Negotiation is a Powerful Tool
Negotiation is a powerful tool in the real estate world. Doing it properly could significantly increase your profits. When working with sellers, negotiation must only begin if they come up with a number first!
In this episode, Blair and Jeff talk about various investment business topics. Take note of the insights they have about dispositions in the housing business. Gain negotiation skills and discover resources to make sure you respond faster to all the incoming leads.
Learn More Additional Skills for Running Your Business
Learn how to train acquisitionists remotely and what you must consider when doing comps. Find out how to make sure you are on track with everything in your business. Finally, acquire knowledge about how real estate transactions work.
To listen to the full episode go to MoreDealsLessHustle.com
Mentioned Resources:
In this episode we covered:
- 00:01:07 – About who signs the insurance policy when buying a subject-to
- 00:02:47 – About the reason for having lots of leads without responses and what can be done with them, changing the name on a Facebook page, and building the ad template manually
- 00:07:44 – Tips and insights into dispositions for owner house business
- 00:15:05 – About providing an acquisitionist with different work resources and getting them trained side-by-side and remotely
- 00:18:35 – How to make sure sellers make payments during 90 days after signing contract at closing and about who signs the purchase and sales agreement first
- 00:24:24 – How to determine the ARV of a property, what to consider when doing comps, and where to find comps
- 00:28:45 – How to handle sellers when advertising they can close whenever they want
- 00:32:55 – How to negotiate with sellers when their asking price is near estimated value
- 00:36:46 – Steps to take when you are not sure if the seller is asking too much for their property, about how real estate transactions work, and what happens if we default on an agreement
- 00:41:01 – MLS dated as public record?
- 00:41:28 – About KPIs and how to make sure you are on track with goals in your business
- 00:44:01 – About how many leads need to be generated to get three or four deals a month in the training program
- 00:45:02 – How to generate scarcity for the deals
- 00:47:02 – How to approach a seller who wants cash for his clear-and-free property in a rural area and how to negotiate a monthly payment with the seller if he is willing to take terms
- 00:53:50 – Time for the closing call after having agreed to terms and having the video walkthrough
- 00:56:08 – What to offer for a free-and-clear handyman special in Alabama, how to negotiate the monthly payment, what to do if the seller mentions interest rate and exit strategy for this deal
- 01:03:44 – How to proceed and negotiate with sellers who want buyers to come up with numbers first
- 01:12:18 – Who must sign lawyer's documents at closing
- 01:15:13 – Wrap-up and market update: business opportunities with mortgages in forbearance
About Blair:
Blair is the founder and creator of Dealbot, a motivated seller lead generation company. He has managed nearly $2mm in marketing spend and generated over 100,000 motivated seller leads. He also buys and sells houses himself in the Winston-Salem and Charlotte, NC markets. In the past year, he has acquired nearly $3mm in cash flowing rental properties with zero money out of his pocket.
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Thank you for listening!
