Epic Real Estate Investing - Deal Driver #3 - PRESENTATION | 286

Episode Date: August 14, 2017

Epic Real Estate Investing is back sharing “Deal Driver #3!” - the fine art of presentation. Learn why setting expectations with sellers while you present price and terms will provide a smooth transition to submitting offers and getting contracts signed. It’s time to ramp up your results! If the amount of deals you close is in direct proportion to the number of offers you make, this episode will give you the tools to submit more offers with confidence. Want to learn EXACTLY HOW to close more real estate deals? Put these Epic “Deal Drivers” to work today! ______   The free course is new and improved!  To access to the two fastest and easiest strategies to a paycheck in real estate, go to FreeRealEstateInvestingCourse.com or text “FreeCourse” to 55678. What interests you most? • E.ducation • P.roperties • I.ncome • C.oaching Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terio Media. Podcasting 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 the show where I show people how to escape the rat race using real estate. And to make this happen for you, the first step is really, it's just one simple, small little step. That's shifting your focus from making piles of. of money to creating streams of money. That's where it begins, and you only have to do that once, then just embrace it and your escape from the rat race will move at least 10 times faster than those

that choose the alternate path. And that's 10 times faster. That's not just a guess. It's actually 12 times faster, but I just round it down to be conservative. And I'm just clarifying that for a reason, because this is not get rich quick. If that's what you're thinking, it is get rich quicker, however, and getting rich permanently. That's the object. And to get started, down that path or restarted, I've created a free course just for you. So you can go to free real estate investing course.com. Free real estate investing course.com and you'll get a crash course on how to find deals and the two quickest and easiest strategies to a paycheck in real estate. And then stay tuned here each and every week. And I'll show you how to put that paycheck

to work for you in a way that it works harder for you than you did for it. Deal? All righty. So I just got back from St. Louis, was there for the Epic Intensive. That was a couple weeks ago and then had a week vacation and back in the office today to resume operations and this podcast as usual. So if you miss the Epic Intensive by all accounts, you missed the best one ever. If you'd like to catch a free online coaching session this week where I'll recap the highlights of the Epic Intensive. I'm going to do that live. You can register at Epic Onlinecoaching.com. Epic Online.com. Epic Online online coaching.com just three times available this week and then we're moving on. All righty.

So if you want to catch up, go to epiconlinecoaching.com. All righty. So last episode, we were halfway through the deal driver system. And what that is, it's a systematic approach for 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 the sellers, it's really, this whole business is just going to be a real grind for you. But when you do make that connection, that initial connection, conversations, they really start to flow.

I mean, from the seller, you get acceptance. And this acceptance, it comes from the rapport that you build when making that connection. And to build that rapport, you must do three things right from the beginning and continue until the deal is done. And those three things are, one, ask questions, two, listen, three, relate. Then deal driver number two was extending the invitation to get together at the property. because if you get this part wrong, if you don't do this, your business really becomes stagnant. I mean, nothing happens if you don't set that appointment, so to speak. You feel like you're working, you're talking to sellers, you're building rapport, but if you don't

extend the invitation for that appointment, there's no real chance of doing any sort of business. But when you get this part right, you put yourself in the path of doing deals. You create opportunity for yourself. All right, so during the invitation phase, you want to do three things. You want to, one, obviously, ask for the appointment. two, probably the most important part is you want to set the expectation. And three, you want to confirm that appointment. And it's while you're extending the invitation, this is where the relationship between you and the seller is really created.

When the connection phase, when that connection phase crosses over into the invitation phase, that's when the relationship really starts to build. And what really puts the magic in creating this relationship is how you do set the expectations. It sets you apart from everybody else. and we do that with what is called an upfront contract or a release statement, a transition agreement, if you will. Different people have different names for it. And we've gone over that a couple times in the last two episodes.

So moving on, deal driver number three, of which is what we're going to go over today is making your presentation. So we've got the connection, we've got the invitation, and now we've got deal driver number three, and that's making your presentation. And it's your presentation of price. and terms because if you don't do this as so many investors fail to do because they think there isn't going to be a deal there. If they're meeting, if they're negotiating back and forth and talking to the seller back and forth and if they don't feel like there's really going to be a

meeting of the minds, they won't present an offer all. And if you don't do this, you're really you're wasting your time and time is money as you know. So if you skip this part, if you before making your presentation, you're just never going to do a deal. The amount of deals you do will be in direct proportion to the amount of offers you present. The amount of deals you do are going to be in direct proportion to the amount of offers that you present. But when you get this part right, you do get contracts. You get contracts signed and it begins and it works because when you extend your invitation, deal driver number two, and it crosses over into your presentation, What you're getting is permission from the seller.

