Real estate investors must be acutely aware of the way they communicate. Each deal has its own set of human interactions that must occur before it’s a success, and as the investor in the situation, you need to be the one in control of these interactions!
It can sometimes be hard to find meaning in self-analysis, but it’s absolutely crucial to progressively build your social skill set over time. The next time you are in a professional meeting setting, try to evaluate how it went.
Solid communication principles are essential for anyone looking to make money as a real estate investor. Read on for some skills to practice next time you network or negotiate.
Think Before You Speak
Pausing before you say what you need to say is helpful for a few reasons. First, it keeps you from seeming like you are talking over or interrupting the other person. Second, it gives you ample time to figure out the most concise way of getting your point across. Launching into a ramble and stumbling over your arguments doesn’t exactly exude the same confidence and intelligence as slowly and calming explaining – especially when it comes to real estate deals.
If you want people to hear you out, you will have to do the same for them. A very good way to instantly relate and identify with someone is by asking simple questions about their life – without interrogating, of course. Listen to their answers, actually care to learn about your prospect, and you’ll soon be able to counter them with the type of language or phrasing that they really respond to.
How you frame the deal is a big factor that determines how the other party will react, so always remember to listen and choose your next words wisely.
Once you’ve reached a verbal agreement with someone, you want to psychologically lock that down that decision and make absolutely sure the terms are understood. Do this by providing context and reasoning for every point you make. This is important for real estate investors to do at every point of the sale and negotiation process.
One useful tactic for clarification is to repeat the other person’s response back to them, followed by, “correct?” It’s also a good way to show them that you’ve been listening the entire time.
Using these tactics, along with a practice of polite and persistent follow-ups, will soon make you a more successful real estate investor. They will open you up to opportunities for personal growth as well as connections with others.
Whether they are mentors, clients, Realtors, contractors, funders or future business partners, people will be magnetically drawn to your crystal-clear communication style. It’s a perfect way to ensure great working relationships in the real estate industry for years to come.