Epic Real Estate Investing - How to Pulverize Every Objection You Will Ever Receive | Episode 220

Episode Date: September 5, 2016

There is really no reason to prolong your journey to financial freedom. Clear communication with sellers is the way to get there fast. Learn to address the objections of sellers like a pro and put yourself ahead of the competition. Take the handoff from Matt as he opens up the playbook for getting deals done in a shifting market. Matt shares specific strategies for understanding the seller, initiating offers, handling objections, and finally closing the deal. ______   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 Terrio Media. Broadcasting from Terrio Studios in Glendale, California, it's time for Epic Real Estate Investing with Matt Terrio. Welcome to Epic Real Estate Investing. This is the place where I show people how to escape the rat race using real estate. Just got to shift your focus from making piles of money to making streams of money, change that one thing just one time, and you are on your way to financial freedom. It's not the most exciting path. I promise you that. It's rather dull and boring to do it this way.

But it is the fastest path. And once you get there, life then becomes exciting. And speaking of exciting, I've got a few announcements. Back by popular demand, the free real estate investing course is back. You know, when this podcast first launched, probably going on, yeah, we're going on about six years now, six years ago. This is episode 220. I can hardly believe it.

You know, we here at Epic, we owe it all to you. by the way, for sharing this with your friends, with your family, with your associates. We do no promotion for this podcast, and it's grown to be one of the most popular real estate investing podcast on iTunes by just sheer word of mouth. So thank you. All right. So six years ago, when we originally launched this podcast, we began each and every episode by giving away a free real estate investing course. And about a year ago or so, I took it down to insert about, I guess about 18 months ago. I took it down because I wanted to update it. We have new and best practices here that we're implementing inside the office.

So I wanted to update that course. So you had the newest and freshest stuff that was working in this emerging market. And I just never really got around to doing it because our own real estate investing business, it took us away from, it took me away from completing that. But just recently, I did complete it. I'm happy to say it's complete. It's consolidated into three short videos. First video is how to find motivated sellers that are willing and able to sell you their properties at a discount.

how to find deal-hungry buyers that'll essentially beg you to use their money to close your deals. It's pretty amazing. And that's the whole pie in the sky. I'm going to show you exactly how to do that. This course shows you how to do that. And the third module, it shows you how to take these motivated sellers, how to take these deal-hungry buyers, how to put them together and actually collect a check. That's the ultimate goal for you to profit from this of making that connection for people. And so to access that course, go to free real estate investing course.com.

free real estate investing course.com. All right? Second announcement. This week, look for a brand new podcast under the Terrio Media umbrella, epic wealth. It's the money show. It is a money show disguised as a real estate show. You might think it's a real estate show, but it's really a money show disguised as a real estate show. So if attaining any sort of wealth is an aspiration of yours, you must listen to this show.

As it's not only going to give you today's wealth creation strategies, it's also going to address a great deal of the wealth myth that the masses subscribe to. And they subscribe to these myths unknowingly, unknowing that it's prolonging their journey to their financial goals. Good. I love seeing you all in there. Wyatt, good to see you. Todd, Doug, good to see you all.

Mom, even moms joined in. Michael Myers is hanging around. Good to see you, buddy. So this show, it addresses everything that your financial planner, that they are or are not ever going to tell you. And if you're watching right now on Facebook live, the new show, Epic Wealth, it's not live yet. But if you're listening on the normal podcast feed, there's a really good chance. It is up.

Worst case, look for it on Wednesday. And then each and every Wednesday thereafter for a new weekly episode. This show is going to run for four months, the next four months, in preparation for the release of the book of the same title, Epic Wealth. So next Wednesday, wherever you listen to your podcast, search Epic Wealth, and there you're going to find it. All right? And then you can take the first or next step to creating your Epic Wealth. All right, so today's episode, it's all based off of one question. I got a great question that came in from an Epic Pro Academy member through our email coaching platform.

And it reads, come from Gary and Lila. So thank you guys for the question. It says, hi, Matt. First, I would like to say thanks for all the invaluable help that you have given us along the way since we joined the academy. We've been working your wholesaling course virtually for a little over a year now and have done two deals, a $4,000 deal and a $6,000 deal. So congrats to you guys. Besides our full-time job, we have done little else in our lives other than real estate. About six months ago, we decided to follow your quote, go big or go home.

We hired and trained a virtual assistant to take all the calls and we increased our mailing. We quickly became exhausted with the increased volume of calls, offers, and follow-up. So about two months ago, we partnered up with three wholesalers in our market to beat our boots on the ground. And so we are now highly automated and have dramatically increased our capacity. We have in the last six months processed over 300 filtered leads and have not gotten a single deal from them. All right, so sounds like an issue. Our problem is that we can't seem to get sellers to accept our offers. I would say that we have all other areas of the business nailed.

