Investor’s Insights: Building Rapport
Building rapport is vital to becoming a successful real estate investor. Fortunately for those savvy enough to recognize this fact, most investors often overlook this aspect of lead intake. We find that even seasoned investors make the mistake of putting their business first instead of people first. It’s been the difference between us getting a deal over another investor in the past.
Remember these four points to build better rapport
Relationships First, Business SECOND
When it comes down to it, people prefer to do business with their friends over a ‘company’. Taking time to build trust and form connections will pay off big time in the end. If you keep the ‘relationships first, business second’ mindset you will see your conversion rate begin to increase.
Make 2-3 connections
A connection is established when you find common ground between yourself and the seller. The common ground can be just about anything from the both of you having kids to sharing an interest in similar hobbies or cheering for the same sports team. Making 2 to 3 connections should naturally lead you into about 10 to 15 minutes of conversation, perhaps even more. After having made those connections your potential seller is much more willing to trust you and any business relationship you may have moving forward.
Mirror their body language, tone, and what they actually say
A great way to build trust is called mirroring which is the action of copying someone’s body language, tone and statements. Studies show that humans naturally mirror each other in order to form bonds and create mutual trust. Smile at the next 3 people you see and I’m sure you will find that most of them naturally smile back. At your next seller’s appointment, focus on mimicking their body language and reiterating what they have told you in question form. They will be more relaxed around you and know you are actively listening to what they have to tell you. Which leads me to my next point…
Never talk more than they do
Building rapport actually does not require that much work on your part because your main job will be to LISTEN! Listening makes the seller feel important and that you are actually engaged with his or her conversation. Plus many times they themselves will lead you right into another connection as they continue to speak.