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Jarek Bucholc ||Street Smart RE Investing

Talking with Sellers: How to Converse Properly

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Jarek's goal is to build the biggest real estate club in Canada.
Jarek envisioned a community of investors that was run by investors for investors, regardless of their level of expertise or success.
A place where people could ask questions and get the hands on support needed to get started and succeed in real estate. Members could share their success and failure stories as well as provide up to date information as to what was happening in the industry.

He opened the doors of Canada Real Estate Investors Club in November of 2007. The club was designed from day one to be about investors helping investors. Its mission was to provide a fun and interesting way to help real estate investors grow in their professional and personal development.

Talking with Sellers: How to Converse Properly

If it boils down to one thing, remember this: you have to learn the art of handling a basic call. So what does a basic call mean? What does it sound like? Well, to give you a head start, let’s start with what it’s not. It does NOT go into a lot of information about the physical property. Not right away, anyway. Doing so can be overwhelming for the seller, and they’re pretty much interested in providing the basics to begin with.

Basics usually include the following: bedrooms, bathrooms, garage, basement and/or attic if applicable, asking price, taxes, the least amount they amenable to accept, possession date, and, if the situation allows, can the buyer – you – come over to check the property immediately.

The flow of conversation can be something like this:

 

Seller (S): Hello?
Buyer (B): Hi, may I speak with Tom, please?

S: This is Tom.
B: Hi, Tom. This is Frank Watson. I’m returning you call – you had phoned about a house you might be interested in selling?
S: Yes, I did.
B: I have a few questions about that. Do you have time to talk about it right now?
S: Yes, it’s fine. What would you like to know?
B: I want to know first: what’s the address of the property?
S: It’s 1212 Nonavista Blvd.
B: Is that in Calgary?
S: Yes, it is.
B: Okay. What style of house it is? Single-storey? Two-storeys?
S: It’s a bungalow.
B: How many square feet is it?
S: About 1200.
B: And would you know what the taxes are?
S: They’re approximately $1500.
B: What about the basement? Is there any development there?
S: Yes, it’s developed. It has a bedroom, a bathroom, and a big family room.
B: How much is your price for it?
S: Well, houses in the district are selling for about $355,000.
B: Okay, and how much are you asking for yours?
S: Well, I want at least $330,000.
B: What’s the general condition of the property?
S: It’s pretty good.
B: Do you think there are any repairs that need to be done?
S: None that I’m aware of.

B: How many bedrooms does the house have?
S: Three, plus the one in the basement.
B: What’s on the outside of your house – siding or stucco?
S: Siding.
B: Can I come over to take a look at it?
S: Yes, when do you want to drop by?
B: I can make it later at four in the afternoon. Does that work for you?
S: Yes, that’s fine. I’ll be here then.
B: Do you own the house with somebody else, or it is just you on the title?
S: It’s just me.
B: Got it. See you later at four.

You go to see the house, ask questions in more detail, negotiate what’s the lowest possible rate you can get, take note of it – and then find another house and repeat the process. That’s about it.

You have two main objectives for the phone call:

• Determine the estimated value of the house
• Find out what’s the motivation level of the seller – how interested is he to sell

The entire phone call should ideally last between 5-10 minutes, and that includes the small talk. Not bad for an initial business communication right?

Not required to ask for asking price if you can determine by yourself, Seller may state the asking price or trigger another type of conversation.
-I need sell fast,
- I don't care what price
- I don't need anymore headache

Let them tell you.

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