We tried increasing our offers to get them signed but then couldn't move the property. So I think our offer numbers are right where they need to be. We are presenting cash offers, wrap offers, and three option letters of intent as appropriate. And we are completely stumped, so we're looking for any advice or help that you, you can give. Awesome question. This is fantastic. So to answer that thoroughly and to give you like an actual ultimate solution for you, I do need some additional information. So I replied to their email with the following questions. Hey there, congrats on your progress. Congrats on playing big. I understand your concerns and challenges. You are not the only person currently with them.

Ain't that right, Todd. The market is shifting. Inventory is low. It's low nationwide. Lots of new investors, and I put quote unquote investors, they're in the market, but nothing abnormal. It happens. The real estate market, it shifts. It ebbs, it flows, it goes up, it goes down. The game of real estate, it never changes. It's just sometimes the rules to play that game change a little bit. So here are my initial questions.

One, my first questions, I always want to know, how many offers are you submitting a month? Because there's a direct correlation between the number of deals that you do and the number of offers that you submit. So I need to know that number. you've got these 300 leads but how many of those leads received offers second question now in this market particularly is how many offers are you submitting in person how many offers are you submitting in person because you know when I was a real estate agent I got started as a real estate agent that was back in 2002 2003 in a market very similar to what we're in right now where the competition was really high and where the competition was really high, then the inventory was really low.

And let's see, Dan Tobac chimes in. Low inventory means higher profit. Absolutely, buddy. And so how I really made it in this business or as a real estate agent initially was I made it a point every time a new deal or a new property came on the market. I called up my sellers or excuse me, my buyers. And I said, I just found your property. You need to meet me over there in person.

we're going to submit this property in person or submit this offer in person. And that's how I broke into the business and I became rookie of the year with that strategy. There's so much more that can be accomplished face to face than over the phone. So if you have the ability to submit your offers in person, choose that option every single time. Next question I have is, are you following up with all of your offers? Are you following up with all of your offers? You know, there's a saying that the fortune is in the follow-up. That is not a cliche, not by any means.

That is exactly where the fortune is. So I want to know if you're following up, how many times you're following up and how you are actually doing that. And then of the 300 leads that you received, Gary and Lila, what have been your biggest objections? Why aren't people accepting your offer? So I want to go over some of that a little bit. And then the other question is, are you doing everything that you know to do? And that's a good question for all of us, regardless of what we're aspiring to be professionally. Are you doing everything that you know to do and are you doing it the best that you can?

and, you know, very few of us can raise our hand and say, yes, 100% I'm doing everything I possibly can. So what do you know to do that you're not doing? That'll be the next question. Right. And by the way, don't panic. We're going to figure this out. This is very easy.

People have overcome issues in their real estate and business far bigger than this. We just have to nail down and dial in a little bit on what you're actually doing in your business to figure that out. So as of the recording of this episode right now, I haven't heard back from them. So I don't know the answers to their questions. and we can address that next week. But let's look at some of the more common objections that they might be receiving and how to respond.

You know, there are really only about eight or so objections that you're ever going to regularly receive. Sure, there's the occasional outlier objection, but mostly you're going to receive the same eight to ten over and over and over again. And if you don't know how to respond to these objections, you're going to lose deals to your competition. You're going to lose deals to your competition

that does know how to respond to these objections. And I was just say the competition regarding that, don't let the competition scare you. Don't let them scare you. You scare the competition, got it. And how do you scare the competition? Well, you scare them by outworking them. You scare them by out hustling them. And you scare them by out preparing them.

So let's get you prepared for these objections that you are going to experience. And perhaps even more in the shifting market than you've previously experienced. But regardless of market conditions, these always come up. So it doesn't matter what type of market we're in, where you are in the country, and at what time you are. watching this or listening to this podcast. All right. So when dealing with motivated sellers, remember that your goal is to solve their problem.

That's your goal. I mean, and the reason you want to solve, keep your mindset around solving problems is because that's how you get deals at a discount. People will exchange equity for peace of mind. And if you solve their problem, you're giving them peace of mind.

They give you equity back. That's the exchange right there. And so to do that, You got three real goals when you're talking to a seller, especially right in the beginning. Your goal is to build rapport. Your goal is to be a good, trustworthy friend. And your third is to find a solution for their problem. Okay, so keep that in mind.

