Being taken seriously as a novice is perhaps a problem which attaches itself to you from primary school and goes on till you are old enough to classify your experience as “having done everything”.
The multifamily market is no different; the more deals you have on your proposed CV as a credible property buyer, the more you can interest parties in finalizing trades with you. But everyone has to be a beginner sometime right? Then what are these stereotypes attached to first-time buyers?
First May Not Be the Best
The biggest issue is being able to close a deal which has initiated. Seasoned sellers are not comfortable with investing their time, money, and legal resources on a deal they are aware will never reach the closing stage. The amount of risk associated with it is perhaps too much for them to not be cautious about it.
Being inexperienced and unprepared, however, are two different ideas, and it is your job to convince the selling authority in question that your merit in this regard cannot be questioned.
The following are ways you can do so:
1. Invest with Confidence
The very first stage to getting close to a closing deal is to recognize that you have the financial capability to take it to the end. If you show a hint of hesitant language or try to spin the question, an experienced individual/group in the market will find no difficulty in tracking down your dismissive nature.
This may seem trivial right now, but the more you get invested in this work you will realize how much safe in oneself can pay off.
2. Show Your Financial Credentials
You need to recognize that this is not an exam of humility alone; you need to be very open with regards to your financial ability and how/when you can pay the sellers. If they demand that you show your professional qualification, justify your career using your certificates, your successes related to your professional career etc.
All these elements will add up in making you a client who, compared to his/her competition, is a lot more worthy of entrusting the deal closure too. In such conditions, the element of experience in the market might also become secondary.
3. Prepare A Task Force
The legal processes in buying a multifamily property, including the insurance, the handover, bringing the exchange into the knowledge of the state etc. are all tedious processes. This is where experience really counts, and thankfully financial advisors, real estate lawyers etc. are readily available for you to construct a task force.
It goes without saying that each individual in your mission must be credible and reliable enough for you to absolute faith in his/her skill. Do this by getting recommendations from friends and reading up sufficient reviews online.
4. Immerse in Multifamily Knowledge
This does not mean that you need a professional qualification; it simply means that you must have the attitude and knowledge to convince the seller that your purpose is beyond wasting their time. Once you get to that stage the closure becomes a regular walk in the park!