When I first started getting active in creative real estate, my skill set at negotiating was very weak. I had done the telemarketing thing for American Express as a financial planner and had studied and learned a few techniques. On the surface one might think that would be a perfect tie-in to talking to sellers about their properties and their financial situation. I can promise you it wasn't.
Yes, I did pick up asking general sales techniques like never asking close-ended ("yes" or "no" answers) questions. Also, it still works to ask multiple choice assumptive questions like "Would Tuesday at 6 p.m. or Thursday at 3 p.m. work better for you?". The basics were not enough.
When I first began asking sellers what their loan balance was, I may have actually received a number for an answer 50% of the time. I had two major obstacles facing me.
First, my belief system was cock-eyed in that having come from a financial/accountant type background, I knew without a shadow of a doubt that no one would ever just give me their house and that only a complete fool would tell me the balance remaining on their loan.
Second, I didn't have a clue as to the right way to ask and I can tell you from experience that it matters greatly.
The first obstacle, belief system, was easily overcome after I met my first truly motivated seller. Okay, beliefs systems are trashed and I must be the complete fool because that was way too easy.
The second obstacle, phraseology/negotiating, is no longer an obstacle, per se, but it is still a skill that I |