You're a problem solver. You're not a real estate investor. You're a problem solver because if you can solve problems, you're going to get equity in exchange. Also, you're not negotiating against the seller. It's not you and the seller negotiating together against the market conditions. It's you two. You're teaming up and you're taking on the market. That big old bad market.

You're going to be their friend. You're going to be their ally against the market conditions. Now, I'm going to get to the objection handling in just a second. But many of the objections will never come up for you if your focus is in the right place. And your focus being building rapport, being a friend, and solving the seller's problem. So I want to go over that up front and make sure that you have your mindset in the right place because you can avoid a lot of these objections if you're coming from that position. All right.

So the initial questions that you receive, when a seller receives your mailing piece, maybe they call on your website, call on a street sign, something like that, see an ad on the internet. They're going to call up and they're going to say it's going to be ring, ring, hello, I saw your ad or whatever it may be. And so your first question, and I'd just like to go through three basic questions that can really help you figure out efficiently whether you can help them or not. So that first question is, can you tell me about your situation?

Okay. Can you tell me about your situation? You called me. I just want to know about your situation. Why did you call? And I got an email this week from Ryan. And he says, Matt, that question is so weird. And every time I ask that question, people ask like they didn't hear me or they didn't understand what I said.

Do you have something else I could use as an alternative? And I said, great. So let's just do this. Rather than saying, can you tell me about your situation? Want you to say, hey, glad you called. Why me? Why me? Why now?

Why me? Why are you calling me now? Okay. So the second question is, what would you like to have? happen you want you don't want to assume that they what what they want from you right now because you don't know what their situation is and and you want to get clear on what their motivation is because you want to be able to solve that problem so the next question I was asked is what would you like to have happen again that's

not kind of abnormal English maybe but it's on purpose it's it's to kind of shake things up and not sound like everybody else and another way to ask that is after they've told you your situation you could be like okay I understand you want to sell your property what's most important you. Is it getting top dollar or is it a quick sale? What's what's most important to you? And so the last question is, okay, great. If I could make that happen for you, how soon would you be ready to sell? So those are the three questions, right? Tell me about your situation. What would you like to have happen? And if I can make that happen, how soon would you be ready to sell? Now, if they have a date

for that third question, like, I need to sell by tomorrow. I need to sell ASAP. I need to sell by the end of the week. I need to sell yesterday. If they have an actual date, then that's your cue to make an appointment to visit the property, right? And in today's market with the shrinking inventory and the competition for deals, I think this is probably more important today than it has been in the past, at least just that even as recent as six months ago, a year ago, in more of an irregular market. Because when it comes to building rapport, when it comes to being a friend, when it comes to solving a seller's a problem, you just can't underestimate the power that you've got when you're face-to-face. What a huge advantage that is over your competition. All right? So make the

appointment and try to get there. And meet with the seller face to face. Now the next step, whether in person or over the phone, is to gather all of the information that you need from that property to make an educated decision on whether or not you can purchase that property and solve the seller's problems. Now, as you're going through this, some of the more common objections that may come up, we'll go over those and how to respond, right? So it's not uncommon very early in the conversation for the seller to ask, how did you get my information, right? They, especially if you're doing direct mail. They got this little card, a postcard, they got a little yellow letter. They want to know,

why am I getting this? How did you get my information? And so the response to these objections is really rather simple. It's just saying the truth. It's just being very honest and straightforward with people. And when people ask me that question, I'm just like, well, I'm an investor and I buy data. I buy data specifically that fits my real estate portfolios criteria. And I just use what they send to me. Sometimes it's a good fit. Sometimes it's not. Do you have a property for sale? Right? Very simple. You don't need to get freaked out by that question like you're intruding. You know, they, how did the Sears, how did Sears get their information to send them the Sears catalog, right? Well, they have certain buying habits. They live in a certain area in a proximity to one of the stores.

So Sears has bought data and they sent them a catalog. You're doing the same thing. Nothing to be weird or freaked out about there, okay? Next one is when they, when you pick up the phone, they might say, well, what's your offer? What are you going to give me for it? And at this point, you don't know the answer, do you? You know nothing about their property. You know nothing about them. You can't give them an answer.

So what's your answer to that? I don't know, right? Because you don't. So nothing fancy, nothing tricky here. I don't know. I can't answer that question without seeing the property. I don't want to quote you a number and not be able to back it up. Do you have a property for sale?

That's fair, right? Yeah, I'm not going to give you a number if I can't follow through. So how irresponsible would that be of me as a real estate investor? So do you have a property for sale? because we can talk about that. Right? So that's answer to what's your offer. Next question is, and this really kind of freaks out new people,

how long have you been doing this, right? I mean, if you've been doing it for a while, then just go ahead and tell them how long you've been doing it and your resume and your track record and share that information with them. But if you're brand new, this one can scare you. Like, I just started today, maybe. So what would you say is, well, how would you answer that?

