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Meeting With A Seller
Preparation is one of the major keys to success. If you are prepared when you meet with a seller, then you will be more confident and more likely to close the deal.
Your preparation in meeting with a seller begins with filling out the seller information sheet. Is the sheet completely filled out? Do you know what is motivating the sellers to sell quickly? Have you identified if this is a subject-to, lease option, or short sale deal?
Once you have determined that you have a deal, you need to secure an appointment immediately. Try to make the appointment as soon as possible, so the seller doesn’t have time to talk to the competition. The night before your meeting with the seller, you need to prepare an “information” folder. The first item that this folder will contain is a Special Report about how the property will be purchased (subject-to, cash, etc). This Special Report should be very detailed and answer all objections the seller may have. The next item in the folder should be several testimonials from previous satisfied clients. Testimonials are very powerful and have helped me secure several deals. Make sure that you always ask each seller or tenant that you assist to write a testimonial letter for you. Next, you will want to include every form pertaining to the type of deal you are trying to put together. You want to give the seller copies of blank forms so they can review everything they are going to sign. Every time you visit a seller, your folder should contain at a minimum: 1. Special Report
2. Testimonials
3. All contracts and forms You will also want your own folder when going to meet with a seller. This folder will contain all of the forms and contracts needed to close the deal. It will also include a checklist of all the forms needed and other information you must remember. This can include remembering to put a lock box on the front door, checking the mortgage statements, or putting a bandit sign in the front yard. After your folder is finished, you are almost there. On the day you meet with the seller, dress appropriately. Arrive at least 10 minutes early to the meeting. If you ever think you are going to be late, always call the seller ahead of time. Greet the seller with a firm handshake and a big smile. Thank them for allowing you to visit with them today. Then ask them if it is alright if you take a tour of the house. While you are doing this, make small talk with the seller to build rapport. After you have inspected the house, sit down at the kitchen table and ask the seller if they have any questions before you begin to go over the paperwork. Once all questions and objections are handled, then review the paperwork. After the paperwork is reviewed, address any additional questions and then sign everything. Clearly, you can see that if you are not prepared with your paperwork, not dressed properly, and don’t know how to handle objections, then the seller may not work with you. Prepare ahead of time to ensure you are coming home with a signed contract.
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Contributor's Note
Jason R. Hanson is the founder of National Real Estate Investor Month, author of “How to Build a Real Estate Empire” and mentor to students all across America. For more information on Jason’s one-on-one mentoring program, visit www.PrimoCoach.com or call 800-865-1702.
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