You’re in the business of investing in real estate, and as such, sooner or later you will be selling your investments with an exit strategy that works for you. You’ll spend time on marketing those houses to a particular niche. If you’re using our Niche2Wealth strategy and seeking to sell a home with a lease-option, you’ll be looking for those buyers who can come up with the funds within a year or two to make the purchase.
You want to know before you start getting phone calls from these prospective buyers what kinds of questions to ask them while you have them on the phone. They’ll likely have some questions for you as well.
Build Rapport First
But before you even get into asking them questions, take some time to build rapport with them. What I mean by this is to take some time to connect with them in a meaningful way. If you just start shooting off questions about their finances and so on, you may come off as too strong. They may put their walls up or become leery. But if you start off in a casual conversation, perhaps mentioning a bit about yourself and then asking them non-threatening questions, you’re likely to start warming them up to you.
There are several important questions that you want to discuss with them while you have them on the phone. After you feel comfortable and have taken a bit of time to build rapport with them, ask them the following three questions:
- What kind of down payment can you afford on this home?
- Regarding monthly payments, how much can you afford?
- When is it that you think you’d like to move into this home?
Some callers might tell you right away that they don’t have money for a down payment or they don’t have enough money for the down payment that you require. You can easily remind them that there are various ways that they can obtain more money to use as a down payment, such as asking for a loan from family or friends, borrowing from their 401k, and so on. Remind them that by them owning a home, they’ll be saving themselves a lot of money over time.
Set The Appointment
Once you’ve gotten the information from the questions, go ahead and set an appointment with them. If the prospective buyer seems like a buyer that you can work with, don’t ask them if they’re interested in getting together with you. Simply tell them that they meet the criteria and you’re happy to make an appointment with them.
It could be as simple as saying something like, “Wonderful. Let’s meet Tuesday at 4. Does this work for you?” This way you’re being clear and moving quickly on the deal.
You want to get the buyers fired up about the possibility of them owning your home. You want to get them excited and open their eyes to the benefits of them actually purchasing this home, even if it is a year or two down the road. Explain to them the benefits of appreciation and home equity. Assure them that purchasing a home over renting something is the wise way to go.
As you set the right atmosphere for them, helping them understand the bigger picture of home ownership, get them to agree to that appointment. Then, simply take it from there.