The BLOG! - MD WV HOMEBUYER
If you are in any kind of real estate sales then you all ready know you need to be talking to buyers and sellers as much as possible during your waking hours. The more buyers and sellers you are talking to on a daily basis is more than likely the most important leading indicator of how well you will do in your field of Real Estate sales. Just beyond the importance of the actual number of people you speak to on a daily basis is the quality of the questions you ask.. Those rank #1 and #2 on your level of success in real estate sales. Period.
Finding ways to talk to as many people on a daily basis is a conversation for another day. Today I want to write a little bit about the questions you ask.
Weak questions and conversations are hurting your business.
Great Real Estate agents master scripts on the way to a successful careers. The best have the skills to drive deep for motivation. As objections are raised they crush them and turn them back around to their clients motivation. Sales is a contact sport, you will be speaking to every personality known to man. Mirror and matching techniques can help a seller or buyer feel more comfortable. You need to have all the tools available to be successful. Dont use a hammer when the job calls for a wrench.
Beyond the skills that can and need to be developed are the questions you ask. If you are real estate investor I feel these are the four most important bits of information that you need to know in order to have a general sense of whether or not you can help the seller.
1.What is the reason you are selling?
2.How soon do you need to sell?
3.Do you have existing financing on the home?
4.Based on what you have told me what would you like to get for the home in its current condition?
This is the most important question, The reason. If they tell you they just want to see if they can get the most for their home but don’t really need to sell vs. The bank is foreclosing on me Friday if I cant find a buyer! These two situations carry a different level of motivation. Digging deeper you can find out what they need. Did you hear that? Find out what they need. We always assume a seller wants the highest price, but that is not always what they want. They may want a quick sale to relieve a headache. They may just not want to deal with an eviction. They may have the money but do not understand how to navigate a challenging situation that may involve family. They may be holding an owner finance note and be tired of dealing with collections and they do not want the property back. Find out the reason and solve the problem. Don’t try to solve the wrong problem because you didn’t dig deep enough. Secondly don’t try to sell something that someone doesn’t have any motivation to sell. That's like banging your head against the wall.
Finding out the timeline is important because motivation will change as time melts away. Also there are timeliness that take place in a real estate deal. You will need time to get a deal closed or find a buyer if that is what you choose to do..
Understanding what is owed will allow you to first see if the deal is worth investing time. If they own the property free and clear you can ask for owner financing. If they have a loan you may have to get creative and offer a subject to deal. It may be a short sale situation that will require a special attorney to close the deal and work with the bank to get 3rd party approval.
What do they want for the property. If the home is worth $150K fixed up and they want 200K, you have some work to do.. If they home is worth 150K and they want 70K then its a deal you need to pursue immediately.
Once again, Sellers need to sell home for many different reasons. If you can offer a win-win scenario with transparency and honesty, you can be successful helping your clients while building your business and your skills.