In today’s episode, Matt shares his motivated seller script for presenting an offer that will help you get it accepted! Find out what words you should use to get a signed contract, how to create a win-win scenario, and where to find Matt’s script online.
What You Will Learn About Motivated Seller Script for Presenting an Offer… and Getting It Accepted:
- The words you should use to get a signed contract
- The 3 things you should pay attention to
- How to negotiate the price
- When and how to introduce the terms to a seller
- How to create a win-win scenario
- The 3 options of letter of intent and how they help to get a deal under contract
- Where to find Matt’s motivated seller script for presenting an offer online
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Speaker 1: This is Theriault Media.
Matt Theriault: Hey, Matt here at Epic Real Estate, and today I wanted to share with you a motivated seller script for presenting an offer. And actually then getting the offer accepted. What point is it in presenting an offer and having a great script, if it doesn’t actually end up as a signed contract? So, I want to make sure that you have that today.
One thing I want to say about scripts, I’m not a real big proponent of scripts, just because you can know your script forwards and backward, you can know it inside and out. But a lot of times the person that you’re talking to, in this case, the motivated seller, they don’t always know their script. So, I like to work more in frameworks of a conversation which we’ve discussed here many times before on this channel. But when it comes to presenting an offer, I think you do need some particular words. You’ve got to be really careful with the actual words that you use because you want to make sure that your words are going to do two things. One, it’s going to present you as the good cop so to speak in this relationship. Where you are there as a problem solver to help this motivated seller out of their situation, out of their problem.
You’re going in for this exchange of I’ll give you peace of mind if you give me equity. So that’s the fair trade there. So you want to make sure that one, you show up as the good cop, you’re aligned with the seller, and you’re there to help them solve their problem.
The second thing you want to do is you want to make sure that you can make this the seller’s idea, because if the seller comes up with the pricing terms, then they’re more inclined to accept your offer if it’s their idea. So, we want to position the word so it’s their idea, and I’m going to show you how to do that in just a sec.
And then the third thing is, I said two things? I think there’s an actual third thing. When you’re an investor, I want you to shift your mindset, and you’re going to purchase properties in one of two ways. It’s going to be by your price and the seller’s terms, or the seller’s price and your terms. So, as long as you’re in control of one of those, the price or the terms, you can always create a deal for yourself.
So, let’s just kind of set the stage. You’ve generated a lead, you called the seller, and you create some rapport. You set an appointment, and now you’re at the house. They’ve given you a tour of the house, you’ve taken notes, you’ve filled out your information sheet. You’ve got the comps all set. Again, you’ve probably layered an extra level of rapport or two with the seller. And now it’s time to actually present the offer, now it’s time to get the deal closed.
So, when it comes down to it, okay great, Mr. Seller, I think I’ve got everything that I need. And based on what the market has shared about your property, well the value of properties like this, they’re selling right around $100,000. Based on what you shared with me about the condition of the property, the repairs you think may be needed, and then after carving out a small little profit for myself, what you’re saying is we’re right around $65,000. Is that right?
So, those words were very specific. Based on what the market is sharing, you’re the good cop, the market, they’re the bad cop. The only thing that’s going to get in the way of this deal is the market. You can’t control that, the seller can’t control that. Only the market can control the market.
So, based off what the market is saying, and then based off of what you shared with me, Mr. Seller and Mrs. Seller, on the condition of the property. So, still, it’s the market’s idea of what the value is. It’s the seller’s idea what repairs are needed. And then you being the good cap after just carving out a small little profit for yourself, what you’re saying is we’re right around $65,000, is that correct?
So, all of that stuff was very intentional in the wording there. Now, if they agree and $65,000 is indeed a deal to you, what do you do? Yeah, you get the contract signed. Go get that contract signed, okay? Now, if they disagree, and they didn’t like $65,000, so you follow up with okay, well, based off what the market is saying, and what you did share with me about the repairs needed and the condition of the property, what is the lowest price you would take for the property?
So, what you did, based on what the market said, still the market’s getting in the way. And maybe it’s not what you shared about the condition of the property, that was all their idea. Then you asked them what is the lowest price you would take? So whatever they say, it’s still their idea.
Now, if they come back and they say I couldn’t take a penny less than $72,000. So, if that $72,000 is an acceptable number for you, of which it very well may be, then go ahead and get the contract signed. Go ahead and take that number, put it into a formal agreement, get the signature.
