Negotiating Tips for Wholesalers

Wholesaling in today’s market can be a little more of a challenge due to the heightened awareness of everyday sellers but it can and is done all day long.

The key is to stay a step ahead of the pack by utilizing excellent communication skills, building the greatest rapport and by perpetually educating yourself on the finest negotiating practices by the masters.

I make it a point to buy someone’s e-book, course or program after each deal to continually be in the learning mode- I am not a master negotiator but I can sit across the table from a motivated seller and walk away with a contract to buy that house….yet and still, I always strive to be better, the best that I can be.

Super important….Motivation BEFORE  Money-

Make it a point to get as much info as possible from the Sellers as to the true purpose of the motivation to sell.

Do not be eager and overanxious in your communication with the seller.

Ask questions such as the ones listed below and pay extremely close attention to the responses.

• How long have you owned the property?
• When would you like to sell the property? Listen very closely to this answer and then repeat it intermittently during the conversation.
• I can tell that yours is a wonderful property, why in the world would you dream of selling it?
• If you aren’t able to sell for your price, what will you do with the property?
• Have you planned to make payments for the next 6-8 months in today’s market?
• Have you and your family found another place to live? If so, is it dependent on the sale of this property?
• What do you think the property is worth?
• Who will be making the decision- you or your spouse?
• Are you okay with the fact that I’ll be making a profit on this property- now or in the future?
• Do you own any other properties?

Some of these questions will turn up the pain (as my friend Marshall Sylver says) as to why they are really selling which helps the seller to realize  that we offer them the most viable solution.

As wholesalers, we must negotiate when we’re making offers to buy AND when it’s time to sell (assign) to lock in the greatest profit, that’s essentially what we’re getting paid for!

To your success,

Karen