Epic Real Estate Investing - Increasing Conversions with Todd Toback | 248

Episode Date: February 13, 2017

Todd Toback joins Epic Real Estate Investing with a master session in conversion tactics. Sharing a clear roadmap for distinguishing prospects from suspects. Learn how to qualify your leads quickly and confidently. Discover ways to sort through the suspects and continue to drive the sale forward.  Enjoy this great wealth of knowledge shared by Todd in this very special episode of Epic Real Estate Investing. Lock up more deals, negotiate larger spreads, and steal deals away from your competition. Go to NoLimitsSalesSystem.com for a FREE VIDEO SERIES from Todd Toback!    ______   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. Hello, and welcome to Epic Real Estate Investing. This is the place where I show people how to escape the rat race using real estate. And if you're just getting started and or you're looking for new and creative ways of making money in real estate, I've put together a free course just for you, including a checklist on how to find motivated sellers. Those are property owners that are willing and able to sell you their property at a discount.

So to access that free course, go to free real estate investing course.com. Free real estate investing course. All righty. Got a fantastic show for you today. But first, I've got a few announcements. This Wednesday, I'll be teaching live how to double your offer acceptance rate. and that's on February 15th. That's this coming Wednesday.

And that's going to be at the Wednesday night club in Scottsdale, Arizona. It's or Real Estate Investors Club in Scottsdale. It begins at 5.30 p.m. It's at the Orange Tree Golf Resort. It is open to the public. And you can RSVP at 480-443-450-4-400. 4-80-443-450. And tell them you heard all about it here on the Epic Real Estate Investing podcast.

So if you happen to be in the area, Look forward to meeting you and shaking hands and talking real estate, talking shop, show you how to double your offer acceptance rate. That number again is 480,443, 4500 in Scottsdale. This Wednesday, February 15th, starts at 530. All right. And next Monday, it's time to restart your business, as you should, every 90 days to assure you're not overcomplicating things.

We did this back in November, so it's that time again. We're 90 days from then. So we've got to do it again to make sure that you're focused on the right activities for maximum impact to your bottom line with the least amount of time and energy spent. This is a structure implemented inside of the Epic Pro Academy. And as a listener of this show, you're invited too. So be here next Monday. And for four straight days, we'll cover what's needed to maximize the efficiency and the profitability of your business.

And let's see. Last but not least, for the announcements, March 17th and 18th, the Epic Wealth Experience and Bus Tour. It departs in one of the more powerful cash flowing cities in the entire country. St. Louis, Missouri, there are a few, and I mean just a few seats available. If you'd like to join us, go to Epic Wealthexperience.com and reserve your seat. That's March 17th and 18th. Grub and Grow Rich on Friday night, March 17th at 5 p.m. So you can come out, that's part of it.

Come to that at 5 p.m. on March 17th. And the Epic Wealth Experience and Bus Tour, it's Saturday on March 18th from 9 a.m. to 7 p.m. It's an all-day type thing. Lots of fun. St. Louis, Missouri. The location is available on. upon registration. So if you'd like to learn how to establish your financial freedom in as little as just one year, the Epic Wealth Experience will provide the answer. And it's just, it's two days

of learning and fun. It's the first step and it's going to make all the difference for you. So if that's what you're up to and you want to see how to establish your financial freedom in as little as one year, the two days of learning at the Epic Wealthing experience, that's the first step that's going to make all the difference. So go to Epic Wealth Experience. dot com. All righty. Got a great guest on the phone for you. He's a fan favorite here at Epic Real Estate Investing and I'll be talking to him shortly.

But I wanted to share something with you around probably the most common question that I receive as a mentor, as an educator of real estate investing. And that question is, how do I find the money to invest? Or how do I raise private money? It comes in one of those two forms and darn near everywhere I go in every venue, every venue, gathering, doesn't matter the amount of people, where I'm at, if that's what I'm there for to share about real estate investing and techniques and strategies and stuff like that, that question inevitably comes up from aspiring real estate investors. And I've answered it so many times.

I couldn't even guess as to how many times that's been. And we've covered it here on multiple episodes of the show. And I've held online coaching webinars on the subject. It's covered thoroughly inside of the academy and I answer the question seemingly once a week inside the academy's private Facebook group and here we are almost nine years into this business and it's like once a week question at least and my answer it's always the same it hasn't changed first find the deal and the money will find you that's the context that's the idea first find the deal and that money is so much easier to find if you've got the deal in hand it's much more difficult if you go out and look for the money before you got that deal.

