The Most Common Questions You Will Get from Sellers & How to Answer Them
Over the years, I have encountered all kinds of sellers. Some people were easy to work with, and others seemed to make the process as difficult as possible. The key to being successful, regardless of the seller’s personality, is to know in advance how to handle different scenarios, how to answer questions sellers may have and how to build rapport so that you can mutually come together and close a deal that will benefit both of you.
I want to reiterate that the most important thing is to build rapport with the seller. You have to be likable and credible. The better you are at doing that, the fewer questions they are going to have. If they think you are untrustworthy, they will not want to do business with you. If you are genuinely concerned about them, their family and their situation and are candid about how you can help. A seller will be much more likely to work with you. People do business with people they like.
These are some common questions you may hear during appointments with sellers:
1. Why Should I Work With You?
This goes back to the building trust. Be open with the seller and how you want to help them. Let them know they aren’t just a number to you. You genuinely care about helping get them out of a stressful situation. You can also take information that will back your credibility like testimonials from past clients, any professional associations you have or your Better Business Bureau information.
Make sure that they understand that you want to learn about their situation. Talk about why they are motivated and what is going on that has led them to need to sell their home before you get into the numbers. Being a good listener and getting them to open up will help them see why it would be beneficial to work with you.
2. Won’t I Get More Money If I Work With A Real Estate Agent?
If they are motivated and need to close quickly, there will be many advantages to using the solutions you will be able to offer. You need to be prepared with what exit strategy you would use to close the deal, and how to explain it to the seller so that it makes sense. Go over the difference in the numbers they will see with your deal versus working with an agent. Doing a traditional sale with a realtor, they will need to pay commissions and the process is likely to take a long time, meaning more holding costs.
If they have a lot of time and don’t need to move quickly and are just interested in getting top dollar, they may be better off working with a realtor. And if this is the case, the best thing you can do is leave it on good terms and let them know that your solutions are not the best for them. Leaving it on good terms gives you the opportunity to follow up with them in 30 days to see if they have become more motivated. Just because they aren’t motivated today, doesn’t mean they won’t be in the future. If they find themselves in a situation where they need to sell quickly, you want your name to be the first they think of to work with.
3. How Do You Know What My House Is Worth?
Before you even get to the appointment, you will have looked at comparable properties. Take this information with you and be able to explain in detail how you came to the numbers you did.
If you do end up getting a question you don’t know the answer to there is no shame in saying you will need to do some research. The seller will respect you for your honesty. Most people understand that even someone who has been in the business a long time might not have all of the answers.
I discuss more about how to build credibility and how to handle different situations that may come up with sellers in my Foreclosure Investing Mastery and in my four-day live training where you can learn the exact systems I have used to build my own success.