Why Empathy Matters In The Real Estate Investing Business
To have empathy means that you care about the feelings of others. It means listening to others share what they want to share and feeling like what it would be like to be in their shoes.
When it comes to real estate and real estate investing, it’s more than a simple transaction. Or, at least it should be more than that. In the business that we’re in, we are dealing with sellers who want or need to sell their home quickly. They may not really want to, but they’re in a pressing situation that is causing them some sort of distress.
For example, let’s say we meet with a man who needs to sell his mother’s home because she has passed away. He needs the house to sell quickly because he needs the funds to take care of plenty of unfinished business his mother had. And, he can’t afford to keep paying the note on the house every month.
A real estate investor will likely go into the meeting looking at all they can do to update the outdated home. Strip the wallpaper, pull up the dated carpet, and update the kitchen. They’ll be silently running numbers to estimate how much of a return they could get on their investment.
Granted, these are good things to consider, but keep in mind that the seller will be heavy-hearted, knowing that he will never be able to step foot onto that carpet or eat another homemade meal from his mother. He’ll have memory after memory of growing up in that home with his family.
Yes, he needs to sell the home, but he’s in a state of grief and very likely struggling.
This is where genuine empathy matters. Yes, we’re in the business of buying homes from motivated sellers. We want good deals transaction-wise. However, we also want to be the most empathic people those sellers meet. We want to take into consideration what’s going on in their lives. What they’re dealing with. How they’re feeling.
When you make that call or sit with that seller, are you genuinely listening to their story? Are you paying attention to their pain points? Offering a good set of listening ears and true empathy? Compassion?
Before you get into your presentation or education stage, do a quick internal check to be sure you’re putting yourself in that seller’s shoes. Use empathy and problem-solving skills to get that seller the best solution to their housing issues. Communicate in a heart-felt way, assuring them that you’re not just in this for the money, but that you genuinely care about them and their particular situation.
Empathy matters in the real estate investing business, so embrace it and use it every time you’re conversing with a potential client.