BiggerPockets Real Estate Podcast 528: 5 Questions to Ask EVERY Seller & Finding the “Bunnies” To Close the Deal
Nov 7, 2021
Pace Morby, a master of off-market deal-finding and creative financing, shares his vast experience from closing over 500 off-market deals. He reveals the five crucial questions to ask sellers, designed to make them comfortable and open during negotiations. The conversation delves into understanding sellers' motivations, the importance of storytelling, and why empathy trumps aggressive tactics. Morby also emphasizes finding the 'bunnies' in each deal, helping sellers articulate their true needs while fostering a collaborative and trusting environment.
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The Bunny Story
- Pace Morby shares a story about his first real estate deal, involving a seller named Janie and her giant bunnies.
- By helping Janie with her bunnies, he built rapport and closed the deal, highlighting the importance of addressing sellers' needs beyond the property itself.
Uncover Hidden Parties
- Always ask if the seller is working with an agent or if others are involved in the decision.
- This helps identify potential roadblocks and collaboration opportunities early on.
Get Permission to Say No
- Ask the seller if they're comfortable saying no, setting a tone of honesty and transparency.
- This makes them more receptive and allows for open communication.
