July 9, 2025 • 37 mins
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Let's get into the seller psychology mastery, all
right.
So the first problem that we'regonna talk about is what
happens when a seller gets coldfeet after signing the contract.
Now, this is one of the worstcircumstances, right?
Because, honestly, you cannotforce a seller to sell their
(00:27):
property.
Now, there are protection toolsand elements, like a memorandum
of contract, but, realistically, as more and more wholesale
regulations come down, likestates like Oregon and
Pennsylvania, and I've seen someof the other ones come down the
(00:48):
pipeline where sellers reallyhave no recourse whatsoever
Actually, the buyers have norecourse Us against the seller
if they decide they no longerwant to sell the property.
So this is where those shadyclosing techniques are going to
become more and more irrelevantinside of our industry, because
(01:11):
sellers are actually now justgoing to have the right to say
hey, you know what?
On Tuesday I wanted to sell youmy property, but now, on Friday
, I don't want to sell you myproperty, I'm terminating the
contract, and it's just.
It is what it is.
Now, the way that I handle thisis you have to truly understand
the seller's motivation and Italk about motivation and though
(01:38):
I'm blue in the face and I'mgoing to keep talking about it
because it is the most importantelement of closing deals Truly
understanding and puttingyourself in the seller's shoes
and grasping the concept thatthey are selling a piece of real
estate a house or a piece ofland for discount.
They could sell the house formore money, but they're choosing
(02:02):
to sell it to a discount to usBecause if it wasn't for a
discount then they could sell itfor the same price that we're
going to sell it for, or evenmore.
So at any point in time theyare taking a haircut on a deal
that they sell to us.
So you need to understand thatmotivation.
So if a seller does sign acontract and they come back to
(02:24):
me and they say, hey, rj, I nolonger want to move forward with
this, I can point back to thatmotivation.
Mr and Mrs Seller, the otherday when we were talking, you
explained to me insertmotivation.
These were the reasons why youwere wanting to move forward
with selling me that piece ofreal estate.
(02:45):
What has changed since the lasttime we talked?
The reason why you really wantto get down to is you want to
make sure that they're not justwanting to sell the contract or
sell their property to someoneelse because someone else came
along and offered them moremoney, because then that's a
completely different type ofobjection to overcome If it's
(03:07):
truly they just no longer wantto sell the property.
So, for example, say this is aninherited property a common
motivating factor for us aswholesalers.
There's been a death of thefamily, the property has been
inherited, they want to sell theproperty.
We come along, we offer thesolution, but now the family has
(03:28):
decided we no longer want tosell this property, we want to
keep it in the family.
We're not the solution.
At that point you shouldabsolutely release them from
that contract, allow thatproperty to stay in the family.
That is what that person, thatseller, needs.
Now, if they come along andit's because Joe Blow Wholesaler
(03:51):
came along and decided theywant to give the White Glove
Equity Protection Program, thenthat's a different type of
objection that you need toovercome and you need to explain
the difference between goingforward with you in this
transaction and what that personis possibly signing up for by
(04:12):
moving forward with thecompetition.
So really understanding thatmotivation early on during the
initial contract signing.
And then, if the seller comesalong and says I've got cold
feet, I no longer want to moveforward, truly identifying the
reason why they're wanting tocancel this contract.
Is it a legitimate reason or isit because something else came
(04:36):
along?
More than likely, it's someonethat wants to offer them more
money or a different solutionand kind of just close them on
this picture perfect scenario.
So this is how I alwaysovercome that Pointing back to
that motivation, askingquestions.
It's almost like a reverse ofthe King Closers formula where
(04:58):
it's like, hey, I needed tounderstand why you wanted to
sell us.
Now I understand.
Now I need to understand whyyou don't want to sell me the
property, sell me on it, explainit.
Now.
There's going to be situationswhere they won't give you those
responses, they won't even giveyou the time of day.
Listen, I don't want to moveforward, cancel the contract.
I don't want to do this anymore.
(05:18):
Here's my question to you Is itworth the headache to try to
salvage that deal at that pointin time, or is it more important
to focus your efforts on justfinding the next seller that
truly does want to move forwardwith you?
So it's worth that singularconversation.
Don't get lost in the weeds.
(05:39):
We're trying to have multipleupon multiple conversations,
saving a deal that doesn't needyou or want you anymore, all
right, the next sellerpsychology issue that we have to
overcome and this is one of themost frequently asked
(06:02):
objections to overcome is themultiple decision maker.
All right, what happens whenwe're talking to the seller and
then insert oh, spouse, sibling,attorney, realtor, family
friend.
I need to discuss this withthem to move forward, all right.
(06:23):
So this is why it's veryimportant to make sure that you
go through the closers formula.
First question that we ask areyou looking to sell this
property?
Yes, how much are you askingfor the property?
We understand their askingprice.
We understand that.
We verify that they want tosell us the property.
Then we discover theirmotivation and then we go for
(06:44):
the close at the end, all right.
So normally, this objection isgoing to come up towards the end
.
Once we've come to an agreementand we're trying to get them to
sign the contract.
Now insert this multipledecision maker.
Right, that comes alongQuestions that you need to ask
(07:04):
All right, you want to discussthis with the other party?
What happens if that partydoesn't want to move forward
with the transaction?
What are you going to do?
Is that person ultimately thedecision maker?
If so, can I have theopportunity to discuss this
directly with that otherdecision maker.
(07:26):
What happens if you guysdisagree?
Say, you want to move forwardand your wife, your sibling, the
realtor, the attorney, says no,who really is making the
decision here?
Because ultimately, there canonly be one decision maker.
So, really understanding who isthat true decision maker?
(07:49):
At any point in time wherethere's multiple parties that
are making this decision, youalways want the opportunity to
be able to speak to that persondirectly.
The worst thing in the worldthat could happen is you go
through the entire closer'sformula.
In the world that could happenis you go through the entire
closer's formula, explaineverything, come to an agreement
(08:13):
and then rely on that person torelay the exact same
information that you just gave,because, remember, they are not
real estate professionals, sothere's going to be questions
that they cannot answer or theymight not remember how you
explained it exactly to thatthird party that is a decision
maker in this process and youneed to explain that to this
(08:35):
person.
Listen, I'm not trying toconvince y'all to do anything.
I just want to make sure I havea fair opportunity to be able
to explain this to each andevery person that's making a
decision, and you can even pointback to the original psychology
that we were trying to overcome, which is getting cold feet
(08:58):
after signing a contract.
I absolutely don't want youguys to get cold feet.
I want you to be completelycomfortable with signing a
contract with me.
So I would love thatopportunity to be able to
explain this to your wife, yourbrother, your sister, the
realtor, the attorney, whoeverthat other decision maker is.
We want the opportunity to beable to speak to them.
