Epic Real Estate Investing - Are You Ready for Sellers' Most Commonly Asked Questions? | 738

Episode Date: August 8, 2019

In today’s episode learn the answers to sellers’ most commonly asked questions. Stay ready, so you don’t have to get ready! Learn more about your ad choices. Visit megaphone.fm/adchoices

Hello, my name is Matt Terrio from Epic Real Estate. I'm CEO of Epic Real Estate. And today we're going to talk about staying ready so you don't have to get ready. And the main thing that we're going to focus on are your answers to the most common questions that sellers are going to ask you. So do you know what they are? And do you have answers at the ready for those questions? Well, you will in within the next 10 minutes or less. All righty. This is Terrio Media.

But before we start, what we're really talking about is just getting in front of motivated sellers. And if you're really serious about getting in front of motivated sellers, so you can buy real estate at a discount because that's where the discount comes from from a seller's motivation. Then you might like the unique approach that we share with our clients that puts us in front of discounted real estate on a daily basis. If that sounds good to you, then you can have a look at R-E-I-Ase.com. Take a look over there. I just put a brand new little training video up and so go take a look. All right? Let's get started.

So when it comes to talking to motivated sellers, I mean, we all know that we need to take the lead, right? We need to take the lead. We need to show them the benefits of selling their properties to us, even if it is at a discount. But a huge thing that holds people back are some of the most basic questions that they get asked when they get these questions asked. They're asked over and over and over. And I see it all the time. People are just, they're so worried about these conversations, especially in the beginning, these conversations with sellers, to the point that they don't even prepare for them.

I mean, they just kind of wing them. They wing it because they know that they're supposed to talk to sellers, so they want to get right to that conversation as quickly as possible because they want to put deals together, but they just go in without a plan. And it makes total sense, by the way, because people, investors are people, and people are human beings, and that's just what human beings do. They love to skip steps, and they love to just get to the results as fast as possible. But see, here's the thing.

Let's put it this way. When something is significant in the amount of money that we make is on the line. We make a lot of money as real estate investors. So you've just got to go in with some preparation and even better some practice. And, you know, really, when you're talking to a seller, it's game time when you're talking to a seller. And if you go into the game with no preparation or no practice, you're going to lose. You know, I saw a meme on Instagram. I saw it recently.

I've seen it a few times. It says if you stay ready, you don't have to get. ready. And I've heard it before because it just kind of struck me though differently this time because we have an RIA summit coming up. And it's at these summits where we get our clients prepared for the big game, if you will. And part of the preparation that has to do with being ready for the most commonly asked questions that a seller is going to ask you and how to answer them so that you don't get the phone hung up on you, how to answer them so you keep the conversation going forward. And how to answer them in a way that has the seller actually invite you over to come take a look at their property so you can give

them an offer. And by the way, if you like the way this is sounding, you want to go deeper and be prepared for all of the stuff that this business can throw at you, you might like to check out how we do it and why it works so well for us. If that sounds interesting, then head on over to rea ace.com. Check it out. All right. So here are three. I'll give you three very commonly asked questions by sellers right when you pick up their phone call. I mean, you can expect these. And if you've been in the business longer than a few minutes, then you certainly have these questions asked of you already. But the question I have for you is, do you have an answer for them? And do you have an answer that's not going to stop the conversation? That's actually going to move the conversation for

so you can actually set an appointment and put yourself in a position to present the offer. So the first question will be, especially if you're doing direct mail, how did you get my information, right? Why are you sending this to me? How did you get my information? And so the answers that I like to give are the honest answers, transparent answers, and not only because it's the right thing to do and it's how we should treat each other, but it really catches sellers off guard because they're expecting some slick, fast-talking answer. And when they don't get that, they're surprised and basically they're pleasantly surprised. So how did you get my information? The answer to that, we'll say something like, well, I'm a real estate investor and I'm working in the area. I buy data

based off of my portfolio criteria. And I just use what they give me. And sometimes it's a good fit. Sometimes it's not, do you have a house for sale? So that's it, right? It's very clear, very honest, and that's absolutely the truth. So a lot of people will panic with that question because they don't know what to say. And they say the person will get all mad at them and they feeling like they're being intruded on.

