Epic Real Estate Investing - Deal Driver #2 - INVITATION | 285

Episode Date: July 30, 2017

Epic Real Estate Investing shares the inside track on how to establish a connection with sellers, then extend an invitation that establishes trust and confidence. Discover the one promise that you should make to clients upfront and learn how giving sellers the option to walk away actually draws them closer. Improve your communication techniques, connect with sellers, and close more deals with Epic Real Estate Investing! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. Broadcasting from Terrio Studios in Glendale, California, it's time for Epic Real Estate Investing with Matt Terrio. Hello, hello, and welcome to the Epic Real Estate Investing podcast. This is where I show people how to escape the rat race using real estate. And to make this happen, to make it happen for you specifically, the first step, it's really a simple step, is just to shift your focus to shift your mindset from making piles of money to creating streams of money. That's where it all begins. And the good news is you only have to do that once. Just do it once and embrace it and follow it with corollet action. And your escape from the rat race will move at least 10 times faster

than those that choose the alternative path. I've done the math. I've spread it out on a put it together on a spreadsheet. It's actually 12 times faster. But we'll leave it at 10 times faster. That's good enough. And let me clarify, though, this is not get rich quick. If that's a what you came here for, you came to the wrong place. And if you think that's what I'm all about, if this happens to be your first time here, nope, that's not what I'm about. This is get rich quicker, however,

get rich quicker and getting rich permanently. And to get started down that path or restarted, I've created a free course just for you. So go to free real estate investing course.com, free real estate investing course.com. You get a crash course, a free crash course on how to find deals. And then with that comes the two quickest

and easiest strategies to a paycheck in real estate requiring little to none of your own money. And then just stay tuned here each week, each week and every week. And I'll show you how to put that paycheck to work for you. Taking that paycheck, putting it to work for you in a way that it works harder for you than you did for it. All righty? So this week I'm in St. Louis for our ground and pound school. It's a two-day field training where the first day and a half is all about ninja negotiating, how to meet with a seller and getting a contract signed and just going through that process and practice drill rehearsal. Everybody leaves that school being an absolute ninja when it comes to negotiating.

And then the second half of the second day, we go out into the field and we assess properties. We look at different properties in various states of condition. And we look at the pros and cons of each one and what we have to look out for, what we need to consider, and how to assess rehab costs right there on the fly so you can get your offer in the ballpark. And so that's Monday and Tuesday. Then Wednesday will be the Inner Circle Mastermind. And then Thursday, Friday, Saturday is the Epic Intensive. And then I'm off for a week, a week's vacation.

Looking forward to that. And anyway, I'm recording these shows on the road, and they might sound a little bit different. It's my mobile studio that we're recording. We'll be back in the studio in a couple weeks. But over the next couple episodes, there might be a bit of an abbreviated format. So just so you're aware. Now, last week, we started talking about your deal driver system, a system, a systematic approach from converting your leads to contracts. And deal driver, number one, was making the connection with the seller.

Because when you aren't making consistent connections with sellers, your business is just going to be a grind. But when you make that initial connection, you build that report, conversations, they really start to flow from from the seller, you'll actually end up getting acceptance. And this acceptance comes from the rapport that you built while you're making that connection. So to build rapport, you must do three things right from the beginning and continue until the deal is done. Those three things are, one, ask questions, two, listen to the answers. Listen in a way that you're going to be tested on this at the end of that transaction. That's really where rapport is built.

It's not while you're talking. It's actually while you're listening. And if you're listening to all the details and you're listening in a way that you're truly interested, that's when rapport is built and then relate. So ask questions, listen and then relate. If you find anything in common, those are great things to talk about. And the reason being is people like to do business with people that they like, people that are like them.

And that's where this really comes into play as you make this connection. Okay. So when you found and built rapport with a motivated seller, It's now time to extend an invitation, of which is phase two of your deal driver, to get together at the property. Because if you get this part wrong or if you don't do it at all, your business becomes essentially stagnant. It stops moving.

Nothing happens. I mean, you feel like you're working, you're talking to sellers, you're building rapport, but if you don't extend the invitation, there's no real chance of doing any sort of business. But when you do extend the invitation and when you do extend the invitation and when you you do it right, you put yourself in the path of deals. You create your opportunity. You're in charge of the opportunity. You're not just lucky. No, you're creating your own luck by extending this invitation. So extending that invitation, this is where the relationship between you and the seller is really kind of magnified or starts to grow. It's where it really gets created. Because you

make that connection, you become likable. And now when you extend an invitation, when this connection phase crosses over into the invitation phase. It's what really puts the magic in creating the relationship. And what does that is how you set expectations. This is where it really happens because the connection is where you really become likable. And with this invitation and when those two overs intersect, it turns into this relationship of trust. And we do that with something that we call an upfront contract.