(09:20):
The next thing is ask thisdecision maker point blank is
there anything that I did notexplain about this process that
could concern you to not want tosign the contract?
Does this person have anyquestions and are they using
(09:41):
another decision maker as anexcuse?
They using another decisionmaker as an excuse?
Now, there are types of peopleout there that are old school
and, no matter what, they're notgoing to make a decision that
same day.
This is very common with theelderly.
Listen the way my process works.
I've lived on this earth for 75years and I'm not going to make
(10:02):
a decision today.
I'm going to sleep on it.
I'll make a decision.
For example, my partner andgood friend, nick Robbins.
He does not make any importantdecisions after a certain time
in the day.
Now he says 5 pm.
I'm going to call bullshit onthat.
Sometimes it's 4, 3, 2 pm, allright, he likes to sleep on it
(10:25):
and then make a decision in themorning.
That's just his process and itserved him well.
Same things happen with sellers.
You have to be understanding oftheir process, how they're
really digesting this, whatsomewhat emotional experience
can be, and make sure you don'tstep on their feet and try to
(10:47):
convince them to do somethingthat's out of the norm, because
it can push them into that firstbucket, which is getting cold
feet after they sign a contract.
The third one emotionalhijacking a conversation.
All right, this is wheresellers get emotional.
They derail the logicalconversation that we're trying
(11:09):
to have.
Sometimes they can get, youknow, they could cry about maybe
a death or something thathappened with the property.
Maybe they can even get angryright, and you guys have seen
this with my seller calls whereit's been all over the place,
pointing back to specificexamples of where I spoke to the
(11:31):
young lady in Alabama whosehusband was murdered in a mass
shooting and she needed to getrid of her property because she
built it and lived there withher husband, and so she could
not move on from this traumaticevent.
That was a very emotionalconversation where there was
tears and there was a lot ofemotions going through her about
(11:54):
selling her and her husband'sproperty.
Similar circumstance was thebrother who called me in
Fairbanks Alaska, who called mein Fairbanks Alaska, whose
brother that I was speaking toand I made the offer to, was
murdered outside of a bar inFairbanks Alaska Again very
emotional.
(12:15):
Going to the other side ofthings, when a seller can be
extremely angry, sometimes weask a question, it triggers them
.
Maybe they're just angry aboutthe whole situation that they're
in.
Sometimes the anger might noteven be pointed towards you To
be pointed towards the countythat's trying to foreclose on
(12:35):
the property because of backtaxes or the mortgage company
that screwed them over that loanmodification, and they're super
upset.
They're even facing foreclosure.
There's a lot of differentscenarios.
One thing that I want you tounderstand is sit back and be
patient.
Allow the emotions to run theircourse during the call.
(12:59):
One of the worst things that youcan do during this is interrupt
and make the seller feel likethey're not being heard, and
this is a massive mistake thatthe majority of our industry
makes point blank is notlistening enough.
Allow a seller to get to theend of their thought and give
(13:20):
them even more time, becausemaybe they're still not done
composing themselves to expresseverything that they need.
So really sit back, allow themto express all of these emotions
and, when that's done, givethem understanding, give them
(13:42):
empathy about their situation.
Validate that you've heardeverything that they've said.
I'm so sorry about thissituation.
I wish that you didn't have togo through this.
What I can say is, in regardsto the real estate, I can be a
solution, and maybe that's asmall victory for you,
(14:03):
considering everything that youhad to go through.
Now you've transitioned back totalking about the real estate,
but they feel validated in thefact that you have heard what
they've said.
It's a difficult conversation,and what I will tell you is
anytime you have a very highlyemotional conversation with a
(14:26):
seller, immediately followingthat you should take time to
decompress yourself.
It is alarming how much thesetypes of conversations can take
a toll on someone that is doinghours upon hours of acquisitions
.
So don't get lost.
Don't feel like you need tojust keep beating the phones,
(14:46):
because you need to be presentfor each and every one of your
seller conversations.
Case in point.
There's nothing that promisesthat the emotional seller that I
talk about about her husbandgetting murdered in a mass
shooting at his job is notfollowed by the angry seller
(15:07):
who's upset with the mortgagecompany who is stealing their
property now.
Now it's going to be reallyhard for us to shift from the
emotions of dealing withsomeone's husband who's murdered
to now dealing with someonethat's upset about financial
distress and a mortgage company.
So you need to make sure thatyou yourself decompress so you
(15:31):
can be 100% present during eachof these conversations to make
sure that you're listening,you're not interrupting, you
understand their situation, youcan show the empathy that is
needed and then solve theirproblem by buying their real
estate.
That is how you deal with thesetypes of highly emotional
conversations, realisticallycoming out of them, what you
(15:53):
should realize is that for thevast majority of the beginning
of the call, you do next to zerotalking.
It's just listening, and then,when it's your opportunity, you
make sure that you validate thatyou've heard what they say.
You show them that empathy andthen offer the solution.
You might have to do thatmultiple times during the
(16:14):
conversation, but if you do that, what I've experienced is, more
often than not, you will seesuccess.
The next one oh, this is apopular one, especially with the
discounted PPL leads coldcalling, direct mail.
What happens with thecompetition?
(16:36):
Oh, other wholesalers arecalling me.
I've been called by so many ofyou guys.
Just make me an offer.
All right, listen, defeatingthe competition in the
wholesaling industry is not verydifficult, as much as it might
seem like it is right now.
Because you're missing out ondeals.
(16:58):
It's probably because thatother wholesaler is overpaid.
That does not mean that youdon't know what you're doing or
you're being defeated by yourcompetition.
It's just a temporary setback.
All right, I posted a liveseller call yesterday on
directly how I defeated mycompetition.
(17:26):
Here's the question that youshould always to close the deal.
Me and Teresa came to anagreement on price.
Then she lets me know that shehas two set appointments with
the competition.
I asked her a point-basedquestion Is there something that
(17:48):
my competitors are offering youor could offer you that I am
not?
Now see, this is a very broad,open-ended question.
It has nothing to do with money.
It has to do with is theresomething that they are giving
you that could solve yourproblem better than what I
(18:13):
believed I was doing with theoffer I just gave you.
Now, this is very importantbecause a lot of times we point
everything back to money.
We always think that whoeveroffers the most amount of money
is going to win the deal.
But that's not the case.
That's us sitting in our seatsas the real estate professionals
(18:38):
and believing that money is themost important thing to each
and every seller, and that's notthe case.
Sometimes it's the convenience,sometimes it's the timeline.
Sometimes it's the convenience,sometimes it's the timeline.
Sometimes it's also thewillingness to just sit back and
(19:13):
be very, very lenient on thetime frame in which we are going
to close.
