Best Way To Answer Sellers' Questions For The NEWBIE
One thing that concerns me a bit, having not done a deal yet, is how I will answer some of the sellers' questions that will likely reveal my inexperience.
For example how would you answer, "So how many of houses have you bought like this?" (Oh you're in luck because this will be my first!)
I just have a feeling that John Locke's "collectively for 7 years" thing may be a little too misleading and cause the sellers to back out. But then again I guess the worst that could happen is that you don't get that deal, right?
Brian
Let us know if a seller asks such a question. I will be very surprised. They will be focusing on their situation and you should keep them focused on it.
You will also be surprised that you can ask them questions you never think they would answer. The main ones I have asked are: "Why are you selling?"," What do you want from the sale? "(answer is almost always money) and "What are you going to do with the money you get from the sale?" (can I offer them something besides money).
People have answered these directly although now I ask "Why would you want to leave such a beautiful home?"
I don't see anything wrong with revealing inexperience. If you come off too smooth they may feel like they are dealing with a shark. I think saying, "Forgive me, I am rather new at this" might tend to put them more at ease.
I have had that question asked, especially because the people I dealt with know me.
I answered honestly that I started doing this this year, that I like to help people solve a problem and that I enjoy this new career. Also, when doing my first deal, I said it was to be my first and that I have a very knowledgeable mentor, who has done this business for many years and who had bought and sold over 500 houses, was helping me do things the correct way. Also, that there are many people all over the USA working RE this way. He had no problem with that and was happy that I had started this new career, so I could help him with the solving of his problem (buying his house!).
Ladybug[ Edited by Ladybug on Date 11/20/2003 ]
I've only ever had real estate agents ask me how many houses I've done like this. And even then only if I'm proposing something a little out there.
Once you get a seller on the phone you can ask the pertinent questions, and the seller will think you know what you are talking about. The reason they will think that is because you will know what you are talking about. If you have prepared yourself for the call, chances are you are better prepared to make the call than they are to receive it.
On my first ever call (turned out to be an agent) within 1 minute the agent asked me if I was an investor because of the nature of the questions I asked. I just said yes, and that was that.