Posted by ScottE on November 27, 2000 at 11:57:04:
Ed,
You and I have disagreed several times before, but I must say…I LIKE YOUR RESPONSE!
Mind if I borrow it?
Scott
How do we answer this often asked question? - Posted by Kent
Posted by Kent on November 22, 2000 at 21:41:40:
What are you going to do with the property when you buy it?
I usually ramble on saying how I might “Owner Finance” it to a buyer or "Lease Option " it out. I kinda talk a little to much I think because so far after 4 possible deals and my “YACKING” these sellers never called me back. I called them back and they said they were going to try something else! What? I don’t know, but I think it might be what I was suggesting I was going to do.
Anyways, enough of my complaining let’s look ahead now.
Ho wdo we answer that all so famous question without giving away our secrets?
Thanks
Kent
Re: I Buy Houses - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on November 23, 2000 at 15:14:28:
for investment or resale.
Mr seller (name), what are you going to do with this house if YOU keep it?
(then shut up. Say nothing else. You have ended your comment with a question so the seller has a natural opportunity to continue the conversation. Remember that the next person to speak will loose some ground in thier position).
Re: How do we answer this often asked question? - Posted by Bill Gatten
Posted by Bill Gatten on November 23, 2000 at 14:39:35:
Kent,
On the telephone, you have 20 to 30 seconds maximum to make your sale. Your introductory ?sale? is called the "AGA (Attention Getting Affirmation). If you try to sell too much, you loose. If you try to talk too much, you loose. If you don?t listen enough, you lose. After the AGA and initial "sale (acceptance of the idea)? is made, your next (and only) step is to arrange a meeting where you can discuss THEIR problem: not yours. Their problem is that they have a property they don’t want anymore: your problem is that you want a property you don’t have. They are not interested in you problem in the slightest degree. They are not interested in helping you with your problem at all…they only want to know how you are going to minimize, ameliorate or eliminate theirs.
Don?t ever forget that clients of any kind, in any industry, are willing to pay only for the ?solutions? you can provide: never for the ?problem? they have that attracted you, and that you are trying to capitalize on.
Be a consultant, not a salesperson. Be a problem solver, not an opportunist. Listen, don’t talk. After the close (the call for an action or decision), he who talks first loses (thus sayeth the Lord?that is the law).
And, as David said, anytime you try to close the deal on the phone, you are dead in the water…period! the only sale you want to make on the phone is just an cursory acceptance of the idea, and the willingness to speaking further with you at another time, or location?in person.
As far “owner financing” or “optioning”…forget it. That?s like my mother-n-law insisted on explaining to the waiter why she can eat broccoli (who cares? Just say you don?t want any!). The only thing your prospect ever needs to know is: Can you pay? Will you pay? How can they make you pay? And that’s it.
Hope this helps a little.
Bill
Re: How do we answer this often asked question? - Posted by David Alexander
Posted by David Alexander on November 23, 2000 at 10:18:10:
Sounds to me like you are trying to close the deal on the phone. The phone should be used to find out pertinent info, mainly or they motivated? Once you know they are motivated, then all you have to do is simply say I’ll be out in that area later on today, are you going to be around?
That question if it comes up should up at the kitchen table after you’ve already let them know you can solve their problem, built trust and rapport.
My answer to that question is simply I Hold some for rentals, and I sell some depending on the situation.
David Alexander
Re: How do we answer this often asked question? - Posted by B.L.Renfrow
Posted by B.L.Renfrow on November 22, 2000 at 21:56:39:
Sounds as if you’ve identified part of the problem already: giving sellers (or buyers, for that matter) a free creative real estate consultation is seldom a good idea. If nothing else, it simply confuses them.
Why not just tell the sellers you will either be selling or renting the property, and let it go at that? Of course, if you are doing sandwich L/Os where the seller has a continued interest in the property, you will need to reassure the seller you will deal with any issues arising with your T/Ber.
But if you are doing any other kind of deal, I doubt the deals are being scuttled because of your exit plans. Take a closer look at your whole process of interacting with these sellers. Are you coming across as knowledgeable and responsible – a problem solver? Or could you be unknowingly telegraphing your uncertainty or “newbieness” to the seller? Sellers can smell fear and uncertainty a mile away, so self-assurance is a vital skill to develop.
Finally, be sure you are dealing with MOTIVATED sellers – which most of them are not. If the sellers are unmotivated, nothing you present short of a full-price all cash offer will get their attention.
Brian (NY)