Overcoming investors' competition

[Victoria Riggs]

Hello,

I live on Long Island, NY and there is a lot of competition between the investors to buy the property. I am trying to put the property under contract that is off the market and there are other may be 10 investors also looking at it and making the offers.

I know it is a lot of competition everywhere in New York City - Queens, Brooklyn and Long  Island. 

What are your suggestions about overcoming the competition and getting the deal?

[Joe Bertolino]

It helps if you have a track record and can give them the contact info from some sellers that have worked with you before.  Be professional and look successful like you have the funds to do the deal but not flashy.   Listen and try to help them solve their problem even if it doesn't benefit you.  It's a people business. 

Set it up to gently question the ability of the other "investors".   Say something like "I am sure there are a lot of people offering you a lot of things and making promises that they can close quickly and make this a painless transaction.  Unfortunately that isn't alwaysthe case but here are a few of my past sellers that can vouch for how I do business and that I will perform as we have agreed if you decide to move forward with me."   You should ask the other investors you are taking to for a few testimonials as well.  

With this approach may not get the deal at first but if they fall out of escrow or start getting jerked around,  you will be the first call they make.    Follow up with them politely but persistently until it closes and let then know you are standing by waiting to perform.