And so that's the context. That's the gist. And every guest I've ever had on this show has 100% concurred. And the way that you use your deals after you have found them to raise money is, you've got to focus on what's in it for the private money person. If you're going to share that deal with somebody, you've got to focus on what's in it for them. Let them know what they're going to get in return. And if you indeed do have a deal, you won't.

have to share it with too many people before you have all the money you need to complete it while carving out a nice little profit for yourself. So inside of our private Facebook group for the academy members, they're constantly sharing their deals in there. Or they're asking for sources of referrals for private money, for looking for investors, looking for partnerships. It's a common post in there. But the majority of the posts, they sound something like this. Hey, got a great rental in Milwaukee on a great street. Hit me up if you're interested. Or PM me, if you're interested. Or I've got three properties under contract in Atlanta and I need private money to close, any ideas. Or I got another one under contract. Ain't she a bute? Who wants it? Those are the

types of posts. And I consistently comment below these posts reiterating the lessons taught here and inside the academy. Post what's in it for the buyer. Focus on what's in it for the partner or the investor or the buyer, whoever you're looking for. You've got to focus on what's in it for them. Nobody is going to make an investment in a nice rental property on a nice street. That's boring. Nobody cares. That's not an investment. That's a purchase.

Nobody's going to make the investment in something like that, not based on just that information, nor will most people even inquire for more information. I mean, if you just posted, hey, we've got a nice rental on a nice street, that might be the best you got. That might be the best news that you can share about that deal. And most people just aren't going to inquire more. You've got to be clear. You've got to make it easy for the person that you are seeking.

And, you know, I'm not picking on the people in the private Facebook group, by the way. No, I'm picking on all of you equally. But no, what I'm doing is I'm referencing them because it's an easy example. And I see it daily. So it's just it's a top of mind. It's in front of my face on a weekly basis. And so that's why I'm pointing it out there inside of our private group. And the other reason is the likelihood of people trying to raise private money, the, the, the,

the likelihood of them doing it differently outside of the Facebook group and they are in, highly unlikely. I mean, how you do one thing is how you do everything. And if that's how you're promoting it inside of amongst, you know, a community of your peers and a community of like-minded people, you know, I can only imagine that's, I mean, that's what you're doing outside when you're looking for private money. That might not be as savvy or sophisticated or as you are in investing. And so you're not doing yourself any favors by trying to find your private money that way.

So here's my point. last week, a star student, coaching client, and someone I consider a friend. I made a Facebook post inside of the Epic Pro Academy's private page, Corey, Corey Kandek. And I'll go ahead and I'll read you his post. I says, have 100,000 profit deal locked up near Cleveland, Ohio, will consider partnering, text me and let me know what you can bring to the table, funds, contractors, buyer. It's $49,000. It's worth $155.

Okay. So he's got a deal for $49,000. it's worth 155. Let me contact him, let him know what you can bring to the table. I love the positioning of this. Now, it's not perfect, but you can hear the difference,

big difference from the previous examples that I read to you, right? Big difference. Corey, he's talking numbers, he's talking value, he's talking about how much he needs, he's talking about profit, and although it's not perfect,

it's good enough to get the job done. And here's what I mean, here are the responses to that post. Paul wrote, hit me up. Said wrote, PM me please. Jason wrote, I'll text you first thing in the morning. Andres wrote, I'm interested. Send me the details.

Jeremiah didn't even post and just called Corey directly. And even I wrote, hey, if you don't find here what you're looking for, hit me up. I'll partner with you. And what Corey has done by finding the deal, posting the numbers, is he's positioned himself to dictate what he's willing to give up in the deal. He says, call me and let me know what you can bring to the table. I got the deal. You call me and let me know what you can bring to the table.

He has options, multiple options. There's five or six people there that won a piece of it. And this was only after a couple hours the post was live. I haven't gone back to see how many of the posts there are now. But he's in a position not only to acquire private money to do this deal, he's going to have no problem because I'm in line. If he doesn't find it, I'll do it. So he's not only in a position to acquire the private money to do this deal,

he can dictate what he's willing to pay rather than how most people go about it asking private money people, hey, what do you charge? Or Mr. Hard Money person, what do you charge? What are your rates? Now, Corey's like, I got the deal. This is what I'm paying. Do you want a piece or not?

