Getting Your First Real Estate Deal During Covid-19
May 18, 2020
Ever since this crisis began a few months ago, I've been constantly approached by my students and colleagues with the same question, "How do you actually get started in real estate during a pandemic?"
Today, I want to walk you through a few essential tips that will help you convert your specialized knowledge into measurable success, regardless of what's happening in the economy.
First, you need to actually start. Most people never become successful because they are not willing to take the leap of faith and start a new business, especially if they don't have every small detail solved beforehand. You have to start before you can ever become successful, so don't wait any longer. Just get started.
Second, always make multiple offers when presenting solutions to the homeowners. Especially during this unique time, with unusual situation, we need to be ready to make informed offers that give a struggling homeowner multiple ways to relieve themselves of their problems.
Third, always position yourself as someone who is there to help. Make sure they understand that you're there to support them, and so they can become comfortable with you, enabling you to truly create a win win situation. If you can persuade them that they have nothing to fear from you, your ability to tailor a specialized solution to them will put you across the finish line into your first deal.
Fourth, Be willing to do what others are not. Go to the neighborhood that other investors might be overlooking. Find the marketing angle the no one is using. Be ready with the offer that no other investor has made.
Fifth, market. The investor with the most marketing is the one who wins.
Sixth, be sure to explain that you are offering a long term solution, and compare it to the current relief plans that are only temporary fixes to a permanent problem.
Seventh, don't get greedy. If it's not in their best interest to sell to an investor, help them get in touch with a good realtor. Your decision to be ethical and compassionate will always come back around if they (or someone they know!) ever finds that they actually need an investor after all.
Lastly, do not waste time on people that refuse the help they need. Some people only want to complain about their situation, and will not take action to solve their underlying problems. Don't wait for their mentality to change, just keep going and find the homeowner who's ready to find a solution.