Now we set a closing date foron or before 90 days, but if it
ends up being 180 days, that iscompletely okay.
And Teresa knows that, and Iknow that that was discovered
during the motivation phase,asking her what is truly most
(19:36):
important about this deal, andit was understanding her
situation.
So, in turn, what happened?
I made her an offer.
I made her an offer of $55,000when she was asking $60,000.
We settled on $57,250.
I'm sorry, chris Voss, I splitthe difference.
All right.
(19:56):
I believe we can do that,especially when it's a deal.
$60,000 was a deal.
$57,250 is a better deal for me, so we settled on that price.
The competition then came alongafter me with their set
appointment and offered moremoney to Teresa, but she decided
to move forward with us forless money, and the reason why
(20:20):
is because of the convenienceand the understanding of her
situation.
This is one of the ways thatyou defeat the competition, but
really, ultimately, the best waythat you can defeat the
competition is by point blankasking the seller what is the
competition potentially offeringyou that I'm not?
Ask that question and reallysit back.
(20:43):
Sometimes the answer will bewell, they might offer me more
money, and that might be thecase.
That might be the mostimportant thing to that seller.
But if you've asked the rightquestions earlier on, you will
also understand all of the othermotivating factors that the
seller has, and you should pointto each and every one of those
(21:05):
and how you are solving thosebetter than they will, and then
that's where you can ask sowhat's more important?
An extra one, two, three,$5,000 or making sure that these
items also get taken care of?
At the end of the day, I wantyou to understand our
competition sucks.
(21:26):
They suck real bad.
I just go watch videos onYouTube of listening to other
wholesalers talk to sellers,some with big followings.
They're very proud of theseclosings.
When you really truly listen tothem, they're not solid
conversations.
Very rarely are they reallylistening to the seller's needs.
(21:48):
They're just fitting it insideof their script and their
blueprint, trying to do theexact same thing over and over
and over again.
So understand that these arepeople with followings and
putting it out on social media.
Think about all of thethousands of people that are
sitting back, that are nottrained, that do not do this at
a high volume level and don'thave skill sets developed yet,
(22:11):
that are attempting to closethese exact same deals.
These sellers that are gettingcold called and direct mail over
and over and over again.
The reason why they'reresponding negatively is because
they're not enjoying theseconversations.
If they're truly motivated tosell this property and they need
us as a solution, they wouldhave sold their property to the
(22:34):
first couple of people that camealong and offered them the
right amount of money and solvedtheir problem.
So understand when they say oh,I've been getting a ton of
calls from you guys, that's nota bad thing, that's a great
thing.
I tell each and every sellerwhen they say that, well, this
is going to be the last one youhave, because I'm going to buy
(22:56):
your house, let's get down towhat I need to do to buy your
house right now.
It immediately breaks the ice.
It's a little bit humorous, butI'm also dead serious when I
say that I plan on being yourlast conversation that you're
going to have with anywholesaler.
So let's get down to it.
(23:16):
How much money do you need?
What else is important to you?
What's your motivation forwanting to sell?
What's your timeline?
Give me the details that I needand let's talk about what I
actually need you to sell me theproperty for, so I can solve
each and every one of yourproblems.
So, going forward, don't lookat oh, you're just another
(23:36):
wholesaler, you're just anotherreal estate investor.
Look at it as a massiveopportunity to crush your
competition.
All right, let's talk aboutanother very common one that
comes along simultaneouslysometimes to oh.
I've talked to so many of youguys which is the lack of trust
(23:59):
because the seller has beenburned by another real estate
investor or another wholesalerpreviously.
Now, if this happens, what aabsolutely glorious opportunity
it is for you to buildcredibility with the seller and
stand out from the competition.
(24:21):
One thing that is obvious,especially if they use the
legitimate term of wholesaler,is now they understand the
process.
We don't really have to explainit in layman's terms, we can
just go right after Okay, soanother wholesaler locked up
your property and they weren'table to move it, so then they
(24:41):
burned you and they terminatedthe deal.
Let's talk about that.
One this could mean that youwere selling the property for
too much.
Two how did they explain thatthey were going to wholesale the
property to you?
Did they explain what they weredoing to wholesale the property
(25:02):
?
How long did they have theproperty under contract for?
Do you know what price theywere trying to assign their
equitable interest for?
You're suddenly now with thosefive simple questions.
You're suddenly now, with thosefive simple questions, building
credibility as the real estateexpert and understanding what's
taking place.
So one of the things I love toget out of a seller is the price
(25:24):
in which the wholesaler had itunder contract for, because
typically, if it's a deal andyou're even a half-ass
wholesaler you should be able todisvote Somewhere.
Especially with the softwarethat exists nowadays, you should
be able to at least identify abuyer that will come along and
(25:44):
make you an offer.
So did the wholesaler try torenegotiate the price?
Did they try to extend?
What was the explanation thatthey gave you prior to
terminating the contract?
All of these questions arevitally important because once
you get the responses, you cannow dive in and say let's see if
(26:05):
, using the exact same processas that competitor who burned
you and terminated this contract, maybe I can solve your problem
.
Maybe I can see where theymessed up.
And this is where utilizing ourprofit calculator can be
enormous, right, all right.
Well, mr and Mrs Seller, whatI'm looking at is you have an
(26:28):
after repair value of $150,000.
How much repairs do we need?
$30,000.
All right, and you're sayingthat that wholesaler had it on a
contract for $80,000 and theywere trying to assign it for
$90,000.
If I were to do that, my endbuyer only stands to make X
amount of profit.
(26:49):
Maybe that's the reason whythis deal wasn't moving.
Once you give that explanation,you have now explained more
than what that other wholesalerprobably ever attempted.
They probably came in with lies,manipulation and saying
something along the lines of Ineeded a lower price because of
(27:11):
my lender or my partner or thecontractor bid came in too high
and they weren't transparent andreal about what was going on.
This is how you can win overand over and over again and
honestly stand out from thecompetition, because so few
people in this industry arewilling to have that actual
(27:33):
conversation.
This is the buyer's feedback.
Mr and Mrs Seller, here's whatwe can do.
If I were to get this undercontract right now for $70,000
and I were to market it for$80,000, I can get buyer
feedback.
I can get offers from buyersand then tell you what that is.
(27:55):
I'm going to know what aninvestor is willing to pay for
this property.
So if that's what you trulyneed, then I can offer that to
you and then we can make adecision together.
Here's what I would want.
For that, I would want to make$10,000 or $12,000.
Whatever that number is shouldbe relative to the price point
(28:16):
of the property, and once youexplain that, that's your
opportunity to then have acompletely transparent
transaction with the seller.
Now this is going to becomemore and more necessary and
mandatory for all wholesalers.
As we see, regulations likeOregon come down on wholesalers
(28:38):
that are making you register asa registered residential
wholesaler.
