Are you nervous for your first deal meeting as a real estate investor? Have your last few meetings not gone according to plan? Make your next deal meeting a success with help from the Wolff Couple. We have helped so many people across the country become successful real estate investors that they now call us the “mentors to the mentors”! With 15 years of experience in real estate investment alongside the legendary Ron LeGrand, we know all the tips and tricks to help you close the deal and make thousands of dollars. You don’t even have to take our word for it — we have enough testimonials to fill a book!
The deal meeting is the tipping point for every deal, and we want to help you ace it. In part one of this series, we talked about making the right first impression with a clean, professional appearance. In part two, we covered the paperwork you should bring with you to make sure you are confident and prepared. That should cover it all, right? Not quite. Being prepared doesn’t just mean arriving to the deal meeting with a portfolio of contracts. It also means being mentally prepared for whatever the homeowner might throw at you. In today’s post, we’ll go over some expectations you should have going into this deal meeting.
Don’t Make Any Assumptions
You know the old saying about assumptions…The point is, you should try not to make them. When you walk onto that property, you should approach the homeowner with the conviction that you will close this deal and the understanding that things may not go as planned. Don’t have your heart set on a specific deal, even if it’s one to which the seller originally agreed. You want to close a deal that works for both of you, and things may change. Feel free to act surprised if the seller wants to change your original agreement, but you shouldn’t be shocked.
Be Prepared to Make Changes
If you follow the advice we outlined in part two of this series, you’ll arrive at the deal meeting with both a typed contract ready to be finalized and a blank contract. The typed contract is there to make it easy to close whatever deal you and the homeowner agreed to over the phone. Things aren’t always going to be as easy as a signature, however, and it’s important that you stay open to other possibilities.
Making changes is better than bringing out another typed contract the seller has never seen or walking away without a deal. You should go into that deal meeting open to negotiate your terms. You can scratch things out on the typed contract and rewrite them as long as both you and the homeowner initial those changes. However, there is a point when a few changes becomes too many and you may have to bring out the blank contract.
Don’t Rewrite the Contract on the Spot
You can be flexible when you’re negotiating a deal with the homeowner, but don’t let them twist you into a completely different agreement. If you have attended a Wolff Couple real estate workshop before, you have probably already know the four points that you can negotiate. For those new to real estate investment, you can change one of the four Pretty House deal points without too much concern. Those deal points are:
- Purchase price
- Monthly payment
- Length of term
- Down payment
That blank contract is in your portfolio so you can use it, but you don’t want to create a brand new agreement and sign it right then and there. You and the seller both deserve time to carefully consider the new terms. If the homeowner wants to change more than one of the four Pretty House deal points or other terms of the contract, it may be worth scheduling a second meeting so you can carefully and thoughtfully construct a new contract that better meets both your needs.
Stay Confident
When you get down to it, closing the deal is truly a very simple process. It can seem intimidating when you are new to the world of real estate investment, but it doesn’t take long for you to become faster and more comfortable with the process. You just have to approach the deal meeting with confidence and come prepared with everything you need. The Wolff Couple wants to make it even faster and easier to start closing those deals and making real money. That’s why we not only offer our comprehensive “What to Say & What to Do” System, co-created with real estate guru Ron LeGrand, but also host real estate workshops across the country. Visit the Wolff Shop today to start learning from home or sign up for a workshop near you for in-person advice, live closing calls, and more. We can’t wait to help you make your dreams come true!
