If you're interested in learning how to get started in real estate investing, one of the most important things you can do is learn how to close deals for new properties. Even as a seasoned property investor, you could use some insights into how to close more deals.
The more deals you close, the more successful you'll be as an investor. There are a few things you can do to increase your chances of finding the best deals and closing them to build your real estate portfolio. Keep reading to learn a few of our best tips!
What Does It Mean to Close a Real Estate Deal?
"Closing" is the final stage of a real estate transaction, during which the buyer and seller sign paperwork and shift the ownership of an investment property to the buyer. As a real estate investor, you can't move forward with rehabbing a fix-and-flip or marketing a new rental property until you've closed the deal on the home.
However, "closing" is rarely as simple as just signing paperwork. To get to that stage, you need the right real estate investing strategies to find investment properties, make offers, negotiate terms, then reach an agreement with a seller to finalize the purchase.
Closing More Deals Is a Numbers Game
So, who can property investors close more deals? If you've invested in real estate for a while, you might have already experienced missing out on a deal you attempted to close. Missing out on a property that would have been an excellent fit for your real estate portfolio (and long-term income) can be frustrating and set you back a bit from reaching your goals according to your timeline.
What's the trick to more deals? It's not necessarily missing out on fewer properties.
More Properties Leads to More Deals
First, it's important to play the numbers game to close more deals. The more properties you look into, the more likely you are to find a good deal.
That means you might still miss out on a number of properties as you pursue your career as a real estate investor. However, the more properties you look into, the more investments you'll find that fit your criteria and lead to closed deals.
Sometimes investors lose a deal and stop searching for their next investment. If you slow down your search for your next deal, it becomes increasingly difficult to close more deals and reach your goals.
It's Okay to Walk Away
Second, don't be afraid to walk away from a bad deal. Sometimes, it's better to walk away from a property that could have been a disaster than to close on it and risk ruining your real estate portfolio.
For example, if you're fix-and-flipping a property and the inspection reveals significant repair issues, it might be best to negotiate with the seller for a lower purchase price or walk away from the deal altogether.
The same is true for rental properties. If a potential rental property is in a high-crime area or needs too many repairs, it might not be worth your time and money to pursue it.
By playing the numbers game and being willing to walk away from bad deals, you can close more deals and build a successful real estate portfolio.
How Can Real Estate Investors Increase the Potential to Close Deals?
Is there anything a property investor can do to beat the numbers game and close more deals? Try these tips to increase the potential of making better deals for long-term success.
1. Be Patient
Investing in real estate takes time. If you're patient and take the time to do your research, you'll be more likely to find good deals and close them successfully.
2. Don't Over-Negotiate
It's important to negotiate when you're trying to make successful investments. However, when buying an investment property, you don't want to over-negotiate and lose the deal. Work with an experienced real estate agent who can help you make smart offers that give you a good chance of closing the deal.
3. Work With a Real Estate Investing Attorney
When buying a new property, it's crucial to have a real estate attorney on your team. An experienced attorney can help you navigate the legal process and make sure the deal is fair for you.
4. Use Privy to Find More Properties
Privy is an essential tool for any real estate investor! With Privy, you can see more potential deals along with valuable investor insights to help you make good offers and close more purchases for your real estate investment goals.
Find Better Real Estate Deals With Privy!
By following these tips, you can increase your chances of closing more real estate deals and reaching your investment goals. Using Privy is critical to improving your numbers game when building a successful portfolio!
Reach out soon to learn how our software scours the MLS in multiple markets to find the best properties that fit your criteria. Along with investor insights, we deliver potential properties to your inbox, setting you up for more success with more deals!
Ready to learn more real estate 101 tips? Download our free resource, "How to Invest In Real Estate: A Guide!"