They're making you getbackground checks.
They're making you dofingerprints.
They're making you pay $300annually.
They're making you fill out adisclosure with a seller and the
buyer.
All this is saying is we wanttransparency, so it's going to
(29:04):
become more and more common thatwe're going to have to have
this conversation.
So go ahead and get out infront of the curve and start
having those types ofconversations and leverage the
weak-ass competition againstthemselves.
Anytime I hear I've been burnedby a wholesaler, I know I'm
(29:25):
closing this deal.
This is not something thatshould hold me back from closing
this deal, because I can nowhave a completely transparent
and forthright conversation withthis seller.
All right, let's talk about theseller, self-destruction Sellers
(29:45):
sabotaging their own deals withunrealistic expectations.
Now, this one is a little bitmore difficult to overcome than
some of the previous ones thatwe talked about, because this is
where a seller just is in outerspace.
Unrealistic right.
I want 10% non-refundable EMD.
(30:07):
I want no inspection period.
I want a lot more money for myhouse.
I want a 90-day lease back withno money held in escrow these
ridiculous requests.
Here's what I ask each and everyseller when they have these
unrealistic expectations.
(30:28):
If you were to take thisproperty on the market and list
it with a realtor.
If you were to take thisproperty on the market and list
it with a realtor, do you thinkyou would get these exact same
unrealistic expectations?
The answer is no.
More often than not, retailtransactions have pretty cut and
dry, normal circumstances.
Right, there's going to be aninspection period.
(30:51):
It's probably going to be sevento 10 days.
Emd is going to be refundableduring the inspection period,
non-refundable after theinspection period.
It's probably going to be sevento 10 days.
Emd is going to be refundableduring the inspection period,
non-refundable after theinspection period.
It's probably going to becloser to 1%, not 10%.
A 90-day leaseback with nomoney held in escrow is not
going to happen.
The realtors involved would notbe doing their fiduciary duty
for their clients involved wouldnot be doing their fiduciary
(31:11):
duty for their clients.
These are all easily overcome.
So you just combat it with whathappens during a normal retail
transaction.
Now we're dealing with normallya distressed property.
So why?
Because it's a distressedproperty when it probably needs
(31:33):
even more due diligence done totruly understand what's going on
with the property and to alsosolve all of the other seller's
problems?
Why would we not protectourselves in this transaction If
the seller is not willing tomeet you on that level, then my
question to you is why would youwant to be in a short-term
(31:54):
marriage with that seller?
You should probably move on tothe next one and embrace.
No, the next one.
Seller, timeline manipulation,right.
What happens when a seller saysI want to wait six months to
sell, or well, I've got to findanother property and I need 90
(32:15):
to 120 days to figure out whereI'm going to move to?
We've all had thoseconversations and sometimes it's
extremely frustrating.
Here's how I immediately cutstraight through that objection
All right, so you need sixmonths.
What do you need during thosesix months?
Hear what it is and say, allright, so you need six months.
What do you need during thosesix months?
(32:35):
Hear what it is and say allright.
So my question is if we were tojust put the closing date out
for on or before six months, toallow you to do all of those
things you just said you neededto do, wouldn't it give you
peace of mind to know that theproperty is already sold and
(32:55):
we're just waiting on you toaccomplish those actions?
Very similar.
Going back to Teresa, yes, Ihad to beat the competition, but
part of beating the competitionwas timeline.
She needed 90 to 120 days.
A lot of wholesalers look atthat and say I'm not going to
contract it right now, I'll waituntil you're 30 days out.
(33:17):
No Time kills all deals,especially when we don't have
any interest in the deal.
Them filling out a form or youswiping your credit card on
Property Leads or Leadsolo orSpeed to Leads website does not
give you interest in that deal.
You having a conversation withthe seller gives you no interest
(33:39):
in that deal.
You getting a signed contract,however, does it gets us our
foot in the door and weunderstand where we stand in
this transaction.
We can begin doing our reconand even begin doing
dispositions.
So overcome that by saying oneof the things that we offer is
(34:01):
convenience, convenience ontimeline.
I don't need to close in anyspecific time frame.
So whatever time frame you need, we can put the closing date
down for that and close whenyou're ready, maybe even before
the time frame you'reanticipating today.
The last one is the sellerfortress.
(34:23):
What happens when the sellerwill not give me key information
?
I need?
This is when you say well, tellme a little bit about what you
got going on.
They go well.
What do you mean by that?
You know I got a 3,200 squarefeet house.
You know it's a good house.
It's on a quarter lot.
Well, what do you need to know?
(34:44):
Why don't you come out here andlook at it?
Make me an offer?
I tell each and every sellerwhen they do that.
Well, I just asked you how muchyou wanted for the house.
You gave me a price.
Say it's $200,000.
You want me to strike you acheck $200,000.
(35:05):
I asked you to tell me what'sgoing on with the house and you
say what do you need to know?
Here's what I need to know.
I need to know the condition.
I need to know your timeline.
I need to know the occupancy.
I need to know why you'rewanting to sell the property.
I need to know why $200,000 isthe price you came up with, why
that's important, how much moneyyou need to walk away and also,
(35:27):
quite frankly, I want you tosell me on the house.
Tell me why I should give you$200,000.
Sit back and see how theyrespond to that.
Here's what happens More oftenthan not.
It shows how serious you areabout the transaction and you
also gave the seller yourperspective.
A lot of times, sellers areonly thinking about things from
(35:51):
their perspective.
I want $200,000 because Zillowtold me my house is worth
$200,000.
And last night, when I filledout this form and I went on
Zillow, I told my wife Zillowsays their house is worth
$200,000.
Being a hard ass has alwaysworked for me when it came to
negotiations, so that's why I'mbeing a hard ass right now.
(36:12):
But you give them theperspective of $200,000 going to
them for this house and notknowing the condition or the
timeline which could beimportant to them, how they came
up with that number, whatspecific amount do they need in
their pocket from thistransaction?
(36:34):
That perspective change canreally make a difference.
The bottom line is, if a selleris not willing to give you key
information about the property,then we can't move forward.
You should stand on that hilland be willing to die on it.
Mr and Mrs Seller, if you'renot willing to talk to me and
(36:55):
give me key information, then Idon't think we're the right fit.
We're not going to be able todo business because, honestly,
it's screaming like there'ssomething wrong that you don't
want to disclose to me.
Facts are, if you start pullingaway, if the seller is truly
motivated, they will chase afteryou, and if they don't, then at
(37:16):
the end of the day maybe theyweren't the right seller for us,
because the most importantfactor to each seller call is
their level of motivation.
So this is a great test oftheir motivation early on in the
conversation.
So those are my examples of theseller psychology.
(37:37):
Hope you guys enjoyed that.
