Brian Meara explains how when talking with a motivated seller, you need to focus on how you’re helping them out. Most sellers are going through a rough time and you can be the solution for them.
Listen to their story and let them know you can help them out. Think about what they want to hear from you. When you do have to talk about the product, make sure to tie it back to why it matters to them.
Announcer: Welcome back to the flipnerd.com 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.
Brian: Hey guys, Brian Meara here from the Investor Entourage, today’s host of the REI Classroom, and the topic we’re going to talk about today is sell the solution, not your product or your service.
Announcer: This REI Classroom real estate lesson is sponsored by theinvestormachine.com, FlipNerd’s private investor coaching program, and your blueprint to investing success.
Brian: Okay, guys. What do I mean by that? “Sell the solution.” Sell the pain relief, if you will, not the product or solution. So many times, people, and I’m talking to you real estate investors, or you guys looking to get started in real estate, a lot of you don’t understand what makes people take action. And you have to understand that, fundamentally, there’s only two reasons people do anything in this world: it’s to gain pleasure or to avoid pain. Okay?
Now, we, as real estate investors, generally, are in the business of helping people avoid pain. For example, we always talk about looking for motivated sellers. What makes a motivated seller? It’s a seller who’s going through some pain in their life. It could be financially, it could be psychologically, it could be physically, or all three, or numerous other types of pain, too.
But here’s the reality, when someone inherits a house because somebody, a loved one, died, and you have a probate situation going on, generally, the siblings are going to have that house. They want to get rid of the house, guys. They want to get rid of it quick. What if somebody has a house that they’ve been carrying the note on, right? They’ve been doing seller financing. They’re the bank, and now their daughter or their son is ready to go off to college and they need that money and they need it fast. Or their daughter is going to get married and they have a big wedding to pay for, right?
Everybody, when we talk about finding motivated sellers, they’re all going to have different reasons why they would want to work with you and sell their house at a below market value. You can explain that, “You don’t have to list it with an agent, there’s no cost, there’s no real estate commission, you don’t have to wait, you’re going to get your money now, you’re going to get it today. I’m a cash buyer.”
And so, if you know what’s motivating that person and you can show them that your solution . . . you’re buying their home. Them selling their home to you is going to ease their pain. It’s going to take away the problem in their life. You’re going to have a deal. You’re going to have a meeting of the minds and you’re going to have, you know, a deal. You’re going to have a deal to work on.
Here’s where people screw it up, and I see this a lot, they’re always talking about their product or their service or their solution, but not tying it back to why the other person would care. You can have the greatest idea in the world, but, “Well this, I’m going to do this, and I’m going to do that,” or maybe you’re selling a product, right? A lot of you guys are realtors. You’re talking about the house. You have to understand if you can get yourself inside of the mind of the seller . . . people always talk about getting inside the mind of the buyer, and that’s a whole other topic . . . but getting inside the mind of a motivated seller and keeping that phrase in mind, that you’re selling a solution, guys. Don’t worry about the product, the service, “Well, I’m going to do this, I’m going to do that.”
Nothing matters to them except the WIFM, “What’s in it for me?” And the faster you can get that point across in your conversations, in your marketing, always remember, you always want to circle back to letting people know what’s in it for them. So, as you’re coming up with what they say on the phone, what to write in that letter, what to write in that email, when you’re in their face, if you’re knocking on the door, continually bring the conversation back to why, what you’re proposing is going to be a solution for them, it’s going to take the pain away from their life, and I guarantee you all of your dealings are going to go a lot smoother and a lot easier.
You truly have to get yourself inside the mind of the seller, and that’s a very, very big tip. Please remember that as you’re going out there today and tomorrow and doing your business, and I guarantee you’re going to see some great results.
So, guys, I hope that helps. Have a great day, and until the next time, we’ll talk to you soon. Take care.
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