Making offers with little success

[Pawel Kozak]

Hello, just wanted to see how people stay motivated when making offers and not getting a lot of success as is the case in my situation. Is there strategies that work well when making an offer that will result in negotiation, I feel like I’m making reasonably fair offers on less then desirable single family properties and yet my rate of success seems to be low and it certainly feels dejecting. If you’re facing similar struggles please share, I will appreciate anything from advice to personal stories. Thank you kindly.

[Bonnie Low]

Hang in there. I'd say in our first year we made 50+ offers and closed on 2, which was about par for the course in 2017. Now, it's even harder. If you're competing on MLS properties it's probably going to be difficult to offer below asking. That doesn't mean you should offer more. You absolutely shouldn't offer more than your numbers say you should. But start networking for off market deals. Whether that means creating relationships with Realtors who can bring you pocket deals, direct marketing to mom and pop landlords or owners of distressed properties or finding a wholesaler to bird dog off market properties for you. You have to use a variety of acquisition strategies in hyper competitive markets. But most of all, be patient and tell everyone you know you're in real estate. It does pay off over time. For example, I had a dinner with an old friend who is a Realtor last November. We were just catching up - it wasn't a business meeting at all. In April, she brought me a pocket listing that was exactly the type of property we look for. I had no expectations whatsoever, but she remembered our conversation and she brought us a deal we literally put zero effort into closing on. Those interactions pay off over time.