Be smart, don't give sellers power. Post 197

Coach Mitch’s REFLECTIONS™


This is the essence of a coaching training that I had with a student after he had made a presentation. The Examples are real; the “You” in the Examples are what the student actually said.

Saying too much is bad.

Giving too much info does harm and gains little or nothing. Saying things in general terms gives no specific information but gains the confidence of the person listening.

EX1: You – “We just got a list of cash buyers.”
General Statement: “We did the research and found 211 investors who made recent purchases. Some of these investors made purchases in this area. We will contact them on your behalf.”

EX2: You – “We can do a 203K rehab financing.”
General Statement: “The home is nice but I’m sure you realize it could use some work, right? We can look for those who want a fixer situation. They are not afraid of a project.”

The Reality

These folks will sign if you give off an aura that you are competent, honest, caring, and especially, if they feel that you will do what you say you will do. These are general impressions, not specific impressions. If you show empathy, etc. it accrues to your benefit.

Giving marketing advice/info only gives the seller the idea that they just got an idea that they can do themselves.
You’ve given the seller power unnecessarily.

These are the foibles that are difficult to overcome because they stay in someone’s mind as a legitimate possibility. These foibles give strength to other objections. The seller might “give in” but for the idea that he can find someone who can do a 203K loan – now that he knows it exists.

Don’t match wits, but if forced, crush the seller.

Listing ideas on how to move the property is only necessary with those few persons who are gated that way. They will make it clear that they “know” marketing and will want to challenge you.They have almost certainly had the property listed for a significant period of time, with no success, and they do not want to risk losing more time, especially as the tax delinquent clock is running.

In this specific case you are much better off asking for their input rather than exposing your ideas.

Be prepared for the eventuality of meeting a seller “know-it-all.” Ask them smart questions and listen politely until they stop speaking. Use Feel, Felt, Found with all answers.

Q1: “What do you think the previous broker did wrong?”

Q2: “If you were the broker, how would you market the property?”

Q3: “What do you think are some of the better ideas currently being used to market properties in this area?”

Q4: “Why has this property not sold?”

Q5: “What can you do to improve the chances of this property selling quickly?”

The last three questions are meant to really test the arrogant seller. The seller won’t be able to answer properly or adequately and they will know it. You will know it also, and they will know that you know; that was the point of the questioning.

Of course you use some version of, Feel, Felt, Found in all statements.

EX: “That is good info. I’ve seen some of these ideas in action and I’ve used them myself. My versions are a bit more pointed and many have found them effective.”

Wasn’t it Sun Tzu who said, “You can defang an aggressor by exposing their underbelly. In this manner their weakness has been shown and you will have put them in retreat.” No, it is Coach Mitch who says it.

This is the kind of training that Coaching Clients get when enrolled in Coach Mitch’s Tax Delinquent Property “Ridiculously Simple System…”™

See you at the top,

Mitchell Goldstein - Coach Mitch
518-439-6100 until midnight EST

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