Is Transparency A Good Strategy?

 

I was hoping to build my reputation on transparency when I first started in real estate. I believed that by being completely open the sellers would sell to me and buyer would buy from me. I wanted to build my reputation as the honest straightforward wholesaler. Some of the sellers decided not to sell to me once I told them I would wholesale the property to another buyer. Some of my buyers backed out when I told them how much I would make on the deal. I quickly learned that there is such a thing as being too transparent. Like maybe telling the seller that you plan to wholesaler the house or telling the seller they could make more money listing the property (which may or may not be true).

I believe in going with your gut feeling but it really depends on your approach. If you plan to wholesale the property you may not want to tell the seller you are going to “flip it” to another buyer. On the same note if you plan to buy the property outright and rehab it you might not want to tell the seller your plans to update the kitchen or bathroom. What do you think is right? Leave your comments below.

Posted In : Motivational

This entry was posted on Monday, May 20th, 2013 at 7:58 am. and is filed under Motivational. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.