One of the essential skills you will need to develop as a real estate investor to get more land deals is negotiating with sellers and buyers.
I will offer in-depth training on negotiating to get more land deals during our upcoming 3-Day Virtual Land Flipping LIVE Bootcamp, starting on Friday, 25th June.
If you have not booked your ticket yet, make sure that you do at https://landflippingLIVE.com.
When should you start to negotiate your land deals?
Once you send your letters, you can expect a response rate of approximately 4%. Typically this results in between 30 and 40 calls. Of those calls, you can expect at least 2 of your offers to be accepted outright. While a good portion of the landowners may not be the ideal seller, there will still be a few open to negotiation. If you want to get more land deals, you will need to know how to negotiate with these potentials sellers.
How does the renegotiation work?
A critical step to take after your direct mail campaign is to re-engage sellers that did not accept your first offer. You can do this by email, direct message, or texting your prospective seller, reminding them that a deal is on offer.
If the seller calls you back, you want to make sure that you are in the best possible position to open negotiations.
- Ask the seller if you can make an appointment to call them back at an opportune time
- Go back to your initial research and make sure that your property evaluation is as accurate as possible
- Take some time to decide on the uppermost limit that you are prepared to spend on the property
- Contact the seller and open negotiations with the aim of finding a middle ground.
A number of our students have followed these steps and have managed to close more land deals per direct message campaign whenever they reengage and negotiate with sellers.
If you want to learn more about the negotiation skills that close more land deals, remember to book your 3-Day Virtual Land Flipping LIVE Bootcamp ticket, starting on Friday, 25th June.