In this brief blog post I want to give some tips that I use to make talking to motivated sellers go by smooth and effortlessly.
Talking to motivated sellers is a part of real estate that some run from. They cringe up at the thought of saying an offer that’s too low or the seller rejecting their offer all together. Even though I myself still deal with this daily, I have certain sayings and a thought process that helps me keep going.
Know Your Stuff
Could you imagine someone calling you, wanting to buy your home and they get the address wrong? How about they call you by the wrong name? Whatever happens, you would probably have second thoughts about doing business with them.
It’s imperative that you have all the info you need about the seller in front of you when you call them. Luckily for me, I have FreedomSoft which puts all my seller info (how much they want for the home, pictures of the home, Google Maps of the exact address, notes I put about the property and more more stuff than I can name) on one page right in front of me. This helps a lot in you not fumbling around looking for info on Google then to the county website and so on.
Unfortunately everyone doesn’t have FreedomSoft (I was once like this) so if anything, write all the info you need on a sheet of paper in front of you. You could also use Microsoft Word, Excel ect. If your dealing with a lot of deals, this will be very time consuming. I suggest as soon as you get a deal or 2 done, GET FREEDOMSOFT! Simple as that…
Case and point, have the info ready. Another tool you could use is a Dry-Erase Board. I have 2 of these in my home and I’m constantly brainstorming and writing my ideas on them. Works great when talking to sellers and they want to give you some more info. You can quickly put it on the board and put it in your records later.
Now if you have all the right info, it helps a lot in attaining my next point…
Confidence In What You Do
You have to have confidence in what your doing. I know that real estate is booming right now so I’m totally secure in the fact that I can get them cash for their home. Don’t think this is an automatic feeling because it is not. I literally had to brainwash myself like
“Self! Your doing real estate now and real estate is BOOMING!”
My thought process is, if someone else is doing it, what’s to prevent me from doing it? Nothing but myself. We are our own worst enemies. Besides the people that are going to try deter you from doing real estate (because they watch the dreaded news) think about it; if YOU listen to them, who’s really hurting your success in this real estate business? I’ll let you answer that and while you do, I’m going to the next point.
Getting The Deal At The Right Price
Many newbies think that if they get a deal under contract, it’s automatically sold. I know because I use to think like this. I partly blame all those real estate investing ebooks and courses.
Truth is, the money is made on the buy which is why you have to work on your negotiating skills. Now I’m not going to go into how to negotiate a deal but I will refer you to a book that I read and it greatly changed my way of thinking.
I also realized just how many times I had been taken advantage of in the world due to other people’s negotiating skills being better than mines.
I strongly suggest “Secrets of Power Negotiating by Roger Dawson“. It was funny when he told the story of how he, a master negotiator at the time, got absolutely handled by…. You know what; I’m not going to tell you the story. Read it for yourself. I promise you won’t regret it.
Always remember: “The deal is made on the buy, not on the sell”
Don’t Wait Til Later
I was on the phone with one of my mentors one time and he gave me the number for a buyer for one of my properties. It was like 10 o’clock at night, my time, so I’m thinking business is over. I told him I would call the guy in the morning. He immediately said:
“No. Call him now. Later is for losers”
That one line stays with me to this day. Every time I want to quit something or put something off, this line comes to my thinking and most of the time, gets me back on track.
What’s The Worse That Can Happen
I got this from one of the many books I’ve read or listened to. It’s just what it says. We build up this wall of what might happen if we do this when in reality, we don’t even think about what’s the worse that could happen.
When you give a seller a low ball offer, truthfully what’s the worst that can happen? They decline your offer. OK…
Some may get a little nasty with it but you don’t know what type of day they had. Another book I read called “The Law of the Garbage Truck: How to Respond to People Who Dump on You“, talked greatly about not letting people dump their negative energy or garbage on you.
We live in a time where people are losing jobs, kids are disrespectful, drug use is at an all time high etc. These are some crazy times; and people build up emotions and keep them bottled up inside like little pirate ships in a bottle and when some investor comes along offering lower than what they expect on the only thing they have of value because they’ve sold all their gold to some 1800 we buy gold infomercial, they snap.
Don’t let them bring you down; Mentally or business wise. Get them off the phone which brings me to my next and final point.
On To The Next One…
You can’t simply dwell on a deal. Use it to get a good laugh when your around talking to other investors and also use every deal to learn.
As I’m typing this, I made a mistake and it may have cost me 5k but we’ll see.For the record, NEVER tell a seller you can get them between a certain amount. (ex. Between 30k & 40k). Their going to pick 40k. Think about what you would do in the same situation.
Give your seller an exact amount and if they don’t like it, oh well; wish them the best and on to the next deal.
You need to know your stuff. Know what your talking about when you call the seller. This will bring on confidence which will increase drastically as you do more deals. Don’t worry about learning everything. Get out there and DO IT.. Make mistakes. learn from them. As times goes on, you’ll learn more and more how to get homes at the right price. Stop putting your success off because of fear for whatever reason because later is for losers. After you do it, you’ll see that it wasn’t really that bad, so really, what’s the worst that can happen. If it doesn’t happen the way you want, oh well.. Get on to the next one.
and alway…. ALWAYS!
Keep a positive mindset… If your mindset is all screwed up like mines WAS, do what i did.
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