The Best Tool in Your Toolbelt

There are many skills to master in the process of becoming a good real estate investor.

The ones that often come to mind are negotiating, repairs, finance, property management, etc. However, the most crucial, and often overlooked, skill is listening, and believe me when I say it is a skill. The ability to listen is what puts you in the driver’s seat.

The vast majority of houses we come across that end up being good deals have unfavorable circumstances around which they are owned. This means that some situation has developed on the seller’s end, and they want out. It might be that they inherited the house, they got divorced, they lost their job, they got sick, the list goes on and on.

In my experience, the first thing these sellers want is someone to listen to their story. Your job as the buyer….let them tell it.

This process is beneficial to you on a few different levels. First, listening to that person’s story will build rapport faster than any other single thing you can do. When you let the seller explain their situation, they’ll gain a better understanding that you are there to help them.

The next thing this accomplishes is that it provides you with information – information on their situation, their motivation level, their urgency (time frame in which the deal needs to be finalized), and what is actually there to work with.

Asking the right questions is an important step. “Why are you selling? What are you hoping to accomplish by selling?” These are important things to say in order to get them talking, but how you listen is crucial.

Are you focused on what they’re telling you? Are you taking mental notes? Are you taking that information and thinking about how it will help you put the deal together? Some of what they say may seem irrelevant – listen anyway. Don’t interrupt, don’t cut them short, just listen. Make a conscious effort to become a professional listener – your bank account will thank you.

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