Now, if that’s too high for you, and you need to go back around, so now we’re going to ask again. All right, so Mr. Seller you now know my biggest goal here, it’s not to make the biggest profit, although my goal is to make a profit, that’s how I feed my family. My biggest goal here is just to make sure that I don’t lose. And based on what you’re proposing, it’s a little bit beyond my risk tolerance. So, would $68,000 be acceptable if I could close quicker?
So, you just shared with them, hey, I’m not here to steal your house, I’m not here to make a huge profit. I just want to make sure I don’t lose. You can understand that, right? So, being fair and square, you’re being the good cop. But what you’ve done now is with $68,000, you’ve introduced a new price. But you’ve also introduced something else. You’ve introduced the terms.
Those first two requests were going back and forth, you were trying to get the price. I think you should always try and get equity, I think that’s a better way to do it. But, if you can’t get the equity, it doesn’t mean that’s not a deal, you just have to go ahead and let’s explore how fast do you need the money? That’s the term. And if I gave you more, could you wait longer? Or if I gave you a little less, but I got it to you quicker, would that be acceptable? So, that’s what you’ve done.
Another thing when you’re negotiating, you want to avoid at all costs getting down to just one thing going back and forth. Like on the price, if you go I’ll take 68, no, they want 72. 68, 72, 68, 72. You’re going to go back and forth until somebody wins and somebody loses. So, let’s focus on creating a win-win scenario, and that way if I give you closer to your price, I need to give you a little bit more of the terms. So, there’s always a trade, so you’re never going down to just one factor of the negotiation where there’s going to be a winner and a loser. You want to create this win-win scenario.
And it’s a lot easier to do if there’s a give and take going on. But if it’s just give, give, give or take, take, take from one side or the other, not going to get a result, or end up well. You can still do business that way, it’s just a little bit of a struggle.
So, if they say yes, $68,000 would be fine if you could get me my money in 14 days. And if that’s agreeable to you, what do you do? You get the contract signed. Now, if it’s not agreeable, you’re going to go here. Okay, so Mr. Seller, you now know my biggest goal. May I ask, what is yours? Is it to get top dollar for your property, or is it to close fast?
So, what you’ve asked them to do is choose a side. Are they going to choose the price, or are they going to choose the terms? You don’t care which one they choose, because as long as you control one of them, you can always create a deal for yourself. So, if they take the price, then great. So, we’re going to have to extend the amount of time before you get the full price. I’ll still give you the full price, you might just have to wait for it a little bit.
Or, if they choose the term and they need to close fast, well great, so the market says this is the fast price. So, if you want the fast price, here it is. If you want top dollar, I have a great realtor I can introduce you to. In this market condition, it may be 45 to 60 days under favorable circumstances and if everything goes right. That is the top dollar time to get your price. Or the top dollar time to get what you’re looking for.
So, there. If you’re still unable to reach an agreement at that point, I like to leave them with what we use inside of The Epic Pro Academy, a three-option letter of intent. And basically what it’s doing is it gives them three options of different variations of price and terms. And it’ll say you know, Mr. Seller, I’m sorry, it doesn’t look like the market is going to allow us to both get what we want. So, what I can do is give you a few options. You can sleep on these, you’ll see that there are three options on this letter. Look them over, and then I’ll call you tomorrow to see which one you like best, and we’ll figure out whether we can move forward or not.
And so that would be the three option letter of intent. That’s a whole other training, we’ll get to that. But that’s a really good script of how to get a motivated seller, how to present your offer to a motivated seller, and actually get it accepted. And the key to getting it accepted is aligning yourself with the seller. You’re on their side. And it’s you two against the market. You’re not against each other, it’s you two against the market. That’s first.
Second is at all costs try and make it the seller’s idea, so that they come up and they say what the price is, they say what the terms are. And if you can keep those two things in play, you have a lot greater chance of getting your offer accepted. Now, this script I’ve got all written down, it comes from our flagship program, REI Ace. And this is where we help our real estate investors build systems and move really fast in their business. What we’ve done is recently we just put it in our free course as well.
So, if you’d like a copy, go to freerealestateinvestingcourse.com. Freerealestateinvestingcourse.com. You can get this script and everything else that we have. We’ve got all these other scripts, and these conversation frameworks, and all these different prospecting ways of how to find off-market deals. It’s all there, it’s all free. It’s actually better than free. We’re actually going to pay you to complete the course, follow through, and get your first or your next deal done. So, go check that, freerealestateinvestingcourse.com. That’s it for today. I never know quite how to end these things, so we’ll just end it like this. Cut. All right.