When wholesaling houses you must learn the absolutely best negotiation strategy: Win in negotiation but always make the seller feel like he’s won. Master this rule of thumb as a real estate wholesaler you will have a huge edge up on your competition. This is the basis of all negotiation techniques. Always make this top priority to insure other party feels good about you and the process of selling you their flip this house deal. When you make the seller’s ego feel good they will be more likely to give you what you want over time- bottom line. When you make them feel as they’ve won through the techniques we will discuss, you make them feel successful in the negotiation and that they are in control. In the meantime you can get what you want too. Everyone wins!
It is important to always keep the idea of creating a win-win in mind throughout your negotiations to get great wholesale deals. Sure you need to make money, but in order to do so you must continually put yourself in the seller’s shoes. Sometimes you may have to give some token items to allow the seller or buyer to feel as if they’re winning. Sometimes it means you don’t ask for everything you want right away. Wholesaling houses requires you become an amazing negotiator. Other times it means you come up in your price some (never all the way), or you use higher authority to make them feel you went to bat for them (and got them something). In whatever way you do it, be sure to create the win-win environment and you will surely flourish in the negotiating career.
In order to offer a win-win solution as a real estate wholesaler you must listen to the details of the seller’s situation. What is it that needs to be solved in the seller’s life to enable them to move on? Most often it’s not only the sale of the property. For example the seller may need to pay off medical bills. If so how much are the medical bills? Wholesaling houses requires you think about these issues. We did a deal in which we couldn’t get a price out of the seller. We didn’t want to make an offer as we felt we could get a great deal on the property. We asked why they wanted to sell and listened in detail. We found out there was $10,000 in past medical bills owed and they just wanted to get those paid off. We signed the deal at that price and both parties won. Never jump to making an offer on a wholesale deal until you get to the root of the situation.
I have done over 250 deals and would love to teach you to be a successful wholesaler & real estate investor! You can’t do it alone! Visit my blog for a ton of free info on real estate investing:
www.Real-Estate-Rocks.com Happy investing! – Mitch Painter