Stradegy when seller says they have 4 other cash buyers coming to make offer

I usually just tell them I’m out, I’m not getting in a bidding war I’ll go look at other properties. Anyone have any other ways to shut down contract shoppers?

if someone is shopping, ask them when the others are coming over. make sure you come over last. then, set the hook deep. there are techniques to do that, such as take yourself out of the equation for a bit, aka disqualify yourself. then you can talk to the seller as equals and not someone wants something from the other. once you do that, identify their pain and put the sales hat back on. you can then ask what the other offers were. often, if you built enough rapport, they will tell you.
make sure before you visit, ask to make sure all decision makers will be there. many buyers make this mistake. if you are the only one that met with the real decision maker, you are golden.

Not a situation I enjoy very much, I tend to be conservative with my numbers unlike some other flippers who I think get themselves into trouble sometimes with thin margins.

If you can it’s still worth taking the meeting. Lowest price is not always the biggest motivator for some sellers; for example if you’re able to close the transaction using cash in less than 2 weeks and everyone else is 1+ months with financing you may be able to scoop the deal if time is a big factor for the seller.

Control what you can control. Number 1 is rapport. Build it like no other, be a human, listen to them, gain their trust, and often times people will do business with who they like and trust, even if the offer is slightly less sweet than the others. Good luck!