Is you tell them, I'm brand new. I was just brought on as an acquisition manager. You were brought on as your own acquisition manager, so you're being truthful with them, right? So I'm brand new. I was just brought on as an acquisition manager, but my partners, they've been doing this for a very long time. So what if you don't have any partners? Well, if you're part of the Epic Pro Academy, you do have partners. You have that private Facebook group where you can chime in.

If you ever get stuck, you can get an answer to any of your questions just like that. We've got inside the academy, we've got the real estate 911 number. So if you get stuck in a transaction and you're totally stumped you don't want to, you can call that. There's always a live person during a normal business hours to answer that for you. So your partner, where are your partners until you've got the experience and you feel comfortable moving forward and you don't need us anymore, okay? But we're there to support you. So how long have you been doing this? How long have you been doing this?

Don't be freaked out by that question. Next one is, well, I'm not just going to give my house away. You hear that. Sometimes people will call and they're a little standoffish. They're a little defensive. Understandably, you might not be the first person that they've ever talked to. They might have received a very low offer from someone else. you're like, well, I'm not going to just give my house away.

And what do you say? Well, no, of course not. I wouldn't expect you to. And I'm not going to ask you to either. My goal, it's not to steal your house or even make the biggest profit, but to just be certain that I don't lose. You know, my goal is just to make sure that I'm safe and I don't lose money. Once I have enough information to come up with a fair offer, I'll go ahead and I'll show

it to you and you can be the judge. Is that fair? Got it? So that's a answer that. And then, so those are some of the more common questions that you're going to get right or objections you're going to get right off the bat or the common questions that kind of throw people and they don't really know how to respond. And lots of opportunity, lots of deals are missed right there in that place. So now when presenting an offer, let's go over

the actual presentation of the offer because if you do this correctly, you know, or if you do it incorrectly, I should say, you're going to get a lot of these objections and you're going to be constantly on the defense and constantly having to, you know, combat that. But if you do this correctly, your offer can go nice and smooth. And so I'm going to show you a very smooth way to do this. And by the way, there are multiple ways and many different approaches to doing this. I'm just going to show you how I do it and what works for us here in the office. So when presenting an offer, Mr. Seller, the current market conditions have your values or your property's value right at $100,000. And based off what you've shared with me about the repairs needed, and then just by

carving out a small little profit for myself, you're saying we're right around $65,000. Is that right? All right. So that's it. Very simple. The market condition says that your property's worth $100,000. You shared with me what the repairs were needed. And I told you I just needed a small little profit for myself. So what you're saying is based off of this information that your property is worth right around $65,000. That's the logic right there. That's just very basic and simple. Nothing fancy, nothing tricky. Just be nice and straightforward with your sellers. So if they agree, you're done. Get the contract sign and you move on, right? If they don't agree, then it's, okay, based off what the market is saying and what you've shared with me, what is the lowest number you would accept.

Okay, so if they said no, great. So based off the market saying what the market conditions are, based off the repairs, based off any little bit of a profit for myself, what is the lowest number you'd be willing to accept? Okay. So if you come to an agreement, boom, get the contract signed, move on. Now, if you still don't agree, you got to keep going. All right. So you're just hitting the ball back and forth. This is a tennis match.

You don't ever want the ball to bounce twice in your court. So you don't agree. So they've hit the ball back to you. So what do you say? We got to hit the ball back. You know, my biggest goal here is not to make the biggest profit. Although my goal is to make a profit. This is my business.

This is how I feed my family. But my bigger goal is just to make sure that I'm safe and that don't lose money. And based off the current market conditions and what you're proposing, it's just, it's beyond my risk tolerance. What amount would be doable if I could close quicker? Okay, so you just explained your situation that your goal is not necessarily to make the biggest profit, is not to steal their property, but you just want to make sure that you don't lose. You're an investor, and you wouldn't be a very good investor if you lose money, right?

So based what you're proposing, Mr. Seller, it's just beyond my risk tolerance. I'm not willing to do that. But what amount would be doable if I could close faster? Because sometimes fast money is better than the big money. Sometimes the speed of money is more important to people. so that's just what you're asking. So if you come up to an agreement there, get the contract sign and move on.

