Real estate investing is an exciting career, and you’ll have many opportunities to make sales and close deals that make you lots of money. It might be that you rent a property to a young couple, or perhaps you sell an older couple their dream retirement home. Either way, you need to keep in mind some simple steps to make sure you don’t mess up the deal completely. The following tips will help you stay on track and avoid the problems of poor planning in your real estate investing career.
Close The Sale
There comes a point in any sales conversation when it’s really obvious that the person wants to buy. When that happens, don’t keep talking about how great the deal is – get out the necessary paperwork, fill it out and get the deal closed as fast as possible. The more you talk, the bigger the chance that you say something that may actually talk them out of it. If they say they’re ready to take action, then help them do exactly that.
If you have a property that needs some work, you might find you’re better off waiting until the work has been done before showing prospects through the house. You can spend countless hours telling people exactly what your plans are, but chances are they just won’t be able to visualize the finished product and will walk away. To be fair, they’ve probably been told plenty of empty promises in the past and so just assume you’re telling them a lot of hot air as well. Show them when it’s done and you won’t waste your time.
Don’t Show Off
Okay, so you’ve been in real estate investing for a while and you know quite a bit about it. Good for you! But be wary of spending your time educating your prospects about stuff they’re really just not interested in. Once you start imparting knowledge when the buyer never asked for that information, you’ll probably find they’ve completely tuned out to what you’re saying, and regaining their interest can be tough. Only expand on a point if the prospects ask you to. Otherwise you could either just confuse the prospect or bore them so much they change their minds.
There are plenty more things you can learn about not losing a sale, as these tips are simply a few pointers to get you started. Still, just these few tips can make a big difference to your success rate in real estate investing.