Epic Real Estate Investing - What to Do When None of Your Buyers are Interested | 748

Episode Date: August 18, 2019

Mr. Theriault shares 3 strategies that you can easily implement when none of your buyers are interested in your deal. Learn them and take effective action when this situation occurs. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. Success in real estate has nothing to do with shiny objects. It has everything to do with mastering the basics. The three pillars of real estate investing. Attract, convert, exit. Matt Terrio has been helping real estate investors do just that for more than a decade now. If you want to make money in real estate, keep listening. If you want it faster, visit R-E-I-Aase.com.

Here's Matt. Hey, Rockstars. It's Matt Terrio here from Epic Real Estate. And today I want to talk to you about what there is to do when none of your buyers are interested in your deal. Now, right now, I'm getting ready for one of our RIA's implementation summit. So I'm going to be on my way over there right after this. And what I wanted to do is I just checked the Epic Facebook groups real quickly before leaving.

And I read this right here from a newer client. I'll just read it to you. It says, I have a seller who wants to sell and is ready. to close. I just don't have a buyer. I have about 10 buyers, just none of them are interested in investing in that area, any advice. So yes, I actually do have some advice for this one. And the first thing that comes to mind, just based on the wording of your question, is you've got to get the property under contract. I read this, I have a seller who wants to sell. So if they really want to sell, then, you know, you should get that property under contract first. Because if you're looking for buyers for the deal that you

know about, but you don't have control over, you're really likely to lose that deal. And depending on how long it's going to take you to find a buyer, I mean, another investment easily just come along, swoop in, and steal that from you. Not to mention that you don't even know if the seller's really serious yet because they haven't signed the contract. And what can happen is when you do find that conversation all over again to put it under contract then, and then if that seller decides to do something differently, which they have been known to change their minds before in the past, you have wasted your time and you've wasted your buyers time. If you have 10 buyers and none of them are interested in your deal, then you need to find

more buyers. And there's no easier time to find buyers and build a bigger buyers list than there is when you've got a deal under contract and the opportunity to promote it. So that's another real big, important reason that you want to have this thing under contract is so you can start advertising and promoting it and being able to do that freely without the fear if someone come along and stealing it from you, but also being able to follow through on your word when a buyer does actually contact you

and inquires about that property. So you got that property under contract, start running your Craigslist ads. You're doing that daily two, three times a day. That's the way Craigslist works. Running your Facebook Marketplace ads. Finally, they're a contender with Craigslist. So Facebook Marketplace,

a lot of people are selling their properties there very effectively. You want to create a Facebook post, and then you can boost that post just to that zip code of where that property is. And then you can post Bandit Signs in the area of the property. The band of sign might read something like investors only three, two bath, cash only must close quick, something like that, catch the investors attention.

You can go take the properties to your Rhea meetings and all your local investors that way. So there's a lot of different things that you can do, but you can't do a lot of that. You're really limited if you don't have the property in a contract first. Then the third thing is if you still can't find a buyer, if after all that you can't find a buyer, you probably, and this is sad to say, and it's kind of sometimes difficult to face, I'm still puzzled with it every once in a while and I got to be real with myself, is you probably don't have the deal that you think you have. Because if you've taken that property and you've exposed it to the market

and you've gone out there and you run your advertisements and you've shared it with everybody and no one is really interested in it, then what that's saying is the market has spoken. There is nobody in the marketplace right now that's willing to validate the price that you want for the property. They don't see it as a deal. and it's a tough pill to swallow every once in a while, but there's something about it because there's no shortage of money in the marketplace for good deals. There's a lot of money out there,

and they're all looking for ways of how to put their money to work and make more of it. And if they don't see that in your deal, then you're either lacking one or two things. You haven't advertised or promoted enough, but based on what I just covered with you, that should be plenty for your area and for any specific deal. And then the second thing would be is you just don't have the deal that you think you have. And so what's time to do now is go back to the seller and break the bad news and let the

seller know, hey, the market has spoken. And I know we entered this agreement thinking it was worth something, this one price. And the market has spoken. And it's validating that is not worth that. So we've got a couple options. We can go ahead and we just cancel the contract and you can go try it through other avenues. But I got to tell you, this is what I've done. I've covered the whole area. I've done this, this, this and this. You're probably going to run into the exact same thing. So, but you have that option. You can do that if you'd like. The second thing is we could make an adjustment to the price.

We could extend the contingency period or the contract period for another 30 days. And we'll give it a go and I'll go out there and I'll bang on more trees and share it with more people and see where we go then. And so that's those are your options. So the first thing, make sure you get under contract. Second thing, if you don't have enough buyers, no better time to build a buyer's list than when you've got a property under contract to promote. And the third thing is if you've done all that, you've done your promote. motions, you've got under contract, you've shared with everybody, and you've got no takers. And it's probably just not the deal that you thought it was.

All righty-so I've got to run. I hope you all have a really good weekend. I'm going to visit the R-EI-A's Implementation Summit. I've got people that are waiting that are getting ready to start their real estate investing journeys, and we're launching their business today. And if you like the way that sounds and you'd like to look deeper into that, because maybe that sounds like something you'd be interested in, then feel free to go to R-EI-Aase.com, take a look. And if you like what you see, just answer a few questions there about you and your business.

And then we'll hop on the phone to see if there's a good fit there or not. All righty. So thanks for watching. God bless to your success. I'm Matt Terrio, living the dream. Take care. Bye. Yeah, yeah, we got the cash flow.

Huh. Yeah, yeah, we got the cash flow. Yeah, yeah, we got the cash flow. You didn't know home world. We got the cash flow. This podcast is a part of the C-suite radio network. For more top business podcasts, visit C-dash-com. sweet radio.com