Potential sellers often ask me why I want to buy their property. Obviously my response can’t be: “I am buying this property to list with an agent at more than double what I’ve offered you.”
Sometimes I tell them that I could do a variety of things such as resell on terms to profit from interest payments, split into smaller lots, or simply hold the property for long term investing. These are viable answers but none of them are what I actually do, so I tend to feel guilty lying.
How do you all typically respond to this question?
@tylerd I would just say that, pending on a series of factors which includes location, zoning, utilities, access and others, I may decide to keep it within my family or match it up with people looking for exactly that type of property.
@tylerd I tell them we TRY to resell the property owner financed making the land affordable for the next family. We’ve discovered that it pays better putting our savings into dirt versus letting it sit with the bank.
Key word being try… so I dont feel guilty if it sells for cash
“I’m out here buying land, sight unseen, from strangers because I have cash and I like land. I might keep it for my family, maybe sell it to a friend, or maybe sell to someone I don’t know.”
@tylerd It seems to me that we should not be so concerned witht his question in the first place. When you bring your car in to a dealership for a trade-in, you know two things before you bring it in: 1. The offer is going to be low. 2. They are going to turn around and sell the car at a much higher price. The dealer solves the problem of you not wanting to go through the hassle of selling your car. Our clients have the same needs and I really think we don’t have to hide the reason why we are buying the property; they just want the solution. Just my two cents.
@tylerd It seems to me that we should not be so concerned witht his question in the first place. When you bring your car in to a dealership for a trade-in, you know two things before you bring it in: 1. The offer is going to be low. 2. They are going to turn around and sell the car at a much higher price. The dealer solves the problem of you not wanting to go through the hassle of selling your car. Our clients have the same needs and I really think we don’t have to hide the reason why we are buying the property; they just want the solution. Just my two cents.
@tylerd One last thing that I would add is that if we are targeting the right people, ie. those who desperately want to get rid of their property and who want to say “yes” to us right now, they will not care what we are going to do with the property, just like someone who trades in their car doesn’t care what the dealer does with it. Seems to me like the people who would care have some emotional attachment still to the property and care what happens to it, are not necessarily the people I want to target.