One of the hardest parts of real estate is making the deal. You can try for weeks, months, sometimes even a year or more to make a deal on a property. And often times, real estate gurus will love to feed you with the idea that by doing a few simple steps, you can easily close the deal. Unfortunately, nine times out of ten it’s much more difficult to close the deal. Not because you aren’t a good investor, rather it’s because you aren’t finding the right type of seller. Meaning, you aren’t finding a truly motivated and eager seller. So, in this article we will highlight for you some of the better ways to find a motivated home seller to help you better close a deal.
Some of the more conventional ways that are taught to find a motivated seller are through methods such as cold calling, buying lists, using a software program such as real estate virtual tours, blasting high volumes of lowball offers through a real estate agent, yellow letters, direct mail, etc. And while all of these ways can definitely be effective, often times they are far more taxing and require a lot more time than any investor should have to put in. Now, don’t get us wrong, in real estate you have to be ready to hustle and work hard, as well get used to rejection. However, there are ways to streamline these methods to better find the seller you are looking for.
For instance, if you can focus on a targeted area and being willing to invest 3 or 4 rounds of a targeting strategy, you can better attract a home seller. This is because when you stay consistent and focus on a specific area multiple times, your name will start to become familiar with potential home sellers. Also, if other investors know you’re hitting a specific area time and time again, it will give them motivation to move on to a different area. Leaving you with the monopoly.
While this method can be particularity effective, one of the best ways to connect with sellers who are extremely motivated is by turning your attention and looking towards auctioneers, banks, and lenders with REO properties. These are the sellers that are truly motivated and are actively looking to sell. So, why not focus your marketing strategy and use online tools and advertising to attract buyers who are actively looking to sell property. Also, you can look to work with other investors to already have a hot live deal, but just need a cash partner to close the deal. Or, work with a referral agent who can refer you to sellers who are ready to make a deal.
Just be sure that once you approach a seller you objectively evaluate where their mindset is at, and whether or not they are a serious seller. If you get the inclination that they are just testing the waters, don’t waste your time, and move on. Otherwise you could miss out on opportunities elsewhere, while you’re going back and forth with a seller who may never end up selling in the end.
By searching out motivated homebuyers, you can better increase your chances of closing a deal more quickly and with far less headaches. Just make sure that you’re willing to put in the time and energy that it takes to build relationships, and network in order to gain the connections that you will need to help lead you to these home sellers. After all it’s not about what you know, it’s who you know, and this rings true with real estate as well. Also, never be afraid to use tools such as real estate virtual tools and online marketing ads to your disposal, in order to better attract potential buyers. If you can do these things, you can set yourself up for success in the real estate industry.