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Lior Babazara Reveals 3 Real Estate Secrets to Ace Every Deal
You want to become a real estate investor and to do that, you will have to be a great seller. Real estate investment involves a lot of buying and selling, and more than that, a lot of negotiation. If you are not good with your negotiation, you will not be able to generate any profitable returns on your investments. Lior Babazara says that your success as a real estate investor is as much about your negotiation skills as it is about your market analysis skills.
So, if you are thinking about putting your money into real estate for the first time, here are the 3 secrets that Lior Babazara thinks will make you ace every deal.
Never Shop from One Place
The biggest mistake you make in front of a realtor who is trying to sell you a property is showing them that you have not shopped elsewhere. How do they know that? Well, you don’t give any comparisons to them when you talk. You just listen to them, say yes, and ask questions that clearly show you haven’t done market research. Once they know that, they will know you will have to believe everything they have to say. The truth is that you should never be in this situation. Go to a few places, ask questions, keep your requirements vague, and get as much information out as possible.
The real shopping for a great property starts after that. Now, when you talk to them, you can tell them where you found a better deal or why the price of the property they are quoting is too high. This gives them a clear signal that they are dealing with someone who has knowledge.
Never Show Your Enthusiasm
This happens a lot when you are buying a house to flip it. Lior Babazara reveals that those who are trying to sell you the house notice your facial expressions and body language. If you seem too excited to buy the house, they know you are overly interested. They can use this knowledge to their advantage. They now try to sell you the house at a price that will not generate any profit for you when you sell it back in the market. It does not matter whether you are buying a commercial or a residential real estate property, you have to learn to keep a straight face.
In fact, it won’t hurt to say a few things that show that you are not that interested in the property. Let the other party open up and give you options rather than you doing it for them. Most experts believe that you should keep a poker face. Lior Babazara goes a step ahead and says that you should point out a few flaws in the property because you can then use them later to bring the price down.
Giving in to Emotions
If you are someone interested in buying and selling residential homes, you will find a lot of parties that are very emotionally attached to their properties. It’s a good thing that you understand their attachment to the property, but you can’t let it make you make a bad decision. You can empathize with them and show them that you care, but don’t let it make you bring your own bid down. That would be a huge mistake on your part.
Keep in mind that when it comes for you to sell the same house to get your investment back plus some profits, the other party is not going to pay you for anything other than the price of the house itself.
These problems may seem very straightforward but they become the biggest monsters for people who are beginner level real estate investors. They continuously have to be reminded that they are doing business. So, if you are thinking about becoming a real estate investor, you should definitely listen to the advice from Lior Babazara and take your decisions wisely.
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