Information Gathering

Question 1

Seller: When you need to make sure you have the correct email address before getting off the phone, even though they have shared their email address with you before.

Answer 1

Okay, well I’m going to get to work on something. I think I have a few good ideas. Just to clarify really quick, I want to make sure I have the right information because I sent an email, and it didn’t go through. What’s your email again? I just want to make sure. I think I spelt it wrong last time.

Question 2

Seller/Buyer: When asking for their email address before sending them a document.

Answer 2

What is the best email for me to send this to?

Question 3

Seller: When clarifying the number of units.

Answer 3

Just to clarify, it is a 10-unit multifamily building, correct?

Question 4

Seller: When confirming the amount paid for insurance.

Answer 4

And you said insurance was what?

Question 5

Seller: When confirming the gross income.

Answer 5

And you said $X amount for gross income, correct?

Question 6

Seller: When asking if they would be interest in buying another property locally.

Answer 6

If I were to have something to sell locally, should I bring it to you?

Question 7

Buyer: When wanting to know what product type(s) they are looking to invest in next.

Answer 7

What product type would most interest you?

Question 8

Buyer: When asking if they would want to see a multifamily opportunity or if they are not interesting in buying.

Answer 8

If I were to have a multifamily opportunity in the area for sale, should I bring I to you or are you sitting pretty?

Question 9

Buyer: When determining what they are looking to buy after confirming they are active buyers.

Answer 9

What are you looking to buy these days? I have a few things I might consider selling.

Question 10

Buyer: When looking to determine the asset class they looking for.

Answer 10

What type of properties are you looking for?

Question 11

Buyer: When looking to determine how much property they are looking to buy and how much they are willing to spend on each.

Answer 11

How much land/multifamily/retail space/ industrial are you looking for? And what’s your budget?

Question 12

Buyer: When determining how the buyer plans to finance the purchase of their next property.

Answer 12

Just out of curiosity, how do you plan on financing the property?

Question 13

Buyer: When looking to determine if they are prequalified for a loan.

Answer 13

Have you spoken with a lender yet?

Question 14

Buyer: When undecided about whether or not to move forward with an offer or purchase.

Answer 14

What information do you need in order to decide?

Question 15

Buyer: When determining the buyer’s level of interest in a certain property.

Answer 15

On a scale of 1-10, how much do like this property?

Question 16

Buyer: When determining what would make the property an ideal purchase for the buyer.

Answer 16

Okay, and what would make it a 10?

Question 17

Buyer: When determining how important it is to the buyer for certain aspects of a property to exist prior to a purchase.

Answer 17

Understood. Are those items something you absolutely can’t go without? Or is this a property you are willing to make an offer on based on the fact that you could possibly do it yourself?

Question 18

Buyer: When determining whether or not a missing aspect of a property is a large enough problem to cause them not to make an offer. (2)

Answer 18

Is that a reason why you wouldn’t make an offer on this property?

Question 19

Buyer: When determining whether or not a missing aspect of a property is a large enough problem to cause them not to make an offer. (1)

Answer 19

Not saying you’re going to, but is this something that would cause you not to make an offer on this property?

Question 20

Buyer: When determining the buyer’s ownership experience.

Answer 20

How long have you owned the property?

Question 21

Buyer/Seller: When determining what their exist strategy might be.

Answer 21

When you purchased the property did you have an exit strategy in mind?

Question 22

Seller: When determining a timeframe in which a seller might be wanting/willing to sell.

Answer 22

Within what timeframe do you think you would consider selling?

Question 23

Seller: When determining the exact amount a seller is looking to walk away with after the sale of their property.

Answer 23

So just to be clear, you’re wanting to net x amount, correct?

Question 24

Buyer: When determining the size of their portfolio and how much product they would like to add to it.

Answer 24

How many properties do you own currently, and how many do you want to buy this year?

Question 25

Escrow: When determining whether or not they have experience with assignment contracts.

Answer 25

Do you do assignment contracts?

Question 26

Escrow: When determining whether or not they have experience with double closings.

Answer 26

Have you done a double close before?

Question 27

Buyer: When determining whether or not the buyer has the capital on hand to make a purchase today.

Answer 27

Are you sitting on enough liquid cash that if the right deal came along, you could make sense of buying something right now?

Question 28

Seller: When determining why they are invested in real estate.

Answer 28

Just out of curiosity, the reason you are holding onto this property is for what? Cash flow? Equity? For what reason do you own real estate?

Question 29

Seller: When asking for a listing.

Answer 29

Would you be totally against listing the property for sale so we can get you the best price possible?

Question 30

Seller: When determining why the seller wouldn’t want to list the property for sale.

Answer 30

Okay, so why wouldn’t list the property for sale?

Question 31

Seller: After the seller stands firm on not selling their property(s).

Answer 31

Okay, and are you currently a buyer in that market?

Question 32

Seller: When determining why the seller wants to sell.

Answer 32

Just curious, why are you looking to sell your property?