NOTES with Jay Conner Success
3 STEPS TO MAKE A SUCCESSFUL OFFER
A few months ago, I shared a story about the lessons I learned about buying a house on Bridle Lane. In just six days, we went from having a motivated seller find my website to closing a deal that brought in over $60,000 in profit. During those six days, I spent only 1 1/2 hours of my own time working on the deal. As I said in the article, this was all made possible because I have managed to automate my team and my processes. But one detail that really stuck out to people was how we were able to bring the seller down from their initial asking price of $100,000 to the offer they took at $80,000. Making a successful offer on a house is essential in this business. The key is making offers that benefit you and the seller. In this article, I’m going to teach you a few strategies for creating a great offer on any house. Train Your Acquisitionist Right The first time you talk to a seller, your job is to determine if a deal is worth pursuing. Or if you’re me, that’s your acquisitionist’s job. My acquisitionist has been with me for 12 years. She knows how to get all the information we need on the lead sheet, talk about the possibility of seller financing, and negotiate down to the lowest offer. Your acquisitionist will also need to know how to handle sellers when they get upset, if they don’t like what they’re hearing. (There will be more on that later!) It pays to make sure your
“If we could get you all cash, without needing to get approved for a mortgage, without ordering an appraisal, and close within seven days, what’s the least you’ll take?” That question saved me $20,000 instantly as the seller dropped his price to $80,000. Including the Magic Question in your negotiation is really important for determining exactly where the seller stands regarding the value of the property. But it’s not the end of the negotiation. Next, send your contractor to the property to determine the cost of repairs.
acquisitionist is trained well. The Magic Question
When you or your acquisitionist asks what’s the lowest price a seller will accept, the number you hear first is rarely the lowest number that will end up on the table. When my acquisitionist first got on the phone with the Bridle Lane seller, he insisted that the lowest amount he’d settle for was $100,000. Then, she asked the Magic Question:
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