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April 21st, 2021
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How To: A Win-Win Situation

Posted on Mar 23 in Free Educationby PrintText Resizer Text Resizer

My 1 cent on Real Estate

Since the day I entered the world of real estate, I have been through a rollercoaster of acquiring quality real estate education, non-stop networking, self and leadership building, effective marketing, creating automated systems, keeping up with local housing trends and more…

Today I wanted to share how I create Win-Win situations with people who are selling their houses.

(It takes a life time of perfecting because it’s a new situation in every case.)

Qualities that must be adopted
Honesty, sincerity, and being attentive to the needs of people are very important especially when dealing with a seller. Majority of people that are selling their house usually suffer from some sort of emotional pain due to financial issues, divorces, deaths and etc. Any good negotiator must learn to listen in order to diagnose the problem. You must become a specialist with the ability to troubleshoot and remediate the problem.

Note:  If they are not in a hurry to sell or if they are simply testing out the market, simply move on to the next deal. Find someone who is in a jam and needs immediate help.

Questions to ask sellers to make them realize their situation
Are you aware of what’s going on in the housing market? How did you arrive at your sale price? How long has the property been on the market and how much longer are you capable of waiting? Why do you think the house hasn’t sold? Are you planning to pay two mortgages when you move? Are you planning to leave the house vacant when you move? (Tell them a story of what happened to your friend or what can happen), Have you noticed the number of For Sale signs in your neighborhood?

Successful Negotiation is a Win-Win situation
Deal only with the people who will appreciate your skills and abilities. Those are the people who will send you referrals, give positive feedback, and make you feel good about what you do. Stay away from tire kickers and negative people.

Remember to be genuine, honest and fair. Do not seek to only benefit yourself by taking advantage of others. Offer win-win solutions.  I believe in Karma and I’ve seen many instances where investors preyed on the innocent. Rumors quickly spread and it eventually put them out of business. I’ve seen numerous people get sued or even attacked. You only live life once, so make this time count and do something you can be proud of by helping others.

Go after the deals that may bring headache to an individual but may be a piece of cake for you. If you are good at trouble shooting and not many are, you will have little to no competition in this arena.

i.e. Properties with poor management or tenant problems, For Sale by owners, Foreclosures, Divorces, Bankruptcies, Retired property managers, Out of state owners etc.
Feeling for motivation “Exactly what are you hoping to accomplish in getting rid of the property?”
Listen….Give hypothetical “What If” answers… Rinse and Repeat until you both have come to an agreement that benefit both parties.

 

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