Now, if they don't agree, they hit the ball back to you. This is what you do. Mr. Seller, you now know my biggest goal. This is my goal is not to lose. What is yours? Is it to get the highest price or is it to sell fast? So you're just narrowing down, trying to get to their problem

and how you can solve their problem. All right? So you're just digging deeper into their motivation. So Mr. Seller, I just told you my goal. It's just not to lose money. What is yours? Is it to get the highest price or is it to sell fast?

Now, if you're still unable to reach an agreement, then now it's time maybe just that you don't, there's not going to be an agreement reach. So this is what I do, but I still hit the ball back. Don't ever let it bounce twice in your court. Don't walk away. It's Mr. Seller. I'm sorry.

It doesn't look like the market is going to allow us to both get what we want. See, it doesn't look like the market is going to allow us to get what we want. It's not you versus the seller, remember? So it looks like the market is not going to allow us to get what we want. As a final attempt in creating a win-win scenario for us. What I can do is leave you with this letter of intent. Here's a for you those of you that are watching on Facebook. It's this letter right here there. If you want to copy, I'll tell you how to get in just a sec. What I can do is leave you with this three option letter of

intent. As you'll see, it has three different options on it of how I'm prepared to purchase a property. Go ahead. Take a look at it and let me know if anything resonates with you. My number is right here at the bottom if you'd like to call me and discuss further. Okay. So for those of you on Facebook Live, if you want a copy of this, go to Epic. L-O-I-I-E. for use on the podcast, you can go to the same place. Epiclloi.com, you can get a copy of that. There's a version for properties that are owned free and clear. There's a version for properties that have a mortgage on them or some liens on them. And there's also a calculator there, a little spreadsheet, the Excel spreadsheet calculator, shows you how to fill that out and come up

with your numbers for you. All righty. So, um, leaving with that and you move on. Now, if you go through all of that and you don't come to an agreement, the seller's problem, maybe it's just too big for you in the market to solve and or the seller just simply doesn't need to sell. See, that's who you're looking for as a real estate investor. You're looking for those that need to sell. I mean, there's a ton of sellers out there that want to sell. That's probably 95, 96% of the sellers out there. They want to sell. But you're not looking for them. You're just looking for the three to four percent that need to sell. So you can, they've got some sort of challenge going on in their life and you can help them solve that challenge. And a lot of times for people in that

situation, the selling of their property and selling it fast and easily is what's going to alleviate their problem or just flat out solve it. And those are the people that you're looking for. All right. So what I'm going to do is I'm going to cut off this Facebook live broadcast right now. You can catch the rest of this episode on Monday on iTunes. You just go to epic real estate investing. com. Click the subscribe button so that you don't miss an episode. And particularly an episode that may cost you some money or an episode that may make you some money or might help you seize a future opportunity. All right. So I'm going to continue this episode right now for the rest of the podcast audience covering the five additional objections that you're most certainly going to get.

Like another buyer made me a higher offer last month. What do you say when they say that? Or the investor just before you, they offered me more money. How do you respond to that, right? My cousin is a real estate agent and she said my house is worth such and such. Or sometimes that shows up is, hey, the house down the street just sold for blah, blah, blah, blah, blah. Okay? How do you respond to that? Because people say that a lot of times. Then some people say after you go through all of this, this whole meeting with the seller,

they might just say, you know, I think I'm just going to list my house with a real estate agent. That's probably going to be the best thing for me. So how do you respond to that? Because you're going to hear that. And then the next question, these two, these come up all the time. Well, I'm going to talk to my wife about this or I'm going to talk to my husband about this, or I need to let me consult with my attorney. What are you going to say when they say that's their option?

That's what they want to do. want to do. And then the other one, this is the one you're always going to get. I need to think about it. Give me some time to think about it. I'll get back to you. What are you going to say? How do you going to respond when you hear that? So that's what I'm going to cover on the rest of the episode. And then one more thing. Just the other day, I hopped on the phone with a former client, one who's become a pretty good friend of mine. And I checked in with him on his progress. And what he's been able to accomplish in just one year, really quite extraordinary. You know, just barely over a year ago, he attended the Epic Intensive and he admitted that his decision to attend, he almost didn't make.

He almost didn't show up. You know, the plane ticket, the hotel, it was just a little bit too much for him at the time. And he just, he almost didn't make it. But in his current situation or in that situation at the time, he had very few options. So he did attend. And he's coming back again this year in a very different financial situation, a situation of freedom, a situation of independence, a situation where his monthly expenses are 100% covered by his real estate portfolio. His monthly expenses each and every month are covered by his real estate portfolio. He's officially escaped the rat race and he did it in one year's time, less than a year's time. That's three times faster than his teacher, his coach, me, did it.

