6 Stages of Investing: The Right Approach for Getting Seller Intel

Hello, investor friends! You’ve stayed with me through a bunch of eye-opening, game-changing posts in my epic series, 6 Stages of Investing, and today you’re in for even more.

In our previous post, we talked about the 3 main phone principles and the 4 main personality traits. You now know that understanding these principles and traits – and having the ability to quickly identify them and adapt to them – is an extremely valuable skill to have in the real estate investment business (or any business for that matter). Understanding these factors will empower you to control the outcome of those first phone calls by taking command of your conversations with sellers.

And before that, we talked about direct mail marketing, lead generation and the (gulp) nerve-wracking first phone call that you can now approach with confidence. No more clammy hands for you, my friends, because you’ve got the tools to walk away from this series not just as a real estate investment expert… but as a real estate investment warrior. So, make sure you start from the beginning of this series to get all the valuable info I’ve been offering.

And it feels good, doesn’t it, knowing that you can control your own destiny?

I’m happy to say that it can be all uphill from there, because today’s post is all about what to say, how to say it and when to say it to callers.

I call it, “the good stuff” for good reason.

Let’s get Technical, Technical, I Wanna Get Technicaaaal

What can I say; I used to crush hard on Olivia Netwon-John. But I digress…

Here is where we transition to the technical side of real estate investing. I’m talking about how to say things, when to talk and what to say to guide your sellers to the end result YOU want – by focusing on what THEY need.

Confused yet? Hang in there.

You’re going to look for 2 key factors in every situation:

• Motivation
• Equity

Now, we touched on these before in detail (is that an oxymoron?), but remember that you need both to have a deal. If you don’t have both motivation and equity in a seller, you’re wasting your time.

Do Your Homework, You’ll Be Glad You Did

So, does being a real estate investor mean you have homework basically every day of your life?

Pretty much.

But suck it up! You can’t succeed if you don’t know the facts. So find them. Talk with sellers (notice I didn’t say talk “to”), grab your magnifying glass and start digging for facts, Sherlock.

Position Yourself Next to Your Seller

You and your seller are on the same team, but if you want your seller to perceive you as such, you’ve got to position yourself correctly. In short, you need a higher authority to default to, so you can stay seated on the same side of the table as your seller. So you are their equal. Make sense? If not, refer back to my post in this series about higher authority.

Uncover the Why

Sellers sell because of financial stress, personal issues or damage to their home. Typically, it all comes down to one or more of these reasons. But you’ve got to uncover those reasons. Understand the source of your seller’s pain and know that without it, you won’t have a deal.

Define the Urgency

Sellers typically can’t afford to let their homeowner stress linger, so remind them of that. Ask them whether they’d rather have cash in their pockets and remind them that you can make that happen quickly if they’re on board. Convince them that you are the only solution to their problem.

Focus on Repairs

You want to gather basic information but focus on repairs. Repairs mean money and pain, so dig (delicately) here and ask the right questions to get the answers you need quickly and painlessly. Then move on.

Remember, the Seller Is Always Right

The seller is the golden child. He or she can do no wrong. At least, that’s what you have to make them believe. I know that’s a bitter pill for some of you to swallow, but the idea is to allow sellers to express themselves and ultimately feel heard and accepted by you.

Remember, it’s all about being on the same team as your seller. You may have research and data to back you up, but in most cases you’ll need to seize fire and let your seller be right.

Busting out the Big Guns

Sharing may be caring, but it’s also one powerful rapport-building technique – the mother of them all. Once you’ve done your homework and recon, lay it on them. Share something personal about your life or your experience as a homeowner. Connect emotionally with your sellers, make a profound confession and be sure to script out what you plan to say before you say it.

Tell your sellers through an emotional, relevant story why you do what you do and how you can help ease their pain. Rapport is always the (ongoing) name of the game.

The Eye of the Tiger Pump Up

I don’t often request that you perform mind exercises at home, but this is a powerful one. Work with me on this, will you? Get in front of a mirror, look at yourself, and repeat after me…

I don’t need the money. I don’t need them, they need me.

Say it loud, say it proud. And ladies (yes, I’m stereotyping here a bit), please don’t take up time trying to find the “skinny” mirror in your house. Just run with this exercise!

Remember, it doesn’t matter if these statements ring true now, because they will be one day. So pump yourself up now, and get your head in the game! One day, you’ll have more leads than you know what to do with, so tell yourself now (and every day) that you CAN do this!

Next time, friends, we’ll dive into the nitty gritty of establishing price, and we’ll uncover the art of the pre-close. You’ve come this far, so tune in for my next post.

See you soon, and keep it classy.