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Self Closing, Can Real Estate Investors Afford to Close Without Representation?

In the real estate industry there is the closing and closing, knowing the difference and the distinction of each can help investors negotiate deals that work in both the seller’s and the buyer’s favor - typically the one with the better hand to play wins. As a real estate investor the most important aspect of the negotiating has more to do with listening than talking. Basically he who listens first wins. Having a proven set of guiding concepts can provide an investor and help them save money and increase profits.

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As much as “location, location, location …” is a first rule of real estate, “He who hesitates is lost,” is another rule to abide by. Many people have negotiated fair, profitable deals and then lost out on the entire investment because they were slowly analyzing the information, processing it over and over, and were not confident to decide yes or no. This pertains to all investors, either on the selling or the buying side of the investment. If investors would first invest in a specific strategy that uses a simple sales tool they could decide much faster and with confidence and they would not experience as many of the “ones that got away,” and have sounder deals that propel them closer to their financial goals.

A third and just as important axiom associated with real estate investment, is buying low and selling high. This is true in any sales transaction which is another point that lends its prominence as something that must be done. Timing the real estate market to buy at the absolutely shortest prices and to sell at market highs is comparable to having a good knowledge of the stock market, or even more so. Real estate has too many variables intertwined; the distance of one city block is enough to create such a disparate comparison that none actually exists. 99% of all factors governing real estate and property are local in one way or another. Having a good, long-term understanding of a local market is one of the tools investor’s must possess in order to achieve their real estate investment goals.

Unlike many other investment vehicles real estate is one the investor can live or work in which helps to create attachment and emotional considerations as well as financial ones. All the more reason why making self-assured decisions is a challenge that needs be met. When taking into consideration a specific property, the more awareness an investor has of how they feel about ownership, and which characteristics of the real estate hold true value for them, the more confidently they’ll come to a decision about what the true risks are and which strategy to use.

Investors actually spend a lot more of their time being owners and equity managers than they do as property investment, analyzers, negotiators and closers. The better the investor is at knowing which properties are most apt to achieve a good ROI (return on investment) the faster they reach their goal of growing their wealth.

Knowing which questions to ask and what the answers should be takes time and experience to achieve. Many first or second time investors may not have the experience or the confidence to work a deal through to their best advantage and profit while mitigating risk well. If an investor does not possess the experience and skill they must hire the services of real estate, legal and financial experts and pay them a commission. Investors must be able to confidently rely on them to assist.

If an investor is on the selling end of a transaction they want to employ the following strategies as the need arises to get the highest selling price, but a buyer will be using the same strategies to get the best deal. The one who has honed their skills and instincts to a finer degree will undoubtedly get the better bargain. High-pressure or unprincipled salespeople can use influential closing techniques to make a sale turn in their favor and even convince unqualified investors into making a decision they will regrettably have to live with.

Investors must learn to hear and see buying signals from both the prospects perspective as well as the sellers’. Sellers need to turn up the heat and buyers need to recognize when they should change tact; specific expressions of interest, questions that relate to the transfer of ownership need to be recognized by both sides. If a buyer visualizes the transaction as complete, like wondering where furniture would be placed or considering how they would recreate a space, they are possibly close to choosing.  

Closing scenarios can help investors make knowledgeable, self-assured decisions. If an investor can sort out the indecision eliminators it can facilitate clear thinking and encourage consideration of relevant factors before signing on the dotted line.

Three Techniques

  • Ben Franklin’s Pros and Cons Close

Ben Franklin was a fan of the pro and con chart and he added his own twist by giving different weights to his various motives. Franklin suggested long ago in his “Pros and Cons” letter to Joseph Priestley written in 1772 his manner of analyzing and scoring a deal, and everyone is still agreeing with him today:

…my Way is, to divide half a Sheet of Paper by a Line into two Columns, writing over the one Pro, and over the other Con. Then during three or four Days Consideration I put down under the different Heads short Hints of the different Motives that at different Times occur to me for or against the Measure. When I have thus got them all together in one View, I endeavour to estimate their respective Weights; and where I find two, one on each side, that seem equal, I strike them both out: If I find a Reason pro equal to some two Reasons con, I strike out the three. If I judge some two Reasons con equal to some three Reasons pro, I strike out the five; and thus proceeding I find at length where the Ballance lies; and if after a Day or two of farther Consideration nothing new that is of Importance occurs on either side, I come to a Determination accordingly…

This easy to follow straight-forward approach for decision making employed by Ben Franklin is still a useful tool. Compare two properties to buy, two offers to sell, or even, whether to act now or later. Deciding on the features or factors for comparison is part of the clarifying process and can help narrow down any shortlist even faster.

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