When The Seller Needs To Become The Teacher

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Episode Transcript

SPEAKER_00 (00:13):
Sometimes you need to educate the seller, but
sometimes the seller needs toeducate you.
Now, see, this came about from atitanium university
implementation call where I wasdoing a live seller call review
of a TU member that you guyshave seen a couple of times on a

(00:34):
live seller call session, TrishaGear.
Now, I was reviewing Trisha'slive seller call, and this was
kind of a unique situation, andI made that quote.
Sometimes you need to educatethe seller, sometimes the seller
needs to educate you.
The chat blew up, and theneverybody told me inside the
group, man, you need to make avideo about that topic.

(00:57):
And see, this is the naturalevolution of the closer's
formula.
As we continue to grow as acommunity, there's going to be
things that we add.
First year, we didn't have thefour seller buckets.
That's something we added lastyear.
This is the first time I'm evergoing to talk about the seller
needing to educate you and whatI mean by that.

(01:19):
Now, what are the two mostimportant things that we need to
understand from the seller?
Price and motivation.
Now, when we talk to a sellerabout motivation, how do we pull
that out of them?
Through open-ended questions.
Now, what most people strugglewith is getting to the layers of

(01:41):
the motivation throughopen-ended questions.
They'll say, tell me a littlebit about what you got going on.
And then they feel lost becausethe closer's formula doesn't
tell them what the next questionis supposed to be.
That's kind of what makes it aformula.
You have to listen and react,and you have to be able to
develop the ability to elongatethe conversation through

(02:03):
open-ended questions based offof the seller's response.
So what happened in yesterday'scall with Trisha was she said,
How much do you want for theproperty?
And the seller said they needed$140,000 for the property.
And then she said, Well, tell mea little bit about what you got
going on.
And it was, I need the mortgagepaid off.

(02:25):
I've got a brother I've got topay$10,000 to.
And then I need to walk awaywith some money in my pocket.
Now, one of the questions that Ibelieve every single closer
needs to ask a seller is, how'dyou come up with that price of
$140,000?
So much so it's almost going tobecome a part of the actual

(02:49):
closer's formula.
That's where I'm at with thatquestion because I think it's
vitally important for us tounderstand their thought process
behind why they need$140,000.
Now, if you've ever asked thatquestion before, there's various
different responses that youwill get.
Sometimes it's as simple as it'swhat I want, it's what Zillow
said my house is worth, maybeit's what a realtor told them

(03:11):
the house could sell for on theopen market.
There's a lot of differentanswers that can come from that
question.
But then once you ask them, youunderstand how they came up with
$140,000, you need to start thereverse engineering of how they
came to that being the numberthat they need.
So, how much money do you needin your pocket?

(03:36):
How much do you owe on theproperty?
Now, to us, because we are realestate professionals, it feels
like if you were to ask thosequestions, the math is always
just going to line up and be thesame.
But that's not the case.
Many times when we start askingthese questions, what we find

(03:57):
out is they actually have noidea how the math is going to
work out for them.
Because in a typical real estatetransaction, they have to pay
realtor commissions, they haveto pay closing costs.
So if they say 140,000, they'renot anticipating that they're
going to receive$140,000.

(04:18):
But when they sell to us, awholesaler, that is the case.
So what happened with Trisha'scall was she started asking
open-ended questions.
She started uncovering layers ofthe motivation, but she kind of
stopped and she never reallyunderstood why$140,000 was an

(04:40):
important number.
And so what she did was, she didthe four seller buckets.
I'm talking to a highlymotivated seller with an
incorrect price.
What do we need to do then?
We educate the seller.
So she educated the seller basedoff of what the property could
be worth, the rehab that she hadto put into the property, and

(05:03):
why her offer needed to be$110,000.
Now, on the surface, if you wereto look at this seller call, you
would say Trisha did the rightthing.
She educated the seller when shefell into the bucket of highly
motivated, incorrect price.
But prior to you educating theseller, the seller needs to

(05:28):
educate you on theircircumstances and their needs
and their true motivation.
And if we had done that, thereis a solid chance that the math
would have lined up to showmaybe not 110,000 was an
appropriate offer, but I canalmost guarantee it would have

(05:51):
been less than 140,000.
And this is the beginning stagesof stair-stepping a seller down
on their initial asking price.
And so that's what led me to saysometimes you need to educate
the seller, and sometimes theseller needs to educate you.
That seller needs to teach ustheir needs.

