Wholesaling properties is a great way for green entrepreneurs to invest in real estate. But while it can be a very profitable endeavor, a lot of new real estate wholesalers often get caught up with anxiety when it comes to talking to potential property sellers one-on-one. It’s an understandable feeling because negotiating is indeed a pivotal element for making successful wholesale real estate deals.
The truth is you don’t need to be worried. I’m here to help you find your voice for your next wholesale property contract. Keep reading as I dive into five brilliant ways to boost your real estate wholesale business.
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Five Deal-Boosting Tips For New Real Estate Wholesalers
In real estate, there are endless opportunities for new and seasoned investors. With that being said, there are some things real estate wholesalers can do to give themselves an edge over their competitors.
The five most important are:
- Never stop researching
- Practice makes perfect
- Say what you mean—and mean what you say
- Establish an understanding with sellers
- Focus on learning over selling
1: Never Stop Researching
Research, research, and more research—that’s how you stay ahead as a real estate wholesaler. No matter how nervous you are when finding deals, if you’re prepared with knowledge and strong research, you’ll go far.
Part of successfully closing deals is knowing how the real estate wholesaling process works, and identifying your target audience. And the truth is, the more prepared you are, the more confidence you’ll have for taking the next step, which means smoother negotiating.
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2: Practice Makes Perfect
Being afraid to speak in public, also known as ‘stage fright,’ is extremely common. But a lot of the time, the fear stems less from a phobia and more from a lack of experience when it comes to presenting yourself to strangers.
So, how do you make real estate wholesale deals when you aren’t well-versed in the art of negotiations? You practice—and you practice a lot.
Practice your wholesale pitch in your office with team members, or at home with your family members, or even in the mirror with yourself. Create an outline with everything you need and want to say, then visualize your speech so you will have a better understanding of what to anticipate.
The next time you’re getting ready to go door-knocking or meet with real estate investors for potential deals, you’ll be armed with an overwhelming sense of confidence from rehearsing every possible scenario.
3: Say What You Mean—and Mean What You Say
Do you feel like you’re too aggressive when you’re negotiating? Well, there’s a good chance, you’re probably not.
A study conducted by Lifehacker showed that individuals who think they’ve been “overly assertive” during conversations typically don’t come across that way at all. In fact, most of the time, the fear of negotiating with a motivated seller is more about having a fear of confrontation, not a lack of knowledge on the subject.
The trick? Don’t think of it as a confrontation. After all, you aren’t there to argue, you’re there to make a deal and solve a problem that works for you and the seller.
4: Establish An Understanding
It’s human nature to want to work with people who you enjoy being around, but that doesn’t mean you need to be best friends with potential sellers. Instead, try meeting on common ground with respect and something that foundationally cements your business relationship and gives it room to prosper.
For the first five minutes of any interaction, focus on building a rapport. Chat about the seller’s background, their hobbies, favorite sports team, their interests, or children. More times than not, the outcome of the deal can be determined by your ability to establish and maintain an understanding with the seller.
5: Focus On Learning Over Selling
Being a good negotiator isn’t about pompously presenting your deal and trying to influence the seller to give you what you want. It’s about uncovering what the seller truly wants and figuring out if there is a way to compromise and give every party what they’re looking for.
The best way to do that? Always be thinking about what you can learn—not just about the seller, but the property too.
For example, you should always know these things before following through on any wholesale real estate deals:
- Does the seller live there? And if so, how long have they lived in the property?
- When do they plan on moving?
- Is the property currently listed with a real estate agent? And if so, how long?
- Why are they selling the property?
- What’s the seller’s ideal closing date?
Asking sensitive questions to a stranger can be difficult, but if you use discretion, they’ll be easier to tackle. Remember to stress that you can help them solve their problem— expeditiously, and that gathering as much important information as possible facilitates the process.
In the end, by focusing on learning and collecting data about the seller, you’ll be much closer to an appealing offer as opposed to a low-ball offer made on a whim.
Become A Successful Real Estate Wholesaler
If you’re not a professional negotiator, dipping your toe in the pool of wholesale real estate investing can seem daunting at first. But the best part about doing something outside your comfort zone, is that it has a domino effect on your confidence. Once you begin, you’ll notice a decrease in your stage fright and an increase in your possibilities.
As long as you do your research, keep learning, speak with intention, and make positive professional connections, you’ll be an unstoppable real estate investor.
…Looking for even MORE ways to generate wealth as a real estate investor? Don’t forget to secure your spot for my FREE online training course, ‘Teach Me The Success Game‘ and learn everything you need to know about successful investing and entrepreneurship!