Cash Flow Guys Podcast 082 Back to Basics - What to Say When Sellers Call
Today I’m going to walk you through the steps you need to take when a seller gives you a call. You can find all of these tips and more in our online course, the Cashflow Blueprint. You can learn more at: http://www.cashflowguys.com/cashflowblueprint.
- Take down the date and time of the call.
Make sure to record the date and the time of day the seller calls. This will not only remind you of how much time has passed since they reached out to you, but will also clue you in to when the seller is available. Most people don’t call when it’s inconvenient for them.
- What is their relationship to the property?
You need to clarify who they are in relation to that property. Are they the owner? The owner’s child, niece, nephew, grandchild, etc? You need to know if you’re talking with the decision maker or someone calling on their behalf.
- The caller’s name, address, phone number, and cell phone number.
This is critical! You need this information for both the obvious and not-so-obvious reasons: to know who you’re speaking with, where they are if the conversation is positive and you need to mail documents, and a way to call them back. The phone number is incredibly crucial in case the reception is spotty and you get disconnected.
- Why would sell a beautiful house like this?
Most of the time, they will dance and two-step around this question. This is where you need to spend the most time in your initial calls. If they don’t seem that comfortable with you yet, then back off in the beginning; you just need to build that relationship. Make sure to use “embedded commands” like “Well Mr./Mrs. Seller, when I buy your house…” to get the framework built for the deal.
The answer to this question will also let you know if the seller is motivated or a tire kicker. Don’t waste your time with tire kickers.
- What is the monthly payment?
This is going to effect your bottom line so make sure you get this information. If the property is free and clear, it’s as easy as putting down a 0.
- What are you asking for your house?
This is a big one and a question I might not get to right away, depending on the tone of the conversation.
- Does the house need repairs?
This is a yes or no question. If they say no, clarify that everything is brand new, renovated recently, etc. They’ll usually backtrack and say that yeah, it’s out of date. Let them devalue the property for you by listening and not saying a word.
Remember the 70/30 rule: you listen 70 percent of the time and only talk 30 percent.
- How many bedrooms/bathrooms?
- How many square feet?
- How big is the garage?
- Is there anything unique about the house?
- What is most important thing to you right now?
Is it getting all your money now? Is it not having to make a mortgage payment anymore? Is it creating a stream of cashflow? Ask and let them tell you.
- Is this the best price you can do?
- When would you like to close?
- If I agree to pay you what you are asking for the property, would you be willing to accept monthly payments for your equity?
For the free Negotiating with Sellers cheat sheet, visit: http://www.cashflowguys.com/SellerCall
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