But if you just kind of diffuse it by saying, hey, I'm just an investor. I work in the area. I buy data. You know, I do marketing. And sometimes it's a good fit. Sometimes it's not a perfect system. but it works a lot of times. And by the way, do you have a house for sale?

And just always finish with a question and it keeps them moving forward. It'll diffuse the whole thing. Right? So that's one question. How did you get my information? Another question is, how much are you going to give me for the house? What's your price? What's your offer?

Right? You'll get that right away. And again, honesty and transparency, I think is the best policy because that's how we should treat each other and it's not what they're expecting. All right. So what's your offer? I'll say something like, well, honestly, I don't know. I mean, I can't answer that question without seeing the property.

And I don't want to quote you a number and not be able to back it up. And, you know, actually it would be a shame if that after I saw your property, I can actually give you more is your property for sale. And so they were expecting to have this contentious adversarial relationship there and go back and forth. And whoever gives the number first is the loser. And it can be totally diffused with just explaining what actually the process is. Right?

I don't know. I can't tell what the house is worth or what I'm going to offer you the house without seeing it. And, you know, it would be a shame if I gave you one number and after I saw the property, I couldn't even back it up. But what would be a bigger shame is if after I saw the property, I could have given you more. And we both would have lost if we just stop this whole conversation right now. It is your property for sale. And boom, moves right on forward. So that's another answer. Another question.

And this really kind of scares the people that are just getting started when the seller will ask, well, how long have you been doing this, particularly if you picked up the phone, you're acting a little timid or you're a little nervous and they can hear it in your voice that that might be asked of you, or if they're just really in a bind and they need a solid solution, they need a confirmation that it's actually going to work out with you. And that question will be, how long have you been doing this? And so if you're brand new, say you're brand new, right? Honesty and transparency is the best policy. I'm brand new. And, you know, I was just brought on as acquisition manager, which you are, You were just brought on as acquisition manager of your own company, even if you're a one-man show, right?

So I was just brought on as acquisition manager. And my partners, however, they've been doing this for a really long time. And if there's anything that I can't handle, they'll go ahead and they'll jump in and they'll help me out. So do you have a house for sale? Okay. So we actually position ourselves as our client's partners, not in the rewards, but partners in the actual successful transaction of the real estate. So if they ever do get in a buy and they have immediate access to us via the, the Voxer app and they can always chime in.

And so that answer, that question is 100% accurate and it diffuses and puts the seller at ease. You know, I'm brand new. I just brought on as acquisition manager. But my partners, they've been doing this for a really long time and they're going to help me out if I come up against anything I can't handle. So you're in good hands. Do you have a house for sale? Really simple, right? So there's no, I don't know, if there's no certain one way or best way to answer these questions.

But these answers, they work really well for us. and whether you use these answers or not, just make sure that you have answers to these questions. Make sure that you actually do have answers to these questions at the ready because these questions are coming. So you've got to have answers to these questions, and they'll be coming up more than once. All righty?

So to wrap it up, here's what we know. There's a lot on the line in this real estate investing game. Big rewards for the winners. So if you want to win, you have to prepare yourself to win. Play as a winner. Winners practice. Winners prepare. Winners go out with a plan.

and winners play the game to win. If you go out at half-hazardly, you're going to get half-hazard results. So thanks again. Don't forget if you're serious about your real estate investing and you'd like to get you, if you like us to help you get prepared to win, then check out R-E-I-A's dot com.

All right. I'll see you tomorrow. Take care. Bye. This podcast is a part of the C-Suite Radio Network. For more top business podcasts, visit c-sweetradio.com. Thank you.