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Why You Shouldn’t Ask Sellers Their Asking Price

They say that sticks and stone may break your bones but words will never hurt you. They are WRONG this time!!

There’s something very powerful about a seller telling you what they’re asking price is on a house.  It becomes embedded in your mind like a little evil monster, and sometimes it’s hard to shake it.  You may find yourself trying to come “close” to their asking price even though it’s not a deal.  You might try to justify why they’re asking price is fair. You may even not even persue the deal because they’re asking price is TOO HIGH.

That’s why I created this great sound bit about why it’s ok NOT to ask the sellers how much they want for their house. OF COURSE they want more than you’re willing to pay (in most cases) – so why do you even bother asking?

I can totally understand asking JUST to see if they have realistic expectations or if they’re BELOW market value right out of the gate.  But their words could be very damaging, especially to newbies!

Listen to some thoughts about this topic in the SoundCloud file below, and then start to focus on what REALLY matters when you’re talking to sellers. THEIR MOTIVATION!

No doubt, it takes practicing in real conversations to get a sense of motivation from sellers.  But you can start studying the behaviors of motivated sellers right now, so that you’re ready for them when they call.

You don’t want to let a $10,000 opportunity pass you by because of their riduculous asking price.

2019-08-15T11:52:37-05:00 By |Categories: Real Estate Wholesaling Fundmentals|9 Comments

9 Comments

  1. Brad Worley January 31, 2014 at 8:23 pm - Reply

    I like it…Although it does contradict what EVERY guru hammers on. Which is, "NEVER SAY THE FIRST NUMBER"
    But this definitely makes sense, THANKS Tracy!

    • Tracy Caywood March 29, 2016 at 10:06 pm - Reply

      We should always be moving in the opposite direction of the herd, Brad!

  2. Chris Bloor March 20, 2014 at 3:16 pm - Reply

    As a marketer working for people who own 300+ houses and myself personally responsible for hundreds of millions in sales, this is lunacy. Really disagree.

    • Tracy Caywood March 29, 2016 at 10:06 pm - Reply

      That is your right 🙂 But theres a big difference between a MARKETER and a NEGOTIATOR when it comes to dealing with sellers.

  3. Chris Bloor March 20, 2014 at 3:18 pm - Reply

    Totally disagree with this. It is the kind of 'don't engage your brain' sweeping and not thought-through advice that will see people losing tens of thousands of dollars.

    • Tracy Caywood March 29, 2016 at 10:08 pm - Reply

      OR it could actually make them ten thousand. Its all how you use the information to your advantage.

  4. Angel Thompson April 10, 2014 at 12:55 am - Reply

    Thank you for this info Tracy. I have been going about it wrong in talking with sellers wasting time with their over-inflated idea of what they want for their house. I had one seller here recently that wanted $200K for a 3 Bedroom/2 Bath in an economy where the same comps are at $75K. So, 1) Sellers either don't really know what their property is worth, or 2) like you said, they think their house is worth more than it really is. Thanks for sharing your experience and knowledge with us. I look forward to learning from someone who knows what they are talking about, someone who has the experience and who has actually done the deals.

  5. Anthony Stephenson June 13, 2018 at 12:42 pm - Reply

    Personally I seldom ask what they want. I might ask what they owe depending on how the conversation is going. Talk to the seller as an equal, that goes a long way in my opinion. After all we are all humans.. At the end of the conversation I say run the numbers and make the offer. If they take it that’s great, if they don’t NEXT!!!!

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