How To Negotiate With Motivated Sellers When Wholesaling Real EstateJul 27, 2021
Whether you’re working on your first deal or your 50th, you gotta get good at negotiating with sellers to make the most money on every deal. If you don’t understand the basics, savvy sellers will rip you to shreds … and you’ll be canceling contracts left and right.
Let me show you how to get sellers to go as low as possible so you can seal the deal, cash bigger checks, and move on to the next without any surprises along the way. This is how my team and I negotiate today—and how you should too.
Step 1. Find Their Motivation & Focus On It:
Step 2. Build Rapport:
People do business with people they know, like, and trust. That’s why you need to go above and beyond to build rapport with sellers. If you don’t earn their trust, there’s plenty of other real estate investors out there who will. Those are the ones who will earn their business.
Step 3. Sell Solutions—Not Benefits:
Make it about them, not you. Before you talk, listen. This puts the seller first and the deal second. I walk you through exactly what to do and say to be a solution seller here.
Step 4. Get Their Number, Before You Give Yours:
He or she who names their price first loses. Savvy sellers will ask for your price before they even consider revealing theirs. They know what they’re doing. If you don’t, you’re in trouble.
There are ways to get their number—even if they don’t want to give it to you. Like a baseball pitcher, you have to throw the same ball differently to get the result you want.
Step 5. Don’t Commit Until They Do:
Are you sensing a theme here? You need the seller to make the first move. If you commit before them, they can “price-shop” your offer to other investors. I see beginners lose deals all the time learning this the hard way. Get their commitment, then make yours.
Your Next Steps:
Remember, knowledge isn’t power unless acted upon. That’s the difference between success and failure. Now that you know what to do, put it into practice. It’s the only way to get comfortable (and good) at negotiating with motivated sellers.
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