The Secret To Getting To Sign Contracts Quickly!

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Episode Transcript

Speaker 1 (00:07):
Today we're going to be talking about how to get
contracts signed, and signedquickly.
These are those scenarios wherethe seller might say let me
think about it, or let me talkto my significant other, or
maybe even I've got anotherinvestor coming to take a look
at the property.
Let me get back to you afterthat appointment.
It all starts with embracingbeing the buyer, and if you're

(00:32):
following the closures formula,leveraging the answer that they
originally gave you to the firstquestion that we asked, which
is are you still looking to sellthat property?
Now, what I mean by embracebeing the, which is are you
still looking to sell thatproperty?
Now, what I mean by embracebeing the buyer, is imagine any
other scenario in your lifewhere you go to purchase an item
.
Now, imagine when you go topurchase that item and the

(00:57):
seller tells you let me thinkabout it.
That very rarely happens.
If you walk into a cardealership and you were to come
to an agreement on a price andthe terms and everything, is the
car salesman then going to tellyou let me think about it?
No, if you walk into a store topurchase an item, there's an

(01:19):
asking price and you pick thatitem up, is the cashier then
going to tell you let me thinkabout it or let me talk to my
manager?
No, so in this scenario, ifyou're truly embracing being the
buyer and you could come tothose agreements on price and
all the other terms, this iswhere you leverage that and you

(01:40):
do not need to be afraid to walkaway from that deal.
That and you do not need to beafraid to walk away from that
deal.
Now see a lot of wholesalersespecially when they're newer
and maybe they're struggling toget cash in the bank or get that
first deal across the finishline they're very afraid of
walking away from a potentialdeal.
But see, what you're actuallydoing is you're not leveraging

(02:01):
the greatest asset that you have.
But see, what you're actuallydoing is you're not leveraging
the greatest asset that you have, which is you are the buyer in
this transaction and,realistically, they need you
more than you need that deal.
That's what makes them a trulymotivated seller.
This is why I tell everybody,when you're talking to a seller,

(02:22):
the two most important thingsthat you need to identify is the
price and the seller'smotivation.
If you could do that, then atthat point in time, you know
exactly how to navigate the restof the conversation and you
could close these types oftransactions with ease because
you're not going to be afraid towalk away from it.
Now, in these scenarios wherethe seller is giving you

(02:45):
pushback and wants to take timeto think about your offer, if
you have not uncovered thelayers of motivation, this is
where the seller canout-leverage you in the
conversation.
Or maybe you low-balled themwhich, by the way, I adamantly
disagree with and I don't thinkyou should be low-balling any

(03:12):
seller whatsoever, because youneed to understand their
situation and you should beeducating them on how we come up
with our numbers and our offer.
And then, at this scenariowhere we need to get the
contract signed but they'rewanting to think about it or
shop or offer or talk to someoneelse, that means they have

(03:32):
already verbally agreed to thatprice and we're sending them a
contract.
Now how do you get that signed?
Now, depending upon how youkind of position yourself in the
conversation, if you're anactual in buyer, my favorite
phrase to use is okay, Iunderstand where you're coming

(03:53):
from, but I do want to tell youthat that offer that I just made
you stands right now, but I dohave limited funds available.
I don't have unlimited funds.
So if you call me back two daysfrom now and another seller
says yes to my offer, then thosefunds might not be available

(04:13):
anymore for you.
So that offer does have anexpiration date.
So let me ask you what is itthat I don't understand about
the conversation that we hadthat you need to explore?
Is there something that you'reconcerned about?
Do you have any questions thatI could answer?
Because I would like to make anagreement today, but if it's

(04:34):
two, three days, maybe evenlonger, I don't know if I'm
still going to be in theposition to buy your house Now.
That is an extremely powerfulstatement to make and it applies
urgency to the seller to make adecision.
Now, say you position yourselfas a wholesaler.
What you can say is well, mrand Mrs Seller, what I have to

(04:58):
say is I do know that my endbuyers today are in a position
to buy another property, are ina position to buy another
property.
That being said, if I were togo get another property under
contract and get a seller toagree to it and they buy that
property from me today, I don'tknow that they're going to be in
a position to buy anotherproperty after that.
I am in a position to performfor you today, but the longer

(05:22):
that you wait and elongate thisprocess, I do not know that I'm
going to be available.
What hopefully happens is isthat it opens up the fear or the
unknown that the seller hasabout this transaction.
Rarely does it come down to thefact that they're wanting more

(05:43):
money.
It has something to do with.
They just don't quiteunderstand the process and
they're not wanting to make arash decision.
Now.
Each and every one of us willeventually talk to an elderly
seller that just will not make adecision on the spot the same

