If you can build a relationship with your prospective seller, and understand their motivation for potentially selling to you…you stand a far better chance of getting the deal. Chris Bruce shares more in this FlipNerd.com Expert Tip.
Mike: Hey, it’s Mike Hambright from FlipNerd.com and I have a quick Expert Tip to share with you from Chris Bruce, who is going to share a tip on finding seller’s motivation.
Chris: Hey guys. What you want to do is, when you’re actually going out and talking to sellers, you want to make sure that you focus on what is the reason they’re looking to sell. You want to find out what is the reason they’re looking to sell and how fast they need to sell. If you have those two different questions answered, you’ll be able to know if you’re dealing with a seller that is actually motivated or not. And guys, when a seller is motivated, when they have a specific reason that they need to sell, not just want, but they need to sell and they have desperation of really having this needing to sell their property fast, if you add both of those up, you can use that to leverage on why you need to get this price, why you need to get the house at a certain price and you kind of reiterate that back to them.
You can say, “Hey Mr. Seller, I know this property is in California and you live in Maine, and you’re not looking to be a home owner, you’re not looking to be a home owner, you’re not looking to be a land lord. I know you really need to sell this property because you don’t have any money to be able to fix it up.” All right, so if you could reiterate that back to them and reassure them that you’re going to solve whatever it is that problem that they have, this is how you’re going to get a closing rate and really be able to close with that motivated seller and on what you offer.
Mike: Awesome, awesome. Hey Chris, real quick. What if you can’t get out of them why they want to sell it?
Chris: If you can’t get it out of them, which sometimes it happens, they might not be as motivated. But you’ve just got to keep digging a little bit deeper. What I tell people is just keep digging deeper, keep kind of going around. Sometimes you really got to get a common ground with them first. Sometimes people won’t open up to you as fast, so try to find a commonality with them. Say if they’re an older lady, make them feel like, you’re their grandson, or whatever. Talk about the weather or sport or something, just kind of really get the commonality with them first, make them feel a bit more open and eventually you’ll get to dig deeper and get that from them.
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