You Have to Put the Relationship in Contract Before You can Put the Property in Contract

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Episode Transcript

You know, regular real estate investors, those who have been taught in the conventional ways of real estate investing, they really like to get their offers out there, they like to have the conversation go quickly and get down to business. And if it’s not gonna make sense for the deal to work they want to move on. But we as thoughtful real estate entrepreneurs, we do things kind of different. And in today’s episode, I’m going to give you a quick, simple idea, a simple rule of thumb, that you just like me can keep in your mind all the time about how we work with off market sellers. Let’s keep the theme song we’ll dive right into this simple but powerful idea.

Welcome to Racking Up Rentals, a show about how regular people, those of us without huge war chest of capital or insider connections can build lasting wealth acquiring a portfolio of buy and hold real estate. But we don’t just go mainstream looking at what’s on the market and asking banks for loans. nor are we posting We Buy Houses signs are just looking for “motivated sellers” to make lowball offers to. You see, we are people-oriented deal makers, we sit down directly with sellers to work out win-win deals without agents or any other obstacles, and buy properties nobody else even knows are for sale. I’m Jeff from a Thoughtful Real Estate Entrepreneur. If you’re the kind of real estate investor who wants long term wealth, not get rich quick gimmicks or pictures of yourself holding fat checks on social media. This show is for you. Join me and quietly become the wealthiest person on your block. Now let’s go rack up a rental portfolio.

Hey, thank you so much for joining me for another episode of Racking Up Rentals. This is Episode 65, which means that show notes can be found at www.thoughtfulre.com/e65. Hey, please do us a super big favor and really quickly hit that subscribe button. In your podcast app, you would be surprised if you knew just how helpful that is, in helping other fellow thoughtful real estate entrepreneurs to find this show. All right, onward with today’s episode.

So in today’s episode, I just want to go over a very simple and quick rule of thumb. Now if you’ve been listening to this show for a while and you’ve heard the episodes about the Y.E.S.S.E.S Framework, you’ll remember that there’s two S’s in the middle of Y.E.S.S.E.S. All right, now I guess I am a rapper didn’t mean to do that. But there’s two S’s in the middle of the Y.E.S.S.E.S. And do you know what those S’s stands for? Well, the first one stands for solve the person. The second one stands for solve the deal. And here is the simple rule of thumb that I want to give you. And this is something I think about myself a lot. And it’s such a simple principle that we can follow. And that is this. You have to put the relationship in contract before you can put the property in contract. So what does this mean? What does it mean to put the relationship in contract?

Well, really what it means quite simply is that you have developed a relationship with the seller where they at this point, before they’ve even seen anything or heard anything about your proposal about their property, they are convinced that you are worthy of doing business with that they think that you are a good person that you are trustworthy, that you’re the kind of person who’s going to do what they say they’re going to do, you’re the kind of person that’s easy to talk to, and just worth continuing to have a conversation with. And when you have achieved that, then you’ve put the relationship in contract. And once you’ve put the relationship in contract, then you can try to put the property in contract by actually making a proposal to the seller for how you would buy their piece of real estate. But just like we look at in the Y.E.S.S.E.S Framework, we have to solve the person before we can solve the deal. And that correlates here too. Because what it really means is that we have to put the relationship in contract, we have to understand the other person well enough so that we are able to develop a relationship with Him that is solid and solidified because it’s sort of like the foundation upon which we’re about to build a proposal to them, and hopefully, ultimately, a transaction. So solve the person before you can solve the deal is very similar to the idea of putting the relationship in contract before you can put the property in contract.

So as you were out there talking to your sellers, if you notice yourself feeling a little antsy, like you want to kind of get down to business, you want to put that proposal in front of them. Just simply ask yourself, have I already secured this relationship? Have I already put the relationship in contract? Do they already really seem to feel comfortable with me feel good about me? Because you know what this does, it creates a pre frame. It creates a pre frame that says that the seller is predisposed to like whatever it is you are about to propose because they like you, they feel good about you. And they’re already in a yes type of frame of mind, just like we explained with the Y.E.S.S.E.S Framework. So my simple rule of thumb for you to remember this all the time like I constantly think about it myself. In this short simple episode is this. Remember to put the relationship in contract before you put the property in contract.

That is it for today’s episode of racking up rentals one simple but powerful idea for you. Again, Show Notes for this episode can be found at www.thoughtfulre.com/e65. Please do us a big favor by hitting that subscribe button in the podcast app you’re using. And if you would take just a second to rate and review the show, I would be so grateful for that. Did you know also that we have a Facebook group for thoughtful real estate entrepreneurs? It is called Rental Portfolio Wealth Builders. We’d love to have you join us there. Just go to Facebook and search Rental Portfolio Wealth Builders. Or you can just type in group.thoughtfulre.com into your browser and the internet will take you right there. If you liked this episode, please take a screenshot of it on your phone, post that screenshot to Instagram and just tag us. We are @thoughtfulrealestate on Instagram.

Hey, I’ll see you in the next episode. Until then, this is Jeff from the Thoughtful Real Estate Entrepreneur signing off. Thanks for listening to Racking Up Rentals where we build long term well-being win-win dealmakers. Remember solve the person to unlock the deal and solve the financing to unlock the profits.

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