(06:03):
day that they have the initialconversation.
That happens to all of us.
That being said, if you havethat conversation and you
understand that you do not wantto try to force someone into
doing something that they standby it's the way that they do
business.
We don't want to be pushysalesmen.
So ask up front is thereanything that you need me to

(06:26):
answer while we're on the phone,and how long do you need?
And then preface that by sayingthe line depending upon how you
position yourself and what yourrole is in the transaction,
money is a limited resource.
Now, is this always the case,some of us could have a hard
money lender that funds the vastmajority of the transaction,

(06:50):
but gap funding could be anissue.
Bandwidth of contractors andthe amount of properties that we
can take on at one time couldbe the issue, and this happens
with our end buyers at times.
So, even if you're a wholesaler, you can still leverage the
fact that you are going tocontinue doing your job, you're
going to call more sellers andyou are going to get properties

(07:13):
on a contract.
This urgency allows the sellerto understand that they have to
take this serious, and ifthey're truly motivated, they
will then understand howimportant it is for them to make
a decision, and make a decisionquickly.
What you're really trying toaccomplish with these lines is
to get the seller to transitiontheir thought process from I'll

(07:38):
get back to you to I might missout on this opportunity on
selling this property that Ineed to sell, from them saying
they need me to I need them tolet me shop this offer, to let
me secure this before it's gone,really prioritizing our role

(08:01):
and making sure that theyunderstand that we're serious
about doing the deal, and doingthe deal right then and there.
Now, here's the thing If youuse these lines, you have to be
willing to stick with it, andhere's what I mean by that.
If you tell a seller thatyou'll give them 24 hours or

(08:22):
they have a limited amount oftime to make a decision, you
can't continue following up withthem every single day, three
times a day, saying, hey, areyou still interested?
You're thinking about signingthat contract, even though you
want to and you probably need tointernally, that's what you
feel.
You're deleveraging yourposition as the buyer.

(08:44):
This is why I believe it's soimportant to get each and every
seller on the phone and have adirect conversation about the
importance of us coming to anagreement or realizing that
we're not going to come to anagreement on that initial phone
call.
One of the least or my personalleast favorite statuses on our

(09:06):
CRM is follow-up.
Now, I'm not talking about theones where they didn't answer
and we need to get a hold ofthem.
I'm talking about we got theseller on the phone and, for
whatever reason whether it wasthe seller's position or we just
couldn't come to an agreementon numbers we say we need to
follow up with them.
That means whoever was thecloser didn't do a good enough

(09:29):
job of coming to an agreement ora disagreement, and now we're
in this limbo land where we areconstantly deleveraging our
position as the buyer.
By following up and showing howinterested we are in getting
that property on a contract, webecome the motivated buyer and
they're no longer the motivatedseller that needs us more than

(09:52):
we need them.
Right, that's where we want totry to avoid at all costs.
So if you tell a seller hey, Iunderstand your situation, I'm
going to give you a certainamount of time.
Follow up with them at thatpoint in time, do not be afraid
to cancel the contract when itexpires.
Do not be afraid to no longerfollow up with them.

(10:15):
The power that that gives youis that those sellers will chase
after you if they truly needyou more than we need them.
Now.
This goes against the grain asfar as what is taught throughout
our industry.
Right, the gold is in thefollow-up.
Well, it is to a certain degree, but when we have that

(10:40):
opportunity, that is a moment oftruth and I tell you guys,
embrace those moments, embracebeing that buyer, put the hammer
down and say this is when Ineed a decision, because when I
look at my CRM and I see all ofthe leads that exist there.
I want to look at each andevery one of them and know that

(11:02):
is a money-making opportunity,and personally for me, when I
look at long-term follow-upswhere we've already had the
moment of truth conversation doyou want to sell?
How much do you want for it?
Tell me what you got going on,we identify their motivation and
we've come to an agreement onprice, yet we weren't able to

(11:22):
close the deal.
That, to me, is no longer amoney-making opportunity.
It means we failed.
We failed at our job to closethe deal when we needed to,
unless there was just somereason as to why the seller
could not sign at that point intime.
Maybe it was because they hadto talk to an attorney, or their

(11:43):
siblings because it's aninherited property, something
along those lines.
Those are acceptable, but ifit's just literally that you're
going to get shopped around, youfailed as a closer, and that's
where you should insert theselines and embrace being the
buyer and put the pressure backon the seller to either come to
an agreement or come to adisagreement and move on with

(12:07):
our lives.
So let me know in the commentshave you used this line before?
Let me know if it worked.
Show me some love like today'svideo.
We'll see you, guys tomorrow.