How to uncover motivated sellers in a rising marketplace…
There are ways to detect motivated sellers in any marketplace. You have to be like Sherlock Holmes a detective of listings.
Ready to the END for the ultimate way to discover the BEST deal on the market. I have personally used this technique when buying to achieve instant equity.
A seller will never tell you they are motivated. If a seller tells you they are motivated that means they are not motivated and they are trying to bait you into becoming interested based on personal gain.
Motivated sellers do the opposite. They say they are not in a hurry and don’t have to sell. This may be true but, something is driving the process. MOTIVATION.
How do you uncover the MOTIVATION of a seller?
You really can’t. The listing agent can’t tell you because it is confidential. 99% of the time the listing agent doesn’t know the true motivation anyway. This is a great point. Don’t ask the Listing Agent why they are selling because the answer you get may not be accurate. They are hired to bait you into becoming excited.
Remember an EXCITED buyer pays MORE.
If you are a buyer it pays to stay calm. Don’t get too excited too early. Too early is before you have it under contract.
The HEART chooses and the MIND justifies. We are emotional beings and our purchases are based on our feelings. Studies show that only 8% of people purchase based purely on numbers.
This goes for sellers as well. They sell because of feelings and emotions.
There are ways to find motivated sellers. I’m going to show you today.
The home is vacant. A vacant home means the seller is paying a mortgage on an asset that is not providing any value. The longer the home is on the market the lower it will go for.
The home has a tenant. A tenant during COVID-19 is not an asset. Many landlords are worried they can’t evict if the tenant fails to pay.
Secondly, homes that are rentals are not in the best shape or show-ready condition. Most buyers can’t overlook clutter and dirty homes. This means you will have far less competition.
Pro-Tip for INSTANT EQUITY!!
Beyond motivation, the single most important factor that determines your sales price for a seller is the agent they choose to market the home. Follow me closely.
As a buyer, I look for homes that are poorly marketed…
I look for homes with less than 12 photos on the MLS.
I look for homes without professional photos.
I look for homes NOT on Zillow, Trulia or Realtor.com
I look for homes listed by agents that sell less than 20 homes a year.
I look for homes with poor marketing remarks about the home.
We recently did a study and RealTrends the most notable company for real estate agents said, the average agent spends $416 a month on marketing.
That is not enough to get the exposure needed to achieve the top of the market.
The crazy part about homeowners that sell. They never ask the agent they are hiring how much they spend per month on marketing. That is the most important factor in hiring an agent.
The fact remains, 70% of sellers go with the 1st agent they meet. Most often, someone, they know. The same thing with buyers. Usually friends, family, or acquaintance. What are the chances that a person out of 35,000 agents in Washington State has the best marketing? 1 out of 35,000…
Because we know marketing we can spot homes with poor marketing.