Big difference. And this type of dynamic wouldn't be possible unless Corey found the deal first. So just wanted to take this moment to share a real-life example here in the real world, in our world, in this epic community that we've got here, of just how easily private money can be raised, and I'll reinforce that, how easily private money can be raised if you put the deal first, then put the private money second.

If you indeed have a deal, money will never, ever be a problem. There's no shortage of money out there looking for good deals. All righty, so well done, Corey, and I know you've got a solution by now, but if you don't, call me, and I'll go ahead and we'll run this deal. together. All righty, on the phone, our honored guest of the day, wholesaling, extraordinary, and overall good guy, great friend, Mr. Todd, Tobac. Todd, welcome back to Epic Real Estate Investing. I'm excited to be here, Matt. Let's rock, baby. Totally. I'm excited for you to be here as well. And, you know, we're in a shifting marker right now. I want to talk to you a little bit about

what you're doing in the market, how you're, you know, how you're performing at such a high level and so many people seem to be struggling out there. And I guess just we'd run down a real quick, I guess, description of your operation and what it looks like today. Because we've had your past and how you got started. We did that last episode. What does your business look like today as far as real estate goes? Well, my real estate business, we're pretty much 100% wholesaling, right?

That's when we take a contract and we sell that contract to an end buyer, right? We lock that house up for a great deal and we flip the contract for a profit. And that's my passion because it's the most scalable. It has the least moving parts, the least complication. Yes, you can make money with other strategies, but I love wholesaling because you can train other people to do it, right? Whether you're a newbie and you're trying to do this yourself and you're brand new, great. Right. Or if, you know, you want to scale your business to six or seven figures,

wholesaling is my favorite because, you know, you can cut a lot of the risk out of it. And I like to, you know, really brand our company as a sales and conversion, right? We set a bunch of postcards, do a lot of internet marketing. The leads come in and we convert them. Right now, we've got a seven-figure wholesaling business. We operate in seven cities in California. We operate 100% virtually, meaning that everybody works at home. We do have an office that I work out of and people can use it when they want, but everybody

has home offices. And man, it's a business. It's a cash machine. And I absolutely love it because we can help homeowners and help cash buyers and help our team that works with us and make a ton of money in the process. A lot of people hit me up here. And we're actually even experienced a little bit in our own marketing engine is the response rate is falling a little bit. You mentioned postcards.

You mentioned internet marketing. Are you doing anything differently to stand out and cut through or you just kind of work in the numbers still? That's a great question, Matt. And, you know, I agree response rates on direct marketing are falling, right? And so whenever I take a look, whenever there's more competition and I'm in a market, the only way I'm going to beat my competition is to be better, right? I have to market better, I have to be smarter with my marketing. But most importantly, when a lead comes in, you have to cherish it.

You have to nurture it. You have to sell your rear end off. and give the seller a reason to do business with you. The other thing that I would tell you is that we're really focused on increasing the size of our deal. So in a hot market, right, when there's less inventory and buyers or sellers are responding less, you know, notice that your cash buyers are kind of scrambling for inventory. So if you can get a property under contract, if you can buy deep enough, you could also sell it for a higher price also and make a higher profit. And so that's one of the things I like about a competitive market is when you have the properties, you can control the inventory and just going to put yourself in a huge advantage.

But one of the things that we're really focused on is sales and conversion. When a lead comes in the door, what are you doing to convert it? What are you doing to spend time with the people who really have a real why from the tire kickers? And so really most of our day not selling is spent training with our sales team. Got it. Yeah, I know that about you. You spend a lot of time in training. And, you know, we talk about the fastest way to scale your business or your income, at least.

And we've talked about it. You know, you can work harder. You can make more calls, spend more money in marketing. You need to be smart about all that, but you've got to do more to get bigger. What's the fastest way to scale your wholesaling income, do you think, out of all of those? Well, the biggest thing is increase your conversions, right? And that is actually taking the amount of seller leads that comes. come in the door, right, and converting those at a higher percentage than you are now.

That's one of the most important things that you can do. And the second thing is shortening the sales cycle, right? There's two kinds of people who do deals, right? They're the sellers who call and they're laydowns, and they'll get on the phone and be like, I'm desperate to sell their house, right? And then there's other people. There's a whole other subset of people. And I'd say this is like 70 to 80 percent of deals that will kind of be floating out there.