So he's going to be there. I went ahead and I recorded that conversation so you can listen to that. I'm going to go ahead and wrap this episode up with that. I will see you Monday. All right, take care. Have a good Saturday. And it's Saturday. It's first day of college football season.

So I'm going to regret. I can't wait to get this done. So I can go home and I'm going to watch my game. You go watch yours. And I will see you soon. Monday at least, right? Take care. All righty.

So now with the podcast audience, I'm here with you. I'm off of Facebook live. And just something new I tried. I've never done that before. And maybe we'll do it again. Maybe we won't. I'll go back and I'll see how the response was and what the results were. All righty. So let's get back into some additional objections that you may hear now and then.

One of them being another buyer made me a higher offer last month. What do you say when you hear that? Because that's going to happen, especially if your sellers are meeting with more than one person. And that's very likely in a market that we're in right now. So that's great, Mr. Seller. Did you take it? And just let them answer. Most likely they did not take it, right? Or else they wouldn't be sitting there talking to you. So that's great, Mr. Seller.

take it, let them answer, and then just ask why or why not. Let them answer. And what you're going to get there is a different perspective or a look at why they are selling. And that opens up a brand new opportunity for you to solve their problem. And so, and you might want to follow that up with something like, well, Mr. Seller, I know the local real estate market is extremely well. Real estate is what I do full time. And after I did my local research, here's what I found. And then what you're going to do is you're just going to take them through your findings of your comparables and your market data. You're going to walk them back through those numbers, which you might have already done at this point,

but go ahead and show them again. This is what the market is saying. And then it might go like, Mr. Seller, here's the thing that you need to remember. I'm appreciative that you are giving me an opportunity to help you with your situation today. But at the end of the day, I have to make sound business decisions

based off the realities of the current market, not through speculating on future values. What I'm willing to do is to reevaluate my numbers and give you my highest and best offer. Is that fair? Okay, so that's how you get back into there. Let's see. Another objection you may hear,

and this one comes in several different forms. My cousin is a real estate agent or my sister's a real estate agent or my brother-in-law is a real estate agent. And they said my house is worth blah, blah, blah, blah, I don't know, 20%, 50% more than what you're offering. Or it may come out as, hey, the house down the street just like mine, it just sold for $100,000. So, Mr. Seller, one of the reasons I like working with sellers like you is because you have

taken the time to educate yourself and you're focused on finding a solution to your real real estate problem. May I ask why you didn't list it with your brother-in-law, why you didn't list it with your cousin? And again, that's going to bring out new motivation, it gives you a different angle to see why they did or didn't or they aren't or are going to list that property. Okay. And you can follow that up with after you listen and they give your answer? Well, I'm interested in only an outcome that's fair to both of us. And I'll be happy to take another look at the neighborhood sales statistics and see if I see what your cousin says your house is worth. and if I can see if that's true.

If I see it, I'd be willing to reevaluate my numbers and give you my highest and best offer. Does that sound fair? Okay? Very simple. Another objection that you may hear, I think I'm just going to list my home with a real estate agent. This one's very frustrating. You'll get this one after you go through all the steps and you feel like you're doing everything right and you show them the data and you show them this is what the market's doing.

This is what I can do for you. I'm going to solve your problem. Like you just did everything right and they just kind of sock you in the stomach with, I think I'm just going to list my house with an agent. agent, right? And you might hear this actually after you've gone through the whole thing, or you might hear it after you just threw out your little ballpark offer over the phone or in person. Like you gave them your soft pass of what it could be. I think I'm just going to list it with an agent. All right. So, Mr. Seller, and this is where you really need to understand your value as a real

estate investor. This is your value as a real estate investor. Mr. Seller, selling through an agent, that might be a good choice for you if you're willing to wait around for 90 days or more before you close and get paid. In my opinion, there are three main problems with selling through a real estate agent. This is just my opinion. Just something for you to consider. The time it takes to find a qualified buyer. Getting a loan nowadays, that can be tricky. You know, the lending guidelines are higher than they've, or more strict than they've ever been, and you might fall out a few times before you find that buyer that can actually follow through. So that's one thing. Second thing is the fact that most qualified buyers are picky and want you to make all the repairs before they're

going to, before they're willing to close. They're going to come in, they're going to give you a, they're going to have their property inspector come in, they're going to spit out this giant list of all these repairs and everything that's wrong with your property. And then just before they close, they're going to submit that to you and say, here, fix this before we close. So that's another thing that you got to think about. The third thing is most buyers are going to ask you to go and pay your side or even both sides of the closing costs. Plus, you're also responsible for whatever the costs are for you right now to maintain the property while you're looking for a buyer over the next 90 days, over the next four, five, six months.

