Do You Want To Know The Most Powerful Word In Real Estate Investing?

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Today I’m going to reveal the most powerful word in the real estate investing business. If you use this word properly it will transform your life and your bank account. Are you ready for this three letter word? Are you sure? The word is WHY. Let me show you how to use this word to become a deal closing master.

Why Do They Want To Sell?

First, too many investors talk to a seller and tell them all of the wonderful things about their company and how they can buy the house fast, etc. The first question you should ask a seller is “Why are you trying to sell your house?” That answer will reveal to you, how you will approach the entire selling situation. If the sellers tell you they are trying to sell because they want to retire to their beach house in Florida, you will push that hot button often. You will tell them that your company will do everything they can to ensure the seller gets to Florida quickly and easily without any hassles. You will “throw in” the mention of Florida as often as you can.

Recently with a deal I did, the seller was getting a divorce. I used this to remind him that as soon as the deal was closed he could move on with his life and he wouldn’t have to deal with his wife on this and have her hassle him.

How Many Deals Have You Closed?

Here’s another important time when you need to use the word “why”. If you haven’t done a deal yet in 2009 ask yourself why. What is the reason you haven’t closed a deal? Is it because you’re not doing your marketing (if this is the case, get marketing!). Or, is it because you’re phone skills are terrible (if this is the case find a partner and practice your scripts with each other). Also, I video tape a lot of my calls and watch them to see why I did not close a deal, or what I could do better (never stop learning and improving on your skills).

Why Are People Successful?

And, here’s a big broad use of the word why. Go to your local REIA meetings, talk with all of the successful investors you know, and ask yourself “why are they more successful than me?” Find out what they are doing and copy them, don’t reinvent the wheel. Find out where they invest in your local area, the type of marketing they use, the type of deals they do, etc.

So, please do this activity tonight. Don’t go to bed before you ask yourself “why” for the multiple situations above. Maybe, the first question you need to ask yourself is–Why are you in this business?

Photo Credit: tanakawho

Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.