Information Gathering Flashcards
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.
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.
Seller/Buyer: When asking for their email address before sending them a document.
What is the best email for me to send this to?
Seller: When clarifying the number of units.
Just to clarify, it is a 10-unit multifamily building, correct?
Seller: When confirming the amount paid for insurance.
And you said insurance was what?
Seller: When confirming the gross income.
And you said $X amount for gross income, correct?
Seller: When asking if they would be interest in buying another property locally.
If I were to have something to sell locally, should I bring it to you?
Buyer: When wanting to know what product type(s) they are looking to invest in next.
What product type would most interest you?
Buyer: When asking if they would want to see a multifamily opportunity or if they are not interesting in buying.
If I were to have a multifamily opportunity in the area for sale, should I bring I to you or are you sitting pretty?
Buyer: When determining what they are looking to buy after confirming they are active buyers.
What are you looking to buy these days? I have a few things I might consider selling.
Buyer: When looking to determine the asset class they looking for.
What type of properties are you looking for?
Buyer: When looking to determine how much property they are looking to buy and how much they are willing to spend on each.
How much land/multifamily/retail space/ industrial are you looking for? And what’s your budget?
Buyer: When determining how the buyer plans to finance the purchase of their next property.
Just out of curiosity, how do you plan on financing the property?
Buyer: When looking to determine if they are prequalified for a loan.
Have you spoken with a lender yet?
Buyer: When undecided about whether or not to move forward with an offer or purchase.
What information do you need in order to decide?
Buyer: When determining the buyer’s level of interest in a certain property.
On a scale of 1-10, how much do like this property?
Buyer: When determining what would make the property an ideal purchase for the buyer.
Okay, and what would make it a 10?
Buyer: When determining how important it is to the buyer for certain aspects of a property to exist prior to a purchase.
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?
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)
Is that a reason why you wouldn’t make an offer on this property?
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)
Not saying you’re going to, but is this something that would cause you not to make an offer on this property?
Buyer: When determining the buyer’s ownership experience.
How long have you owned the property?
Buyer/Seller: When determining what their exist strategy might be.
When you purchased the property did you have an exit strategy in mind?
Seller: When determining a timeframe in which a seller might be wanting/willing to sell.
Within what timeframe do you think you would consider selling?
Seller: When determining the exact amount a seller is looking to walk away with after the sale of their property.
So just to be clear, you’re wanting to net x amount, correct?
Buyer: When determining the size of their portfolio and how much product they would like to add to it.
How many properties do you own currently, and how many do you want to buy this year?
Escrow: When determining whether or not they have experience with assignment contracts.
Do you do assignment contracts?
Escrow: When determining whether or not they have experience with double closings.
Have you done a double close before?
Buyer: When determining whether or not the buyer has the capital on hand to make a purchase today.
Are you sitting on enough liquid cash that if the right deal came along, you could make sense of buying something right now?
Seller: When determining why they are invested in real estate.
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?
Seller: When asking for a listing.
Would you be totally against listing the property for sale so we can get you the best price possible?
Seller: When determining why the seller wouldn’t want to list the property for sale.
Okay, so why wouldn’t list the property for sale?
Seller: After the seller stands firm on not selling their property(s).
Okay, and are you currently a buyer in that market?
Seller: When determining why the seller wants to sell.
Just curious, why are you looking to sell your property?
