By keeping your commitment and checking in to your clients, you can achieve results in over a year. That’s why it’s worth being in it for a long time.
Knowing real estate owners and learning about their experience in the real estate market is an important aspect of understanding their motivation to sell without a real estate owner. Real estate agent.. In fact, one of the successful associates learned early on that they could get a high rate of return on their investment by listening to and following up on potential clients.
This is especially true when considering the three paydays that my company creates for most transactions. With that in mind, if no follow-up takes place, you will begin to realize the enormous profits left on the table.
How to establish a relationship with a potential seller
This is a story about my colleague who started laying the foundation for trading with one of his first phone leads. He checked in every 90 days to see how the owner felt about the market and his assets.
After a few phone conversations, he and the seller began to build an ongoing relationship. In doing so, he felt better just by asking whether the seller was selling or not.
About six months later, the seller confessed that he wasn’t ready to sell yet, but decided to contact him when he was ready. He went on to explain that the situation (such as one of his children going home to live with him) delayed the sale.
Unfortunately, that wasn’t something we could help. But he also revealed that his past experience at homes on the market was also a reason for his hesitation.
He spent a year on his property on the market. And in the process, after he traded with National Association of Realtors members, it all felt like a waste of time and money.
I briefly explained that there are various ways to purchase a property. We also explained why, in contrast to the past, we can sell it on our side, given that the pool of buyers is expanding, given the owner renters.
How to undo past sales mistakes
We acknowledged that one of the biggest challenges in selling real estate is that the real estate agent’s last listed sale price is still somewhere on the internet.
Therefore, I instructed the owner to list the dream price on Zillow. This ultimately achieves two things.
- The more recent value of a home can easily be seen online and influences the perception of potential buyers.
- It will give the owner the taste of the current market. It is unlikely that you will sell at your dream price. However, on the occasional opportunity that the seller will receive the amount, we are happy with them and move on.
The deal lasted for 18 or 19 months and the house was posted online for $ 689K. This made a call, but there was no offer. The price was not unfair. It’s just that a particular area was crowded with some other lists.
How patience is rewarded
When the owner was finally ready to sell, we got the house for $ 580,000. We put it up for sale for $ 679,00, which is recognized as a discount to the stakeholder pool.
It also showed sellers that the market did not soar at its high prices and gave them confidence to work with us.
To foster that relationship and reassure each other, we were heading for a deal that paved the way for a great experience with the seller. We negotiated his terms for monthly payments subject to finding a tenant buyer. It starts 30 days after securing their placement.
Most transactions depend on the buyer unless you get serious additional free equity. As a new investor, you want all of you to depend on the buyer.
However, when three or more transactions are in cash flow, you have the option to buy more aggressively and get free equity while running it.
Our employees negotiate a 30-day delay to give them a cushion.Therefore, in essence, they are using a continuous flow of income from tenant Get the first month’s payment and start paying the seller’s mortgage for the second month.
The lesson from this situation when starting this article is that trading takes time. This business isn’t necessarily full-time, but you have to commit with all your heart. And if you do, you will love the rewards.
Source: Expired list
Purchased: $ 580,000
Listed: $ 679,000
Payday # 1: $ 70,000
Payday # 2: $ 26,778
Payday # 3: $ 27,288 ($ 508 principal repayment x36 = $ 18,288. Markup minus $ 70K prepaid = $ 9,000)
total: $ 124,066
If you’ve followed past articles, you’ll find that paydays across the country range from a minimum of $ 45,000 to a maximum of $ 120,000 on average. With the exception of $ 30,000 and even $ 300,000, this is slightly higher than average.
What is your best advice for establishing a relationship with a potential buyer or seller?
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