Learn the art of dealmaking and high-level negotiations. Today’s guest, real estate investor Steve Seymour, shares valuable insights into how you can create win-win deals centered around the seller’s goals.
Steve first got into the real estate world as a realtor. He then immersed himself into the investing world by meeting other investors and seeing how they were creating wealth and living their lives the way they wanted to live them, on their terms. At that point, he found his calling in real estate investing.
Today, Steve Seymour is the CEO/owner of Vanguard Realty Alliance, an umbrella company for his brokerage and mortgage companies. With 75 agents, they sold about $225 million worth of real estate the previous year.
Here are some power takeaways from today’s conversation:
Episode Highlights:
[13:48] Stacking Strategies in Creating Deals
According to Peter Fortunato, the guru of creative deals and creative finance, the sky's the limit. This means anything's possible in terms of real estate negotiation. Think about trading boats, your kid’s college tuition on a deal, or taking over other debts that might not even be related to real estate. Think about different things that you would never have considered being in the deal , and focus on the seller's goals.
Be open to the idea that A plus B doesn't always equal C. There could be other equations that are going to get you, not only the answer you wanted, but something far greater. Steve refers to this as “stacking strategies”, where you take one element of a creative finance deal, then you start stacking different strategies on top of it to make it more beneficial for everyone involved.
[15:19] Mastering High-Level Negotiations
To be able to negotiate at a higher level, you have to understand someone's needs, their wants and needs, and their pain points. If you can solve a problem for them, you're going to get paid. However, most people stop at the first problem they’ve solved, not realizing there are other pain points that need to be solved.
And so, try to dig deeper into their pain points until you’re able to structure a deal that will alleviate all those things. Patience is key. A lot of people give up as soon as they hear “no”, and they don't continue. Sometimes, you have to be persistent in exploring the real issue until you find a way to make things work.
Resources Mentioned:
Website: https://www.vralliance.com/