And if you follow up with them, you know, three months, six months, 12 months, you might get that deal. And the secret is taking those people who would be a year out and shrinking that down into maybe one month or two months, helping people come to the decision, using your sales skills to help them come to conclusion that you're the person to do business with right now. I don't know. You don't have to get into the details, but generally speaking, what are some of the things that you could do? So someone I just asked me the other day is like, how do you convince a seller to sell you at a discount? And I was like, I don't know if you can't convince, but maybe we're going there. So I hate that word. I hate that word convince, right?

And by the way, I've heard that a lot. You're never going to convince someone who doesn't have a problem to do business with you, right? There's no, if you're not offering any value, you know, you're wasting your time. And so what I love about this, and I'll get into this. is if you're spending time with unmotivated sellers, it's going to destroy your confidence, and you're not going to want to be in this business, and you're not going to survive. All right? So I would say, well, I think you're, you want to ask me a different question.

Maybe you're asking me, how do I find the right seller to do business with versus how do I convince a seller to do business with me? So part of that, and it's something that I'll get into is, really, I've got a 10-step sales system that we use in our own. office that really it's meant to convert more leads and sign contract and shorten the time but part of that is qualifying your prospects right and so you want to talk to your sellers when you're on the phone and really dig deep and you want to find out what is their why what is their pain point you know and I talk about this heavily with my sales team you're looking for past pain present pain and future pain right past pain is like all the things that have gone on in the past

you know, yesterday all the way back to three years. And you bring up, you know, painful memories of, of them under the sink and breaking their back and, you know, having dirty sink water falling onto their face in their rental. Right. And then, you know, present pain is, hey, you know, my daughter's living in the property right now and she's not paying me rent. And I just hate that emotion. I can't stand it. She's taking advantage of me and I can't stand it, right? That's the present pain. And we love to dig that out. And then, you know, we like to focus on future pain. Okay, well, if we don't do business today, what's your alternative? What's your life look like?

How do you feel? And so you get them to verbalize, oh, my gosh, if I've got to deal with this for another three months, I'm going to, I'm going to, you know, I don't know. I don't know what I'm going to do. Maybe me and my wife will get divorced. Maybe I'll, you know, go over there with a jackhammer and kick down the door. I just don't know what I'm going to do. And so once we get people to verbalize that and get them the conclusion that we're the only

option, it's checkmate, right? And so you're really looking for people who fit that. If you're listening to this podcast and you're thinking that you're going to convince a seller that doesn't have a problem to do business with you, you've got another thing coming. It's not going to happen. Right. So, you know, the other thing is that even if you do convince a seller who's not that motivated to do business with you, you may lock up the contract, but it's most likely a crappy deal. And you're going to waste your time, right? Crappy deal syndrome.

You know, and you think, oh, I'm going to go back and get a reduction? No, that's not going to happen. So you're going to waste your time. You're going to spin your wheels. And so you're going to be much better off trying to find really those motivated sellers. And I wasn't going to talk about this, Matt, but since you mentioned qualifying your prospects, there are only three kinds of sellers, right? There are the motivated sellers. Those are the laydowns.

Those are the ones who are hot, two trots, smoking. And if you've spent any time in this business, you know what I'm talking about. Ready to sign right now. And I don't care what your sales experience, you're going to be able to lock these things up. Right. Now, if you're better at sales and you know what you're doing, you're a better negotiator, you'll probably be able to buy much deeper than your average Joe. And that's good and that's important. But, you know, a portion of those sellers fall into that category. And that's going to be probably one to two percent of the sellers who respond to your direct

marketing. So if you send out, you know, 10,000 postcards, you're probably going to, you know, get, I don't know, 50 people calling, and you might get one to two hot deals from that. That's at a competitive market like California. Then there are sellers who aren't motivated, right? These people have no reason to sell, no timeline. They called off your letter because they're just curious. And this is where a lot of newbies get stuck, Matt. They spend all these time with these unmotivated sellers.

They stay on the phone. They waste their time. They answer a ton of question. They beg, please do business with me, right? They're like, oh, you want, I haven't been in business. I'm the member of the Better Business Bureau. We make this really easy. You know, I promise I'll close, I'll close, I'll close, right?

And then all of a sudden they're like, no. Right? I mean, you get kicked in the teeth and you get punched in the stomach. And that's no fun. So if you're feeling that way, you're like, I hate the telephone. I hate doing deals. This sucks. You're probably spending too much time with people in the second category.

