Why Are Vendors Like Clothes Shopping?
Have you ever noticed that dealing with Vendors is a bit like clothes shopping?

People tend to fall into two camps when it comes to clothes shopping - love it or hate it.

There are certain stereotypes around this, generally that women love clothes shopping and men hate it. And yet I know quite a few people who don't fit those stereotypes at all...

Well, it's the same with Vendors.

I talk a lot about working with Vendors to get special terms and conditions for a sale. Whenever I do, I can almost guarantee someone will say "But why would a Vendor do that? Wouldn't they just want to sell their property the normal way? It's so much easier."

And they're right - a lot of Vendors don’t want to do something different - they fit the stereotype. But that's where you have to be wary of falling into the trap of assuming all Vendors are the same...
Because some Vendors ARE interested in doing things in a different way.

You've probably heard me mention a few, like...

  • Vendor Finance
  • Delayed Settlement With Early Access 
  • Other People's Money
  • Joint Ventures
  • Private Loans
  • Project Management
  • Option Contracts
  • Deal Finding

"But why??" I hear you persist.
There can be a whole lot of reasons:

  • they haven't bought a new house yet
  • they want a certain price
  • they don’t have the time or money to develop the property themselves
  • they’re not quite ready to move yet
  • they hate Real Estate Agents
  • they don’t want strangers coming inside their house at open for inspections
  • and a whole lot more...

The thing is, until you start asking questions, you're not going to know which type of Vendor you're dealing with - one who fits the stereotype, or one who doesn't.
Realistically, the naysayers are right, and the vast majority of Vendors do appear to fit the stereotype of just wanting to sell the "normal" way.

Why?

Chances are they don’t even know there are other ways of selling their property that might actually work out better for them, so they just assume the normal way is their only choice.

So, that’s where you come into the picture and can educate them on other options.

The Vendors willing to step outside the stereotype are the ones you need to find and talk to.

And that’s why learning the tools and techniques of how to find them, and what to say when you do find one, are such an important part of being a Property Developer.

More on that in stories to come....
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