Today’s podcast is coming to you from my Nissan Maxima. I’m going to buy another big SUV soon. Miss the big car. I’m trying a new microphone today… let me know what you think.
My students ask me a lot of questions, and I try to keep up to date with answering them. I’ve noticed that a similar question comes up a lot so I thought I’d share answer with everyone.
“I sent out a lot of marketing; then called to follow up, but nobody seems interested. What do I do?” Or, “My seller wants $20,000 down on a lease option; what do I say?”
These questions come because the seller that students are talking to is not motivated enough to make a deal. Happens all the time.
That’s okay. The seller may be motivated later. Follow up with that seller and if he ever does become motivated, he’ll remember you. But don’t beg for the business. Just check in every couple of months.
You need to rate sellers’ motivation using a 1 to 5 scale. If seller is a 1 or 2, keep the call short and move on to another lead. Don’t try to convince unmotivated sellers. That’s not a good use of your time.
If seller is a 3 or 4, try to work out a deal by juggling terms and/or costs. Until you make a deal with a 3 or 4, follow up. Again, don’t try to convince anyone that’s unmotivated.
If a seller rates a 5 on motivation scale, you likely have a deal. Be grateful for hitting on a motivated seller this time.
Listen and learn:
- Prequalifying question… why are you selling such a great house?
- Sellers are good at hiding their motivation level, but over time, you’ll get better at reading them.
- Never sound desperate for a deal by mentally and emotionally removing yourself from the outcome.
- Take my free lease option webinar, Simple Lease Options Class.
Mentioned in this episode:
- Joe’s podcasts: RealEstateInvestingMasteryPodcast
- Joe’s free lease option webinar: SLOclass.com
- Joe’s new book is coming soon: REI Secrets
- Go to iTunes or wherever you access podcast and leave a review
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