New real estate investors waste so much time. If you happen to be new, at least know, that it’s not really your fault and we’ve all done it. It makes me sick to think of the many hours I wasted when I first started out.
For example, I spent hours in the car driving from one house to the next, meeting with unmotivated seller after unmotivated seller. I was so excited (and desperate) to get a deal that when I got a call from someone who wanted to sell their house, I didn’t even ask them any questions – I simply got their address, set up a visit and raced over to their house as soon as they could meet with me.
This was obviously dumb. But it was before I got my first mentor and knew what I was actually supposed to be doing. So if you happen to be new, let me give you some advice that could save you a lot of gas money from meeting with people who have no real intention of selling their house to you.
First, you need to have a seller evaluation sheet.
Mine happens to have 21 questions. I’ve seen people who have sheets with 80+ questions but I think that’s a little much. My 21 questions give me everything I need to know to properly evaluate the deal.
Now, the key to saving time is paying attention to how a potential seller responds to these 21 questions. In short, if they don’t answer all 21 questions, by refusing to answer them, then that pretty much tells you that they’re not motivated.
You see, if a person truly wants to sell your house, they will be more than happy to answer all of your questions.
In fact, just two days ago I had a call from someone who was clearly not motivated. I got a call from a seller who received one of my absentee landlord letters. He said he might want to sell his rental property. However, when I got to the question about how much he was looking to get for the property he said, “Well, I don’t know, just make me an offer.”
If you ever hear those words, run away. Thank the seller for their time and just move on to the next deal.
As soon as the seller told me to “make him an offer” I pressed again and said I needed a number from him. He told me he didn’t know and I told him that if he couldn’t give me a number then unfortunately I would be unable to assist them – this is what I tell all sellers who refuse to give a number.
That’s because I know it’s the ultimate sign of someone who isn’t motivated whatsoever. So, to save your sanity, time, and gas as an investor, never waste time on people who won’t answer all of your questions and who won’t give you the amount they’re looking to sell their house for.
Trust me on this one. You’ll thank me in the long run.