Words That Will Save You Big Time In Rehab Real Estate
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Words That Will Save You Big in Rehab Real Estate
Summary
Unlock a key strategy with Bruce W. Ford’s expert tip! Use this powerful phrase to maximize your profits in rehab real estate investments.Key Concepts
- Real estate investing- Real estate investor
- Rehab real estate
- Distressed property
- Fixer-upper
- Hard money
Expert Tip for Real Estate Investors
Have you ever wished for a simple phrase that could save you hundreds or even thousands of dollars? When negotiating with contractors, plumbers, electricians, or HVAC technicians, there’s a simple line that can work wonders in slashing your costs.
Specialists in these fields are always competing for work. They often claim to be extremely busy, but this isn’t always the truth. It's part of their strategy to justify their rates. You need to seem open to multiple bids, and ideally, actually gather several. This knowledge allows you to play the game to your advantage.
Turning the Tables
1. Know the Ballpark Cost: Before negotiations, have a rough idea of the job’s cost.
2. Question High Prices: If a quote seems high, ask for the reason. The contractor might have valid reasons. Discuss alternatives, like using good-quality used materials to reduce costs.
3. Use the Magic Phrase: Ask, "Is that your final and best price?"
When you pose this question, it often makes the contractor pause and reconsider:
- Is the price fair?
- Is there room for adjustment?
- Can they offer a more competitive rate?
Silence is powerful. Wait quietly for their response. You might hear anything from “That’s the best I can do” to a new, lower offer. Exploring options often leads to savings.
Why This Works
This method is most effective when:
- They know they aren’t your only option.
- They see you are patient and seeking the best deal.
- They recognize you aren’t easily swayed.
- They realize you may provide future business.
In my experience, this simple question has saved me thousands. Always strive to keep service costs reasonable but fair. If a job ends up costing more than expected, support your contractor. You don’t want them avoiding future work with you due to a bad experience. Be aware of those who consistently claim losses per job.
Try it Today
Using this phrase isn’t just effective in rehab real estate but in virtually any competitive environment. Test it and see the difference it makes.
You can find the original non-AI version of this article here: Words That Will Save You Big Time In Rehab Real Estate.
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