Lou explains the “Sellers Total Cost To Sell” in the Sellers Presentation Kit.
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Having Tenants Leave Your Property in Better Condition than When You Gave It to Them
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Scott Paton:
Edward has a question on the cost to sell sheet. Can you explain seller’s total cost to sell. How you express it to a seller? Before you jump in on this one, Lou, I just want to explain to everybody that the, our process is such that when we actually sit down with the seller of the home that we want to purchase, and we go through a process and documentation with them that at the end, the seller, and whoever’s going to be buying it, the licensee, you or Lou agree that this is probably the best price. So, you kind of get away from this whole low balling because they’ve gone through that process with you. I just wanted, so when it talks about the set, for people that don’t know, when it talks about sellers costs to sell, we’re talking about having gone through this process so that the seller knows why you’ve come up with the number you’ve come up with.
Lou Brown:
Good point, Scott. And this is our presentation kits. So, literally you’re going through an explanation of who you are and what you do and how you operate and how you can help and how you’re different than others. And then, the types of offers that you have to make, what it typically costs to sell a home. People that you’ve worked with in the past and or people that we as colleagues who’ve worked in the past and that, we have different types of offers that we can make. And we need certain documentation in order to make those offers. And then we get into what we call our cost to sell worksheet. Well, here on the cost to sell worksheet. And then, this is what you’re asking me about. And this cost to sell worksheet is magic. And like you said, when you get down to the final total cost to sell, what do you say? Well, what you say is, would you agree that if you were to sell the house, there’s traditional way, these would be your expenses as well.
So, what has happened is we went through a cost to sell worksheet, but it was your cost to sell their home. When you buy the home, when you go to sell the home, you’re going to have expenses if you sell it the traditional way. And so you’re going through a process of calculating that, but also educating the seller on the true cost to sell a home. And then when we get to our final total cost to sell, then we ask them, would you agree that these would be your expenses as well? Well, sure enough, they do agree because it’s so obvious. They’ve actually gone through a process of seeing all of these different expenses and agreeing that these would be their expenses as well, and then you get to that final bottom line number. And if they like that number you’re done and you’re buying that property for cash. So, our first offer is always a cash offer. If they like that, then you’re done because you’ve already built in your cost of funds to borrow the money for the purchase of that home. But if they don’t like that offer not a problem, you can go back and show them how you could increase that offer by adjusting some of the things on the cost to sell worksheet.
