INVESTMENT

Build and negotiate relationships with vendors for a great deal


A quote from it Finding and financing great deals By Anson Young.

So you have a contract-making plan and have probably come up with a direct mail marketing plan aimed at inspired sellers. You keep your car 1,000 miles driving to your new target area, and you’ve found a good list of driving features for dollars. Now your hand is closed because of writing the letter and you have had such a nightmare that you cannot get the eighteen taste of the stamp from your mouth. You’re starting to get an idea about general repairs, paying a contractor to walk through some sample features and taking notes angrily. To sharpen your skills, you’ve found a hundred properties in the area and good high and low vibrations for the features you’re noticing.

Then the phone rang. This is a seller. A real, lively man who is inspired to sell on the other end of the telephone. What now? The palms of your hands are sweating and the weight of your tongue on your dry face weighs a hundred pounds.

You are not alone. I talk to many investors laughing about their first dozen or so calls. The phone rings and you freeze. What now? An investor told me that he threw his cell phone across the room when he first called a potential seller. The fear of the unknown, the fear of rejection and even the fear of landing on the first contract is strong. This is the beginning of the real work. Even though you may not realize it, the discussion started even before you picked up the phone. Now that you have them in line, what you say will indicate your future relationship and chances of getting a contract. No wonder you are nervous!

You can be a normal negotiator — a phone expert, a man master who likes the fine art of relationship building. Then again, you may be an introvert who is afraid of hugging, discussing cars or buying a home আগে before-after interaction. While the usual negotiator will initially have an easy time, I think both personalities with some experience and inspiration can do well in this business. The same principles work when discussing large items as hugging for small things. You are either selling them for yes, or they are selling you for no Most of the same basic pillars of discussion apply.

Let’s go through some of the basic foundations of the discussion that apply to all situations where we find ourselves in real estate and beyond.

Overcoming the fear of rejection

“No.” No one likes to hear this little word of two letters. It may be the most powerful word in the English language. “No, you can’t raise this.” “No, I will not partner with you in this deal.” “No” is associated with a completely negative psychology and we are always looking for ways to soften its distribution so as not to bother. Failure to do so could affect the way you deal with similar situations in the future. To learn resilience in the face of rejection, there are two basic strategies – not getting and getting yes.

Going to “no”

Get out of the world and go to No. 10 as fast as you can. The more you don’t listen, the more you get used to listening. When I started in real estate, I was knocking on the door of a pre-foreclosure property. My first day involved forty-five numbers – and not all numbers are equal. Not followed by the door slam, not by the threat to beat me, and of course, not by the threat to call the police. The more you become accustomed to rejection, the less emotionally you will be connected to the word. It’s just business; You are not being put on a hill by your toenails, your family is not in danger, and your life is not in line. If someone doesn’t tell you about real estate, you go to the next deal.

To say “yes”

Respecting your skills and getting yes increases speed. The more you win, the better. The better you get, the more you win. As they say, success gives birth to success. Overcoming your fear of rejection is key, and that means not hearing enough times that its effects will no longer affect you — and hearing yes enough is enough to build confidence in your abilities and start making money in this business. The more you can get a yes from a seller, the more you will internally create what worked in this or that situation and your brain will determine how to apply it in the next situation. Adequate number experience leads to an accidental yes, and the more you hear yes, the more you will start to get.

Win-win

The ultimate goal of a discussion is not just for you to win, but for everyone involved to win. You might be thinking, “Here I am, how to get great deals, close them and pay. That’s what winning means. ” Everyone I know in this business finally admits that to be successful with longevity, everyone needs to win. You’re not trying to cheat or pull one over the seller; You are trying to help them. A perfect real estate contract is a winning contract, where the seller gets the help they need and you go away with a contract. When you get a yes, you should feel confident that everyone is leaving satisfied. If you do the right thing by people, it always comes back to pay you back.

There is a saying in real estate: the goal is not to make money; It’s to solve the problem. If you can solve problems then money will never be a problem for you again. A win-win situation will pay you off, financially and in less practical ways. You may be able to pull one over a seller a few times, but it will always come back to bite you. Online reviews, BBB reviews — and worse, lawyers will eventually chase you. You may be able to obscure the numbers in a deal, but your reputation will be hit in the process. Creating win-win situations is a long-term investment in your future, your business and your reputation.

