor coaching program and your blueprint to investing success.
John: This happens all the time. If we’re handling inbound leads whether it’s a PPC lead, an SEO lead, a mailer lead, it doesn’t matter. When you handle these leads, usually one of the pieces of information you want to collect is how much do you want for your property. Some people give up this information easily and they don’t care to tell you. Others, they don’t really want to tell you what their asking price is.
There are a lot of reasons behind this, none of which matter. There are valid reasons why. If they share their price, maybe you won’t get your best offer. Maybe they are undercutting themselves. Maybe they feel they’ll be taken advantage of in some way so they hold their cards close to their chest.
How do you get this information when you’re dealing with these types of sellers or prospects that don’t want to give it up? Here’s a trick. These people won’t give you their information, but they’ll be more than happy to give you the information of anyone around them. Here’s what I mean by that. When you ask them, “What’s your asking price,” they may not tell you. But, when you ask them something like, “You know what? I haven’t had a chance to do my research yet. What are homes going for in that area? Homes like yours,” you’re much more likely to get an answer there. You basically have asked what do you value your home at.
I haven’t done my research yet. Homes in your area, homes kind of like yours, what do you think the values are? Oh, well, they go for 50,000; 100,000; 400,000; whatever it is for that area. Then, you can simply follow that question up with something like, “Really? Well would you expect to get more or less for yours?” Now we’re diving in on exactly what they value their home for.
You could take it another step further and ask a very safe, simple question like, “Why is that?” Well, my house is bigger. It’s the most well maintained. We just refurbished it. It’s got the biggest yard on the block, whatever you like. If you want, you can even take this one step further by asking a question like, “Is that your offer? Is that negotiable? Is that the best you can do?” That will zero in exactly on what your prospect values their property at and what they’re willing to take without having to ask, what will you take for your property and getting all that pushback and really forcing the conversation to take a dive down and losing that rapport. You don’t want to risk that.
To recap again, sellers who don’t want to tell you what their asking price is, how do you do it? Don’t ask them about their property. Ask them about a neighbor’s. “Houses like yours in that area, what are they typically going for? Really? Is that what you’d expect from yours? More or less? Why is that? Is that your asking price, and is that negotiable?” If you want to get really down and dirty, ask them, “Well, is that the best you can do?”
There you have it. My name’s John Martinez and this is REI Classroom. I’ll see you next time.
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