Real Estate Investing Basics

What Business Are You Really In?

Expertise: Real Estate Marketing, Mortgages & Creative Financing, Real Estate Investing Basics, Real Estate News & Commentary, Personal Development, Business Management, Real Estate Wholesaling, Landlording & Rental Properties
145 Articles Written

If you ask anyone what business they’re in, they will most likely tell you they are a plumber, a business owner, a real estate investor or whatever they perceive that business to be. In reality, we are all in the same business; we are all in “sales”. Your ability to sell yourself, your idea, your product or your service will largely determine your success.

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Stop and think about it for a minute. Can you think of any product or service that doesn’t involve sales? You can be the best at whatever you do, but if no one knows about it; if you can’t effectively get the word out, you won’t have any business coming your way. No matter how good your product or service is, you still have to sell folks on that idea.

This is no different for a real estate investor. The person you are selling to might change, but the idea is still the same. In my real estate business every time I send out a direct mail piece, place an ad or put out a bandit sign, I am hoping to hear from a motivated seller. When that motivated seller calls I have to convince them that I can help them solve their problem. In other  words, I have to “sell” them on my ability to solve their problem.

If I am successful at doing this, I will meet them at the property and once again I have to take that sales idea a step further and “sell” them on my offer.  I have to convince them that I am the best person for the job.

I am a wholesaler, so once I have the property under contract I will need to be able to “sell” or convey to my buyer what a great property this is. If I have done my job well, I have purchased the property at the right price and it meets this buyer’s criteria, then in reality there should be very little selling on my part. The property should actually “sell itself”.

Get really good at solving problems

I have found that most people hate being sold to. So developing the skill of “selling” without folks feeling like they are being sold to, is critical. The easiest way to do this is to switch gears and become a problem solver. Who doesn’t want help solving their problems?

I have found that when a motivated seller calls you with a property they need to sell, there is always an underlying problem they need to solve.  And from my experience, that problem is usually financial.  But in almost every case there is something else they want or need that will help seal the deal. It’s your job to find out what that is.

Become an expert at listening

Given half a chance, your motivated seller will tell you exactly what they need. One of the most important skills you can pull out of your tool box is the ability to really listen to these folks; what is it they really need? It’s usually not just about the money.

Do they need help cleaning out the house? Maybe they need you to pay the closing costs. It isn’t necessarily something big. What is that “something extra” that will make your offer stand out from the rest?

Ask yourself these questions the next time you need to sell yourself or your services:

  • How can I help this person solve their problem(s)?
  • What exactly does this person need in addition to money? The answer may surprise you.
  • How can I create a solution that will work for both of us?

Zig Zigler has a saying you’re probably familiar with that pretty much sums everything up. It goes something like this, “You will get all you want in life if you help enough people get what they want”. Go help someone and make some money in the process!

Sharon has been investing in real estate since 1998. She owned and operated a successful home inspection company for 17 years. In January of 2008 she took the leap of closing her business to become a full time real estate investor.

    Replied almost 7 years ago
    I got really a good idea from this post since i don’t have yet experience about real estate job because i am still studying on a computer course. I’ve learned so much from this and i think i will apply it in the near future if ever i will be like in to real estate business.