Your ability to find motivated sellers is one of the keys to becoming a successful Real Estate Entrepreneur. What is the definition of a motivated seller?
A motivated seller is someone that needs to sell. You won half of the battle when you understand that there is a big distinction between someone wanting to sell a property versus someone that needs to sell a property. One is a suspect and the other is a prospect.
Someone who just wants to sell a property is usually expecting a buyer to pay retail prices and if they get it fine and if they don't it's no big deal.
Now a motivated seller on the other hand has to get the rid of that property by any means necessary, they are looking for a solution to their immediate problem which is the house that they need to get rid of and if you the Real Estate Entrepreneur comes up with a workable solution, their house becomes yours at a bargain price.
What are some of the circumstances that make owners of real estate motivated sellers?
Job relocation. Millions of families travel to new cities and towns when companies shuffle their employees between different locations. This makes selling real estate a top priority for the moving family.
Job termination. Although no one likes to think about it, millions of people lose their job, which puts their finances at risk and can often lead to selling real estate to move to a more economical alternative.
Death in the family. Real estate may be given to one or several family members by a relative who has passed away. If the family already own real estate, then one of the two properties is often sold.
Bankruptcy. When someone is completely down on their luck, often the money invested in their real estate is the only money they have access to so they must sell quickly.
Maintenance woes. After acquiring several properties and buildings in different areas such as a home in the city, a rental property, and a cottage, some people may decide it is too much work to maintain them all and want to sell one of them.
Divorce. People sometimes split up which changes the economic dynamics of their situation. Instead of there being two people sharing a mortgage you now have in most cases one sole person paying the entire mortgage. This creates a financial strain on them and puts the real estate investor in the perfect situation to present the perfect solution called debt relief.
In conclusion, your success as Real Estate Entrepreneur will be determined by your ability to find and locate motivated sellers so that you can present your offers and close deals.
