PAIN POINTS VS MOTIVATION

[Jason Malabute]

I learned a very important lesson I learned yesterday as I submitted offer to a seller. The lesson was just because a seller is experiencing pain points it does not mean they are motivated to sell.  However, if they are motivated to sell then they probably have strong enough pain points.

I'll explain. The seller might be experiencing pain points, but the pain points might not strong enough for him to drop the asking price to a reasonable price. Let's use real life examples. This particular seller's pain points were :

- he was getting old and getting ready to retire 

- he was unloading his portfolio

- he wants to move to another country

- he self manages his rentals and works his full time job

- the rents are under market because he doesn't want to update the units because he "doesn't have time for turnover"

The problem is he was so fixed on his $1.2M price despite rents only being at $700. I realized that he would not budge on his price because he was not hurting from the pain points enough. He could still tolerate the pain points.

However, I know from personal experience that situations change . Pain points can turn into intolerable pain when you least expect it. The key is to follow up regularly and stay top of mind when the pain point becomes intolerable and seller becomes more flexible on price.

Remember what Cardone says, "contacts = contracts, and the R in contracts stands for relationship"