How to Negotiate & Make $25,000 on your Wholesaling Real Estate Deals | Summary and Q&A

TL;DR

Learn four key phrases for negotiating wholesale deals that can help you double or triple your profits.

Key Insights

• 😨 Leave bulky paperwork in the car during seller appointments to avoid overwhelming the seller.
• 😃 Set an upfront agreement to obtain clear yes or no answers and eliminate time-wasting.
• 👂 Build rapport with sellers by actively listening, utilizing their name, and finding common ground.
• ⚾ Avoid using contract, signature, and price-based words to prevent tension and increase comfort during negotiations.
• 😒 Use redirect techniques to refocus sellers on the real estate and realistic financial needs.
• 🏛️ Mirror the seller's behavior to create a connection and build rapport.
• ❓ Utilize what-if scenarios to understand the seller's motivation and facilitate negotiation.

Transcript

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Questions & Answers

Q: How can avoiding carrying paperwork to seller appointments improve the negotiation process?

When you don't overwhelm the seller with paperwork, you allow them to focus on the problem-solving aspect, which increases the chances of reaching a mutually beneficial agreement. It also prevents them from becoming apprehensive or distracted.

Q: Why is an upfront agreement essential in wholesale negotiations?

An upfront agreement gives the seller permission to provide a clear yes or no answer at the end of the conversation. It avoids the common stall tactics of needing additional time to consult with others and ensures that both parties are on the same page from the start.

Q: How can using the seller's name impact the negotiation?

Using the seller's name at least six times in the conversation shows that you are attentive and genuinely interested in their needs. It helps establish a connection and builds trust, increasing the likelihood of successful negotiations.

Q: Why should contract, signature, and price-related words be avoided in wholesale negotiations?

These words can create tension and make sellers apprehensive. Replacing them with less threatening alternatives, such as agreement, okay, and asking about the seller's needs, helps maintain a comfortable atmosphere for negotiations.

Summary & Key Takeaways

• Avoid carrying bulky paperwork to seller appointments to prevent overwhelming the seller and maintain their focus on problem-solving.

• Use an upfront agreement to obtain a clear yes or no answer from the seller at the end of the conversation to prevent time-wasting.

• Build rapport with sellers by actively listening, utilizing their name, and finding common ground through family photos or shared interests.