Wholesaling Marketing – Why Motivated Sellers Go Cold
It’s an all too common scenario; you’ve hit your wholesaling marketing hard, it appears you’ve bagged a great deal with a motivated seller, and then they go cold. Why does this happen, and what can investors do to prevent it or salvage the deal and bring them back on board?
Unfortunately this happens to investors every day, even if they have honed their wholesaling marketing, zoomed in on the right prospects and have driven in the calls. Once you’ve spent that time talking to a prospective seller, done the due diligence, drafted the paperwork, perhaps even started marketing the deal to end buyers and have probably already started counting on the income it can be devastating when a seller starts going south on you.
Sometimes a homeowner just stops answering your calls, others make excuses to draw out the process and drag their feet on providing paperwork, or they flat out tell you it’s off. In any case it means lost time and money. However, if you can catch on to the clues early, recognize why they are cold on you and come up with a strong rebuttal or even learn to avoid the negative triggers altogether you can dramatically cut down on the number of incidents like this you’ll have to deal with.
3 reasons why ‘motivated’ sellers go cold and how to navigate the issues…
1. Not Motivated Enough
Sometimes it is a case of miscalculating motivation. You may have finely tuned your wholesaling marketing and confirmed that this homeowner really is better off selling, or really needs to sell to avoid foreclosure. However, that doesn’t mean that they feel that way. Perhaps they have other fears that are larger. Find what their personal motivation, fears and aspirations are and better tailor the process and pitch to keep them in the deal from the start.
2. Someone Else Gets to Them
Sometimes a seller may be extremely bullish from the get go, all the way through signing the contract, but then someone else gets to them. It could be an uneducated family member that whispers in their ear and gives them poor advice, it could be misleading and sensational claims in the news that makes them change their perception of the situation. Or it could be another buyer or investor trying to move in on your deal. Try to insulate them from this, provide the right information and close quickly so your deal doesn’t have time to get derailed.
3. They Find Out How Much You are Making
One of the most common reasons real estate wholesalers see deals fall apart is due to sellers finding out how much they are making and how much their homes could be worth. Avoid this with two legitimate double closings or spacing the deals apart.
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