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Rich Dad Education Investing Series – Lease Options: Adding a Personal Touch

Lease Option Strategies

Lease Options: Adding a Personal Touch

This is the fourth article in a continuing Rich Dad Education investing series covering the subject of lease options. The elite training covering lease options is just one of the numerous elite trainings offered by Rich Dad Education. This Rich Dad Education elite training on lease options goes far beyond just teaching a strategy that can be used in various market conditions. This elite training also teaches skills that are widely used in all aspects of real estate investing. The last article in this Rich Dad Education investing series focused on one of these skills: marketing to prospective buyers and sellers of properties. This article will focus on developing necessary interpersonal skills when you interact with these prospective buyers and sellers.

While there are a few real estate investing strategies that don’t require extensive interaction with human beings (i.e. tax liens), for the most part real estate is a people business. If you don’t like people then real estate probably isn’t for you, as you will deal with people at almost every stage of the investing process. In these interactions your interpersonal skills can be a tremendous resource or a crippling liability. It is up to you to take the time to refine these skills so they do not have a negative impact on your bottom line.

Here are a few tips and techniques when dealing with potential buyers and sellers:

Listen – With lease options, you are helping an individual or family with a real-world problem find a real-world solution. Sometimes your solutions will fit their needs and sometimes they will not. You should always be attentive and polite as they are describing their circumstances. Aside from common courtesy and building trust, this attentiveness will give you valuable information in helping you determine if the lease option is the right strategy for the circumstance. If you are unclear about a particular point, ask them additional questions until you have a clear picture. It is far better to ask for a little clarification then for the prospective seller or buyer to sense that you don’t understand or care about their circumstances.

Patience – The vast majority of the people you come into contact with will have no familiarity with the concept of lease options. They undoubtedly will have numerous questions about the subject and will likely need you to explain the same point numerous times.  Put yourself in their shoes and be patient as you walk them through the process. Buying or selling a home is a major event in one’s life that can be very stressful. If they do not understand and feel comfortable with the lease option strategy, then it is unlikely that they will proceed any further.

The Little Things – It is amazing the impact that a genuine smile, a courteous hello, maintaining eye contact, and remembering a person’s name can have. It is very easy for the novice real estate investor to want to dive right into the nuts and bolts of gathering information and presenting solutions. The simple pleasantries often only take a few seconds of your time (and taking a few notes for those with less than stellar memories) and can have a lasting impression.

Learn to Deal with No – Nobody likes to hear the word no and it becomes increasingly disheartening the closer you get to finalizing a deal. Sometimes you will get a resounding no right from the start. This is easy to deal with as you simply politely thank them for their time and move onto the next prospective deal. Often times you get a no simply because the prospective buyer or seller are confused, unsure, or think that they can get a better deal down the line. There are several techniques that will be discussed in an upcoming Rich Dad Education article that will help you get to the cause of the no and provide potential solutions that will turn that no into a yes. In the end, the most important thing is not to burn any bridges when you hear the word no as you should stay polite and professional in all of your dealings.

Be Yourself – Unless you are the world’s most cynical sarcastic individual, it best to refine your interpersonal skills within your own personality. Most people can sense if you are being disingenuous and if you genuinely opening yourself up to others you might connect on a level that builds real trust.

Working on your interpersonal skills is a crucial part of real estate investing, and lease options in particular, as it can build trust and familiarity with prospective buyers and sellers. Aside from the bottom line effects, it will also make the entire investing process more pleasant as you will come to enjoy the vast majority on interactions with others. Refining these interpersonal traits oftentimes simply requires conscious thought, a little practice, and an occasional reminder to yourself to treat others as you want to be treated. The rewards can be long lasting on many levels.

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2 responses to “Rich Dad Education Investing Series – Lease Options: Adding a Personal Touch

  1. Jose May 22, 2013 at 10:14 am

    How I can find out more to register for the elite training ?

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