Let's get into the seller psychology mastery, all
right.
So the first problem that we'regonna talk about is what
happens when a seller gets coldfeet after signing the contract.
Now, this is one of the worstcircumstances, right?
Because, honestly, you cannotforce a seller to sell their
(00:27):
property.
Now, there are protection toolsand elements, like a memorandum
of contract, but, realistically, as more and more wholesale
regulations come down, likestates like Oregon and
Pennsylvania, and I've seen someof the other ones come down the
(00:48):
pipeline where sellers reallyhave no recourse whatsoever
Actually, the buyers have norecourse Us against the seller
if they decide they no longerwant to sell the property.
So this is where those shadyclosing techniques are going to
become more and more irrelevantinside of our industry, because
(01:11):
sellers are actually now justgoing to have the right to say
hey, you know what?
On Tuesday I wanted to sell youmy property, but now, on Friday
, I don't want to sell you myproperty, I'm terminating the
contract, and it's just.
It is what it is.
Now, the way that I handle thisis you have to truly understand
the seller's motivation and Italk about motivation and though
(01:38):
I'm blue in the face and I'mgoing to keep talking about it
because it is the most importantelement of closing deals Truly
understanding and puttingyourself in the seller's shoes
and grasping the concept thatthey are selling a piece of real
estate a house or a piece ofland for discount.
They could sell the house formore money, but they're choosing
(02:02):
to sell it to a discount to usBecause if it wasn't for a
discount then they could sell itfor the same price that we're
going to sell it for, or evenmore.
So at any point in time theyare taking a haircut on a deal
that they sell to us.
So you need to understand thatmotivation.
So if a seller does sign acontract and they come back to
(02:24):
me and they say, hey, rj, I nolonger want to move forward with
this, I can point back to thatmotivation.
Mr and Mrs Seller, the otherday when we were talking, you
explained to me insertmotivation.
These were the reasons why youwere wanting to move forward
with selling me that piece ofreal estate.
(02:45):
What has changed since the lasttime we talked?
The reason why you really wantto get down to is you want to
make sure that they're not justwanting to sell the contract or
sell their property to someoneelse because someone else came
along and offered them moremoney, because then that's a
completely different type ofobjection to overcome If it's
(03:07):
truly they just no longer wantto sell the property.
So, for example, say this is aninherited property a common
motivating factor for us aswholesalers.
There's been a death of thefamily, the property has been
inherited, they want to sell theproperty.
We come along, we offer thesolution, but now the family has
(03:28):
decided we no longer want tosell this property, we want to
keep it in the family.
We're not the solution.
At that point you shouldabsolutely release them from
that contract, allow thatproperty to stay in the family.
That is what that person, thatseller, needs.
Now, if they come along andit's because Joe Blow Wholesaler
(03:51):
came along and decided theywant to give the White Glove
Equity Protection Program, thenthat's a different type of
objection that you need toovercome and you need to explain
the difference between goingforward with you in this
transaction and what that personis possibly signing up for by
(04:12):
moving forward with thecompetition.
So really understanding thatmotivation early on during the
initial contract signing.
And then, if the seller comesalong and says I've got cold
feet, I no longer want to moveforward, truly identifying the
reason why they're wanting tocancel this contract.
Is it a legitimate reason or isit because something else came
(04:36):
along?
More than likely, it's someonethat wants to offer them more
money or a different solutionand kind of just close them on
this picture perfect scenario.
So this is how I alwaysovercome that Pointing back to
that motivation, askingquestions.
It's almost like a reverse ofthe King Closers formula where
(04:58):
it's like, hey, I needed tounderstand why you wanted to
sell us.
Now I understand.
Now I need to understand whyyou don't want to sell me the
property, sell me on it, explainit.
Now.
There's going to be situationswhere they won't give you those
responses, they won't even giveyou the time of day.
Listen, I don't want to moveforward, cancel the contract.
I don't want to do this anymore.
(05:18):
Here's my question to you Is itworth the headache to try to
salvage that deal at that pointin time, or is it more important
to focus your efforts on justfinding the next seller that
truly does want to move forwardwith you?
So it's worth that singularconversation.
Don't get lost in the weeds.
(05:39):
We're trying to have multipleupon multiple conversations,
saving a deal that doesn't needyou or want you anymore, all
right, the next sellerpsychology issue that we have to
overcome and this is one of themost frequently asked
(06:02):
objections to overcome is themultiple decision maker.
All right, what happens whenwe're talking to the seller and
then insert oh, spouse, sibling,attorney, realtor, family
friend.
I need to discuss this withthem to move forward, all right.
(06:23):
So this is why it's veryimportant to make sure that you
go through the closers formula.
First question that we ask areyou looking to sell this
property?
Yes, how much are you askingfor the property?
We understand their askingprice.
We understand that.
We verify that they want tosell us the property.
Then we discover theirmotivation and then we go for
(06:44):
the close at the end, all right.
So normally, this objection isgoing to come up towards the end
.
Once we've come to an agreementand we're trying to get them to
sign the contract.
Now insert this multipledecision maker.
Right, that comes alongQuestions that you need to ask
(07:04):
All right, you want to discussthis with the other party?
What happens if that partydoesn't want to move forward
with the transaction?
What are you going to do?
Is that person ultimately thedecision maker?
If so, can I have theopportunity to discuss this
directly with that otherdecision maker.
(07:26):
What happens if you guysdisagree?
Say, you want to move forwardand your wife, your sibling, the
realtor, the attorney, says no,who really is making the
decision here?
Because ultimately, there canonly be one decision maker.
So, really understanding who isthat true decision maker?
(07:49):
At any point in time wherethere's multiple parties that
are making this decision, youalways want the opportunity to
be able to speak to that persondirectly.
The worst thing in the worldthat could happen is you go
through the entire closer'sformula.
In the world that could happenis you go through the entire
closer's formula, explaineverything, come to an agreement
(08:13):
and then rely on that person torelay the exact same
information that you just gave,because, remember, they are not
real estate professionals, sothere's going to be questions
that they cannot answer or theymight not remember how you
explained it exactly to thatthird party that is a decision
maker in this process and youneed to explain that to this
(08:35):
person.
Listen, I'm not trying toconvince y'all to do anything.
I just want to make sure I havea fair opportunity to be able
to explain this to each andevery person that's making a
decision, and you can even pointback to the original psychology
that we were trying to overcome, which is getting cold feet
(08:58):
after signing a contract.
I absolutely don't want youguys to get cold feet.
I want you to be completelycomfortable with signing a
contract with me.
So I would love thatopportunity to be able to
explain this to your wife, yourbrother, your sister, the
realtor, the attorney, whoeverthat other decision maker is.
We want the opportunity to beable to speak to them.