You're moving, it moves you very smoothly. So I get, yes, yeah, that's the right word. It moves you very smoothly and easily into deal driver number three, the presentation. And here's how that transition works when you're going from invitation into presentation. It goes, sounds something like this. Mr. Seller, thanks for having me over. If you could show me around the property. and I'll take some notes. Feel free to point out anything you think is going to impact the

property's value in either direction, up or down, and I'll do the same. And when we get done touring the property, I'll let you know if there is anything here that the market will let me do for you. Typically, the market permits something, but sometimes it can't. The timing is just bad that way sometimes. So either way, it'll be at that point. If it makes sense, I can put together a fair offer for you. Will that be okay? So that's kind of that, that's that transition. And it sounds probably very similar to the upfront contract, right? And it pretty much is. We're just kind of repeating it. And what we're doing here, it's, again, we're setting the seller's expectations. It's repeating much of what was said in that upfront contract that you created with the seller,

you know, just before you two agreed to meet. And when you keep setting the seller's expectations, what it does is it drops their guard. Their guard drops because they know what's coming. There's no surprise is coming. It's kind of like when you go to the doctor and the doctor just before they start examining you say, I'm going to put this, you know, if they're going to check your heart rate, they'll let you know, I'm going to put you, or put the stethoscope, or not your heart rate, I guess it would be your breathing in your lungs. I'm going to put the stethoscope on your chest. It's going to be a little cold. It'll just be for a second. And like when the doctor sets your expectations that way, you settle down, right? You, you don't, you're not as nervous because you know what's coming.

Or they're about to give you a shot and say it's going to pinch just a little bit and it'll be all over before you know it and here comes the pinch and pink and then it's done and that they do all of that because it um it's it settles the nerves of the patient so to speak and you're basically doing that to the seller because i mean they're in a distress situation most likely they're had they got a problem that needs solving and they're a little bit nervous um they're feeling like you're the pro they feel like they don't know really what's going on that they're at some sort of disadvantage so sometimes they got their guard up most of the time they got their guard up sometimes they Sometimes, you know, they just get scared and just say no to anything because they don't want to make the wrong answer or give the wrong answer.

So just understand when you want to constantly be setting the seller's expectations to let them know what's coming up next. And continuing to be straight and clear with the seller, rapport and a relationship. All of that continues to be built. And ultimately, the seller is giving you permission to present them with a fair offer. all right now additionally what you might have uh noticed there is during that transition agreement is i set the stage for the presentation in a way that it's the seller and i we're on the same team i'm aligning myself with the seller and we're playing it against the market the market is the bad guy right it's not you versus the seller it's you and the seller versus the market the market's

going to be the bad guy and it's the only thing the market is the only thing that's going to get in the way of a fair offer being created, a fair offer being presented. And that is the foundation of the presentation. It's you and the seller versus the market. And you will always leave a written offer as a part of this presentation process. That's my school of thought. Always leave a written offer. That's how I feel about it. And I say that because there are two schools of thought on this. I mean, some investors like my Jeff, Jeff Garner that's been on the show before. And has helped out with the ground and pound boot camp. His thought is to never leave a written offer behind, you know, unless they're getting a signature from the seller. If they don't get a signature,

the seller gets no written offer. For the fear of the seller using your offer, they'll use your offer to shop it to other investors to try and get a higher price from somebody else. And there's no doubt in my mind that that happens. I'm sure it's happened to me before when I didn't even know it. but if you know your minimum deal standards and you've created rapport and an air of honest and fair play what the seller has been created, I err on the side of leaving a written offer behind because I've just received too many phone calls in the past from sellers of where I thought the deal was dead. I mean, sometimes six to 12 months later.

There was one time the Mercedes and I got a call from a seller that we had met almost a year and a half earlier. And the reason they called us is because we left a written offer, something that we just totally forgot about and boom was like a free deal for us. So those deals stick out in my mind. Plus, it gives me also a great reason and strategy for following up with the sellers later on. So I say always leave a written offer. Other school of thought is never leave a written offer. I guess you can choose. But I like what the, what the, I guess the positioning and the reason and the strategy that I have available to me now to follow up later, of which I'm going to go ahead.

I'll cover that in the next episode and then you can decide which approach you'd like to take. But I think leaving the written offer behind it is better. But we'll go ahead and I'll cover that in the next episode. And once I share that follow up plan and that follow-up system with you, I don't know, it'll just be more information for you to make an educated decision on how you want to run your business because there are two ways to do it. There are two schools of thought on that, and I'll explain them both to you, and then you can decide what's best for you.

Deal? All right, so we'll do that next episode when we cover phase four of the deal driver's system, and that's achieving collaboration with the seller. That's getting the contract signed in exactly a step-by-step process on how to actually get the seller to sign before you leave. All righty, so that's all for now. God bless to your success. I'm Matt Terrio, living the dream.

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