Showing up with a Contract...

It doesn't get any simpler than this… does it?  Show up with a contract?

Who shows up to talk to a seller, someone who responded to their post card, newspaper or radio ad, probate letter… and doesn't have a contract with them to purchase the property?

Who would do this?I thought the same thing.  Who would show up to start the negotiations with a seller and then not have a contract with them to nail down that deal?

Well I thought everyone has a contract in their car... ready to secure a deal at a moments notice.  RIGHT!

 I have asked this question at most of my seminars and I am always surprised to see that over 50% of the attendees have at one time or another gone to a sellers house to discuss buying that house from the seller… and didn't have a contract with them.

And then just the other day I had a similar situation happen with one of my coaching clients.  How embarassing!  And the worst part... she lost the deal because of it. 

Imagine if you will a Saturday morning appointment with a seller.  You show up and negotiate the particulars of the deal with the seller.  You ask lots of questions and get the seller down to a price that works well for you... and then you stand up and say... I'll get back to you Monday with a contract and we can lock this deal up then. 

Well, Monday comes around and guess what?  The seller put the property under contract to another investor Saturday afternoon.  And that is exactly what occured with this coaching client.

YOU SNOOZE... YOU LOSE!

Why… Why would anyone set up an appoint to talk face-to-face with a seller and then show up NOT prepared to close the deal?  

It's simple.  They are scared to death that they are going to get the deal.  That is correct… they are scared to death that they may be successful and get the deal.Crazy isn't it? 

Not really.  I remember the first couple of times I negotiated directly with sellers.  Man, I was a nervous wreck.  So much so that instead of not having a contract, I didn't even show up to the appointment for fear I would get the deal.  That's nuts isn't it?

OK… so  the first step is to find a decent contract one that will pass muster in you location.  Your local REIA might have a template.  If not just email me at [email protected], put CONTRACT in the subject and I'll get one that I use sent off to you. 

The second step is to use the darned thing.  That means having one with you at all times and bringing it with you to the discussions.  Don't leave it in the car.  Bring it in with you into the house and use it when the time is right!

If you follow this simple suggestion and actually have a contract that you use, you should never be in the position I found myself in either as an investor or as a coach..  Instead you should be filled with confidence and have at your disposal a contract that you can use to seal the deal that day!