(09:20):
The next thing is ask thisdecision maker point blank is
there anything that I did notexplain about this process that
could concern you to not want tosign the contract?
Does this person have anyquestions and are they using
(09:41):
another decision maker as anexcuse?
They using another decisionmaker as an excuse?
Now, there are types of peopleout there that are old school
and, no matter what, they're notgoing to make a decision that
same day.
This is very common with theelderly.
Listen the way my process works.
I've lived on this earth for 75years and I'm not going to make
(10:02):
a decision today.
I'm going to sleep on it.
I'll make a decision.
For example, my partner andgood friend, nick Robbins.
He does not make any importantdecisions after a certain time
in the day.
Now he says 5 pm.
I'm going to call bullshit onthat.
Sometimes it's 4, 3, 2 pm, allright, he likes to sleep on it
(10:25):
and then make a decision in themorning.
That's just his process and itserved him well.
Same things happen with sellers.
You have to be understanding oftheir process, how they're
really digesting this, whatsomewhat emotional experience
can be, and make sure you don'tstep on their feet and try to
(10:47):
convince them to do somethingthat's out of the norm, because
it can push them into that firstbucket, which is getting cold
feet after they sign a contract.
The third one emotionalhijacking a conversation.
All right, this is wheresellers get emotional.
They derail the logicalconversation that we're trying
(11:09):
to have.
Sometimes they can get, youknow, they could cry about maybe
a death or something thathappened with the property.
Maybe they can even get angryright, and you guys have seen
this with my seller calls whereit's been all over the place,
pointing back to specificexamples of where I spoke to the
(11:31):
young lady in Alabama whosehusband was murdered in a mass
shooting and she needed to getrid of her property because she
built it and lived there withher husband, and so she could
not move on from this traumaticevent.
That was a very emotionalconversation where there was
tears and there was a lot ofemotions going through her about
(11:54):
selling her and her husband'sproperty.
Similar circumstance was thebrother who called me in
Fairbanks Alaska, who called mein Fairbanks Alaska, whose
brother that I was speaking toand I made the offer to, was
murdered outside of a bar inFairbanks Alaska Again very
emotional.
(12:15):
Going to the other side ofthings, when a seller can be
extremely angry, sometimes weask a question, it triggers them
.
Maybe they're just angry aboutthe whole situation that they're
in.
Sometimes the anger might noteven be pointed towards you To
be pointed towards the countythat's trying to foreclose on
(12:35):
the property because of backtaxes or the mortgage company
that screwed them over that loanmodification, and they're super
upset.
They're even facing foreclosure.
There's a lot of differentscenarios.
One thing that I want you tounderstand is sit back and be
patient.
Allow the emotions to run theircourse during the call.
(12:59):
One of the worst things that youcan do during this is interrupt
and make the seller feel likethey're not being heard, and
this is a massive mistake thatthe majority of our industry
makes point blank is notlistening enough.
Allow a seller to get to theend of their thought and give
(13:20):
them even more time, becausemaybe they're still not done
composing themselves to expresseverything that they need.
So really sit back, allow themto express all of these emotions
and, when that's done, givethem understanding, give them
(13:42):
empathy about their situation.
Validate that you've heardeverything that they've said.
I'm so sorry about thissituation.
I wish that you didn't have togo through this.
What I can say is, in regardsto the real estate, I can be a
solution, and maybe that's asmall victory for you,
(14:03):
considering everything that youhad to go through.
Now you've transitioned back totalking about the real estate,
but they feel validated in thefact that you have heard what
they've said.
It's a difficult conversation,and what I will tell you is
anytime you have a very highlyemotional conversation with a
(14:26):
seller, immediately followingthat you should take time to
decompress yourself.
It is alarming how much thesetypes of conversations can take
a toll on someone that is doinghours upon hours of acquisitions
.
So don't get lost.
Don't feel like you need tojust keep beating the phones,
(14:46):
because you need to be presentfor each and every one of your
seller conversations.
Case in point.
There's nothing that promisesthat the emotional seller that I
talk about about her husbandgetting murdered in a mass
shooting at his job is notfollowed by the angry seller
(15:07):
who's upset with the mortgagecompany who is stealing their
property now.
Now it's going to be reallyhard for us to shift from the
emotions of dealing withsomeone's husband who's murdered
to now dealing with someonethat's upset about financial
distress and a mortgage company.
So you need to make sure thatyou yourself decompress so you
(15:31):
can be 100% present during eachof these conversations to make
sure that you're listening,you're not interrupting, you
understand their situation, youcan show the empathy that is
needed and then solve theirproblem by buying their real
estate.
That is how you deal with thesetypes of highly emotional
conversations, realisticallycoming out of them, what you
(15:53):
should realize is that for thevast majority of the beginning
of the call, you do next to zerotalking.
It's just listening, and then,when it's your opportunity, you
make sure that you validate thatyou've heard what they say.
You show them that empathy andthen offer the solution.
You might have to do thatmultiple times during the
(16:14):
conversation, but if you do that, what I've experienced is, more
often than not, you will seesuccess.
The next one oh, this is apopular one, especially with the
discounted PPL leads coldcalling, direct mail.
What happens with thecompetition?
(16:36):
Oh, other wholesalers arecalling me.
I've been called by so many ofyou guys.
Just make me an offer.
All right, listen, defeatingthe competition in the
wholesaling industry is not verydifficult, as much as it might
seem like it is right now.
Because you're missing out ondeals.
(16:58):
It's probably because thatother wholesaler is overpaid.
That does not mean that youdon't know what you're doing or
you're being defeated by yourcompetition.
It's just a temporary setback.
All right, I posted a liveseller call yesterday on
directly how I defeated mycompetition.
(17:26):
Here's the question that youshould always to close the deal.
Me and Teresa came to anagreement on price.
Then she lets me know that shehas two set appointments with
the competition.
I asked her a point-basedquestion Is there something that
(17:48):
my competitors are offering youor could offer you that I am
not?
Now see, this is a very broad,open-ended question.
It has nothing to do with money.
It has to do with is theresomething that they are giving
you that could solve yourproblem better than what I
(18:13):
believed I was doing with theoffer I just gave you.
Now, this is very importantbecause a lot of times we point
everything back to money.
We always think that whoeveroffers the most amount of money
is going to win the deal.
But that's not the case.
That's us sitting in our seatsas the real estate professionals
(18:38):
and believing that money is themost important thing to each
and every seller, and that's notthe case.
Sometimes it's the convenience,sometimes it's the timeline.
Sometimes it's the convenience,sometimes it's the timeline.
Sometimes it's also thewillingness to just sit back and
(19:13):
be very, very lenient on thetime frame in which we are going
to close.
Now we set a closing date foron or before 90 days, but if it
ends up being 180 days, that iscompletely okay.
