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Real estate investment is a business of referrals. Just as in any industry, a few bad apples can ruin the image of the entire industry, so it can be difficult to get attention if you aren’t recommended first.
Believe it or not, there is a simple solution to this issue: Develop a great reputation.
When you do business well, you will create a portfolio of referrals that will do the talking for you. But in real estate, doing business well can be easier said than done.
As an investor, you are looking to get the biggest return with the least amount of work and as quickly as possible, but this must be balanced with the client’s need to feel taken care of.
When people feel that they are being taken care of, they will be more likely to refer you to their friends and family. So how can you create the best experience for your clients as possible?
Don’t try to hide the fact that they may have options. Of course, they may be in a situation where putting the home on the market is not feasible, but this will not be the case for all your clients. Instead of avoiding the option of listing the home, make your option better.
Tell them about the short closing time, show them the laundry list of items that a home inspector goes through in a traditional sale, or maybe provide a list of rentals in their area to help with the transition.
Let them know that if they choose not to sell to you, they still have other ways of relieving their financial burden. Get to know the ins and outs of refinancing so that you can be a resource for some of the people that you may encounter.
In cases like these, you may not close that particular sale, but you may have opened the door for a few referrals. If you are honest, open, courteous, and respectful, you might even get referrals from someone who decided to refinance instead of sell.
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