Tested Real Estate Investment Methods to Get Sellers to Sell at Discount
Author: Mike Lautensack
Source: ezinearticles.com
One of the essential traits of a successful real estate investor is marketing skill. The use of these rare skills in real estate endeavors can guarantee great discounts from sellers. But first of all you must take into account which people are the ones who are likely to give you good discounts? You can get a discount from anyone but often these are the people who want to shed off their properties as soon as they can. Finding such persons is the first step. These people could be selling their properties for various reasons. Financial instability, personal reasons and a pending divorce are juts to name a few. Such situations can create a great opportunity for you. If you can locate such sellers, you are sure to get hefty discounts from them
There are some steps given below. You can make good use of them if you want to undertake buying and selling real estate.
Searching
You can make use of your formidable persuasions skills only if you have a seller to use them on. You need to search around motivated sellers. Look out in your neighborhood. Also spread the word around within your community that you are interested in buying a house. You will get a call sooner than you think.
The Motivated Seller
As I have emphasized in the preceding paragraphs, a motivated seller is the key to getting great discounts. When a person needs to sell immediately, the usual channels he uses for advertising his sale are newspapers and the internet. You can also lookout for foreclosures since a few people want to get rid of their property before that. Make a list of all the properties that have come to your knowledge and arrange them in order of your preference.
Taking the Seller’s Side
You should not appear hostile to the seller. Rather he should feel that you are on his side. Actually you are doing him a favor by buying his property. Make him comfortable. Ask why he is selling the property. He can have any reason that I have listed above or even something that I haven’t listed. He might just be moving out of the city. The idea is to get him talking. From this small talk you can conclude the extent of his motivation. Remember, if he needs to sell urgently, he will be more willing to give a discount. If he can wait, he will do just that. Until the offers for his property reach a certain limit.
Ask Him for the Price.
It would be very wise to ask the seller to quote his price first. If you have a price tag from the seller, it will give you a point from where you should work your way down in your negotiations. Sometimes, the seller also knows better than to make the first offer. In that case you can ask him indirectly about what is the prevailing price of properties in that area. You can also ask him casually about the minimum price at which he might settle. As long as he quotes a number, you consider it a benchmark and start negotiating. When you get a reasonable price that you find reasonable, close the deal. Don’t wait any longer.
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Mike Lautensack is a full-time real estate entrepreneur, coach and mentor in Philadelphia, PA and creator of the Private Lending Presentation Kit. This powerful done-for-you kit is loaded with tools and techniques to attract and develop a consistent stream of private investors into your real estate business. To learn more about this kit and receive your FREE eBook go to Real Estate Investing Blog
This entry was posted on Friday, January 15th, 2010 at 9:58 pm and is filed under real estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.