You spent hours researching the market, finding the perfect neighborhood, and property with just the right amenities and all within your budget.
You’ve got your property determined and now you’re excited, hopeful, and confident making your offer. Perhaps you even added something extra to make it more enticing like offering a quick close, but heaven-forbid you had competition.
…All to find out a few days later that your offer was declined, leaving you whirling in a fog of “what just happened?” without as much as a counteroffer…
Sound familiar? Well, it’s happened to many of us real estate investors before.
To get a quick sale deal, you need the right tools and a solution mindset.
Of course, we can’t predict the outcome of any offer you make, but we can arm you with tools and services to put you ahead of your competition and perhaps in a more appealing position for the next property’s seller.
But, even with the best tools and services in their toolkit, top sales professionals like Jeff Cohn of kwELITE also credit their success to selling solutions.
In real estate, that means understanding your seller’s motives for listing the property in the first place.
Knowing the types of motivations sellers have may help you formulate the perfect offer and win the quick sale.
Here are a few different motivators for selling a property fast.
When Their Property Condition is in Distress.
Selling the property without having to make repairs may be the homeowner’s dream offer…
In fact, Erik Hatch is one of our RealEstateInvestor.com Managed Service members who shares about giving sellers a First Class selling experience in this article.
Or perhaps they don’t have the financial means to fix up the place and are hopeful someone will take it off their hands quickly “as-is” to prevent a short sale.
A leaking roof, outdated kitchen, or damage from a natural disaster are all conditions that could put a property into distress. Repairs and updates can be expensive and not everyone has an eye for remodeling design or is handy with tools. Hiring a professional may be out of the budget for the homeowner further reducing the property’s condition.
When making an offer on a property in distress, consider the time and expense that will be needed, to ensure it’s a good investment for you. We recommend implementing an inspection reporting system like the online one we offer members as part of our REIgnyte Grow platform.
Emotional Turmoil is Another Major Reason for a Quick Sale.
When a loved one passes away, heirs that inherit a property are already under an emotional distress. Perhaps the family member was sick or passed away suddenly. Maybe they were in the hospital or in a long-term care facility.
No matter what, those left behind are dealing with the loss of their loved one, the planning and expense of a funeral, and the need to not only sell the property but also pack up the remaining belongings. This in and of itself can add more emotional distress to the already stressful situation, especially if there are multiple heirs to contend with, making a quick sale a good solution for all parties.
Also, if you’re interested in learning how to invest in Probate Real Estate, this Podcast we had with guest Sharon Vornholt is a great start…
Divorce, job relocation, or seniors downsizing to smaller homes also fit into this emotional turmoil category.
A quick sale may be what the owner is hoping for if they are selling because of a job relocation or have recently divorced. They may want to get out as quickly as possible and move on with their lives.
In whichever case, considering the seller’s needs may help you draw up an offer perfect for both parties. All of these situations put real estate investors in a unique position to be able to help someone in need, while also growing a sustainable real estate business.
Knowing When A Quick Sale Turns Into A Future Seller Lead…
Perhaps a quick sale is out of the question if the home was recently inherited and the new owners need to sort through grandma’s attic. Or perhaps they live out of state and need to hire a professional to help with emptying the property. A longer time may be necessary.
With that said, these types of leads can still turn into deals later down the road if you implement the right type of follow-up plan to capture leads that might not be ready to sell for several more months.
Financial Hardship Often Results In Quick Sales.
Job loss is one of the top reasons for financial hardship resulting in either a quick sale or a short sale. Without sufficient reserves, families may be unable to afford their mortgage, or have tax bills mounting. They may be considering bankruptcy and need to sell the home quickly.
Death and divorce are other reasons for hardship as well. Losing income from the loss of another person may cause the home to be unaffordable too. Not only is the seller dealing with the financial concerns, but they may be motivated emotionally as well.
Whatever the reason, sellers experiencing financial hardship are typically looking for quick dollars to get them out from under this burden. Understanding their situation can help you find the right balance.
What’s the difference between a quick sale and a short sale?
If you’re not sure of the difference between quick sale properties and short sale properties, here’s a simple distinguishing factor: Quick sales are typically home owner sold and short sales are sold once the bank takes a property back due to non-payment or other default reasons.
In this article we’re discussing quick sales, but if you’d like to learn more about short sales, you can check out this article we wrote here.
How do you locate these motivated sellers in the first place?
With the amount of knowledge and tools on the market today, you can do things the easy way through systems that help you identify Motivated Sellers like our very own property List Manager that allows you to stack and sort your lists to laser target your leads.
Or you can go the manual route which might look like this…
Besides working with real estate agents or searching MLS for available properties, you can work with lawyers or property managers. Motivated sellers can also be off market. Obituary listings and court filings may be good resources for recent divorces, bankruptcies and foreclosure.
As more baby boomers downsize, Senior Move Managers who work with older citizens on their relocation needs, may be another great resource in your search for your next property.
How to approach motivated sellers looking to sell quickly.
Whether in flourishing economies or tough economic times like we’ve recently experienced, understanding your seller’s motivation could be the key to winning the sale.
Start with having a conversation with your seller. Find out why they are selling and how they feel about it. You may be surprised at what they are willing to share if you just ask.
If you’re interested in learning more about how to help those in need of selling their homes fast through your real estate investment business, this podcast is a great one: How to Approach Sellers with a Heart of Empathy hosted by our very own Julia Jordan and guest Alan Weeks.
The 3 scaling secrets that a seven-figure real estate investor uses over and over again to generate massive cash flow with very little investment.
We hope you enjoyed this article about how to approach quick sell homeowners with solutions to win the sale.
We’re continuing to provide free webinars and training for real estate investors to make the most of this unprecedented market over on our REI Beacon Facebook Group. (Make sure you join this free resource group.)