We went over this last week or a release statement. Because, you know, at this point, rapport has certainly been built, but you want to take it to the next level and create a relationship, a relationship of trust. You want to be likable and you want to be trustworthy. So this is how you do that. I mean, first, you kind of go in kind of with a mindset, like this is no big deal, right? No big deal. You do this every day. You win some, you lose some. Done this a million times. This is just another person I'm helping. And that's really what you want to be your mindset. You want to detach yourself from the outcome and just stick to what it is that you do. And by laying the foundation of trust in this relationship, we use this upfront contract. So I went over it last week. I'll repeat it again in case you missed her, if you want a refresher. But it sounds like this. Mr. and Mrs. Seller, it sounds like the next step is to view the property to determine whether or not I can help you. Because, you know, at this point, I'm not even sure if I can.

So right there, we're just saying it's no big deal, right? And you're not going over there trying to steal their property because it might not even be what you're looking for. Or it might not even be, they might be in a situation. that you just can't help them out of. Okay. So because at this point, I'm not even sure if I can't, but I'll make you this promise. If at any time while viewing the property as it relates to your situation and the current market conditions, if I determine I won't be able to help, I promise to let you know right away so as to not to waste any of your time. Is that fair? Okay. So you let them know that right up front. If I can't help you, I'm going to let you know right away. Is that fair?

And you ask for their agreement. And great, all I ask for return in return is that at any time you feel that this isn't going to be a good fit for you, will you extend me the same courtesy and let me know right away as well? Is that fair? Okay. So what we've just done there is we've just gone a little bit deeper in adding trust to that relationship. We don't need this deal. We want to come over to assess the situation. You're interviewing them. You're interviewing that sellers to see if you can help them. And you're going to take this kind of a consultative approach. And you're taking that stance that you're prepared to walk away if it's not a good fit if you can't help them. But you're also giving the seller the option to walk away themselves.

And here's why you want to do this. It's called a release statement. And that's when you give the seller free, just the freedom, a free and comfortable space to actually say no if they want to. And where it's easy for them to say no, because you're not ever going to get a true yes unless you give the seller the ability to say no. okay it's just infinitely easier to get that real yes if you give the seller that ability to say no and the freedom to say no all right so i mean a lot of people have problems with saying no to people so they

agree or they say yes when they really actually meant no that's when uh they you think you have a deal and uh you know you never get the contract sign or when you think you set an appointment and they don't show up someone said yes to you because they were uncomfortable in telling you no but when you preface your whole relationship with this release statement, you create a space where it's comfortable for them to say no. When they do say yes, you know it's a real yes. All righty. So during two, you want to do two, three things now during this invitation phase. One, you want to ask for the appointment. We kind of do that in the release statement or in the upfront contract. You ask for the appointment. You set the expectation and then you confirm the appointment. Okay. So we've asked for the

appointment in that upfront contract. We've set the expectation. This is how it's going to go down. I'm going to come take a little at your property. I might be able to help you. I might not. If I can't, I'll tell you right away. And if you don't like what I've got to say or you don't think it's going to be a good fit, you tell me right away. So that's setting the expectation. Okay. Then third step, really simple. Make sure that you confirm that you confirm that yes was a real yes. Even though you put the upfront contract in there, sometimes it doesn't go perfectly. still confirm. I mean, have you ever showed up for an appointment when someone,

or have you ever, yeah, you showed up for the appointment and the other person didn't? Yeah, we've all been there. We've all done that. That's a huge waste of time. So we don't want to get in our car, drive all the way across town to go meet with a seller, and then they don't show up.

All righty. So once you've done that, you're now ready to cross over into phase three of the deal driver, and that's your presentation. So first, it's the connection. Second, it's the invitation. Third, it's the presentation.

Where you're presenting your offer in a way that the seller accepts it. And they accept it in a way that they want to do business with you and only you. They don't want to do business with anyone else. And in a way that everybody gets what they want. Right? You hear win-win all the time. Understand that win-win does not mean equal. Okay.

It's everybody gets what they want and not everybody wants things. exact same thing or an even amount of it. They just want what they want. Okay, so we're going to do this in a way that everyone gets what they want, and that's phase three of the deal driver, of which we're going to cover next week. All righty, so that's all for now. God bless to your success. I'm Matt Terrio, living the dream. You've been listening to Epic Real Estate Investing, the world's foremost authority on separating the facts from the BS in real estate investing education. If you enjoyed this show, please take a minute to visit iTunes and share your thoughts. Thanks for listening.

We'll see you next time here at Epic Real Estate Investing with Matt Terrio. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.