The sightseers, or tourists, are not real prospects. They enjoy looking at properties and dreaming about buying something, but they are never going to actually make a decision. Other times, they cannot possibly afford your property and their financial planning hinges on some sort of a financial miracle happening.
In order to work as efficiently as possible, you need to learn how to recognize these people as soon as possible. Rather than passively answering their questions, immediately take control of the conversation and begin asking some of your own. Most callers want to know the price - it is usually their first question. Some people tell you to wait until later in the conversation to divulge that information. The thinking is that you should sell the caller on all the benefits of your property before disclosing the price. In that way, you meet much less resistance.
I do not think you are going to sell anything over the phone. That first phone call is to weed out the obvious tourists and obtain contact information for the possibly qualified buyers. When someone asks the price, I first ask his or her name and phone number, in case we are disconnected. Write it down, plus the number on the caller ID if it is different. Then I say, "I am selling the property for US Dollars 228,000, which is the appraised value. Is that figure within the amount you have budgeted for a property of this type?" In this manner, you answer a question, ask your own question, and maintain control of the conversation afterward. You want to be the one asking questions, not the other way around.
By all means, follow up with potential buyers if they leave the door open even a crack. Even if they were very negative with you at first, their plans or expectations might have changed in the meantime. The person who thought he or she could buy a four-bedroom, threebathroom house in a good school zone for US Dollars 49,000 might have received a good dose of reality since your last conversation.
Ideally, you would like all offers to be in writing so there is no misunderstanding. On the other hand, I am hesitant to ask prospects to put their offers in writing. That little bit of extra work and time could cost the deal if they find something they like better, or if their influences talk them out of buying your property. When faced with a verbal offer, ask the potential buyer if you could reduce that to writing and get it to him or her as soon as possible for signature. That way, you control the timing and a lot of the additional terms in the offer.
An offer should also be in writing so that, if it is acceptable, you can then sign it and thereby create a binding contract. Verbal contracts are not enforceable if they have to do with buying or selling real estate. As a seller, you want to limit the due diligence to something as short as possible, and you want to obtain the largest earnest money deposit you think you can negotiate. You should also reserve the right to continue marketing the property, and to accept back-up contracts in case the current one falls through.
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