Collecting Keys - Real Estate Investing Podcast EP 36 - The Power of People Skills - Dealing with Difficult Sellers
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Nobody enjoys dealing with irrational sellers. But here are the facts: not every transaction is going to be easy, and the process of closing deals requires patience and persistence. Since there are many difficult sellers, you have to brush up on your people skills and learn how to handle them.
In this episode of Collecting Keys Podcast, we share our tips on how to deal with difficult sellers. We also share our thoughts on the current shifts in the market and how you can leverage them.
Here are some power takeaways from today’s conversation:
- Offload shitty properties and invest in more desirable assets.
- Buy cautiously and wisely.
- Establish your brand and reputation as an investor.
- Be firm, fair, realistic, and flexible in dealing with difficult sellers.
- Listen to sellers and help them out.
Episode Highlights:
[01:33] Changes in the Market
The market is shifting. Interest rates have been climbing, and the slowdown has started. As a result of the bear market and inflation, companies are implementing defensive strategies.
But for the everyday person, what the stock market does daily doesn’t affect them. In fact, it creates buying opportunities for people to generate wealth. It’s the perfect time to buy assets — whether in stocks, real estate, or crypto.
[12:11] Preparing for the Long Term
Leverage the changes in the market by hoarding cash or stabilizing your properties. Offload the dumpy properties and make sure you have the more desirable assets. Likewise, don’t gamble on things that make little sense in the long term.
The economy doesn’t stop; it tightens up and goes through correcting. While flippers need to be more cautious and meticulous, there are still many opportunities to invest. Buy at future prices, not yesterday’s prices. Take action and learn how to deal with tough sellers.
[18:29] Preparing for Market Changes
Position yourself with knowledge of the market. You have to establish your brand as a business and your reputation as an investor. Furthermore, educate yourself on how to deal with difficult sellers.
[20:55] Dealing with Difficult Sellers
Sellers can be difficult for many reasons, such as temperament and situations. Here’s how you can deal with difficult sellers:
- Be firm, fair, and realistic.
- Be flexible in what you’re willing to do.
- Prepare a backup plan for your backup plan.
If you buy right, you’re going to do well. However, you have to let the little details go when you encounter resistance or unfair situations. Sellers can be irrational at some point in the transaction. Listen to them and help solve their problems. At the end of the day, real estate is also a people business.
Notable quotes from the Episode:
[09:22] “Everyone’s fearful. Now’s the time to start being greedy. Now’s the time to start buying assets and doing all that sort of stuff.”
[29:52] “You have to be able to pivot and don’t feel like the deal is dead just because the seller is acting that way because I would say, more often than not, sellers act somewhat irrational at some point during the transaction.”
[33:38] “At the end of it, it’s not really a real estate business. It’s a people business, and you’re providing a service to your sellers.”
Resources Mentioned: