Make Ridiculously low offers to sellers that most investors are scared to make. When I make offers to sellers I give them a ridiculously low embarrassing offer. You can never know how far you can go until you actually push your boundaries. Wouldn't you agree? Exactly!
You don’t want to make $2,000.00 on your wholesale deal wandering if you could have had a $6,000.00 pay day if you just offered a little bit less.
When you make your offers the seller may not agree with the price you came up with. If the seller doesn’t accept the offer allow them to counter you back with a number they had in mine. A technique that I always use is asking them “will you take (amount)”. Instead of saying “I’ll Offer (amount)”. I also ask and tell them “How much do you need right now for the property I can close quickly with cash.” This puts the ball in the sellers hands and you are also reminding the seller that you have the resources to settle on the property fast.
The Perfect Mind State
You need to understand that there’s tons and tons of deals out there waiting for you. If a deal falls apart then it’s NOT the end of the world! I repeat it’s not the end of the world. If you make offers to sellers with the mind state that you could care less if you close on the deal or not… then most likely they will show less resistance. If you’re worried about one particular deal you’ll be stiff, uncomfortable and send vibes to the seller that you’re desperate to get the deal under contract. In most cases if you’re worried about losing the deal you will in fact lose it. We tend to attract things in life that we really don’t care if we have it or not. Not having any emotional attachment to the property will give you a great source of LEVERAGE.
Let the Seller Talk
You’ll be dealing with MOTIVATED Sellers… they all have stories. It’s best to keep a conversation going with them and let them talk 80% of the time. Trust me about 99% of motivated sellers I run into would ramble on and on about the property. Your goal is to build rapport and have these sellers feel comfortable with telling you their problems. Rapport is the key and if the seller doesn’t like you as a person they sure won’t sell their house to you. I’ve seen it happen many times and in many circumstances a seller will sell their house for a lower amount if some Joe Schmoe with a bad personality offers them more. Build rapport and you’ll be able to work MAGIC.
Marcel a.k.a. "The Wholesale Kid"
P.S. It's Coming......... my E-Manual is jam packed with information to help you become successful wholesalers.