Epic Real Estate Investing - 3 Essentials to Getting the Contract Signed… | 823

Episode Date: November 1, 2019

In today's episode, Matt shares the 3 ways to approach a seller that will motivate them to sell a property at a discount. Take a listen and learn how to put the most desirable deals under contract! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terio Media. Success in real estate has nothing to do with shiny objects. It has everything to do with mastering the basics. The three pillars of real estate investing. Attract, convert, exit. Matt Terrio has been helping real estate investors do just that for more than a decade now. If you want to make money in real estate, keep listening. If you want it faster, visit R-E-I-Aase.com.

Here's Matt. You know, when chasing leads, there's really nothing worse than spending a bunch of time and energy, wasting a bunch of money, and ending up at the end of the day, not having anything to show for it. It's a terrible feeling, and I certainly remember how that felt. And I also remember back then, I solely used to subscribe to the ageal adage of people won't do business with you unless they know you, like you, and trust you, which is totally true. But I discovered a better way that I think trumps that, particularly when it comes to talking to motivated sellers about the sale of their property.

You say, I think, you know, when you're trying to sell something, the no like and trust thing is it's good enough. It works. It's certainly better than no strategy at all. If you can get that down, people will do business with you more times than not. It certainly works. But when it comes to talking to sellers about the discounted sale of their house, they can know, like, and trust you all they want.

And it's not necessarily a slam dunk, though. It's not a slam dunk for doing business with you. And the distinction here is you're not selling anything. You're buying something. That's the big distinction. You're not selling. You're buying. You're buying one of their, if not their, most prized possessions.

Or at least likely their most valuable possession. So there's got to be more involved than just them liking you, right? What's going to push you over the top and get them to sell you, sell to you their house at a discount is by one, getting to know them. It's not knowing you that's as important as you getting to know them. And number two is showing that you care about them, right? It's not necessarily getting them to like you. It's showing them that you care about and like them.

And then three, to champion them, to get on their side and be their hero, so to speak. Help them out of their problem with your solution. and go to the market together and take on the market to get them the most that the market is going to allow. And there are three essentials to making this happen. As when it all turned around from me is when I switched my position of trying to buy real estate at a discount to exchanging equity for their peace of mind. We both had to get something out of this. So to do this, I shifted my whole mindset around it being an interoperable. That would be step one. You are interviewing the seller.

Interview the seller and get to know them and their situation to see if there is actually there a problem you can actually solve. Because as good as you may think you are or if you look at every house as a potential deal, you just won't know if you can help until you gather enough information. You can't buy them all, nor should you. So that's number one. You got to interview the seller to make sure that it's something that you can help with, that there's a good fit there. And we hear that a lot, and sometimes it's dismissed as maybe a soft, subtle sales technique.

But in this instance, it's really, it's everything. You have to see if there's a fit. You can't buy them all, nor should you. Step number two, confirm what you just heard and make sure you understand the seller's situation. This is a big deal. This is a big transaction. You have to confirm that you are on the right page

and you understood everything correctly and you understand what the seller wants. It's right out of Stephen Covey's seven habits of highly effective people. And it states, first seek to understand before being understood. Embracing this habit right here, it's made me millions.

And not to mention had me evade or sidestep so many potential arguments or, you know, just disastrous instances of miscommunication. First, seek to understand before being understood. So that's number two. And then step three is to propose your solution to the seller. But a solution that also enables you to get what you want. Be careful to not over-promise. Be careful to not over-offer.

because you want to get your first deal done, or because it's been a while since you've closed your last one, or maybe if you find yourself on a hot streak and you're feeling really invincible, it's easy to over-offer. It's easy to fall into that trap. It's easy to over-promise. Because you really, really want that first one, or it's been a while you're on a little bit of a drought,

or you're just doing really good and you feel like you can do anything. So be careful. propose a solution to the seller that sits within your own deal standards. And this number three, if you ignore this one or overlook it or underestimate it, it's not uncommon to make that seller's problem, to turn that seller's problem into your problem after you close. You don't want to trade places with a seller, and all of a sudden you eventually become the motivated seller yourself.

It's your job to solve problems for the seller, not to carry them for the seller. So rather than focusing solely on being known, liked, and trusted, which is fine and dandy and still a very valuable part of the relationship between you and the seller, shift your focus and place a little more emphasis on getting to know the seller, caring for the seller, and championing the seller's cause. You'll get a lot more contract signed than the no like and trust dynamic alone. You invest a lot of time, money, and interest.

energy into generating your leads to setting these appointments. Stack the chips in your favor by being the best person you can be. Anyone can do this, by the way. This isn't groundbreaking science. Anyone can do this. It's just that most people don't. And that's what makes it so effective. It's what makes it your opportunity.

God bless to your success. I'm Matt Terrio, living the dream. Yeah, yeah, we got the cash flow. You didn't know, home, boy, we got the cash flow. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.