Saturday, August 18, 2012

"Call Me When You're Ready To Sell, Or Don't Call Me...!"

One of my students called me last Tuesday and shared his version of an objection-meeting gambit that I wanted to share with you.

Here's what he told me:

He advertised in the "real estate wanted" category of craigslist for income property. He didn't mention any creative financing. He just said "I want to buy income property [in his city]. Call me if you're ready to sell."


His call to action screened for sellers who were "ready to sell', and screened out the dreamers and temperature takers.

He got a call. The seller told him that he 'just wanted out,' and that he was "sick of being a landlord."

The seller added that he, "wasn't interested in any seller financing, or master leases, or any creative financing, and that he was firm on his price."

Really? Well....!

Some might respond, "I understand. Good luck with that approach this market" and hang up.

Not my student. He just plowed forward and confidently told the seller this...

"Mr. Seller, you told me what you wanted; that you were firm on your price; that you wanted out; and you weren't interested in seller financing.
That's fine, but there are many cash flowing REO's selling all over the place, for much less than what you're asking.
If you're not willing to negotiate price or terms, then I'll continue looking for something more sensible to invest in. If you change your mind let me know."

That's a great response to someone who's telling you how inflexible they are.

But this approach is more than a rejection of the seller's position.
This is a gambit called the "take away." It's an effective bluff-calling strategy. This put my student in firm control of his negotiations, even if the seller stood fast, because my student was qualifying the seller. Meantime, he told the seller the truth without apologizing for it.

So, what did the seller do?

The seller changed his tone and position so fast it was as if he had a personality disorder.

All of the sudden he was curious what my student had in mind. It was no longer a 'my way or the highway' situation. It allowed my student to instantly reframe the negotiations to include the possibility of a master lease, getting the deed (sub2), or adjusting the price for cash.
The question arises, "Could the 'take away' work as well in a 'seller's market?'" Absolutely, and you'll see how in a later post. Stay tuned.

Meantime, look for ways and opportunities to practice the "take away" and see how it improves your control of your negotiations. It's nearly magical.

That's it for now...!

Your Sub2 Coach, Jay

P.S. If you would like to use the same system that my student used to maintain total control of his negotiations, Click Here. Controlling My Negotiations