Unrealistic Sellers

TOP 10 TIPS FOR SUCCESSFULLY NEGOTIATING
REAL ESTATE ACQUISITIONS
(DO try these at home!)

For more FREE lessons (sent once a week, unsubscribe at any time) on negotiating with today’s often unrealistic sellers to create highly profitable real estate acquisitions, click HERE NOW <mailto:reidiosa@hotmail.com?subject=Negotiator%20Training> .
 
10.          Care about the other party's interests. EMPATHY IS CRITICAL!!! Your goal is to come up with a
win-win solution that both you and the seller are happy with. Working with distressed sellers is a lot like being a crisis counselor. You have to listen, throw in an empathetic head nod or “hmm” every once in a while, and really CARE about what the seller is telling you. Don’t take notes during the conversation, but as soon as you walk back out to your car or the seller leaves your office, write down what you learned in a case file on the seller so that you can remember it and bring it up again the next time you speak with them.
 
9.            Have patience. It can take many months for a sort-of motivated seller to be READY to sell, but
if you follow up with them regularly, when they ARE ready to sell, it’ll be you they turn to.
 
8.            Make lots of offers! Make ridiculously low offers on letters of intent (which doesn’t bind you if
it’s accepted and you realize how ridiculous it is afterwards…..). Make educated offers on contracts (which also give you an out if you realize how ridiculous your offer is afterwards….). Real estate investing is a numbers game! Make lots of offers, see lots of houses, and you’ll get lots of deals.
 
7.            Ask lots of questions! Gather as much information as you can about the seller, the house, the mortgage and other liens, about what the seller plans to do after selling, about how or why the seller got in the financial situation they’re in, how the two of you could work together in their perfect world… The more “clues” or data that you have, the more of an educated offer you’ll be able to come up with.
 
6.            Be willing to walk away! You should NEVER get emotionally attached to a home. Any house is a
good deal at the right price, but conversely, any house can be a real stinker at the wrong price. No matter how pretty (or ugly, if you’re the rehabbing type) a house is, if it’s not a good deal then IT’S NOT A GOOD DEAL.
 
For more FREE lessons (sent once a week, unsubscribe at any time) on negotiating with today’s often unrealistic sellers to create highly profitable real estate acquisitions, click HERE NOW <mailto:reidiosa@hotmail.com?subject=Negotiator%20Training> .
 
 
5.            Be creative in finding solutions. Think outside of the box. Consult with whoever you need to
consult with to make sure the solution you come up with is legal if you come up with a really crazy idea, but always think outside of the box. NO TWO DEALS ARE EVER THE SAME. Every house, every seller, ever financial situation is different and you’ll need to tweak your strategies. Don’t worry about how to structure the deal- listen to the seller’s needs, find a way to fill them, and the deal will structure itself.
 
4.            Don't be too easily moved off your original position as you'll lose credibility, but do engage in a
fair amount of “give and take”. Concede on small items as a good faith offering of your seriousness in the acquisition, and your sellers will respond in kind.
 
3.            Be fair- don't take advantage of sellers' needs. We as investors are in the service industry. We
help fulfill the seller’s needs, and in return we do earn a profit. But the ethical investor never takes a profit at the expense of the seller’s well being. There is a line we do not cross, and that line is taking advantage of people!
 
2.            ALWAYS Say thank you! Being polite and professional at all times will get you far!
 
1.            Negotiations are never dead! Always keep the door open with a seller. Motivated homeowners
won’t always take the first offer you present- you may need to find a better solution, or they may need more time to think. Utilize good follow up techniques, and you will turn many a “dead deal” into a profitable one!