I just started, how do I find motivated sellers?

I just started, how do I find motivated sellers?

This question has to be one of the top 5 questions asked by every new investor.

Unfortunately the answer isn't as easy as the question. However here are a few things I suggest a new investor do.

STOP saying or thinking you're new. I have been investing for 30 plus years and there are investors who have never purchased a house for profit who could win a contract over me because of their life experiences. Who you are is extremely important in the beginning. Understand that people like people who are like themselves. Use who you are to your advantage. If you don't think you're worth great wealth neither will anyone else. Remember new is about 16 inches long and has no life experiences.

Introduce yourself to strangers. I call it an elevator speech. Imagine being trapped for a few seconds in an elevator as you rise to the floor you've picked with a stranger and hear nothing but silence. But what if you started a conversation, any conversation which ultimately led you to introduce yourself as a real estate investor. Most people get lost in the idea that they can't talk to strangers. It’s rude or they think that they don't have anything to say so why start talking. Maybe they're embarrassed or maybe they are not ready to talk real estate. An elevator speech is easy to learn and repeat. It goes something like this. Situation; standing in line at the grocery store.

I begin the conversation by saying to the person in front or behind me something that catches their attention. Something like: Isn’t this great? They in-turn say, while looking at me like with this expression of why are you talking to me, what's great? I respond by saying, standing in line at a grocery store. Then proceed to tell them that the Church I go to sponsors a village of families and I bet the people there would love to have a grocery line to stand in. In fact they don't even have homes to live in. I then segway into introducing myself. By the way my name is Michael and I am a real estate investor who buys houses. In todays’ market I buy houses from families who need to sell because of job transfers, divorce, maybe an unwanted rental, from people who want to buy a new home, those in foreclosures and short sale, even people who just need to sell because of their situation. The nice thing about my program is that I pay cash and can close on the day of their choice. And I pay all of the cost. Then I ask the question....DO YOU KNOW ANYONE WHO NEEDS TO BUY OR SALE A HOME? It’s that easy. Learn to introduce yourself. You will be amazed at how well it works. I can't go into my grocery store without the tellers starting a real estate conversation with me.

Introduce yourself to your family and friends. I know this could be hard because you’ve tried selling AL Williams, Amway or Tupperware and didn’t succeed but who cares. This is your life, your future, your wealth.

So here’s how easy it is. Sit down and write a list of all of the people you know who live in or have property in your market and put them into two lists. One list will include people you can call on the phone and who remember who you are. It should include people like mom, dad, brother, sister, gardener, masseuse, pedicurist, accountant, those kinds of people, especially everyone you pay on a regular basis.

On the other list you’ll add people who know of you, however not as well as the first list. Those acquaintances that you run into when out and about. People like store tellers, waitresses, past coworkers and current coworkers. Even YOUR BOSS. The number one person you want to replace in your life.

Then call all of the people on the first list. Brag about your success. What success you might say; the success of deciding to be independently wealthy through real estate investing. Practice your elevator speech on them. They love you, or at least like you, so it will be easy. Watch out for the naysayers, these people are important to your growth. Write down their objections and learn how to deal with them, everything from your personal past failures to the failures of our industry. Objection handling is extremely important in life and it is vital that you learn how to handle them in real estate investing.

As to the second list; make it a point to see each of those people over the next thirty days and talk real estate. Tell them what you’re doing and ask them who they know that needs to buy and sell. Besides, you may rekindle some past friendships. And remember everyone is an opportunity.

Read real estate. Subscribe to the local newspaper, read Inman news, Google real estate. Learn your market and the propaganda that is being spread by media. Remember this fact: when a seller decides to sell, everything real estate is on the top of their mind. You have to understand their mind frame and those things which are influencing it locally.

Maybe the newspaper just wrote an article about home prices with the headline “Home prices on the rise”. If you didn’t read the article and a seller brought the article’s headline up during a purchase presentation, how would you know what article was talking about? Maybe if referenced properties in a certain zip code, area of town or across country? And even if the article has little to do with real estate you need to read between the lines. If the channel 7 news station just reported on employment being down learn what that means for you and the seller you’re buying from. Know how everything news worthy locally impacts real estate.

Reading real estate will help with your confidence talking to those strangers I spoke about. Thus when you own the idea that you know what you’re talking about you come across as an expert. One who is prepared, it will show in your actions and nothing will slow you down. With that said the reverse is true as well. The worst thing you can do is not know your local industry better than the average person and the only way you learn it is by reading.

Become a real estate gorilla. That’s right become a gorilla. Or at least instil a gorilla’s sense of supremacy into your persona. If you think you can, you can! Act like it. Live it. Pass out the business cards you ordered like the prosperity prize is underneath the last business card in the box. Demand that people close to you promote you. Remind them to. Be the answer to the real estate question. Learn to think of yourself as the go to person in your area. If the news needed a professional real estate investor’s perspective they would call on you. If a probate attorney needed to suggest a buyer to their client they would give them your business card. Become top of mind. Be that gorilla.

Give before you receive. Let me rewrite it. Give before you receive. When you start living a life of abundance and prosperity, wealth will follow.Money and wealth are great and you deserve it. Make them proud. Go buy some houses.