Open Ended Questions to Ask for Better ConversationsAug 01, 2022
Open-ended questions are a great way to get conversations flowing. They can't be answered with a simple yes or no, so they provide an opportunity for further discussion. In this blog post, we will discuss the best ways to ask open-ended questions and how they can benefit your conversations. We'll also provide some examples of open-ended questions that you can use in various situations.
Asking open-ended questions is a great way to get to know someone better. They can also be used to gather more information about a particular topic. Open-ended questions are especially useful in investing conversations, as they can help you understand someone's goals and objectives.
Here are some examples of open-ended questions that you can use in your next conversation:
-How long have you lived in Baltimore?
-What's the real estate market like there?
-Hey, how is the hockey team over there?
-What have you invested in before?
-How has it worked for you?
-What are your goals going forward?
These are just a few examples of open-ended questions that can help facilitate a healthy discussion. When asking open-ended questions, it's important to listen carefully to the response and follow up with additional questions if needed.
Doing so will help you get the most out of your conversations and build better relationships.
An open-ended question can't be answered with a yes or no. So for example, an example of a background question to get a conversation going is you know, How long have you lived in Baltimore? You know, what's the real estate market like there? Ask them a common question about things that you have in common Hey, how are you now, how's the hockey team over there? Like, obviously, just a small chat, but ask it in the context of an open-ended question. The ones that become more substantial, are our investing background. So, again, if you remember the upfront contract, I'm gonna ask you a few questions like, What have you invested before? How has it worked for you? And what are your goals going forward? Those are examples of open-ended questions that allow you to facilitate a healthy discussion, and to get to know the individual better. By the way, for the first, must have been year or two years when I got into the business. I actually carried around a notepad and I wrote the questions that I'm gonna ask them in bullet form. Why? So I don't lose track because I was having a hard time keeping things straight in my mind so I would write, you know, what are the risks? I'd write the word risk, return, and time frame. Those were my anchors for things that I would discuss with them about questions I would ask. And then questions that they would have is, you know, goals, time frames, and prior investments, or I figure out what exact words I used what I but I'd have so I have six bullet points on it, and that's how I would anchor my conversation to be able to bring things back and bring things back. because what happens through the course of the meeting is they'll take you off this way or this way or whatever it is. And how did you loop the conversation back? You'd say, yeah, I know that's interesting. I'll make a note of it. I'll get back to you about what I what, you know, what's gonna happen with the crime rate in you know, Nashville, Tennessee or wherever it is that you're investing. I think I have a report on that, but do you mind if I just write it down and get back to you? Yes. Okay. And then if I lost track of where I was, I'd go, okay. So we talked about risks, then we could talk about returns. Right? And then all of a sudden, I'm coming back to the purpose of the meeting, and I'm not letting somebody pull me off on a three-hour debate on whether Memphis is really the murder capital of the United States or whether it's segregated to one specific neighborhood that skews the whole numbers for the whole city. Like, I don't wanna have a debate with you right now. Right? Or whatever it is in the context of what you're doing. Right? You don't wanna jump on that grenade, right then and there. You can actually wanna it through the meeting and, you know, cushion it. And actually, we'll deal with that stuff tomorrow and just show you guys how to how separate too. But another example of good open-ended questions on investing background is what are your perceptions of the market right now? You know, What do you like about your current investments? What don't you like about your current investments? What kind of returns have you been getting in the last couple of years? What kind of returns did you think you would be getting in the last couple of years? Do you know anybody who's made money in real estate? And guys that can go on and on and on and on. These are open-ended investing background questions. They're invasive, not intrusive. They're just we're just getting to know each other, and I'm just trying to understand your context for where you've been because it'll help me better understand, you know, whether we can work together or not.
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