How to Approach Motivated Sellers
By Pierre Mouchette | Real Property Experts LLC
Success in real estate investing is about getting motivated sellers to contact you. When these sellers come to you, you can ask the questions you want, and asking questions is the only way to encourage information from the seller and the property they wish to sell.
Talking to the seller is not the only way to speak to them. It also has a lot to do with being a good listener. You cannot go to a motivated seller with a prepared script because you do not know what questions will come to you from the opposite end of the table. You must frame questions on the spot, relevant to the situation. Often, you will find the cue to your next question in the previous one’s answer, and hence you should be a keen listener.
Questions to ask
You should ask questions prompting information on the property details. The one crucial question you cannot miss asking is the reason for the urgency to sell. Many sellers will not tell you at first, and you will have to keep politely re-framing the question to get an answer. This question will help you understand how motivated the seller is and devise negotiation strategies based on it. Sometimes, you need to be patient with sellers even if they are motivated because each of them comes to the table with a different reason to sell.
Now, what happens when the motivated sellers do not contact you, and you have to take the initiative to ask? You cannot sit back and wait because this way, you will lose out on great opportunities. The main reason why people fumble here is that most of the motivated sellers are the family members of recently deceased homeowners, or they are defaulting on payments and cannot afford the home they are currently living in. It might sound rude to put the question of selling the house directly to them.
If you do come across such situations, the best option would be to leave a marketing postcard informing them that you are interested in buying their home, and they should contact you should they be interested in selling the home. Most often than not, you will get a callback. If you do not, you can move on to another deal.