The Importance of Understanding the Seller

Jorge Abreu

👉 Multifamily Investor / Owner Operator Helping Busy Professionals Invest in Real Estate 🚀 | Developer & General Contractor | Real Estate Investing Coach - See Below 👇

Published Jul 12, 2024

When investing in real estate, it's important to figure out how skilled and knowledgeable the seller is. It's likely that you have an idea of how skilled the seller is, right? Sometimes sellers are very structured, controlled, and follow the rules to the letter, but sometimes they may not be as smart. Learning about the seller's approach and way of thinking can help you make your negotiation plan more effective.

Every seller in the real estate market is different, just like every person is different. There are different reasons, goals, and ways that each seller likes to do business. When talking to sellers, it's important to make sure your method fits their needs. A few days ago, I told you that your letter of intent or offer is probably based on what kind of person they are. For example, if there are a lot of other offers on the same deal, you may need to do more to stand out.

It's important to know the seller's goals and interests in order to negotiate well. You can find out what makes the seller decide to sell by getting to know them and communicating with them regularly. As I've seen for myself, after getting to know them, we asked them if they would like to leave some of their money in as equity, and they agreed. By understanding what they want and need, you can come up with answers that work for everyone.

When negotiating a real estate deal, each seller is different, and their professionalism, tastes, and goals all play a big part in how the deal turns out.

After thinking about my trip, I've learned that the best way to negotiate is to know what questions to ask and then listen to the answers. If you really listen to the seller, you can learn important things that will help you feel confident during the negotiation process.

Remember that negotiating isn't about getting the other person to give up. It's about getting along and trusting each other. So, listen well, pay attention to what they say, and ask smart questions. You'll totally understand where the seller is coming from that way, and everyone will be happy!

In the next part, we'll talk more about how to get along with sellers and negotiate, looking at how powerful good communication and using relationships to get good terms can be.

Jorge Abreu

Managing Partner

Elevate Investment Commercial Group