| |
| |
|
Real Estate Information |
|
|
|
Negotiating and Sales Skills Are Critical
When I first started getting active in creative real estate, my skill set at negotiating was very weak. I had done the telemarketing thing for American Express as a financial planner and had studied and learned a few techniques. On the surface one might think that would be a perfect tie-in to talking to sellers about their properties and their financial situation. I can promise you it wasn't. Yes, I did pick up asking general sales techniques like never asking close-ended ("yes" or "no" answers) questions. Also, it still works to ask multiple choice assumptive questions like "Would Tuesday at 6 p.m. or Thursday at 3 p.m. work better for you?". The basics were not enough. When I first began asking sellers what their loan balance was, I may have actually received a number for an answer 50% of the time. I had two major obstacles facing me. First, my belief system was cock-eyed in that having come from a financial/accountant type background, I knew without a shadow of a doubt that no one would ever just give me their house and that only a complete fool would tell me the balance remaining on their loan. Second, I didn't have a clue as to the right way to ask and I can tell you from experience that it matters greatly. The first obstacle, belief system, was easily overcome after I met my first truly motivated seller. Okay, beliefs systems are trashed and I must be the complete fool because that was way too easy. The second obstacle, phraseology/negotiating, is no longer an obstacle, per se, but it is still a skill that I continually try to improve upon. The two key components, assuming you have already properly established good rapport, are timing and the phrases you use. Here are some quick examples of how NOT to ask a seller what the loan balance is: * What do you owe? * Are you willing to sell it for what you owe? * How much equity would you say you have? * etc., etc. Now, don't get me wrong. If you use these phrases and similar ones enough times and with enough confidence, you will be able to get a numerical answer on occasion (as opposed to some of the not so friendly responses I received early on). Contrast the above phrases to these: * How much is left on the loan? * So, the property's not owned free and clear? * etc., etc. The first set of questions personalizes the issue and attaches the debt, and thus the problem, with the seller. The second set of questions creates detachment and since it's no longer "their debt" or "their problem" or "what they owe", it's just simply a number and not a problem to share. Since I first picked up on this one little tactic, I would estimate I get all the information I want on 99 out of 100 calls with almost no real effort. Granted, it does take time and practice to develop decent phone skills. The ability to naturally create rapport and flow with the call, yet still get the information you want will come with time. My point is that it's important to begin testing and tracking different approaches. If you do this, you will notice some very interesting results. Here's another example when asking about whether or not the seller would consider a carryback (financing it for you). I'd suggest actually trying this one out just to verify the reality. If I ask a seller something like: * Would you consider owner finance? * Would you do a carryback? * Would you carry paper on this? * etc., etc. What do you think my responses will be? Yes, I know that we like to use our fancy terminology once we've mastered it. I'm probably as guilty as anyone in that regard. However, what the above questions accomplish is forcing the seller into a corner. Either they have to admit they don't understand, and thus appear foolish, or simply say "no". Which do you think happens most often? Compare the above questions with something like: * Are you in a position where you could take payments? * Would it be possible for me to make payments for a while and pay off your loan later? These questions almost always lead to a "yes" or a "tell me more" type response. You'll be amazed at the difference. These are just two quick examples of how the phrases you choose can affect your results. Take a minute to consider how many questions you ask and how much information you attempt to extract from a seller in a single call. Knowing what to say and when to say it will improve your performance more than you can imagine. I highly recommend picking up some books and/or taking some courses on sales and negotiating. Roger Dawson has great materials available on this web site... http://www.texasrealestateclub.com/courses.html#negotiating and you can visit his site at www.rdawson.com. I'd also recommend reviewing our recommended book list for materials on sales and negotiating which can be found here... http://www.texasrealestateclub.com/booklist.html. Grab some books by Tom Hopkins, Zig Ziglar, and other top sales and negotiators and begin the quest. I firmly believe no other action will make you as much money as fast as developing these skills and practicing them. Regardless of your specific approach to your business, these skills will absolutely be used in every aspect of your life. About The Author Tim Randle can be contacted through his web site at www.TexasRealEstateClub.com; info@texasrealestateclub.com (c) Copyright 2003, All Rights Reserved
