Quick Tip – Sellers Are Buyers in Disguise
April 15, 2007 by David Cowgill
If you come across an “investment” property for sale ad on the internet or in the newspaper, there’s a good chance this person is interested in buying property too. Usually they’re running the ad because they need to free up some equity to finance another deal.
Take this opportunity to contact the person listed in the ad and explain to them you’re also a real estate investor. They might have some deals they don’t want or not enough cash to purchase which is great for you. On the flip-side, you could provide them with some “bird-dog” information as well.
You could also chat with them about pooling money and going in on a multi-family apartment building or something you couldn’t afford alone. Of course take some time to get to know this person before committing to anything financial.
One mans trash is another mans treasure. Well, real estate isn’t really trash but an investor might have a list of great properties and he could share a couple with you. You have also just made a new friend to swap real estate knowledge with.
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Nice article. You can never have too many friends in Real Estate.
In fact, most sales do come from referrals in between sellers. Good article.
As a Realtor in a suddenly declining market, I believe that this topic is the single biggest cause to our problems. Many of the real estate sellers that we have on the market today are not, in fact, buying real estate. They’re unloading the property that they have and cashing in their real estate investments.
As such, the ratio of buyers and sellers are not in sync, which is creating an imbalance between homes for sale and buyers looking for homes.
The more real estate that buyers have to pick from, the harder it is for them to make a buying decision.
And the cycle continues.
I’ve posted about this repeatedly at my own blog, http://www.WorkingTogether.ca
John in Edmonton
As a Real Estate investor I used to be very intimidated by other investors as competition, but I have since found that what you say in this article is very true. I have created several profitable relationships with other local investors by contacting them about their properties for sale.
Nice tips! I would have never thought of approaching that way for sure.
It’s the same as all leads are deals it’s just a matter of attitude and time
You certainly do have to have the right attitude to survive in this business. You have to deal with many different kinds of people on many different levels.
Right now many US real estate agents are investing south of the border. This is a surprise to us as we expected people looking to relocate to a more affordable way of life. I totally agree with your approach.
I understand the concept of keeping everything too yourself, but those who share together profit together. When investing you need to have friends and your friends need you, sharing is caring.