And Teresa knows that, and Iknow that that was discovered
during the motivation phase,asking her what is truly most
(19:36):
important about this deal, andit was understanding her
situation.
So, in turn, what happened?
I made her an offer.
I made her an offer of $55,000when she was asking $60,000.
We settled on $57,250.
I'm sorry, chris Voss, I splitthe difference.
All right.
(19:56):
I believe we can do that,especially when it's a deal.
$60,000 was a deal.
$57,250 is a better deal for me, so we settled on that price.
The competition then came alongafter me with their set
appointment and offered moremoney to Teresa, but she decided
to move forward with us forless money, and the reason why
(20:20):
is because of the convenienceand the understanding of her
situation.
This is one of the ways thatyou defeat the competition, but
really, ultimately, the best waythat you can defeat the
competition is by point blankasking the seller what is the
competition potentially offeringyou that I'm not?
Ask that question and reallysit back.
(20:43):
Sometimes the answer will bewell, they might offer me more
money, and that might be thecase.
That might be the mostimportant thing to that seller.
But if you've asked the rightquestions earlier on, you will
also understand all of the othermotivating factors that the
seller has, and you should pointto each and every one of those
(21:05):
and how you are solving thosebetter than they will, and then
that's where you can ask sowhat's more important?
An extra one, two, three,$5,000 or making sure that these
items also get taken care of?
At the end of the day, I wantyou to understand our
competition sucks.
(21:26):
They suck real bad.
I just go watch videos onYouTube of listening to other
wholesalers talk to sellers,some with big followings.
They're very proud of theseclosings.
When you really truly listen tothem, they're not solid
conversations.
Very rarely are they reallylistening to the seller's needs.
(21:48):
They're just fitting it insideof their script and their
blueprint, trying to do theexact same thing over and over
and over again.
So understand that these arepeople with followings and
putting it out on social media.
Think about all of thethousands of people that are
sitting back, that are nottrained, that do not do this at
a high volume level and don'thave skill sets developed yet,
(22:11):
that are attempting to closethese exact same deals.
These sellers that are gettingcold called and direct mail over
and over and over again.
The reason why they'reresponding negatively is because
they're not enjoying theseconversations.
If they're truly motivated tosell this property and they need
us as a solution, they wouldhave sold their property to the
(22:34):
first couple of people that camealong and offered them the
right amount of money and solvedtheir problem.
So understand when they say oh,I've been getting a ton of
calls from you guys, that's nota bad thing, that's a great
thing.
I tell each and every sellerwhen they say that, well, this
is going to be the last one youhave, because I'm going to buy
(22:56):
your house, let's get down towhat I need to do to buy your
house right now.
It immediately breaks the ice.
It's a little bit humorous, butI'm also dead serious when I
say that I plan on being yourlast conversation that you're
going to have with anywholesaler.
So let's get down to it.
(23:16):
How much money do you need?
What else is important to you?
What's your motivation forwanting to sell?
What's your timeline?
Give me the details that I needand let's talk about what I
actually need you to sell me theproperty for, so I can solve
each and every one of yourproblems.
So, going forward, don't lookat oh, you're just another
(23:36):
wholesaler, you're just anotherreal estate investor.
Look at it as a massiveopportunity to crush your
competition.
All right, let's talk aboutanother very common one that
comes along simultaneouslysometimes to oh.
I've talked to so many of youguys which is the lack of trust
(23:59):
because the seller has beenburned by another real estate
investor or another wholesalerpreviously.
Now, if this happens, what aabsolutely glorious opportunity
it is for you to buildcredibility with the seller and
stand out from the competition.
(24:21):
One thing that is obvious,especially if they use the
legitimate term of wholesaler,is now they understand the
process.
We don't really have to explainit in layman's terms, we can
just go right after Okay, soanother wholesaler locked up
your property and they weren'table to move it, so then they
(24:41):
burned you and they terminatedthe deal.
Let's talk about that.
One this could mean that youwere selling the property for
too much.
Two how did they explain thatthey were going to wholesale the
property to you?
Did they explain what they weredoing to wholesale the property
(25:02):
?
How long did they have theproperty under contract for?
Do you know what price theywere trying to assign their
equitable interest for?
You're suddenly now with thosefive simple questions.
You're suddenly now, with thosefive simple questions, building
credibility as the real estateexpert and understanding what's
taking place.
So one of the things I love toget out of a seller is the price
(25:24):
in which the wholesaler had itunder contract for, because
typically, if it's a deal andyou're even a half-ass
wholesaler you should be able todisvote Somewhere.
Especially with the softwarethat exists nowadays, you should
be able to at least identify abuyer that will come along and
(25:44):
make you an offer.
So did the wholesaler try torenegotiate the price?
Did they try to extend?
What was the explanation thatthey gave you prior to
terminating the contract?
All of these questions arevitally important because once
you get the responses, you cannow dive in and say let's see if
(26:05):
, using the exact same processas that competitor who burned
you and terminated this contract, maybe I can solve your problem
.
Maybe I can see where theymessed up.
And this is where utilizing ourprofit calculator can be
enormous, right, all right.
Well, mr and Mrs Seller, whatI'm looking at is you have an
(26:28):
after repair value of $150,000.
How much repairs do we need?
$30,000.
All right, and you're sayingthat that wholesaler had it on a
contract for $80,000 and theywere trying to assign it for
$90,000.
If I were to do that, my endbuyer only stands to make X
amount of profit.
(26:49):
Maybe that's the reason whythis deal wasn't moving.
Once you give that explanation,you have now explained more
than what that other wholesalerprobably ever attempted.
They probably came in with lies,manipulation and saying
something along the lines of Ineeded a lower price because of
(27:11):
my lender or my partner or thecontractor bid came in too high
and they weren't transparent andreal about what was going on.
This is how you can win overand over and over again and
honestly stand out from thecompetition, because so few
people in this industry arewilling to have that actual
(27:33):
conversation.
This is the buyer's feedback.
Mr and Mrs Seller, here's whatwe can do.
If I were to get this undercontract right now for $70,000
and I were to market it for$80,000, I can get buyer
feedback.
I can get offers from buyersand then tell you what that is.
(27:55):
I'm going to know what aninvestor is willing to pay for
this property.
So if that's what you trulyneed, then I can offer that to
you and then we can make adecision together.
Here's what I would want.
For that, I would want to make$10,000 or $12,000.
Whatever that number is shouldbe relative to the price point
(28:16):
of the property, and once youexplain that, that's your
opportunity to then have acompletely transparent
transaction with the seller.
Now this is going to becomemore and more necessary and
mandatory for all wholesalers.
As we see, regulations likeOregon come down on wholesalers
(28:38):
that are making you register asa registered residential
wholesaler.
