So I’m trying to buy my first park and, of course, I would like to get the owners to carry the note, but they have been resistant. I have bonding skills and I believe that if I do some bonding, I could make it happen, but I’m wondering how I get to the owners without having to deal with their real estate agent. Is it inappropriate to call the owners directly and arrange a time to visit with them? As you can tell, I’m new at this. Any advice would be appreciated. Thanks in advance!
I did that on my first park purchase in December. The broker was frightened the seller would kill the deal by disclosing too much or saying the wrong thing. She was very outspoken and always says what’s on her mind.
We met and sat for hours just chatting. I learned quite a bit about the park, the tenants and all the trouble she had with the park. I knew going in, nothing is perfect, so I appreciated the time we spent together.
I’d suggest setting up time to meet with them and include the broker. I do recommend getting to know the seller, it can definitely help with a smooth transition.
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It’s a small park and we met once to look it over. The older couple sent me around the park with their son, who is part owner. I’m trying to brainstorm how to get them all together for some bonding time. Perhaps I tell them I have some questions and ask if we can meet over lunch, I buy, or take lunch to them at the park? Could this turn into a time for negotiation? I’m getting nowhere just having my agent go back and forth with their agent.
I wouldn’t negotiate without the brokers there. But I would build rapport so when the offer does come in, its well received.
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@hdd. There’s nothing wrong with wanting to get a second or third or fourth look at the park. In fact, you should be doing that anyway at different times of the day to get a sense of the place. Now that you know where it is, just drive over and walk around, but don’t bother the tenants. Then, assuming sellers are on site, just knock on the door and say you have a few questions. It’s all in the approach. If you’re friendly and non-threatening and conversational (vs. interrogational) in your approach, you should be fine.
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Just one quick little thing that I’ve found helpful - try to work directly with the listing agent and don’t have a buying agent represent you. The listing agent will make twice as much money if they represent you as well. Greed is a powerful motivator.
If you are represented by your agent and the listing agent has another offer where they are representing both sides, in my experience they will favor the offer where they are going to make twice as much money.
If you have a buyers agent who is bringing you deals, see if they will accept a 1% finders fee and let you work directly with the listing agent. I’ve found that most are happy to do that.
All my best. Will
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Will,
Great advice. I really appreciate it and I will do this from now on. Thanks a ton.