Negotiation Blockages with Sellers

[William Johnson]

Here are some questions that I have:

These are about negotiation with real estate and specifically is about receiving phone calls from advertising for buying homes. okay, so first question

1. Is it better to ask the buyer how much they think their house is worth and then ask them what would be the minimum that they would accept if I was making an all-cash transaction and close on the day of their choice or is it better to get all of their information and then call them back with a concret offer after verifying how much their house is worth and figuring out exactly how much I will pay for it considering the repairs that have to be done.

Or, is it better to do a combination of those two things

2. Do you believe that the attitude that I have the fact that I am not very aggressive and sometimes not very confident of myself because I have yet to close my first transaction since I started this new business, do you believe that that is an important part in closing the transaction. I am wondering if these mentalities are making it impossible to close deals.

I have not closed one yet, and a couple of my mentors are calling me out saying that I have been doing this for long enough now that I should have closed something by now. I believe that I need to stop excuse making. I overthink things and I don't spend enough time interacting with sellers.

3. What can I concretely do to develop the closer's mindset, in conjunction with spending the majority of my time making offers on houses. To become a doer rather than a sayer or a thinker?

One thing I have thought about is to begin posting transcripts of my negotiations and audio bits of me talking to sellers and getting the feedback of the community.

[Chaz Reid]

1. In my operation, I never offer first. What if you offer $50k but all they wanted was $25k. Always find out how much they want for the property. Tell them you have to run your numbers and get a contractor estimate, then you can offer them numbers. After getting your numbers, you know the range you can go on the property. Makes sense?

2. "If you can believe it, you can achieve it." Stop doubting yourself bro, you're quitting before the fight is even starting. Before I landed my first deal I was faking it until I made. I even had a seller to introduce me to his daughter because he thought I was so successful. Little did he know, I was borrowing my Moms car, barely eating three times a day, and living off of less than $1000 a month. So hold your head up, sound like a true REI, and people will believe you. But it starts within...

3. I would recommend replaying events of the day afterwards. I use to judge all of my phone calls after I hung up. Looked for stupid things I said, where I need to sound more professional, etc. Reading will also develop your mindset. Reading allows you to know things you've never known before, do things you've never done before, see through a different mindset, everything. Education in investing, never stops!

Keep grinding bro, you'll make it!