The Best Ways To Approach Distressed Property Owners
Financial distress is growing across America. What’s the best way for real estate investors to approach these property owners to secure great deals?
Financial Distress Is Rising
Current monetary policy continues to try and hammer the economy into submission. We’re already seeing the effects in terms of delinquent auto and business loans, credit card debt, and nonperforming mortgage loans.
This combined with mass layoffs, inflation, and other disasters like hurricanes is only increasing the likelihood of many more commercial and residential property owners falling into despair and foreclosure.
The Best Ways To Approach Owners
Approaching these owners can be a very delicate situation. One which most investors and real estate wholesalers get wrong.
The first thing to remember is that everyone naturally gravitates away from pain, and toward pleasure.
So, showing up scaring them and acting like a vulture or another debt collector is probably not going to get you anywhere. They are already inundated with calls from creditors. None of whom end up really being helpful.
Often this means that avoiding any letters, emails, and phone calls often becomes the least stressful option for them. At least until they are evicted.
If you are going to win them over, you have to show that you are going to offer them a real solution, and a better solution that is more pleasurable, and is worth their effort.
A part of this is also giving them a viable and dignified exit.
Some are so scared of having nowhere to go, or just can’t stomach losing that they will be frozen into inaction.
Can you offer them enough cash in the deal to move into somewhere that they can uphold their lifestyle for their families?
Then there is establishing a sense of urgency.
Many of these owners may not seem very motivated to sell. This is often because they believe random help from the president or the sky will provide them a golden bailout and free pass to stay. Or that it may take many years before they are foreclosed on and evicted.
You may have to carefully educate them on the likely timeline and their options. Which is a good opportunity to lay out your own offers. Which may include two or three choices, for a limited period of time. After which they go down.
Then it is all about maintaining the relationship. Being there, top of mind as a trusted advisor when they are motivated enough to take action.
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