As a property investor, you’re probably always on the lookout for real estate deals. You also may get a bit anxious when the market is not doing as great as you’d like. You may even have some anxiety just thinking about what you’ll do if the market goes cold.
Yes, excellent real estate deals are tougher to find in a cold market, but that’s the way it’s always been. However, whether your local real estate market is hot or not, there are still ways to find good real estate deals.
To give you a competitive edge, here’s 5 ways you can spot a good deal in any market:
- Focus on a specific real estate strategy
There are good deals out there in any market, but if you’re not focused or you’re scattered all over the place, chances are you won’t find them. Have you taken the time to really define your goals and strategy? Your target market? Niche? Must-have numbers?
All of these are defined for you in the course and methods I teach. It’s time to get focused by creating a solid business plan and stick to your unique real estate strategy.
- Bait several fishing lines
Serious fishermen don’t just bait one fishing line and cast it into the water. They bait several lines and cast them all. The want as many fish as they can pull in while they’re out for the day. In the same way, when you’re seeking real estate deals in any market, bait your lines with a solid marketing plan that brings in many leads for you to follow. Understand that not all leads will get you the deal, but it is a numbers game. The more leads you generate, the better chance you have at getting that ideal one that is your ticket to a great REI.
How’s your marketing plan? Are you following up properly? Are you casting out multiple lines? Hustle never hurt anyone when it comes to marketing. Get out there and network, drive through the city, get the ads out, check foreclosure websites every day, networks with realtors, etc. Bait those fishing poles!
- Communicating To Close The Deal
Listen, done deals aren’t going to just fall into your lap. In rare instances, they do, but most of the time real estate deals come by you going out and talking to people. Communicating with people will allow you to understand the potential issues and remove obstacles in the way of getting the deal closed.
If you want to find real estate deals in any market, learning how to communicate and negotiate with people effectively is important. Learn what questions to ask, how to be empathetic to their problem, and offer a great solution. You want to be ready to solve their problem when you meet with them, and you want to do it in a way that honors and respects who they are as human beings.
- Offer amazing value
When deals are slim-picking, you’ve got to come across to sellers offering amazing value. What’s in your value toolbox? Are you able to help them out of a long and painful process? Are they juggling multiple properties and just need a way out? Are they almost at foreclosure and selling the house won’t keep them above water the traditional way?
The skill set you have learned by going through my training will prepare you to help out those who need it. While they may not always be advertised, being polite and helpful can go a long way to securing you the deal, instead of losing it.
- Be persistent
The deals may not come as soon as you want. That happens to the best of us, but a key is to be persistent. Some things just take time, and if you become disheartened and give up, your business will not amount to much. You must adopt a persistent attitude now, before the going gets tough. That way, when you do find it more challenging to find those real estate deals, your mind will already be made up that you’re in it for the long haul. You won’t give up!
I hope these ideas will help you land real estate deals in any market. Sometimes the market is hot and sometimes it’s cold, but the truth is that there are always real estate deals out there. The more consistent you are in your methodology, the more likely you’ll always score a great deal no matter what the market looks like.
I challenge you to remain optimistic!
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