Marketing skills never go in vain and these skills will accompany you in real estate investment as well. If you use these skills and some creative real estate investing ideas, you can get desired discounts from your prospective seller. The first step, however, is to look for people who want to get rid of their property. The seller can be selling the property for various reasons ranging from financial instability to other personal causes but bear in mind that it is these causes which can work as great opportunity for you to get favorable discounts. So, find such sellers and make optimum use of your marketing skills. Here are mentioned some ideas and steps to follow them, which can lead you to make profitable real estate investment:
Research is a basic tool for everything and real estate investment is not an exception to this. If you intend to buy a property for personal use, make sure that you deal business-mindedly and not emotionally. Make sure you answer yourself these questions before making a deal:
Is the property near my workplace?
Is there a good school nearby for my kids (if any)?
Is the neighborhood suitable for me and my family?
Even if the property answers all mentioned questions and others positively, there is one more thing you should be looking for in order to get wanted discount i.e. there should also be a prompted seller.
Look For A Prompted Do I Need To Do A Survey When I Buy A House Seller!
The key to getting great discounts is to find sellers who are in immediate need of selling their property. Usually, a seller would publicize the sale via classified sections of a newspaper. Internet and even word of mouth can also serve as providing you such prompted sellers. The key is to keep your ears listening and eyes watching like look out for foreclosures. A lot many times people want to dispose off their property to deal with foreclosures. Such a property can be bought for a very good discount as the seller is in immediate need of cash. In case of a foreclosure, the redeeming entity lets the public know via advertisements. This can be a very useful tool. Then, rank all the properties as per your taste and preference.
Avert The Seller’s Emotions In Your Favor
Since the purpose is a good discount, you should try to melt the seller a bit when you find one. Make him tell you the reason of his selling the property. This will make the seller a little content and would serve as a tool towards making a good relationship between you and your seller.
As soon as he feels comfortable with you, he may inform you about his financial problems, other personal problems or he might just be moving to some other location due to changed workplace or whatsoever. The number of such valid reasons can be numerous.
Bear this in mind that if you get the point of his selling the property, you can work your way to know the extent of his motivation and consequently how flexible he would be in making discounts.
Don’t Be The First One To Offer The Price
Never be the first one to offer the selling price, it is better if your seller does that. Think of it rationally for example, if the seller is in immediate need of cash and is willing to accept $10,000 for a property and you tell him that you can give $15,000, so you will lose $5,000 just like that. The first offer is very important in setting a benchmark from where you should initiate negotiating. It is significant that it comes from the seller so you have a clear idea about his expectations.
An occasional seller would know of these tactics and thus, would resist making the first offer. For such a seller, try asking indirectly like you can casually ask him about his estimate on the price of the property in Real Estate Marketing Ideas For Social Media his neighborhood. You can even ask him to tell what minimum amount he is willing to sell his property at. The primary thought behind this is to seek out for a price which is mutually acceptable by both the parties.
Once you make the seller tell an initial figure, you can further make your way to negotiating it to your desired price. All in all, when wanting maximum discount on real estate investment from the seller, you should be well versed with all the possible aspects of the sale primarily including the causes, motivation of the seller and also the legal and financial aspects of the deal.