Right? And you don't want to do that, right? You don't want to spend time with people who have no intention of doing business with you. Now, the first group of sellers, I love them. Believe me, if I could have a million of those, I would. The second group of sellers don't spend any time with those people. But the third, okay, this is where the gold is, Matt. Okay.

The third are people. You ready for this? I'm ready. Who act like they don't have a problem, but they really do. Okay? So let me ask you a question, man. When you go to a car lot, right? You're on the car lot and you're looking at this brand new truck.

What happens? The salesman comes out. Says, just looking? Can I help you find anything? Right? I'm sorry, I cut you off, but we got it out. So you say just looking. I say just looking, yeah, yeah.

Why do you say just looking? Because I don't want to be bothered by the salesman. I just got there. I haven't seen anything yet, and I'm still feeling my way around. Okay. But what's like that initial reaction? Like you're just looking, but you are interested in buying a car. Oh, yeah, totally.

No. Here he comes. He's going to ask me to buy something and, you know, not ready yet. So would you say there's a little bit of fear and angst? Totally, totally. I'm not playing along very well, am I at all. No, you're doing good. Okay, good.

I'm talking too much. No, you're doing fine too. We'll encourage each other along the way and we'll get through this. No, it's going to be perfect. No, I get what you're saying. I wouldn't have said fear, but that's kind of what it is. It's like, you know, I'm here. I just, I'm going to buy or I'm just looking.

Maybe I am just looking. I don't know. But it's like, I don't want to deal with you right this second because I know you're going to try and push me into something. Right. And so you kind of fold your arms and you hold your cards close to your chest, right? You're not going to be like, hey, what are you looking to buy? you know I'm just I'm just looking but meanwhile you could be ready to buy a car that day right they say what's your budget you go like I don't know meanwhile you know that you're

there that you've already done your homework and you're not going to spend more than 30 000 for a car you know and but frankly you may need a car that day right maybe you just got a car accident and you know you've got a drive to you know some important conference where you're making a ton of money but whatever reason you want to get a better deal you don't want to show your cards, and so you hold that. And so a lot of people act like they're in this third category. And so really, if you're a salesperson, if you're an acquisition specialist, we're going to offer value, you've got to ask the right questions to flush these out.

And these are some of the tools that I teach using something called a stealth, a stealth mismatch. Oh. And so one of the things that will do is I'll say, hey, Matt, you know, the good thing is you know, you're not really even looking to buy a car today. And I understand that. You know, six months down the line, you know, maybe if you're interested, we can talk then. And so, you know, great. Have a great day. And so what I'm going to do is I'm going to try to push you away with a negative question. Right. So I say, hey, look, you know, I understand you're probably not looking for a car for six months. So I'll tell you what. I'll just let you keep looking. And hey, no problem. Right.

And so one of the thing of, one of two things is going to happen. Either A, you're going to be like, Yeah, right, I'm not looking for a car. And if you're not looking for the car, if you really are just looking, you're going to stay on that side. Right. But if you are looking for a car, right, you're going to kind of loosen up a little bit. You're like, well, no, I might be interested today. Why don't we take it for a test drive? Does that make sense?

Totally, totally. Yeah, you call it a stealth mismatch. I like that. I call it a release statement. Okay, yeah, release statement. I mean, I like that, too. It's like a little like a. ah, right?

You're releasing? Yeah, it's saying that I, like, yeah, I'll do something like, you know, I don't even know if this is going to make sense for you or not. Probably not, but, you know what I mean? Yeah, and that's something I actually learned from Peter Conte and David Finkel. They used to use that probably not statement a lot. And that's actually what got me started in real estate. I got it from the Sandler guy.

Okay. Yeah. It's a good tactic. That's what we're trying to say. Yeah, it's a great tactic, you know. And so, you know, part of that is qualifying your prospects. So we use those kinds of questions to qualify our prospects. And that's actually the second part, second principle of a no-limit sales system that we use in our office, Matt.

You know, the first part of that, and I'm going to get back to that, because once you start qualifying your prospects, using those kinds of questions, right? So let's say I'm talking to a seller, and I'm like, hey, you know, the good thing is, you know, you don't care if your son lives in this property, rent-free for a year because you just want to help them out. And I get that. That's okay. Right. And so he's either going to say, yeah, that is okay. I love my son and I want him to stay there for a year. Or he might say, there's no way that SOB is staying in the property for another year.

