It can be difficult for real estate investors to find new deals in today’s market. The internet hunt can lead to dead ends. Homeowners are often not interested in selling or they have already sold. How can you catch homeowners when they are at the stage where they would want to sell their home? As a real estate investor, when is the best time to approach potential home sellers?
There are so many different stories in reference to sellers out there. Some own homes that are aging or the homeowners are fighting to make ends meet. Others, like novice home flippers, run out of funds or over-shoot expectations and can’t make a sale on the flip. There are inherited properties from those who have experienced the loss of family members. Literally, it’s almost like you can have any possible scenario, so how do you know what the appropriate time is to approach owners if you are interested in purchasing their property?
Owners who need to sell
It’s going to sound so simple, but you know when the best time is to approach a potential home seller? The right time to see if someone wants to sell their home is when they need to sell their home. As an investor, you need to connect to the person who you are engaging with and try to solve THEIR problem first. When you add value first and then pitch (or sell), you will get so much further in your business and in your life.
The easiest time to close a potential home seller on selling is when that act is something that they are already looking to do. Look for people who are ready to take action and make things happen. Search out people with reasonable expectations.
Using advanced marketing
Take use of the tools and data that advanced marketing offers you as a real estate investor. With Facebook targeted ads, google analytics, and lead generation lists and systems, there is so much information that you can learn about a target audience and segments of the population. Spend time creating good inbound, outbound, offline and online marketing sales funnels. Another secret to discovering ready to sell individuals is through targeting expired MLS listings that have experienced a price drops, or expired. With more specific data, smart investors are able to close the gap further between what they are trying to achieve and what their potential client is trying to achieve.
Know the needs of the seller
When you connect with an owner, you will need to know what you are offering and why your potential seller will care. You need to know what the seller cares about the very most. For example— if a seller needs to sell because they’re moving out of the country, and you have the ability to close quick, that is a benefit to them. The best way to find out what a potential home seller cares about is by listening. Listening closes the gap. It’s like you need to put yourself in their situation. Even if the exchange doesn’t happen right away, it could happen in the future, but probably never will if you fail to listen. Go for the close, but remember that you are in the business of investing for the long haul, so you have the luxury to be patient.
Not ready to sell?
It’s ok if the seller is not ready to sell. What should you do if this happens? Carry-on with business as usual? There are so many deals out there that are yours for the taking. Don’t spend all your time and resources on just this one. Keep these “potentials” in your pipeline and maybe check in periodically, because you never know what will happen in the future. Completely uninterested sellers can switch in a heartbeat, and when that happens, be there to make the sale.