Chris Prefontaine coaches agent Deb on qualifying a seller moving to Dubai. The key: ask exactly how much cash the seller needs and what happens if they don't get it. Vague motivation signals waste your time. Ask the concrete numbers.
And his answer is key for your follow-up. If it's, I'm just not going to go start the business, I'm just going to stay here, you're probably wasting time. If it's, no, I'm leaving, I would go take a loan on this house and I'd go do this, you know he's going no matter what. So you got to ask those questions.
So I talked to a seller today. He— I sent him an email. I had talked with him a while ago, maybe a month or two, and he's moving. He wants to start a, um, software company and moved to Dubai. So, but he, so he needs money and he wasn't ready. He was on the market. Uh, it's still on the market for another, uh, but he, he's friends with the realtor and so he thinks he could, he could still do it. Um, maybe do something with me. So he needs, um, it's the house next to him, he said, which is identical to him, just sold for $920,000. Uh, just closed yesterday.
Let's not do comps though. I don't care about comps. It's too like, let's just What's the guy?
So he— so I think the only way I could help him is through an AO. But I took his information and I was gonna get back to him. So he owes $550 still. He needs— so he said, if I leave here, I need money to do a— to pay for rent.
How much?
So I'm thinking— he's saying the rent's almost as much as my— as my— How much?
Let me ask you like 2 or 3 key things. How much does he think he needs in his pocket cash-wise to leave?
So I think— so in my mind, he said I need enough.
No, not in your mind. What did he tell you he needs?
He just said I need enough to pay for, um, his, uh, his rent. Well, he said I need a little more. I should have clarified and said how much more. You gotta—
yes, that's my point. You gotta stop him in the conversation and go, okay, hold on, I gotta get some stuff from you. Um, what is it, the exact amount, if we're gonna make this deal work, that you would need? You gotta get specific with these sellers, guys.
Okay.
And then the key question after you ask that, naturally, if you're talking to your neighbor too, is, all right, cool, so you need $20 grand, whatever it is. All right, I'm just curious now so I can formulate some ideas for you. If that doesn't happen, what are you gonna do? And his answer is key for your follow-up. If it's, I'm just not gonna go start the business, I'm just gonna stay here, you're probably wasting time. If it's, no, I'm leaving, I would go take a loan on this house and I'd go do this, you know he's going no matter what. So you gotta ask those questions. What is it? And what if that doesn't happen?
Um, okay, I did not ask that question. Okay, if it doesn't happen. I know he's already had like 3 price reductions, but I didn't ask how low.
It's in the right direction for you, but you got to get a little more detailed.
Yeah, okay. All right.
Uh, Deb, I'm only a little hot on you because you got a lot of leads and I don't want you to waste time. So ask, ask, ask.
Okay. Yep.
You're there. You just gotta get a little more, a little more oomph and depth. You're doing the right things.
Episode 575: Redefining Retirement as the Day All Your Choices Open Up with Doug Bennett
