1. Focusing on the Non-Seller
Don’t focus too much of your effort on someone who is not actually selling the property. Focus your efforts on sellers who are motivated to sell the property. Figure out their “why?”. What are they looking to gain from this deal. Maybe they inherited the property, or they are looking to move and need a quick sell? Maybe they need the proceeds to pay a bill or move on with their lives in some way? Either way, figure out the “why?” and focus on what/who is really selling the property!
2. Not Following Up Consistently
The second mistake is not making your efforts consistent. Deals are delicate; treat them as such. Even if you have bad news, staying in constant communication makes sellers feel tied to the deal. That transparency will make the seller feel like you are including them and you are creditable!
3. Not Letting the Seller Talk
Build a rapport with the seller. If they want to tell you their life story, listen to them. If you seem aloof or not interested in what they are saying they may think you are not interested/not serious about their property. Also, when people talk it can be useful down the road. The more details you have about the property, the more you can leverage in negotiations.Making it about price
4. Making It About Price
If you’re discussing price every time, the seller will sense the desperation/urgency and immediately be turned off. Building the rapport will take you farther than price. Figure out how you can help “solve their problem” and lead with solutions rather than making it about price. Not having a sustainable pipeline
5. Not Having A Sustainable Pipeline
If you have a weak pipeline, then you’re probably not following enough leads or prospecting enough in your area. Maybe you focused all of your efforts on a couple properties and you had your blinders on during those negotiations. You have to continue o prospect because circumstances are always changing in real estate. Keeping your eyes and ears open is key to building your pipeline for when things fall apart on a deal!
We all make mistakes, but hopefully we can learn from one another by sharing experiences!