Okay, when I first started out in the real estate investing business, I listened to podcasts by Rick Otton from Australia. (Check out his podcast: We Buy Houses Radio) So, the idea I’m sharing today came from him.
Rick is a master at knowing how to talk to sellers and especially how to ask all the right questions. (The “why” questions.) When you ask the right questions, you know quickly whether the seller is motivated or not.
I LOVE this quote from Rick:
“Unmotivated sellers will make you old, motivated sellers will make you rich.”
Basically, you can uncover and gauge someone’s motivation rather quickly by asking the right questions.
And if the seller isn’t motivated (yet), move on. But be sure to mail or email them an offer anyway, and then follow up with that lead later. The fortune is in the follow up.
Here’s a great question to determine motivation: “Mr. Seller, what are you going to do if you don’t sell your house now?”
If they say, “We’re gonna wait until we get the price we want…” you know they’re not motivated. Yet.
Here’s another great question Rick uses: “Would you pay the price that you want me to pay for this house?”
Remember, oftentimes, sellers want to give you their problems. Don’t allow the seller’s problem to become your problem. You’re not there to be part of their problem—you’re there to offer the solution to their problem.
Do NOT be a motivated buyer. You need to be the reluctant buyer and get the seller to sell you on their house. Not the other way around: “Mr. Seller, why should I buy your house? Why Do you want to sell your house? Why do you want to move?”
Ask simple why questions to get to their motivation. Stop wasting your time with unmotivated sellers.
It’s the motivated sellers who will make you rich.