Marketing Tip #23- How to Talk To A Motivated Seller For Your Real Estate Investing Business By Kathy Kennebrook

So how are we going to get ready to have a conversation with our motivated sellers? I believe that readiness is a state of mind, and I have put together some ideas for you designed to help you have meaningful and successful conversations with motivated sellers resulting in profitable deals.

First of all, expect to be anxious and know that it’s okay to be anxious. You probably wouldn’t be very good at what you do if you didn’t care about the outcome.

Next, while you are feeling anxious, get in front of a mirror and practice what you are going to say to the seller. Do this more than once. The more you practice what you are going to say, the more comfortable you will be and therefore less likely to forget what you were going to say. Practice controlling your voice and be mindful of how fast you are talking. Your speech should be at a moderate volume and speed when speaking to a seller.

Remember to breathe! Practice what you are going to say all the way through without making faces, gasping or throwing out any expletives. Your seller doesn’t care if you’re speech is perfect, they just want to know what you can do for them to help them solve their problem. You might even want to practice what you are going to say in front of a spouse or close friend.

Remember that your sellers are people, just like you. They are probably just as anxious about having a conversation with you. After all, selling their home is a big decision, even if they are ready and know they need to sell.

Expect the unexpected. Maybe the seller will accept your offer right away. Maybe they won’t like your offer at all. You really should have some idea of how to approach this based on the prior conversation you should have had with the seller on the phone. And remember the more motivated the seller is the easier this conversation will go.

Also remember that all of these techniques can be applied to the conversations you are having by telephone with your motivated sellers. In fact, once you get good at conversations with sellers on the phone, many times the deal will be cemented even before you end up face to face with a seller. Also be prepared to sit on couch as opposed to being at a table so bring something hard to write on, like a clip board or a briefcase. If you need to wear glasses don’t forget to bring them with you. If you are bringing a briefcase, stick a flashlight inside. I have had several instances where I’ve had to fill out paperwork in semi-darkness and a flashlight is a big help. Just learn to expect the unexpected.

Be sure and establish a ritual to get ready to speak to sellers. Make sure you have all your facts and figures straight and make sure you have all the paperwork with you that you could possibly need to cover a variety of scenarios. The more professional you look, the more comfortable the seller will be working with you. Be sure and let your seller know ahead of time what paperwork you need from them as well like a deed or mortgage paperwork.

The easiest and best way to get comfortable working with sellers is by making more offers and doing more deals. Develop a positive attitude and philosophy about making offers. Don’t take it as a personal rejection if the seller doesn’t accept your first offer. They may accept a subsequent offer, maybe not. But remember if you had a conversation and pre-screened the seller on the phone you already have a pretty good idea whether or not they accept your offer.

But do you know what I have to say about this? There is always another seller waiting in the wings who really wants to work with you and if you are dealing with the right kind of sellers at the beginning, you will make more deals than not. So get out there, make some offers and do some deals!!

For more information on tools for the Real Estate Investor, be sure to visit Kathy Kennebrook’s website at www.marketingmagiclady.com. While you are there be sure and sign up for her free monthly newsletter and receive an additional $149.00 in real estate investing tools FREE.

Investing in Commercial Real Estate by Kathy Kennebrook

Kathy Kennebrook does invest in commercial real estate to a small degree. The way she does this is by investing in multi-unit properties such as apartment complexes. While it makes a lot of sense to invest in commercial buildings, Kathy Kennebrook does not invest in commercial buildings or lots.

There are several reasons for this. While commercial buildings obviously mean bigger paychecks, in our current economy they also mean a lot more carrying costs and less cash flow unless you are able to turn them quickly. To be really successful in commercial real estate, you really need to be an expert and invest a lot of time in these properties. In fact Kathy Kennebrook knows of several investors who are “stuck” with commercial properties they can’t move in the current market.

Now Kathy does like to invest in storage units and small apartment complexes since these are much easier to manage and the cash flow is greater even in a depressed economy. Plus you end up with several rental units in the same location which makes managing them much easier and the cash flow even greater.

With storage units the “eviction” process is much easier and with small apartment complexes, even if you have one or two units empty the rest will carry your payments and continue to cash flow. To Kathy’s way of thinking this makes perfect sense.

While Kathy Kennebrook does not currently own any storage units, she has in the past and these buildings create really great cash flow and are very easy to manage, so if you are interested in commercial real estate this might be the way for you to go. Kathy Kennebrook’s greatest love still continues to be single family homes since everyone needs a place to live and these properties offer excellent long term benefits. Kathy currently lives in a smaller community and there just aren’t that many storage units or apartment complexes available for sale so Kathy is working primarily in the single family home market.

For more information on all the resources you need for your real estate investing business, visit Kathy Kennebrook’s website at www.marketingmagiclady.com. While you are there be sure and sign up for Kathy’s free monthly newsletter. When you do you will receive an additional 149.00 in relevant real estate information absolutely FREE