They're making you getbackground checks.
They're making you dofingerprints.
They're making you pay $300annually.
They're making you fill out adisclosure with a seller and the
buyer.
All this is saying is we wanttransparency, so it's going to
(29:04):
become more and more common thatwe're going to have to have
this conversation.
So go ahead and get out infront of the curve and start
having those types ofconversations and leverage the
weak-ass competition againstthemselves.
Anytime I hear I've been burnedby a wholesaler, I know I'm
(29:25):
closing this deal.
This is not something thatshould hold me back from closing
this deal, because I can nowhave a completely transparent
and forthright conversation withthis seller.
All right, let's talk about theseller, self-destruction Sellers
(29:45):
sabotaging their own deals withunrealistic expectations.
Now, this one is a little bitmore difficult to overcome than
some of the previous ones thatwe talked about, because this is
where a seller just is in outerspace.
Unrealistic right.
I want 10% non-refundable EMD.
(30:07):
I want no inspection period.
I want a lot more money for myhouse.
I want a 90-day lease back withno money held in escrow these
ridiculous requests.
Here's what I ask each and everyseller when they have these
unrealistic expectations.
(30:28):
If you were to take thisproperty on the market and list
it with a realtor.
If you were to take thisproperty on the market and list
it with a realtor, do you thinkyou would get these exact same
unrealistic expectations?
The answer is no.
More often than not, retailtransactions have pretty cut and
dry, normal circumstances.
Right, there's going to be aninspection period.
(30:51):
It's probably going to be sevento 10 days.
Emd is going to be refundableduring the inspection period,
non-refundable after theinspection period.
It's probably going to be sevento 10 days.
Emd is going to be refundableduring the inspection period,
non-refundable after theinspection period.
It's probably going to becloser to 1%, not 10%.
A 90-day leaseback with nomoney held in escrow is not
going to happen.
The realtors involved would notbe doing their fiduciary duty
for their clients involved wouldnot be doing their fiduciary
(31:11):
duty for their clients.
These are all easily overcome.
So you just combat it with whathappens during a normal retail
transaction.
Now we're dealing with normallya distressed property.
So why?
Because it's a distressedproperty when it probably needs
(31:33):
even more due diligence done totruly understand what's going on
with the property and to alsosolve all of the other seller's
problems?
Why would we not protectourselves in this transaction If
the seller is not willing tomeet you on that level, then my
question to you is why would youwant to be in a short-term
(31:54):
marriage with that seller?
You should probably move on tothe next one and embrace.
No, the next one.
Seller, timeline manipulation,right.
What happens when a seller saysI want to wait six months to
sell, or well, I've got to findanother property and I need 90
(32:15):
to 120 days to figure out whereI'm going to move to?
We've all had thoseconversations and sometimes it's
extremely frustrating.
Here's how I immediately cutstraight through that objection
All right, so you need sixmonths.
What do you need during thosesix months?
Hear what it is and say, allright, so you need six months.
What do you need during thosesix months?
(32:35):
Hear what it is and say allright.
So my question is if we were tojust put the closing date out
for on or before six months, toallow you to do all of those
things you just said you neededto do, wouldn't it give you
peace of mind to know that theproperty is already sold and
(32:55):
we're just waiting on you toaccomplish those actions?
Very similar.
Going back to Teresa, yes, Ihad to beat the competition, but
part of beating the competitionwas timeline.
She needed 90 to 120 days.
A lot of wholesalers look atthat and say I'm not going to
contract it right now, I'll waituntil you're 30 days out.
(33:17):
No Time kills all deals,especially when we don't have
any interest in the deal.
Them filling out a form or youswiping your credit card on
Property Leads or Leadsolo orSpeed to Leads website does not
give you interest in that deal.
You having a conversation withthe seller gives you no interest
(33:39):
in that deal.
You getting a signed contract,however, does it gets us our
foot in the door and weunderstand where we stand in
this transaction.
We can begin doing our reconand even begin doing
dispositions.
So overcome that by saying oneof the things that we offer is
(34:01):
convenience, convenience ontimeline.
I don't need to close in anyspecific time frame.
So whatever time frame you need, we can put the closing date
down for that and close whenyou're ready, maybe even before
the time frame you'reanticipating today.
The last one is the sellerfortress.
(34:23):
What happens when the sellerwill not give me key information
?
I need?
This is when you say well, tellme a little bit about what you
got going on.
They go well.
What do you mean by that?
You know I got a 3,200 squarefeet house.
You know it's a good house.
It's on a quarter lot.
Well, what do you need to know?
(34:44):
Why don't you come out here andlook at it?
Make me an offer?
I tell each and every sellerwhen they do that.
Well, I just asked you how muchyou wanted for the house.
You gave me a price.
Say it's $200,000.
You want me to strike you acheck $200,000.
(35:05):
I asked you to tell me what'sgoing on with the house and you
say what do you need to know?
Here's what I need to know.
I need to know the condition.
I need to know your timeline.
I need to know the occupancy.
I need to know why you'rewanting to sell the property.
I need to know why $200,000 isthe price you came up with, why
that's important, how much moneyyou need to walk away and also,
(35:27):
quite frankly, I want you tosell me on the house.
Tell me why I should give you$200,000.
Sit back and see how theyrespond to that.
Here's what happens More oftenthan not.
It shows how serious you areabout the transaction and you
also gave the seller yourperspective.
A lot of times, sellers areonly thinking about things from
(35:51):
their perspective.
I want $200,000 because Zillowtold me my house is worth
$200,000.
And last night, when I filledout this form and I went on
Zillow, I told my wife Zillowsays their house is worth
$200,000.
Being a hard ass has alwaysworked for me when it came to
negotiations, so that's why I'mbeing a hard ass right now.
(36:12):
But you give them theperspective of $200,000 going to
them for this house and notknowing the condition or the
timeline which could beimportant to them, how they came
up with that number, whatspecific amount do they need in
their pocket from thistransaction?
(36:34):
That perspective change canreally make a difference.
The bottom line is, if a selleris not willing to give you key
information about the property,then we can't move forward.
You should stand on that hilland be willing to die on it.
Mr and Mrs Seller, if you'renot willing to talk to me and
(36:55):
give me key information, then Idon't think we're the right fit.
We're not going to be able todo business because, honestly,
it's screaming like there'ssomething wrong that you don't
want to disclose to me.
Facts are, if you start pullingaway, if the seller is truly
motivated, they will chase afteryou, and if they don't, then at
(37:16):
the end of the day maybe theyweren't the right seller for us,
because the most importantfactor to each seller call is
their level of motivation.
So this is a great test oftheir motivation early on in the
conversation.
So those are my examples of theseller psychology.
(37:37):
Hope you guys enjoyed that.
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