Posted by Brent_IL on December 23, 2000 at 09:46:15:
Salesmanship is everything.
Motivated sellers are motivated by the need for cash, or the intense desire to get out of the property. That?s it. Otherwise, they are not motivated and will just wait to see what will develop.
A CRE offer using little of the investor?s cash usually involves using the seller?s property or credit. Although the variations are endless, routine CRE offers are simple. Most of us like to use a pattern of payments and financing that we feel comfortable with that has worked in the past.
With a little work, by using financial calculators, excel worksheets, and examples of offer types, even inexperienced buyers can put together an offer that will make them money while addressing the needs of the seller.
This is the easy part. However, it?s all on paper. The trick is getting someone to accept your offer once you make it. For that you need salesmanship.
One successful approach is to never think of an offer as an offer. Think of it as a sales presentation. Good presentations are built around a core approach and adjusted to individual circumstances.
This requires preparation; it isn?t instant enlightenment. Every word counts. Your body language, and the attitude you bring to the table does also.
Public libraries usually stock books on making sales, and there is a great deal of information on the Net. www.salesdoctors.com comes to mind.
Personally, I prefer to meet with the seller and his agent, if any, and build the one offer that has the best chance of being accepted. I can get 50%+ of my offers accepted. The ones I miss are because I failed to pre-qualify the seller correctly; I?ve confused the seller into inaction, or because the seller is lying to me.
I have the advantage because I never have to think about what I will say.
Most possible objections are standardized and known in advance. That means the answers can be formulated in advance. Neuro-linguistic programming and hidden action triggers can increase your success rate.
Even when it is in our best interest to act, we humans need a reason strong enough to overcome inertia and initiate an action, and to do so now. Salesmanship provides the reasons.