How to Get Your Offers Accepted By Brokers

October 10, 2017 By Corey Peterson

Ever wondered how to easily get your offers accepted by brokers? Then, you must continue reading this!

Before having your deals closed, first thing’s first: your offer must be accepted by brokers.

Not all realtor-broker relationship runs on money and commissions. You must learn to giving double juice to a broker, how to build rapport with the brokers, and create an LOI, being the last guy, and having $100,000 earnest money. These may sound a lot of work, but it’s really not! Once you know you’re way around to getting your offers accepted, it would be a breeze on your future deals to come!

So, here are some tricks of the trade in getting your offers to be accepted!

Giving “double juice” to a broker

In giving “double juice” to a broker or all of the commission is one way to gain an acceptance. With this move, you would not be using your realtor or your real estate license. Yes, this may sound crazy, but it works. Be the out-of-the-box realtor who would not care about the pay check. Why? Because every realtor out there is not going to do this. So, you’ll be the stand-out!

“Give your broker some love. Give him all of the commission and don’t hold it back.” Corey Peterson

Build rapport

Just like a successful relationship, having commonalities with your partner is the key! It’s just the same thing with your broker, to make friends with him, just find out your commonalities and take note of them. You would want your broker to consider you as a friend more than having a professional relationship. Other than having conversation about deals and properties, talk about more personal things with your realtor like, family, pets, sports or hobbies. Don’t stop going through with this until you’ve hit that certain commonality. Whenever there’s a chance to talk about that commonality, you will be to continue building rapport and maintaining your friendship.

“Make friends with your broker by talking about something other than real estate.” Corey Peterson

Create an LOI

The first thing you need to have in order to make an offer is an Letter of Intent. This three-page document features who is buying, selling, price, inspection period, days to close after inspection, signature, and list of things wanted during due diligence phase. This will be the first part of your LOI.

When creating you’re your LOI, keep in mind that it should be clear, concise, and to the point. It’s a way of stating your offer to the broker. Do not make a rookie mistake of sending a single piece of paper. As a professional, step it up a notch! Go further than that. There some attachments that you’ll need to get that broker’s acceptance!

The next thing you need to is find a good management with a credibility kit. It’s like your management company’s bio. It feature’s your management company’s capabilities, efficiency and effectiveness in handling the job. When finding a good management, you should consider how they function and maintain their operation effectively. Aside from that, it also increases your net worth and make your job easier. If they don’t have one, ask them to produce one. Remember, that a good management company has a credibility kit.Your management’s credibility kit will be the second piece next to you LOI!

Aside from having your management’s credibility kit, you should also include your own credibility kit. If you’re already in the real estate industry for quite sometime, endorse your success with a three to four page document. But if you don’t have this kind of document, don’t stress out, it’s fine! Your own credibility kit just really helps you to introduce yourself as a professional in this field.

The fourth thing you need to produce is the proof of funds. Having a screenshot of a bank account with numbers on it is a great way to back-up your LOI, your management’s credibility kit and your own credibility kit. Having this document doesn’t necessarily mean that you should have the actual amount that you prefer just sitting in your bank account. For example, if you would like $2 million declared on your account, you can just make it magically appear on your proof of funds with photo shop programs like Adobe. Yes, it’s that simple! Is it consider as fraudulent? Of course not! You’re going to present the document to a broker not a bank. Then, the broker will present it to the clients. And one thing’s for sure, if they call the bank to verify it, the bank will not give any information regarding any bank account because they just don’t do that, especially nowadays.

With all these documents, an organized LOI, your management’s credibility kit, your won credibility kit and a proof of funds to boot it all up, it’s a done deal for you!

Today, I’m going to give a bonus to help you create your own LOI and credibility kit! Go to kahunawealthbuilders.com/loi. Using that link you can take a look on my version of these two documents.

Let’s have a recap, aside from all these paper works, don’t forget that the most important part in getting your offers being accepted is your relationship with the broker!

Being the last guy

Being last doesn’t mean being the least competitive out there! Call your broker at Friday, 5:00 p.m. Be last guy who submits that sharp-looking LOI. Since the brokers is now your friend, you can play a little “hot and cold game.” When you make that 5- p.m.-call, ask your friend, the broker for some price guidance. If he gives you a range, give the price of your guessing and ask if, “Is it warmer there?” Then, he’ll say that you could go higher or lower. And, if you’re just lucky enough, he’ll might tell you the exact numbers!

Having $100,000 earnest money

This $100,000 earnest money can easily help you lock up a $7 million deal. A hundred grand may seem a lot of money to produce, but it doesn’t have to be from your own pocket. You can use a sponsor who is part of your equity group or even part of the deal. Or you can ask someone to fund it for the short period of time that you’re still under your due diligence.

Now you’ve learned these tricks in getting your offers being accepted, try to apply it, and then, MAKE THAT OFFER! What are you waiting for?

Don’t forget to download my Free Workshop Quickstart Video Series, and if you like what you have heard please leave a review on iTunes. On the next episode, I am going to give a quick shout out to some of my reviewers.

Always remember: SUNSET AND PALM TREES!

Corey Peterson Administrator
Chief Kahuna , Kahuna Property Partners
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