Flipping Real Estate - Negotiating With Buyers (part 1)
Your ability to negotiate with buyers will be a huge factor in your profits when flipping real estate. I have put together this negotiation guide to help you put more money in your pocket when flipping homes.
1. Play good cop bad, bad cop. When negotiating with a potential buyer let them know that you think there offer is great but you are having trouble convincing your partner to take the deal. Ask the buyer if there are any terms that he could budge on to help push your partner over the edge.
2. Test the buyer. Tell your buyer “We will be asking X for the home, how does that sound to you”? Testing the buyer ahead of time will allow you to get a feel for how much they are willing to pay for your home without the pressure of having a contract in front of you.
3. Set up imaginary buyers. If you do not have many buyers lined up it may be helpful to bring in your fleet of imaginary buyers. Let your buyer know that a couple of your other buyers want the home and are finalizing financing right now. Try to bring the subject up casually like you did not even think that the person that you are talking to would care.
4. Make the buyer feel good about themselves. If a buyer likes you they are far more likely to give you their business than if they do not like you.
5. Appreciate your buyer’s ability to make decisions. Let your buyer know that you appreciate their ability to make decisions prior to them having to make a decision. This gives your buyer something to live up to when a buying decision is needed,.
Eric Medemar is a real estate consultant/investor/realtor with over 35 properties. Eric is considered by many to be on of the countries leading experts in real estate wholesaling. His real estate wholesaling courses include: http://www.InvestorsLunch.com This low cost Introduction to real estate wholesaling has been called “The Best Course For Under $30, that I have ever seen” by newbie investors from across the U.S. Eric’s second course is http://www.TheForeclosureCollege.com this one of a kind real estate course allows you to talk with Eric one-one, use his branded toll free number, plus his profit generating website. You can view Eric’s Blog at http://www.TheMillionairesBlog.com
Tags: flipping homes, flipping real estate, Real estate wholesaling
