I have been told many times that if I want to find good deals, I need to talk directly with the seller. So I have been doing direct mail and I have received many calls which some seem to be motivated but unrealistic about the asking price. My problem is how do you get people calling you on a weekly basis? I know in order to stay in this business you must be getting motivated sellers calling you on a daily basis. So how do I get them to call me on a daily basis? What other things can I be doing to find motivated sellers of apartment buildings? Please help!
Hi,
Buying apartment properties is like courting you have to perform some due diligence before deciding on the next date!
Just because a seller presents a asking price does not mean you need to pay it or that the seller will ultimately get that price. The financials are what tell what an apartment property is worth, without taking the time to analyze and negotiate price talking with lots of property owners doesn’t help.
But don’t expect to find a property owner who has a inferred value by financials willing to sell you that property for 60 cents on the dollar, it just doesn’t happen very often. But upside is available by finding property requiring rehab / remodel where rent rates could be increased by some percentage by the repositioning in the market.
Poor management also creates opportunity when you find it, watch for tell tale signs like poorly kept property as proper management can make a huge difference in bottom line income.
Keep in mind every one is motivated for money, but don’t expect freebies or deeply discounted property as apartment properties are sold based on financials.
Make sure you really look at financials and rebuild the numbers as what’s presented may not be entirely true!
GR
Finding motivated sellers is the important part of a real estate business. If you use online and offline marketing techniques, then sellers can find you easily.
One might consider the ‘old fashioned way’ of calling on FSBO ads and Agent Listings. Funny how this works…the more calls I have made to ads over the past 25+years, the luckier I get and the more deals I close.
Mailers and signs work, however you eventually need to talk with sellers and build a relationship…then you are at a great point to negotiate a fair and competitive arrangement to purchase.
Make the calls and the deals will follow.
Hope this helps.
Rob
In this boosting time of real estate i dont think so you need to do great effort in order to get good deals, if you just do the normal routine of using social media and access some good social pages for real estate, you can get good deals for sure.
Hello
Basically what you need to do in order to have many motivated sellers calling is to further promote the property. You may use Online Marketing, Print advertisements, pay agent listings, and advertise in newspapers.