Epic Real Estate Investing - Maximize Your Profits | Financial Freedom Friday

Episode Date: June 6, 2014

One simple AND easy habit can increase, or even maximize, your profits on every deal, starting today.    It's Financial Freedom Friday! ------------------------- Download Matt's free real estate investing course "How to Do Deals | No Money Required" at FreeRealEstateInvestingCourse.com or text FreeCourse to 55678 "Click" what interests you most:  Education Properties Income Coaching Learn more about your ad choices. Visit megaphone.fm/adchoices

It's time for Financial Freedom Friday with Matt Terrio. Hey, do you like secrets? Here's a good one. All of the cash and a deal, it's up for grabs and it's yours for the taking. However, it's up to you to use the right words and ask the right questions in order to get your share. It's up to you to get what you want before you close escrow. And you do that through compelling and timely negotiation. But understand this.

Not all negotiations are head-to-head battles of intellect. You don't have to be a master. You don't have to be an expert before this can start paying off for you. Sometimes a successful negotiation means asking a single question. However, asking for what you want must come as naturally as, I don't know, drinking a glass of cool water on a hot day. Because if the seller even senses just a smidgen of desperation, they're going to turn you down cold and they might even change the price in terms in their favor.

and you don't want that. You have to act like you don't need it. You've got to have the disposition of, ah, no big deal. And that takes practice. You know, the minute you are afraid to lose the deal, you have lost the negotiation. So in order to get you ready to pocket some serious cash on that real estate table, I offer you a task to hone your skills. I've got an assignment for you. Now, the tip I'm about to share with you, it was given to me, I don't know, 20 years ago. and has since paid me no less than $20,000 over the last two decades that I've been using it. So here it is. The next time that you check into a hotel, as the front desk clerk, you know, is looking for your reservation, they're checking you in.

I want you to lean in, I want you to look around, I want you to say, like this is a secret between you and the clerk, I want you to say, this is a really special night. Is there anything special that you can do for me? That's it. Just ask the question. You're going to be surprised at the result. I mean, almost every time I get something for simply asking that question, something extra. You know, for example, I remember this one time in Arizona checking into the Hyatt and I did

this. The desk clerk, you know what she did? She upgraded my basic room to a suite and when I walked into that room, there was a bottle of champagne there waiting for me. And that's just one example of hundreds. Try it. Just ask the question. You don't have to do anything else. Just ask the question. That exercise right there is it's a great training ground for your real estate business. That's why I share it with you. Because in your real estate business frequently, all it takes is the asking of a question. So train at the hotels, okay? Plus, you'll experience some plush upgrades while you're practicing.

Now, that's the kind of training that I like. So listen, negotiating has actual dollar bills in your pocket value. Don't underestimate the cash value of your negotiating skills. I mean, your skills, they're going to save you thousands, tens, or possibly hundreds of thousands of dollars throughout your real estate investing career. The amount you do save will depend on how confidently and consistently you ask. You know, last year, a seller, they told me that they wanted $200,000 for their property, which wasn't a bad price at all.

I mean, I could have done that deal at $200,000. But I prefer to put as much profit in my pocket as possible. what I did is I acknowledged his price, and then I asked his question. I said, $200,000, huh? What's your bottom line? That's it. That's all I did. That's all I said. Do you know what he immediately said back? I can't take a penny less than $185,000. Right there, I put $15,000 in my wallet by just asking one question. And sometimes a seller won't drop in price, and that's fine, but you need to ask every time. Ask until it feels like breathing,

like it's second nature. Practice asking when there's no pressure, when there's nothing to lose. Ask when you don't need it. Because if you only ask when you do need it, when you do need this price reduction, it's not going to work very well, especially for the long run.

I mean, the seller will sense your desperation every single time. Now, there are many ways to request concessions in real estate. And if you practice asking every time, regardless of need, then you're going to get to a point where you're going to be making money with just about every question you ask. And overnight, you're going to feel like, wow, when did this happen? How did I become this master negotiator? I mean, you've heard the old adage. It never hurts to ask, right? Well, in real estate or business, for that matter,

it's going to hurt you not to ask. So, get out there, ask for what you want, and quit leaving money on the table. I'm Matt Terrio of Epic Real Estate, and I'll see you next week on another episode of Financial Freedom Friday. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.