• Privacy Policy
  • About Us
  • Contact Us
  • Home
  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
No Result
View All Result
  • Home
  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
No Result
View All Result
Cartographeum
No Result
View All Result

In Real Estate Deals, Ignore Your Competition And Focus On The Seller

Tomi Mccarthy by Tomi Mccarthy
September 8, 2020
Home Real Estate
Share on FacebookShare on Twitter

Mike Hambright is a real estate investor, mentor and coach, and is the Founder of FlipNerd.com and the Investor Fuel Mastermind.

getty
It’s almost become a rite of passage to cross paths with other local real estate investors when meeting with a motivated seller. As soon as you see them, you know they’re your competition. This may or may not change your conversation with the seller, but it can become toxic in your business if you start worrying about your competition too much. 
Regardless of whether you’re in a small market like Bentonville, Arkansas, or a highly competitive market such as Phoenix, Arizona, you’re going to have other investors talking to the same sellers as you are most of the time. This is especially true if you’re buying common lists such as those with high equity and over a certain age. 
This is why it’s important to focus on the true motivations of the seller and tune out your competition. 
You see, a lot of investors run the numbers and mentally see their potential profit. That’s their motivating factor and they fail to see the situation from the seller’s perspective. They don’t see the pain and struggle the seller is going through. Their goal, often, is to get the lowest offer possible and move onto the next property. 
These types of interactions are why some people have a negative impression of real estate investors. They assume we’re all out to take advantage of those in tough situations, but that’s simply not the case. 

Instead of focusing on the money, be the investor who listens to the seller. Find out why they reached out to you and listen to the background they provide. Connect with them on a personal level. This can lead you to discover other ways you can help them out other than by purchasing the property.
By listening to a seller’s needs, you can form your offer around how you can help them the most. It might be a flexible closing date, helping to clean the property out, providing cash for a deposit on an apartment, helping to hire movers, etc. From my experience, sellers don’t always choose the highest offer, but instead choose the all-around best offer for themselves, personally.
We’re in a people business. Never forget that. 
I’ve seen it time and time again that a seller contracted with another buyer but didn’t understand the parts of their contract that allowed them an out of the contract. When I called to follow up with the seller, I would offer to review the contract and let them know of anything to be aware of. Many times, other investors added ways for them to cancel the contract, leaving the seller confused and helpless. It doesn’t take much of your time to follow up and make sure they’re in good hands and understand what’s going on. Sometimes, it might even earn you a new deal. Regardless, you know that you’re lending a hand to someone in need.
When you take your focus off of your competition, you’re able to spend more of your energy on the positive aspects of your business and the opportunities are endless. Don’t worry if they get a deal you had looked at. Have an abundance mindset and focus on educating and helping the seller. 
Forbes Real Estate Council is an invitation-only community for executives in the real estate industry. Do I qualify?

Tomi Mccarthy

Tomi Mccarthy

Next Post
Bharat Dynamics crashes 14% as govt. divests stake

Bharat Dynamics crashes 14% as govt. divests stake

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Huawei Chairman Urges US to Reconsider

Huawei Chairman Urges US to Reconsider ‘Attack’ on Global Supply Chain

September 28, 2020
Gold plunges ₹ 1,492, silver tanks ₹ 1,476

SBI extends concessions on home loans

October 22, 2020

Trending.

Understanding Emergency Rental Assistance For Landlords And Tenants

Understanding Emergency Rental Assistance For Landlords And Tenants

January 27, 2021
Call of the mall – The Hindu

Call of the mall – The Hindu

October 16, 2020
Facebook Bars Deceptive Campaign From Pro-Trump Group

Facebook Bars Deceptive Campaign From Pro-Trump Group

October 10, 2020
Nirmala Sitharaman press meet live | Centre announces Atmanirbhar Bharat Rozgar Yojana for formal sector

Nirmala Sitharaman press meet updates | Finance Minister announces 12 schemes to boost economy

November 12, 2020
Missing Middle Housing Is A Huge Opportunity Offering Resilient Investment And High Demand

Missing Middle Housing Is A Huge Opportunity Offering Resilient Investment And High Demand

February 17, 2021

Cartographeum brings you the latest information about Tech,Real Estate & Business.

Follow Us

Categories

  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
  • Uncategorized

Tags

Amazon Apple Watch 2 Bombay stock exchange BSE Business Buying Guides china closing trade coronavirus Covid COVID-19 currency dollar rate economy Finance Ministry foreign exchange forex gold india indian economy Indian stock market Industry iOS 10 lockdown luxury homes market and exchange markets nifty Nirmala Sitharaman NSE oil pandemic Playstation 4 Pro rbi real estate Reserve Bank of India rupee rupee rate Rupee value rupee vs dollar sensex Sillicon Valley stock exchange Stocks USD

Recent News

How Your ‘Free’ Buyer’s Agent Increases The Cost Of Homeownership (And What Homebuyers Can Do)

How Can Landlords Prepare For 2021?

March 5, 2021
Jimmy Fallon Puts His Manhattan Home On The Market For $15 Million

Jimmy Fallon Puts His Manhattan Home On The Market For $15 Million

March 5, 2021
  • Privacy Policy
  • About Us
  • Contact Us

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Review
  • Computers
  • Gear

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.