144 - Think Like a Seller and Do Better Deals

The Real Deal Real Estate Show with Larry Harbolt

If you want to magnify your real estate profits you must start thinking like a seller instead of a buyer. There are a number of reasons why a person may want to sell their home and for each reason you have to customize the way you structure your offer if you want them to sell to you.

If you’re only thinking about creating a deal that’s good for you, you’re going to have a very short career in real estate investing.

Take the idea that sellers always want cash for their property. That’s not the whole truth, sellers don’t really want the cash, the want what the cash will do for them. If you dig into the desires, hopes, and dreams of the seller and offer them a way to get those things you are much more likely to win that deal.

There is one important principle you have to keep in mind when it comes to real estate. If you do what everyone else does, you’re going to get what everyone else gets. You have to get creative with your offers and consider what the seller needs from the situation.

Asking them “what are you willing to accept other than cash?” is a great way to start the conversation and figure out what the seller is looking for so that you can structure an offer that gets them what they need.

If you understand the four parts of making an offer; the purchase price, the interest rate, the length of the payback period, and the payment amount, you can always create an offer that will get the seller what they want.

Ask questions, find out why they’re selling and what they really want, and you will be able to do more deals than you thought possible simply because you are thinking like a seller.