Do you really understand the value of being aligned with your seller’s needs?
In this episode, Angel from the Academy Presents Real Estate Investing Rocks facilitates an insightful discussion with Brian Briscoe. They delve into the intricate timeline of closing real estate deals, highlighting common misconceptions about the speed of transactions. They underscore the importance of patience, the role of brokers, and the necessity of building strong relationships. Additionally, they share personal anecdotes and experiences that emphasize the value of understanding and aligning with the seller's needs.
00:00 - 01:56 Understanding the Timeline of Deals
The misconception about the speed of real estate deals
Brian Briscoe’s first active investment experience.
Understand the realistic timeline of completing real estate deals.
01:57 - 06:43 The Power of Sharing Your “Why”
The intricacies of closing real estate deals
The process from analyzing a property to sending a letter of intent (LOI), undergoing ownership review, and getting a signed contract can be lengthy.
The importance of relationship-building with brokers and preparing for interviews during best and final offer stages.
The challenges and negotiations involved when lawyers get involved in contract finalization.
06:44 - 13:35 Ensuring Fair Compensation
The crucial elements in closing business deals, emphasizing the importance of understanding seller expectations and establishing strong relationships.
The significance of demonstrating the ability to close deals
Recognizing seller-specific needs
The role of brokers in guiding conversations
Sharing personal motivations to build connections
Ensuring all parties feel valued and adequately compensated in the process.
13:36 – 18:13 Preparing for Due Diligence
A contract stipulation required the seller to pay broker commissions
The importance of fair compensation for work and expertise
Understanding the value of professional time and skills
Comprehensive due diligence processes in business deals.
Key Quotes:
" I talked about the golden rule being golden a lot, you know, you do to others, how you want others to treat you. At the end of the day, you got to take care of the people who take care of you. " – Brian Briscoe
"People who establish those relationships and understand what that seller wants and what that seller needs, those are the ones that are going be able to get the contracts." – Brian Briscoe
" Figure out what the owner is looking for and posture yourself to be able to, you know, present your case." – Brian Briscoe
Connect with Brian Briscoe:
https://www.instagram.com/brian_briscoe
https://www.linkedin.com/in/brian-briscoe-ut/
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