Talking with sellers can be difficult. The hardest part is presenting your offer. Here are 8 common phrases a seller will use to delay accepting your offer (and what to do about it).
Presenting the Offer
Lets discuss presenting the offer first. Most people believe the hardest part of wholesaling is the initial conversation with sellers. This may be the case for some, but for most, the hardest part is presenting your offer. I tell people that if you’re not embarrassed to give the offer, you’re more than likely being too generous and offering too much. As investors, you have to buy right or everything else will fail.
Presenting the offer is challenging because all the rapport you’ve built with the seller before that moment will be at risk. People take offense to low offers, and they take it personal. They may assume you think they’re ignorant. I’ve seen rapport get crushed in the offer exchange. When you thought you were in the sellers good graces you can quickly become the villain.
When presenting your offer, you will need a few things:
- How to justify your number (comparable properties that sold)
- Market analysis
- Rehab justification
- Transaction expense (holding and closing fees and taxes)
If you have these things, you should be able to close the deal. However, a seller will work to either negotiate, delay, or reject your offer.
Here Are Key Phrases Sellers Will Use & How You Can Pivot & Solidify Your Argument
1. “How do I know this is not a scam?”
You have to create credibility:
“This is a great question, Mr. Seller. I understand there’s no reason why you should trust me. However, I am going to introduce you to the escrow officer that will be handling the file, and she can provide validity and credibility of my professionalism.”
Of course, this can only be done if you have closed deals with the escrow officer. Also, if you’re a licensed agent, you can inform…