Right. And so I'm going to use that to qualify your prospects, okay? And so once you start doing this, you can start getting rid of prospects that don't fit your mold. If they don't fit in the first category, if they don't fit in the third category, if they fit in that second category, which is going to be the vast majority of your prospects, you can move on and spend time with the right people. And when you do that, you can be very, very confident. And this is the first principle of the no limit sales system, right, is you got to know that

you offer value. You have to know that it's okay for you to buy 65 cents on the dollar. You have to know that you're providing a solution that you're doing something great for somebody who really, really, really needs you. Okay. And so if you have your head in the right space and spending time with the right people and not spending time with people, not spending time with people, have no intention of doing business with us, right?

Then you're going to feel great about yourself. You're going to do more deals. You're going to want to spend more time on the telephone. You're going to make more offers. You're going to lock up more contracts. You're going to go deeper, right, and negotiate harder when you have a big fish on the line. And that's going to 10x your business. If you just take the same amount of marketing that you're doing now, right,

and lock up twice as many deals and get three times of spread, That's going to exponentially increase your business. That's the difference between going out of business and having a million dollar profit a year. Yeah, the confidence that headspace goes a long way. And in the beginning, there's a lot of uncertainty in people's head spaces. And then if they've been beat up a little bit, then they start to lose that confidence and that, yeah, it goes down really quickly. Right. You know, so that brings me to number three, Matt, and the five principles that we use is that you also want to be a truth teller and a truth seeker.

Right? I don't, one of the things that will really help you. And it also meshes with number one and number two is that you're going to demand the truth from your prospects. Many new investors are scared to peel back the onion, right? And find out really, really what's going on their prospect? So when anyone in our office says, hey, Todd, you know, I've got the seller and he just wants to get rid of it. Right? And I'm like, what do you mean? Just wants to get rid of it. Well, why does he want to sell? And he goes, well, I just wants to get rid of it. I'm like, no, no, no, no, no, no. No one just wants to get rid of it. No one just wants to get rid of it. rid of their property, right? Get to the truth, right? Find out, peel the onion. And so that's part of being a truth seeker. Don't let the seller off the hook, right? So one of the things I'll ask is, Mr. Seller, you know, you said you just want to get rid of it, right? You know, no one just wants to get rid of a property. Let me ask you, why are you on the phone with me instead of just listening with an agent? That's my favorite question. Why? Why? Are you on the phone with me instead of just listening with an agent? Now, some people are scared to ask that question because they're scared of the truth.

Right. I think a lot of people are scared. Right? I think people are scared like, oh, that's a good idea. I never thought of it. Let me go call a realtor. Bye. And that never happens.

That never happens. And sometimes they might, right? But they're overmotivated. Yeah. Yeah. You know, you can never kill a motivated seller. You can never kill a good deal. I mean, I guess you really, really could if you absolutely tried.

But, you know, you can't say the wrong thing to the right person and really vice versa. You know, and then part of something about being a truth teller, and this is one of my favorite things. They're like, well, why is the price so low? And my favorite answer is, I need to be able to make a profit, right? And so if I can make a profit and you could feel good, there's room for us to do business. And if not, that's okay. That's okay, right? You could say no to me.

That's no problem. And so that's part about being a truth teller. If you tell the seller what you're up to, they say, hey, are you going to resell this to another buyer? We say, yes, right? You know, every once in a while to say, what's this, you know, concurrent clothes thing? You know, assignment. I go, oh, sometimes I sell it right after I buy it. Right?

We'll tell the truth. And so when you tell the truth, it's so liberating. It'll take your confidence through the roof. You'll be dealing with the right people. And at the end of the day, you'll feel great about your business and your assignment fees will jump to the roof. I can't tell you that, you know, I have a really, really hard time describing a seller who didn't know what their property was worth when they sold it to us. Say that again? I said, I have a hard time thinking about a seller who knew, who didn't know what their property was really worth when they were selling it to us.

