Most major markets around the country are fiercely competitive right now. Houses are getting sold for over the asking price all the time in my market, which is insane.
It makes me wonder, how am I supposed to find good deals when there are so many fools with money, making offers far above anything that makes financial sense for an investor?
I might have just found a way.
As of late, I've been writing personalized letters to the sellers to accompany my offers. Not just a boilerplate template, but something that I put actual thought and feeling into.
Rather than just sending a cold purchase agreement with a number on it like everyone else does, I've been trying to put some real emotion and personality, so the seller can get to know me and understand why I like their property, how I plan to use it and what a difference it will make if they decide to sell it to me. I basically give them a compelling story and a reason to say yes to me, which is something almost no other investors are doing in my market.
I was able to get a deal under contract this way even though the seller had other "better" offers from other people. I'm going to keep trying it, since the concept has been proven in at least once case. I figured I would drop the idea here, in case anyone else finds it useful.