(06:13):
Because let's be honest, we arecompletely ignorant to their
needs in order to sell thispiece of real estate.
And if they're motivated to sellthis piece of real estate, it's
really about us solving theproblems.
Our needs in regards to what weneeded is somewhat irrelevant.

(06:34):
If we aren't solving theirproblem, then why would they go
with us?
They're going to continue tofind somebody else that can
serve their needs.
So before you start educatingthe seller, make sure that
seller educates you completelyon their motivation and their

(06:56):
needs.
So what I would have liked tohave seen Trisha do is postpone
the education of the seller andstart asking the seller, how did
you come up with$140,000 as yourasking price?
Why is that number important toyou?
How much do you owe on theproperty?

(07:16):
How much money do you actuallyneed to give to your brother?
And how much money do you needin your pocket from this
transaction?
Now reverse engineer that.

(07:40):
If I purchase it from you forthis, I've got to put this much
work into it.
I'm going to have holding costs,closing costs, and profit.
So I was coming in at a numberof$110,000, but based off of
what you're telling me rightnow, you need to be at$120,000,
$130,000, whatever it is, I amfairly certain it was less than

(08:02):
$140,000.
This allows you to build morerapport with the seller to truly
understand their needs.
You now become a problem solverand you're on team seller.
You're not on team investor.
When Trisha educated the selleron the numbers and the

(08:26):
after-repair value and the rehaband the purchase price, she did
a great job.
But to the seller, it fell ondeaf ears.
It wasn't what she needed, andshe didn't understand.
And quite frankly, she doesn'tcare about our situation.
She cares about her situation.

(08:46):
So she didn't understand howmuch money that was actually
going to put in our pocket.
The fact that Trisha did notknow how much the mortgage
balance was, what the brotherneeded, and what the seller
needed did not fully equip herto be able to close this deal.
So when you were talking to thistype of seller, you have to ask

(09:09):
all of these open-endedquestions to get yourself in a
position where you trulyunderstand.
Now, what Trisha did a great jobwas is finding out the
motivation that she wasmotivated enough to sell the
property for a discount.
The numbers weren't that faroff.
But you have to understandfinancially what are the

(09:29):
seller's needs, and then trulybreak that down.
If you ask a seller, how muchmoney do you need in your
pocket?
$20,000.
Why is$20,000 an importantnumber to you?
Follow up.
Continue uncovering these layersof the motivation, and that is
how the seller is going toeducate you on how you can see

(09:51):
how you are going to close thesedeals.
This is a next level layer ofclosing motivated sellers.
I do not expect the majority ofyou to be able to do this right
now.
It's going to take time to beable to develop this kind of

(10:11):
relationship with a seller, therapport that's needed, and just
the mental bandwidth that ittakes to kind of sit in that
pocket and really ask thesequestions.
One of the other TU members thatwas watching this live seller,
call review, said, I strugglewith asking this personal type
of questions to a seller.

(10:33):
If you position yourself insideof the conversation where you
are there to support the seller,mirror them, match their energy,
and build that rapport orrelationship inside of that
conversation where you're notattacking them, you're not
lowballing them, you just wantto get a full understanding so

(10:56):
then you can solve the problem.
It really isn't that big of adeal to ask these type of
personal questions.
Is it going to work with everyseller?
No.
And it shouldn't.
It should only work about 10% ofthe time.
But when it does work, it's abeautiful thing because it's a
win-win situation.
And now that seller knows theyhave been heard, their situation

(11:20):
is being resolved.
And that's what leads to youending up being the person that
they sign a contract with.
Now, inside the comments, whatI'd love to hear from you guys
is a situation where maybe youhave educated the seller after
they've educated you.
Let me know if you've done thatand how it worked out for you.

(11:40):
Regardless, show me some love.
Like today's video.
Shout out to my good friend,Trisha Greer.
Trisha, I know you are going tobe an absolute killer inside
this industry.
I'm so proud of the growth.
And thank you for sharing thatcall with us.
So now we can share it witheveryone here on the YouTube
channel.
All right, guys, that's ourepisode.

(12:00):
We'll see y'all tomorrow.