The Importance of Building Relationships for No Money Down Property Deals
In business, it's essential to build rapport with your customer. Building rapport shows the client that you have their best interests at heart. Clients want to feel like they are getting the best deal possible and aren’t being misled or taken advantage of. Think of rapport-building as creating new friendships in business that you want to last a long time. You wouldn’t harm a relationship with an old friend, would you? Of course not. You’d want that friendship to continue, which means looking out for that person's well-being as much as your own.
The practice of building great relationships through rapport is the key to successfully completing a No Money Down real estate deal. If honesty isn't your strong suit, No Money Down property ownership deals may not be for you. People who excel at owner-financing deals care about the seller as much, or even more, than themselves. Of course, this doesn’t mean structuring bad deals just to prioritize the seller. It means the seller is crucial to the deal because, without them, there’s no deal to make.
Building rapport with the property owner may take time, as gaining someone’s trust often does. If you’re a positive person who genuinely cares about others, the seller will usually pick up on this right away. However, the “too good to be true” mentality may creep into the seller's mind, and they might back away for a bit. Don’t let this discourage you. Stay the course, remain positive, and continue to be honest and transparent—the seller will likely come around. People tend to put up walls as a defense mechanism during the rapport-building phase of a No Money Down deal.
At some point, it’s almost inevitable that a No Money Down deal will hit a snag. That’s when the rapport and friendship you’ve built with the seller will come to the rescue. Stay enthusiastic about your deal, even when things aren’t going your way. Like any relationship, there will be ebbs and flows, misunderstandings, and moments when it feels like you and the seller are on different pages. If you sense that the relationship is faltering, find ways to spend more time with the seller and learn more about their story.
In my experience, many No Money Down deals are made with older property owners looking to liquidate some of their holdings for various reasons. It’s crucial to understand the seller’s motivations on a deeper level. Try to schedule a time to meet, maybe for coffee or lunch, if the opportunity arises. Don’t be pushy—natural invitations lead to the best interactions. If the seller accepts the invite, whether planned or impromptu, it means they’re interested in you, too.
Remember, you’re working on a long-term deal, partnership, or even friendship with the seller. They’ll want to know your story as well. But here’s the catch: Don’t make the conversation all about you. A common mistake people make today is focusing on themselves instead of listening to what others have to say. Become an expert at listening. If you dominate the conversation, your deal could fall apart quickly. We all know people who talk only about themselves—they’re draining and uninterested in anyone else's story. Don’t be like that.
In this scenario, the seller’s story is more important than yours. Yes, you read that correctly. The property owner is more important than you because, without them, there’s no deal. Your goal is to learn as much as possible about the seller, and that requires listening. Chances are, the seller will share stories or wisdom that can benefit your own real estate journey. Stay quiet and let their experience guide you toward closing the deal and forming a strong, lasting relationship. Build rapport effectively, and you may gain a real estate mentor for free—a resource you might otherwise have to pay for or seek through formal education.
Here’s the takeaway: Building rapport with a property seller during a No Money Down deal is an education in itself. Property owners willing to structure these deals often have years, if not decades, of experience. It’s like hitting the jackpot for No Money Down property acquisition. Be grateful—you’re likely to get invaluable information and even meet new connections in the real estate world that will benefit future deals.
by: Michaelson Williams, TSX
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