By: Scott Costello, founder of Struggling Investor.com
One of the worries for an investor who is just getting started is being able to answer the questions a motivated seller may have. The first few times I spoke with sellers, I fumbled and stumbled to answer these questions. To be honest, the reason was that I wasn’t prepared enough. In the end it really comes down to practice. Talk to every seller that contacts you and practice answering their questions.
In my experience, here are the 4 most common questions asked and how I might suggest you answer them:
Q: Are you a Realtor, how does this work?
A: No, I am not a agent or Realtor. I don’t try to sell the house for you, I buy your house myself. To put it another way, the differences between myself and a Realtor is if you list your home with them and a pipe bursts or your roof leaks…You pay for it! If something goes wrong with the house while you have it listed, or during inspection…You Pay For It! If the Realtor finally sells the house…You Pay them their commission ontop of everything you’ve spent so far.
I don’t work that way, I will buy your house today, no money out of your pocket, no worries something might go wrong. That is the difference.
Q: How Does This Work?
A: I want to make selling your house as easy for you as possible. All houses I buy, I buy in AS IS condition, meaning you won’t have to fix or clean a thing. You take what you want from the house and leave everything else for us to worry about.
We can setup an appointment, right now, for me to come out and see your house. If we come to terms on an agreeable price, we can sign the sales agreement right then and there. It’s as easy as that.
Q: How soon can we close?
A: Closing can usually occur in as little as 7 business days. I’ll have my Attorney call you on the day we agreed to a sale and schedule the closing. We can close when ever you want, if you need to stay in the house for a month or two before closing that is fine. If you want to move out next week, that is ok with us.
Q: How long have you been investing?
A:I’ve only been investing for 1 year, but my partners have been in this business for a while and have dealt with all sorts of situations just like yours. We always close.
You always want to be honest, I don’t believe in faking it because if you ever get caught in your lie the deal is off and you could ruin your reputation.
After you’ve fended off these questions you have to take back control of the conversation and lead the seller to answer your questions. Make sure you are laid back and easy going though. Your goal is to sell them softly, do not push them. Ask about the condition of the house, ask about any upgrades they’ve made. You want to ask open ended questions in order to get them to talk. Bill Guerra has a great ebook that walks you through how to talk with sellers. (How to Talk to real Estate Sellers)
Practice! Practice! Practice!
About the Author:
Scott Costello is a real estate investor in Northern New Jersey market. He struggled to get started in the business and shares his experiences with others in order to make it easier for those who follow. Learn more about Scott and his struggles on his blog “Struggling to Get Started: Making Mistakes but falling forward” at Struggling Investor.com.