You know, for most people that I meet with, after taking all of that into consideration and after they've done the math, they realize that the smarter business decision for them and their family is to sell quickly, is to just do this hassle-free and just go ahead and take the cash and move on to the next stage in their life.

So having said all that, how would you now like to move forward? That's the question I like. Now after taking all that into consideration, how would you now like to move forward? forward. Okay, so that's how you answer that. It's a little longer, but that's why I say you have to really understand your value in the transaction, the value of a seller working with a real estate investors as opposed to an agent because you do it quicker, right? You have the certainty of

clothes on your side. You don't have to do the repairs. You don't have to pay the closing costs and you don't have to pay to maintain the property between now and when you find a buyer. And you can move on and get on with your life. You can move on with some peace of mind. and in exchange, I just ask for a little bit of equity in return. And over, you know, sometimes after you figure that out, after three months, four months, five months, they're really not even, they're not making any more money because they've had these additional time and expenses that they've had to accrue.

So you really just have to understand your value as a real estate investor. And that can, that answer come out rather naturally. All right, the next one you're going to hear. Let me talk with my wife about this, or let me talk with my husband about this, or, you know, I'm going to consult with my attorney. And you might hear this, you know, right after you present that offer. So no problem, Mr. Seller, I think it's extremely important to have the decision makers on the same page.

Are you okay with the price and terms that we discussed? To ask them that first. Let's dial that in first. And just listen. Let them answer. Okay. And if they say no, then it's like, well, what are you going to discuss with them? Let's go ahead and get an agreement between us before you actually go on to discuss with them.

If we can't reach an agreement, you shouldn't waste your time and go and discuss it with them. Does that make sense? So now you get back into the negotiation of price and terms and dial that in. Then if they say, yes, we're cool with the price and terms. Okay, Mr. Seller, we spent a lot of time creating a plan to resolve your family situation. Would it be okay if we talk to them together? So I'll be available to answer any of the questions just like I answered for you. So ask for permission to be at that meeting.

Another objection that you're likely to hear, give me some time to think about it. I'm going to think about it. We hear that one a lot. That's pretty common. Well, that's great, Ms. Seller. While I'm here or while I'm on the phone, what are your main concerns that you're going to be thinking about? Perhaps I can address them now and or more completely than I already have to make you feel

more comfortable. Okay? Try and ask for clarification on what they're actually going to be thinking about because maybe you can propose something that's going to save them the time from thinking, something that's going to make them feel more comfortable. So those are a bunch of objections. I can't have been running through my head of what else I've heard, but I think those are probably the most common.

That's how I've responded to them in the first. past and you might want to listen to this episode a couple times over and over again or maybe just keep it handy and so that gets ingrained into your head. But don't freak out. Really, it's just coming from a place as long as your heart is in the right place and you are thinking of solving that seller's problem and you just be straight, brutally honest and transparent. There's really no tricks about it, right? And as long as you understand your value, then, you know, you can just be straight. Go ahead and listen to this again so you can get an idea of the direction your conversation should go, but we're always leading trying to go to that closing,

getting to that closing situation where you guys reach an agreement. And then the final note, when getting off the phone or parting ways, be polite. And always thank them for giving you the opportunity to make an offer on their property and to help them out with their situation. Just be polite and be likable. Okay. And you're likable by building rapport, by being a friend, by being trustworthy, by making an honest and concerted effort to help them out with their problem.

You're going to be likable and then be polite on top of all that. And so that's how you handle some of the more common objections. Mostly, if done right up front, you're not going to get so many objections. That's what I really want to drive home here is the best objection handling is to go ahead and present everything correctly right up front, do it right, build that rapport, be a friend, let them know that it's you two on the same team working against the market. And you're not going to have as many of those objections, if any of them, really. But if you do get them, now you know how to address them, okay?

So, and with all that said, you're still not going to get every deal with handling every one of these objections, even if you address them all perfectly. But you will get more deals. And you're going to get a lot more deals accepted or more offers accepted than if you had just accepted their objection and then remained silent and moved on. That's for sure. I mean, anyone can do this business. Anyone can grab the low hanging fruit. And there's been a lot of low hanging fruit the last five or six years. And anyone can do that and make some great money.

and there's still low-hanging fruit out there. And you can do really well for yourself. But it's those that are prepared and outwork their competition that really make the fortunes. So don't let the competition scare you. Scare the competition. All righty. So as I was mentioning just before we cut off on the Facebook live feed,

you know, the other day I hopped on the phone with a former client, a good friend of mine now, and I checked in with him on his progress and what he's been able to accomplish this past year. Amazing. Really amazing. You know, he attended the Epic Intensive last year and said it was a struggle,

but he's so grateful that he attended because he's coming back to the intensive this year. And in this time frame, he's been able, he's coming back in just a very different financial position in life. He has been able to escape the rat race. His monthly expenses are 100% cover now from his passive income from his real estate holdings. And like I said, he did it in less than a year, three times faster than even I did it. And a lot of people scratch their head and can't believe I did it in three years. He did it in one year, and I recorded our conversation. I'm going to play it for you right after this.

