Mastering This Essential Skill That You Need To Get More Deals

A good brand? Effective direct mail? Knowledge of the acquisition process? Those skills are important to have as a real estate investor because that’s how you find sellers (or how they find you) and that’s how you get a deal under contract so you can make money.

However, I would suggest that one of the most important skills you need to master when dealing with a seller is how to build rapport.

Rapport is the relationship you establish with a seller who is thinking about working with you to sell their home.

Why build rapport? It’s simple: in most situations, sellers are coming to you in a time of dire need, perhaps because of a pending foreclosure, a marriage breakdown, the loss of a job, they have inherited the property after the death of a family member. They’re not just looking for a transaction; they’re looking to place their trust in someone, yet they’re hurting and skeptical and confused.

The sooner you can build rapport, the sooner you establish yourself as the person who can help them the most.

Here’s How To Build Rapport With Sellers Quickly And Effectively

You are meeting these sellers often at one of the most frustrating, stressful, or even sad times of their lives. They can be angry, fearful, heart broken, emotional messes; some are going through a grieving process. Even retired people going through a downsizing situation might not be in a difficult financial situation but they may have mixed feelings about the leaving the house that they have such fond memories in.

Your job won’t be to solve the underlying issue but you need to understand that this the context they’re facing. At this point that you meet them, they have three basic needs.

1. Empathy

First, they need empathy. Remember to show genuine concern for their plight. Although their families, friends and colleagues might offer them a sympathetic ear, those people might be in the same situation and they do not necessarily have the skills or the experience to be of any tangible help. The seller needs you.

Listen carefully as they tell their tale. Although there will be a great temptation to verbally compare their situation to other clients who have been through similar circumstances, do not do it. It will come across as condescending and, in their minds, it will seem as if you are minimizing their misfortune. Simply assure them that you have the experience and expertise to shepherd them through – from the beginning of the process to the end. Help them see how you can deliver a potentially satisfactory outcome with the least amount of discomfort – and do it often as you go through the process.

1. Speed

The seller might be facing a financial burden, which requires them to act quickly. Or, they may simply see the property as one of many pieces of a stressful “puzzle” in their lives and selling quickly will mean removing one of the stresses. The quicker they can sell, the quicker they can resume their lives.

During your interaction with the seller, check in with them periodically. It will establish you as a caring, concerned professional who has their best interests at heart, and, it will help alleviate the anxiety they are sure to be carrying around. They may have questions or doubts that anyone is “in their corner” so your periodic check-ins during this time might help them feel that things are progressing.

1. Professionalism

The seller is also looking for someone who has the strength and knowledge in a situation where they might feel like they lack both. Your confident professionalism will assure them that you know what you’re doing and are qualified to help them. So make sure you develop your own confidence and knowledge of the process and that will help to increase your professionalism and position you as the authority that they need.

Summary

If you buy from motivated sellers, you’re often meeting them at a point in their lives when they are facing extreme hardship. But if you build rapport using empathy, speed, and professionalism, you’ll get more sellers who trust you to help them in their difficult situation.