Listen more than talk

When you think of an expert negotiator, you can imagine a chic man in a beautiful suit who is constantly jabbering with irresistible speech at a speed of one mile per minute. You will be wrong. The best negotiators listen more than talk. Of course, their speech may be persuasive and carefully worded, but it is strategically placed in the flow of conversation. Think of the 80/20 rule, where 20 percent of your efforts are responsible for 80 percent of your success. When talking to a seller, this is true. Aim for that 20 percent and let the other party talk 80 percent. There is an old saying that says, “He who puts the price first loses.” In most discussions, there is a “see in the middle” or “split the difference” mentality. It’s a compromise between two given prices, and your job is to determine where that midline should be. People usually don’t want to give more than they have or give less than they get, so they try to meet somewhere in the middle. Being an active listener will help you to better communicate and understand what the situation really requires.

Not the end

It’s easy to tell yourself that it doesn’t matter if a salesperson rejects you outright, but it’s more difficult to get your feelings on board. The more you listen, the easier it will be — but only if you use it to improve your negotiation skills in the long run. What can you do differently? Is that something you said? You didn’t say anything? In all honesty, you can fix everything and still get a big, fat number. When you spend time, effort, energy and money to get lead at the door, each can represent $ 150 spent to get to that point. There are some things you can’t control, no matter how hard you try. Just remember: next week, it doesn’t matter if the bob seller didn’t tell you. If you’re marketing consistently, by then, you’ll be talking to Jim, then Sally, then Suzy and it’s gone. You may not have been asked eight times — but when you go to the ninth appointment you still get up and learn from those eight times. You just have to let go of the emotions outside of the process.

Here are two keys: Stay away from results and always be willing to walk away. You should isolate yourself from the situation and imagine that you are watching this behind-the-scenes discussion as a third party observer, someone detached from the results. There is no hurt feeling, embarrassment, or awkward ending in this scene. If a seller gets angry, threatens to call the FBI on you, knocks on your door, or calls you a low-life scam that preys on the vulnerable, don’t take it personally. This is a life lesson: do not take anything personally. You never know what’s on someone’s plate.

Build relationships

I saved the best for the end. It’s Social Skills 101, and it works to get people to know. When you want to be emotionally detached from the contract, building a relationship means really knowing the seller, which involves being personal. A seller with whom you have a real relationship will sell you to someone they don’t know.

There are no checklists or series questions to cover when creating relationships; It involves a normal flow of conversation. People feel perverted people. I could headline this section “Be a good person and listen to others” but it could be above my salary grade. Break the ice, ask questions about family and explore common interests and hobbies. Maybe you grew up in the same city, maybe their grandchildren are the same age as your daughter, or they may follow the same football team as you. I don’t usually start with anything about property. I ask them how their week was, comment on pictures on the wall, ask about their kids and what they are doing, and so on. A sincere, genuinely interested person, ready to solve problems at hand. I’ve met innocent, smart, flashy, disconnected shoppers before and it’s not pleasant to work with them. A salesperson can tell who is there just for the house and who is there to really help.

This strategy certainly works with others you network with, including agents, probate attorneys, women at the pro desk at the home depot, representatives of the title company, and almost everyone. You are the ambassador of your brand and everyone wants to work with a real professional. The person who asks you about your kids and remembers the details of the last conversation will be different. I remember when someone texted me a week after I mentioned my son’s surgery to see how he recovered. “What a beautiful gesture,” I thought. That guy will get my business every time.

While much of this comes naturally, your business will be much better off if you consciously work to build relationships. Here’s how you can do it systematically: Put a birthday on your calendar, make notes next to your vendor’s name about kids / hobbies / interests / favorite parties, and write a to-do list with Jim to follow up on his wife’s knee replacement surgery. . Go the extra mile in this interaction, and it will pay you a thousandfold.

Conversations should be about 80 percent of them – and very little about you. If you continue with how good you are at this business, the seller will not feel any connection. Instead, ask them to open up, answer their questions, and let them know that you are there to solve their problem.

  • What’s up Them Anxiety?
  • What’s up Them Fear?
  • What They Need?
  • What They Want?

Negotiation is a fine art honored by real world experience. I don’t know many people who are naturally talented at this skill or who have learned it by reading a hundred books on discussion. Go in front of people or on the phone and stab yourself in all the noises that will eventually lead to a more consistent yes with your improvement. From real estate to your next car purchase to dealing with agents and lawyers, becoming an expert negotiator will benefit you throughout your life. Build relationships, build trust and move forward and solve problems.

Want to read more from Anson Young? Check out Finding and financing great deals Bigger Pocket Bookstore!



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