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Hey, this is Matt with Epic Real Estate, and on the phone I have one of my clients, Parker Styles. Parker, what was it about real estate that inspired you in the first place? Oh, man. If I had to pick one thing, I'd say it always stuck with me. My dad would always tell me, you need to figure out how to make money while you're sleeping. And he was in the residential game. That's just kind of what I grew up with. And he would always tell me how cool it was, the idea that, you know, he was making money in his sleep.

So I think that's been the number one drive for me. What was your life like just before you found the Epic Pro Academy? Just before I had gotten fired from my industrial real estate job as an agent there. Right when I got fired, I got home, I'd heard the podcast, and I told myself, If I ever quit or if I fired or anything like that, I would do the Epic Pro Academy. And sure enough, the day, probably the hour that I got home, I went ahead and purchased it and never looked back. How has joining the Epic Pro Academy impacted your business? Oh, tenfold.

Most of all, I would say the most beneficial part of the Academy is the networking. The Facebook page is huge that you have access to once you're an Epic Pro Academy member. You know, there's a lot of times when I would try and get a hold of people in my local network or maybe I had questions and they didn't know how to answer them and I would just make a quick post on that page. And within five minutes, I'd have at least a couple responses and there's just a lot of really seasoned investors on that page. So that's a cool thing to be a part of as well as all the videos and all the webinars you do.

I think those are on there also, you know, for the price. It's an amazing package. How is it that, since joining the Epic Pro Academy, how has that impacted you personally? Personally, I mean, I don't know. I wouldn't say it was a direct connection between the Epic Pro Academy and my personal life, but indirectly, what the Epic Pro Academy has enabled me to do with my business. And then what my business provides for me now, that has a direct connection with, you know, how my life is now being able to make my own schedule with the single family and multifamily

income properties I have. My wife and I have all of our expenses paid for, you know, we can put down every and go on vacation for a couple months and not have to worry about having all our expenses paid for based on passive income. So I think indirectly it's done a lot. Well, you might have already answered this, but who else in your life has it impacted? Yep, definitely the wife. She's super, super conservative. I was finally able to get her to quit her teaching job, 9 to 5 job and come work with me full time.

My parents, you know, I think it's impacted my parents. They're super proud. You know, they were a little skeptical about me not going. back to find a traditional job after I got fired. So with all that said, what would you say is the true value of your results? I don't know if I'm answering this the right way, but the coolest and most valuable aspect of the results that I've gotten so far is just, we got an Excel spreadsheet. I said this a second ago.

We got an Excel spreadsheet, and we put in every single expense that we have reoccurring expense from food to insurance to phone bills, even our gym. membership and figured out how much that cost us every single month. And then we acquired enough rental properties using purchasing strategies through your systems. And now we have enough passive income coming in every month to pay for all of those expenses and the freedom and the weight off your shoulders that happens as soon as you have all of your expenses paid for every month, whether you're working or not, the value in that is endless. So having the opportunity to make that investment all over again, would you do it? Definitely. I just did it the other day going to the

epic intensive event. Well, you just answered my next question. I know you came to the epic intensive last year. Why were you so intent on coming back again this year? You know, the first, I was really close to not coming the first year. I'd never been to a event like that. So I was skeptical, didn't know if it was going to be worth it. I wasn't making any money at all, you know, much less I was probably $100,000 in debt or more from the renovations that I just started. I hadn't made a paycheck yet. But then I went, and I met a lot of really quality people, people that were owning a business or running a business that I wanted my business to look like five years down

the road. So, you know, there's a big difference between associating yourself with people who are kind of in the same boat as you and then associating yourself with people that are in the boat that you want, you know, two, three, four, five years down the road. And that's what I got at the epic event last year. So this year, I figured, hey, I still don't know everything. I never will. So might as well keep coming to the event.

Keep meeting more people that are running a bigger business than I am and keep learning. Well, thanks for your time park. I'll let you get back to your business. And I'm going to see you soon. Cool. Sounds good, Matt. Thanks for everything. All right, but take care.

So until next week, God bless. And 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 festival. 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.

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