Find Motivated Sellers From Classified Ads
When you check your newspaper's classified section, you'll find that there are many categories, with motivated sellers in each category and that you need to determine the strategy you should use to obtain properties. Keep in mind that when you understand the many ways for you to acquire properties, you can improve the way you find motivated sellers as well as successful deals.
As you look through the categories in the classifieds section, take a look at all the words and phrases being used by the sellers, such as:
* Relocation
* Divorce
* Needs TLC
* Needs repairs
* Elderly owner
* Drastically reduced
* Transger
* OWC or Owner will carry
* Lease option
* Any offer considered
* Owner or Seller Financing
* Call anytime
* No reasonable offer refused
There are many other keywords you should watch out for, but these may be the most commonly used, although you will be sure to find similar phrases.
You can be certain that the best ads with the most number of motivated sellers are the ones indicating that the property is For Sale by Owners, or FSBOs. These particular sellers are the ones with some personal or financial issues and are looking to sell quickly. When inquiring about advertised properties, you might find motivated sellers who have property problems; you might want to avoid getting into such transactions unless you have a thorough knowledge about how you can buy and sell quickly without having to put in too much effort. When you call to inquire about ads, you can implement some techniques to help you figure out if the sellers are really motivated to sell. These are not the only methods you should try, but they are a good place for you to start.
The first question you should ask is, "Can you please give me more information about the property for sale? I'd like to know more about it." This helps the seller become more open and give you more details about the best features of the property. Even if the seller has released a complete, full-page ad about the property, you should still ask in order to get a feel for the seller's interest in selling.
Your follow-up question should be, "Why are you selling?" This will help you uncover the seller's real reasons for letting go of the property, as the seller relates the issues he or she is facing. Because there are many reasons that go behind selling a property, you must be able to determine whether you are speaking with a truly motivated seller; some of the details indicated in the list above will give you an idea. For example, the seller's spouse may have already been transferred to a different area due to work and the seller is left behind to sell the property before moving to where his or her spouse currently is.
It is acceptable for you to ask more questions, such as when they are interested in closing the sale. They will give you their schedule and their ideal time frame, which is a good indicator of their level of interest in selling. Say you ask the question and the seller says that he or she is not in a hurry to close the transaction, or responds that he or she wants the property off his or her hands in six, seven, or eight months. Then that is a clear sign that the seller isn't all that motivated. However, if the seller says the property has to go as soon as possible, then that is a more favorable sign.
Looking for motivated sellers in the classifieds section is not rocket science; it is just all about understanding how people think and work. Real estate is centered on people, too, not just on properties. As you place calls regarding ads, you should take note of the questions that yield positive responses from the seller. Write them down so you can refer to them the next time you place such inquiries. In time, you will be able to improve the way you present and be able to spot motivated sellers much more quickly.
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