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Negotiating Win-Win Transactions in Real Estate Investing
Negotiating is a very important part of becoming a successful investor. You can’t negotiate with properties. You have to negotiate with people. Remember that people do business with people they like and trust so it is important to always be respectful to people and treat people the way you want to be treated. When you become a real estate investor you will come into contact with people of all kinds and in all kinds of financial and economic situations. But remember this, bad things happen to good people. So no matter what a person’s situation, do not ever talk down to them or treat them like you are better than they are. To get an idea of what I am talking about just listen to the live recordings of me talking to “For Sale By Owners.” People will forget what you said but they will never forget how you made them feel. Please remember this. You will find in this course a “FSBO Form” and I want you to take a little bit of time and go through this. This is the form that our people in our office use; however, I don’t use this all the time, myself. I actually use a legal pad and write all the information on it. But I would not suggest that for you until you get very, very familiar with all the information that is on this form and you can ask the questions without having to look at the form itself. There are some great questions on this form to ask a “for sale by owner” that you need to be aware of, so please use it. There is also a script at the bottom to help you ask the questions and build rapport with the seller, so please use that as well. Just remember when you are talking with “for sale by owners”, or any lead as far as that goes, “the older they get, the colder they get”. So you have to move fast when you are working with people and get them to like you and trust you and build rapport with them, so they will do business with you. And remember you want to get your offer to them on the first phone call to get them “in the glue” so to speak, meaning that you want to get the negotiations started so you will be staying in touch with them and following up with them so they know you are serious. We will cover automated follow up later. Remember, in negotiating, the key is to get your seller, whether it be the seller, the realtor, the bank or whoever, get them to like you and trust you because people do business with people they like and trust. This is very important and a key thing for you to remember. The other thing that I want you to remember is always make your first offer over the telephone, on the first call. This is very important. This is the way we are able to buy multiple properties every single month, by making our first offer over the telephone. Remember when you are putting a contract together always put your phone number and contact information in the upper right side of the contract. They may throw away your business card, but they will always hang on to that offer that you made them. So always have your contact information in the top right corner of that offer.
An excellent question to ask an investor when trying to buy their property is: “knowing what you know about this property, would you buy it at this price”? This is an awesome question to ask, as it makes them reveal any problems with the property or the real reason they are selling.
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This intel was contributed by larryg
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May, 2012
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