How can you build rapport with a seller before negotiating?

90% of our deals come from building relationships with mom-and-pop sellers over long periods of time. The deals don't happen overnight, and you have to be consistent with your follow up. Let them do most of the talking. Let them share their story, and you should be genuinely interested in what they are saying. They've owned their properties a long time and don't always choose the highest bidder. They would prefer it go to the right person, rather than who is paying the most. Relationships prevail, especially in the Mobile Home Park space.

Understanding the seller's motivation is essential for effective rapport in negotiations. Start by actively listening to their needs; inquire about their long-term goals and short-term priorities. Ask questions like, "What factors are most important to you in this transaction?" and "How does this align with your overall business strategy?" This detailed approach deepens the connection and enables you to tailor your proposal thoughtfully. By aligning your offer with their specific aspirations, you demonstrate a genuine understanding of their objectives. Informed negotiations build trust, fostering a relationship that enhances the likelihood of a mutually beneficial outcome.

I have closed 3 direct-to-seller deals. I find ways to provide solutions to their problems! Are they in it for a lot of cash, eyeing tax benefits, planning for retirement, or seeking something else entirely? Understanding their goals and pain points is the secret sauce to customizing your offer and communication to perfectly match their needs.

By knowing the seller's motivation, you can tailor your approach and communication to meet their specific needs. Showing empathy and appreciation for the seller's situation is essential to building a solid relationship. This can be done by listening carefully to their concerns and needs, and showing that you are committed to finding a solution that is mutually beneficial. Finding common ground and sharing relevant experiences also helps to establish a genuine connection. By building a relationship based on mutual trust and respect, you will be in a better position to negotiate effectively and achieve a mutually satisfactory outcome.

Researching the seller's property is a strategic step in building effective rapport for negotiations. Start by exploring public records to understand the property's history, ownership changes, and any relevant details. Analyze local market trends, recent comparable sales, and property values in the area. This thorough research equips you with valuable insights, allowing you to discuss the property knowledgeably during negotiations. Demonstrating familiarity with their asset showcases your commitment and positions you as a well-prepared negotiator, enhancing the overall negotiation process.

I have closed 3 direct-to-seller deals. I always contact them after researching their property and the market. Most likely, I already own a property similar to the one I am calling about. I show the seller that I am already an expert about the asset class that I am calling about. For example, a multifamily apartment. I ask them about who pays the utilities, how many evictions they have done in the last 12 months, or the condition of the units. After a few minutes, they can see that I clearly have experience with this asset class and they are dealing with an experienced buyer.

Adapting to the seller's personality is key for successful negotiations. Begin by observing their communication style – are they analytical, expressive, or detail-oriented? Tailor your approach accordingly, mirroring their preferred mode of interaction. If they value directness, be concise; if they appreciate a more relational approach, engage in friendly conversation. This adaptability fosters a connection, making the negotiation process more comfortable for the seller and increasing the likelihood of a positive outcome.

Do not talk too much or too little. I have closed 3 direct-to-seller deals. I always let the seller talk as much as they want. Some sellers may be more assertive and direct, while others may be more cooperative and diplomatic. Some sellers want to get straight to business and talk about price. Others do small talk, ramble, and enjoy talking about their property. You have to be willing to adapt to all different kinds of personalities.

Initiate conversations to identify shared interests, whether professional or personal. Discussing commonalities builds a foundation for rapport, fostering a positive atmosphere. This shared connection establishes a mutual understanding. By finding common ground, you create a collaborative environment that enhances communication and increases the potential for reaching mutually beneficial agreements.

Forge a strong connection with a seller by uncovering common ground. Seek out shared interests, values, or experiences that build a bond and ease tension. Employ small talk, compliments, humor, or anecdotes to showcase your human side and relatability. Additionally, embrace the principle of reciprocity by offering value before seeking anything in return—whether it's information, referrals, or concessions. Building rapport becomes a breeze when you find those points of connection!

Respecting the seller's time is really important in building a good connection for negotiations. Start by scheduling meetings when it works for them and sticking to agreed-upon timelines. Keep your communication clear and organized to make interactions smooth. Show that you understand and value their time, aiming for a negotiation process that's straightforward and respectful. Doing this makes things better for the seller and creates a friendly atmosphere that helps negotiations go well.

Some sellers want to talk on and on about their property. Some want to get straight to the point. You will have to read the room, and understand how comfortable the seller is talking to you. Be respectful, courteous, and professional in your interactions. Schedule your meetings or calls in advance, confirm their attendance, and follow up promptly. Show them that you value their time and that you are serious about doing business with them.

We must define "rapport", and just because it initially may exist, many break rapport in the course of conversation. Rapport is a harmonious relationship, characterized by empathy, trust and understanding which makes communication easy and possible. Any resistance in a conversation is a fundamental indicator that rapport is broken. I would consider the following principles and attributes. Listening intensely. Authority. Liking and social proof.