How to Determine If a Seller Is Not Motivated
I recently got off the phone with a seller. The deal involved a property in a neighborhood I really like. There was decent cash flow ($200) and this was the bread and butter type of deal I like to close.
I didn’t get the deal. One of the funny things about this business is how sellers will appear motivated at first and then when you talk to them the next time their story completely changes.
Well, with this particular deal I was trying to buy the property subject-to. I want to show you how I try and “close†a seller and how I know when it’s time to give up.
When you first talk to a seller you build rapport and ask questions you need regarding the property. (For me, I was talking with this person after my assistant found out the initial information about the property). Once you’ve gotten all of the information you need, you present your offer to the seller.
Now, if a seller is truly motivated they will take it immediately. However, on this particular call the guy informed me that he didn’t want to be on the hook for the loan and he would try and rent his property himself. I then proceeded to re-explain all of the benefits of working with me such as he would have guaranteed payments for the next 5 years; he wouldn’t have to worry about vacancies or any tenant hassles at all. After I explained all of this, he still wasn’t interested.
Do you know how to tell if a person is at least slightly motivated? If they ask questions! You see, every time I explained all of the benefits of working with me, the guy didn’t ask any questions or care at all. If he were even a little bit interested he would have at least asked me a few questions—questions are “good†and this is when your sales skills and scripts come into play.
However, if you’re dealing with an unmotivated seller it doesn’t matter if you’re the best salesperson in the world, because he doesn’t want what you’re selling.
Anyway, so after I explained to him the benefits of selling to me—about three different times—and how not once did he “bite†or ask any questions, I knew there was no deal to be had. But, I’m still going to follow up with this guy in 30 days because time always increases motivation.
And remember you can’t force a deal. I know we all want deals badly but if they aren’t interested there is nothing we can do. So as soon as you figure out someone is not motivated, get rid of them and move on to the next person.
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