MORE RESOURCES:
Real-Estate - Google News |
|
|
|
RELATED ARTICLES
Property Investing - Am I Buying for Profit or Prestige? All of us have emotional preconceptions and assumptions. They are reinforced and fine tuned by our experiences of life, be they traumatic, disciplined or consistent. Cant Rent a Work Zone So you've picked up your first (or third, or tenth) income property, and it's a real fixer-upper. You've got a great team of contractors, and you know what they need to do and how much time and money it's going to cost to make it happen. FSBO: For Sale By Owners Chapter One She reached the phone on its second ring. "This is Tami!" She confidently answered. How To Get The Best Rental Accommodation In The Area By Using Your Capital My report is for you to use your power to negotiate, not only a reduced weekly cost of accommodation, but also to get the best accommodation available in the area in which you wish to live.Hello Colm Dillon here . Find Bucks in Yucks! 20-Year-Old Woman Turns Doghouses into Dollars! Do you dream of making money in real estate? Do you realize how easy it is to make big bucks? Even a young inexperienced person can transform houses for great profit.How to Fix, Flip, and Laugh All the Way to the BankAt the age of twenty, our family friend Dawn made her first fortune flipping houses by herself. First Impressions Will Sell Property Fast! First impressions count, buyers will have already formed an impression before they step into your property. A well-kept garden, pathway and fence, plus a freshly painted front door are immediately appealing, whereas a scruffy outdoor space with a litter bin outside the front door may turn many prospective buyers away. 3 Strategies For Buying Property With No Money Down Everyone has heard a story or read about someone who bought a property without paying a single dime as a down payment. But how does this work?There are several "classic" methods commonly used to purchase real estate with no money down. The Echo Boomers - The Next Big Consumers The Echo Boomers or Generation Y currently make up about one third of the US Population. Many of the Echo Boomers are starting to reach an age where they want and need things like, Houses, Cars, Insurance. Tenant/Buyers Have Multiple Options Lease Purchasing affords the tenant/buyer a wonderful opportunity to get into a home today, that he or she can buy tomorrow. But what options are available at the end of the contract? Fortunately, Lease Purchasing provides multiple options here also. Be Patient Screening Tenants Rental real estate is a solid way to make money. I'm particularly fond of residential properties, because people have to live somewhere. Follow-Up - The Key To Successful Closings If everyone always did everything they said they'd do, we'd all be a lot richer. Unfortunately, tasks are overlooked, and the ball is often dropped. A Few Easy Ways To Take The Headache Out Of Moving Moving from one house to another is always a challenge, but it doesn't have to be a nightmare. Here are some simple tips on how to get it done with minimal stress and strain. How to Use Design Psychology to Stage Your Home for a Top-Dollar Sale A new business venture to help home sellers, home staging, assists property owners in preparing their home for the best possible sale. Home stagers visit your home and either tell you how to redesign it or actually do the work for you. Real Estate Investing: How to Choose a Lender To become a successful real estate investor it's vital to have a long-term relationship with a good lender. Having a flexible lender who knows your needs and objectives can be the difference between success and failure in your investment career. 10 Frequently Asked Short Sale Questions 1. What happens to the seller's credit rating when they allow an investor to short sell their property?What typically happens is the loan will show up as "paid" on their credit report; however there will be a notation that says "settled for less than originally owed" or something along these lines. Real Estate Investors Kick Away $1,000 Those new to real estate investing often fail to take actionbecause they don't have much cash. The truth is that thevery best investors got their start when they had little orno money. Safe, Scenic & Secure Sussex County Delaware As I write this, there is a considerable concern about the dangers of urban life, triggered by the terrorist attacks on the USA. As some of you know, I have been a student of disaster preparations and a real estate consultant for those seeking "secluded and survival properties" for over thirty years. The Art & Science of Property Valuation -- Automated Valuation Models It is no secret that sellers want to sell high and buyers want to buy low. But they often arrive at the negotiating table with very different ideas on price. Buying Houses at Discount Prices Buying a house is the best way you can create immediate equity. Gaining equity through buying a house is something which is very easy to do, as long as you follow these guidelines. Real Estate Internet Marketing Is The Way To Go Real estate Internet marketing is a booming business, along with all other forms of Internet businesses. Now, it seems that very little can't be sold over the Internet.
|
| home | site map | |
| Realty Web Services © 2007 | MesaSky Services |