So basically, there's no like wool being pulled over their eyes. Let's say we, you know, bought it for $100 and we wholesale it for $120,000, right? That seller probably knew that they could get 120 on their own. But just because the speed and convenience and wanting to be done with it, they knew that they were taking that discount for just ease and stress-free sale. Right. So a format is be a consultant, right? One of the things that if you're going to be better than your competition,

you have to offer some kind of custom solutions. You have to ask the right question. And so you've got to find out what the seller values more than price. This one is huge. Right? So sometimes the seller, you know, wants, you know, their, their tenant, son, brother, friend, you know, drug addict lover to be able to stand the property 60 days after they close. Right. Right. But nobody is asking that question, right? They say, you know, well, what about the occupant? You're like, okay, well, I'll take it with the occupant. And so they'll take it with the occupant, but in their mind, you're still going to kick that occupant out right away.

So you're not addressing that solution. But our better question would be, hey, let me ask you a question. You asked me if I would take it with the occupant. Why is that important to you? And just listen, right? And just listen. And so one time we had a seller, and you're not going to believe this story, we had, I always tell our sales team, never be intimidated by savvy sellers.

Okay, never be intimidated by savvy seller. If a savvy seller calls you, there's an emotional reason why they're calling, unless they're just calling to give you a hard time, right? So we had the president of the National Association of Realtors call our company and sell us two houses at the same time. The president of the National Association of Realtors. Basically, the story was he had leased this house out to, One was to a family member, and the other one was to a family friend. And their two daughters were living in the property, right?

And he basically said, hey, you know, I held both of these girls in my arm the day they got home from the hospital. Right. And they were living in the property for like 18 years. I mean, there's a really, really long time. And he goes, I just can't do it. I just can't give them the notice. And I said, okay, well, what do you want? He's like, well, I want you to give them six months to move.

And I said, well, if you want six months to move, I'm like, I'm going to need a smoking price, a smoking price on these things. And he said, okay. And ironically, this is a mistake I made. I just shot out an offer without making him mention a number first. I mean, I gave him a soft pass, but my soft pass, I guess, wasn't deep enough. Because he took it right away. He took it right away, right? And I made $50,000 on each house.

So it was $100,000 total. We gave the tenant six months to move. ironically, I passed that on to my buyers. He moved on. The guy gave us a testimonial. He was happy as a clam. But at the end of the day, he went with us because we allowed the tenants to stay in the property for six months.

Because you asked why is that important to you? Why is that important to you? Instead of, hey, I'll take him with the tenants. Right. So the last thing, Matt, that I'll talk about today is always push the sale forward. All right. So the other part is about like getting more conversions and maybe buying a little bit deeper. But this is the secret. If you find yourself your deal is kind of floating, right? You keep calling the cell and like, call me next week or let me think about it or, you know, get back to me. You are, you probably aren't getting the commitments that you need, all right? And you always want to be pushing the sale forward.

You want to basically be like one of those kids bikes, right, that you can only pedal the pedals forward, right? You can't go backwards. Right, right. And so that's how you want to look at sales. You're only moving the sales forward. You want to put a backstop on the sales process. So at the end of every call, no matter where you are, you want to get a commitment from the seller on what's going to happen next. Right?

So, for example, like a seller will say, hey, well, let me talk to my tenant. And so what happens is for newbies, what happens often when a seller says they're going to talk to a tenant man? They just say, okay, I'll wait to hear back from you. It was kind of the mood. I don't know if that was the exact words they would say, but that's what they're thinking. This guy's going to check with his tenants and he's going to call me back. Correct. And then what kind of happens?

They don't call back. They don't call back because they didn't talk to the tenants, right? Right, right. Or, you know, for whatever reason they were, you know, that situation that's brewing, they're natural procrastinators. that's why they're in this situation prevents them from pushing the sales forward. So the only person that's going to push the sale forward, Matt, is you, right, or us?

And so we're dead set on always getting a commitment at the end of every phone call. So we'll say, okay, so Mr. Seller, what are you trying to accomplish by talking to your tenant? Well, you know, I wanted to see if they were actually interested in purchasing. Boom, now we got the underlying objection.

Okay, great. Well, what do you think would be a fair time to give them to actually purchase? the property. Well, 60 days. Okay. So do you mind if I ask why it's important for them to give them a chance to buy? Well, they've been in there. I want to give them for a shot. You know, I'm kind of friends with them. All right. So what I'm hearing from you is that you want to give them the chance to buy. You want to give them 60 days. Let me ask you this. Are you willing to call your sellers today? Tell them that you want to sell it. Or excuse me, your tenants today. Tell them that you want to

sell it. Tell them that you're going to give them 60 days. And if not that you're going to sell it to somebody else. Is that fair? Okay. Yes, that's fair. Okay, great. Well, can we have a conversation on Tuesday? And we could find out how that conversation went. And if they said yes, okay, we can reconvene in 60 days. And if they say, no, why don't we do business? Right? And so they say, hey, okay, that's fair. So now we've locked in what's going to happen if the tenants don't want to buy and what happens if they do want to buy. It's a very clear, concise plan of action. And now the seller knows he's got to get back to you by Tuesday. Now, does that work every time? No, but it works most of the time, right? And so when you're doing that, you're giving the seller a roadmap to follow. Yeah, we call it the old expression.

