Screening Your Seller Leads And Why It Is Crucial
By: Curt Cloyd â€“ Director Personal Wealth Academy, LLC
Screening Your Seller Leads And Why It Is Crucial By: Curt Cloyd â€“ Director Personal Wealth Academy, LLC
One of the most important things that you need to do as a real estate investor is screening your seller leads that you get thoroughly. You not only need to be evaluating the overall worth of a property while screening the leads but also look for the reason behind why the sellers are actually trying to get rid of the property. The reason this is important is because it'll help you spot distressed sellers who are highly motivated to get rid of the property in the shortest time possible. Speaking of screening leads, I just read an interesting article on the subject at InvestmentPropertyMadeEasy.com which I strongly recommend that you take a look at. Working with these sellers is one of the best ways to ensure that you get the best bargains as possible. These sellers are often going through a troublesome time (divorce, death or transfer) and therefore want to get rid of the property at the earliest. They don't have time to put a property out for sale for a couple of months until they get a prospective customer. They are looking to get rid of the property and get CASH now. Bargaining with these sellers is a lot easier as they're super motivated to sell their home. Even with these sellers, your first offer will always be rejected. But repeated offers where you quote the exact amount that the seller actually thinks he really needs (not what he wants) is a surefire way to ensure that the property does end up in your hands. During the initial phone call, most real estate investors make the mistake of asking the seller about only the details of the property. They never bother to ask the reason why the seller is actually selling the property. Identifying the reason behind why he's selling the property gives you an advantage to make better offers and negotiate better. You won't be able to drive bargains without identifying the reason behind why the seller is actually looking to get rid of the property. While working with distressed sellers, one of the most important things that you need to address is IMMEDIATE CLOSING. Since these sellers are looking to sell their property at the earliest, you need to be able to CLOSE fast. Acquiring funding through a loan is NOT possible because it takes time.
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Published on Nov 20, 2012
You not only need to be evaluating the overall worth of a property while screening the leads but also look for the reason behind why the sel...