116: Setting Expectations with Your Seller

Want to get into wholesaling but unsure what happens once you get a deal under contract?

Today we cover how to set expectations with your seller to ensure a smooth and successful deal that closes on time and gets you paid.

Summary

In this episode, Ryan discusses the importance of setting expectations for sellers in real estate wholesaling. He emphasizes the need to communicate clearly and regularly with sellers to minimize their anxiety and stress throughout the transaction. Ryan also highlights the significance of due diligence, finding a buyer, and presenting the purchase agreement confidently. He provides insights into the next steps after signing the contract, including title work, inspections, and communication with the seller. Ryan advises on handling delays and extensions, as well as the importance of providing regular updates to build trust and credibility with sellers. He concludes by emphasizing the value of creating a positive experience for sellers to generate referrals and repeat business.

Takeaways

• Setting clear expectations with sellers is crucial in real estate wholesaling to minimize anxiety and stress.

• Regular communication and updates with sellers help build trust and credibility.

• Due diligence, finding a buyer, and presenting the purchase agreement confidently are essential steps in the process.

• Handling delays and extensions professionally and transparently is important for maintaining a positive relationship with sellers.

Key Talking Points of the Episode

00:00 Introduction

01:21 Why is it important to set expectations with sellers upon signing the contract?

02:10 What are the benefits of setting seller expectations early in the deal?

04:20 How can your contract affect your confidence during the deal?

05:48 What should happen after getting the contract signed by the seller?

07:38 What is the importance of keeping your seller updated through every step?

10:07 What could happen if you do not communicate with sellers throughout the deal?

11:37 Why is it important to not give your sellers false expectations?

13:34 How can including seller expectations in your process help make deals easier?

15:08 Why is it important to focus on the experience you’re creating for sellers?

Links

Free Resource: Wholesaling Contract

https://dealmachine.com/contract

David's Social: @dlecko

https://www.dealmachine.com/pod

Ryan's Social: @heritage_home_investments https://www.heritagehomeinvestments.com/