We use building for the next event. So, okay, very cool. Yeah, you've got a lot of a lot of good nuggets here. Yeah, no, you should. Yes, thank you. But I always learn something every time I talk to Utah. So we have got, um, we were talking about being confident up front. You got to be in the right headspace. You got to qualify your prospect. You don't want to spend too much time with the wrong people. You want to be a truth teller and a truth seeker, I guess. I want to have more of a consultative mindset or attitude or mood around the conversation and pushing the sale forward, always building for that next thing, what's going to happen next, as you put it. Quick question. And this is a, when you're qualifying your prospects and you get on a call, especially with those first people

that call, the first time you're talking to them, what is your method? What is your method? to sort those prospects. Because you've got three different categories. You know, is there specific questions or certain things that you're hearing for to be able to sort those to know whether to spend more time with them or move on? Well, one of my favorite questions is it sounds like a great property, right? Why would you consider selling it, right? And I learned that from, again, Peter Connie and David Finkel, where you want to lower your voice,

right, where you sound kind of confused, right? Like, hey, you know, you said that, you know, your grandfather built the shutter boxes over here and there's bird chirping in the back. I'm confused. Why would you consider selling it? And so a portion of sellers will spill their guts and another portion of sellers will kind of, you know, say, well, I was just curious. But you want to dig deep.

And so you want to use follow of questions like, can you tell me more about that, right? You know, can you get a little bit deeper into that situation, right? You know, I'm kind of getting the feeling that there's more to this than you're telling me. Do you mind sharing? Am I wrong? And so we write all these things down, the follow-up questions, you know, in order to disappeal back the onion. Now, again, some sellers aren't motivated, and you're going to ask those questions, and they're going to not break. You're not going to go the direction that you want them to go because they're not motivated.

But some, you're going to hear it in their voice. There's a crack in the armor. Right. And so if you sense that crack, right, then you want to. to boom, you know, get your finger in that crack and then wiggle and wiggle and wiggle and and press deep. Finally, until you're in the root cause and now you got one on the line. This is cool, Todd.

This is like a really, I think, untapped area of training for real estate investors. A lot on marketing, a lot on strategy after you have the deal under contract, a lot on wealth creation and building that. not as much time is spent on actually converting that lead into a prospect and into an actual deal. And I think that's why you're a testament to why you're so successful and so is your team because you spent a lot of time with them. If people, I mean, if people wanted to get more information about that and how to do that, is there someplace they could learn more about how to be a better converter? Sure. Well, I've got a three-part video series on my site that I'd love to give away.

It's a three-part video series on how to lock up more deals, negotiate larger spreads, and literally steal deals away from your competition. And they can go to no-limitsalesystem.com. Again, that's no-limits-salesystem.com. And you can download those three videos. And again, it'll teach you how to lock up more deals, negotiate larger spreads, and literally steal deals away from your competition. Super. We'll put that in the show notes. William, if you're listening, make sure we get no-limits sales system.com in the show notes.

And that's limits plural. So it's not no limit sales system. It's no limits sales system.com. Got it. All righty. Don't you love domain names? I know. From now I'm going to buy domain names with three letters.

Yeah, yeah. I think I just read somewhere that every domain name up to five letters now is taken. Wow. Every combination, yeah. Well, shoot, we're almost out of time here. We're actually way out of time. But always get lost in conversation with you. a pleasure, Todd, please come back again.

All the best to you. Go to no limits sales system.com. Todd has free access to a three-part video series. It's going to show you how to lock up more deals, negotiate larger spreads, and you're going to show you how to literally steal deals

away from your competition. Sounds exciting. Right? No limits. Salsystem. com. Thank you, Todd. Take care, bud.

Thanks, brother. All right. That's it for today. I'll see you next week on another episode of Epic Real Estate Investing. 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 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 Terry O. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.