Epic Real Estate Investing - Negotiating Tip: How to Stay in Control of the Conversation with a Seller | 699

Episode Date: June 30, 2019

Sellers are not professional sellers and even if you are not yet a professional buyer you need no more than a simple system to become a skillful negotiator. Tune in and learn the key points that you need to include in your seller interview in order to get a deal under the contract! Learn more about your ad choices. Visit megaphone.fm/adchoices

I came to this event, Appicentensive, because I knew that there's something I need to learn. It's real simple. I love the fact that you have give back attitude, and I have a give back attitude, too. If I have something, I love giving it to other people because I can't take it with me, so why not share? And you really make society better as a whole, too. It's down that hallway. It's my future. When I walk out, I'm in control of my future, and now I have the tools and the skills to make my future better than it was when I walked this way.

Hey, Rockstar, Matt here. Thanks for listening. I got a really good show for you today. But what you're going to discover right now is a quick walkthrough on how to buy more discounted real estate through the power of a really good automated lead machine. There are a bunch of benefits to buying discounted real estate this way. First, you're going to identify the right property owners with the right motivation. Second, you'll stir up an intense curiosity for those property owners.

And third, they'll be triggered to act and voluntarily reach out to you, like almost an impulsive reflex. A really good automated lead machine doesn't have to be high tech, doesn't have to be expensive. In fact, some of the best performing automated lead machines hardly cost anything to run at all. When you come to the Epic Intensive,

you're going to notice that I focus on three levers of great automated lead machines. Find, control, and profit. As you can imagine, if you learn how to create a really good automated lead machine, you can probably buy and sell a lot of discounted real estate. And speaking of a really, really, really good automated lead machine,

I want to invite you to a special event coming up. It's the epic intensive lead machine workshop. It's July 18th through the 20th. And at this workshop, it's a three-day live event in Manhattan Beach, California, where together we'll build your own automated lead machine, reveal the art of how to influence sellers and win deals, and pull back the curtain on creative deal structuring so you can maximize the ROI with every opportunity that crosses your desk.

You'll learn the lead machine building blocks to attract better leads, the language patterns to get more sellers to accept your offers, and how to creatively finance without using your money or your credit. You can register for the Epic Intensive Lead Machine Workshop today for a small, fully refundable seat deposit. But it's really worth 100 payments of that seat deposit. Here's why. First, you'll walk away with your very own automated lead machine that you'll be able to bring back to your market and put to work. This is going to remove the limits to the money that you can make in real estate. and you'll leave with a customized escape the rat race game plan. I'll show you how to put that money that you make to work

so that it works harder for you than you did for it. And seating, it's limited. I don't have to say that. It is. We sell out every time. And this is going to be the last lead machine workshop that we do before we change it up for next year. So go to epicintensive.com to reserve your seat.

And if you don't absolutely love the Epic Intensive, your seat deposit will be completely refunded right there on the spot. And you can keep all five of the bonuses that will be. handing out at the door. How's that for fair? But remember, this is the last lead machine workshop, July 18th through the 20th, and seating is limited. So again, go to epicintensive.com, reserve your seat, and I'll see you there. Today, we're going to talk about negotiating with a seller. And the main thing we're going to focus on is how to stay in control of that conversation with the seller, specifically when they're asking you for a price. This is Terrio Media.

But before we start, if you're really serious about getting your real estate investing and getting deep into it and getting good at this part of the business, because this is where all the money is made in the conversation that you're having with sellers with the conversations you're having with buyers. And if this is what you really want and you want to go deeper into this and get good at this, you might want to check out what it is that we do for our clients and how we do it. And so head on over to reiase.com. And if you like what you see, let's hop on the phone. already. So when it comes to getting discounted deals under contract, we all know we're going to put on our negotiators hat at some point, right? And a huge thing, though, that will hold people back is just they don't know what to say, right? They don't want to lose control that conversation. And I get it all the time. And people are worried about they're messing

it up. They're worried about looking dumb or stupid. Some people are worried about I'm too old. Some people are saying, I'm too young. They're worried about overpaying for the property. They're just worried about breaking the law, breaking the rules, or just flat out losing. And it makes sense. But here's the thing. When you're talking to a seller, understand that most of them didn't go to seller school like you did. Most of them are not professional sellers.

Very few even know what they're doing. But the one piece of negotiating advice they can always hold on to, that this, It seems to always come up as don't be the first one to reveal the price you're looking for, right? The first person that says a number is the one that loses. That just seems to be the piece of negotiating vice that everybody has. And that's typically enough to stop most people in their tracks, most buyers, most real estate investors. But if you're armed with the conversation framework, you really don't need to be an expert negotiator to overcome this. And I'll tell you a story about an RA's client, the private RAs client.

the private RAs client that I've got that reached out to me this week and how we overcame it when he got stuck with this very scenario. But before I get, if you want to go deeper with this and you're serious about your real estate investing, head on over to RIA Ace and check out what we do, RIAAAS.com. And yeah, it's going to be a good fit. Love to hop on the phone and help you out just the way I was helping out this person today. So he called me via Voxer. That's how I stay in touch with my private clients. and he had said, hey, I got a hot one on the line, and he doesn't need to move for a couple weeks, but he wanted to know a number of what he thinks that he'd be able to get for the property.

And my client was smart enough not to give that number because, you know, there's Mr. seller, there's no way that I could give you a number without seeing the property. It would be a shame if I gave you a number and I was unable to back it up after I saw the property. So he did all that part, right. And then he had called me, he said, so what should I do now? He's moving. He's taking care of some stuff. He sounds like a really nice guy.

Should I just send him an offer? And I was like, no, don't do that. And he had also asked, you know, what number should I put? And I was like, well, you have a really high probability just flat out losing. If you come in too low, the person might be like, oh, well, screw that guy. I'm going to go talk to someone else. Or if you come in like too high, that might give them an extra level of confidence. and they go out and they start shopping your deal or shopping your offer to other investors during that time.

So you've given them something to think about. So I'd asked him, well, what did he say when you asked him how much he wanted for the property? And he says, oh, I didn't ask him. And I was like, ding, ding, ding, ding. So there's a framework to having this seller conversation, particularly the very first time. And it can get you past this if you stick to it and you can stay in control of the conversation. Okay, so inside of our AAS program, We go ahead and we share what's called a nine point seller interview.

And it's just that. It's an interview. And what do you do in an interview? You ask a lot of questions, right? So you ask questions. And that's one real key point to how you stay in control of a conversation with the seller is you're asking questions. So you are interviewing the seller to see if this is going to be a property you even want to buy. You don't know if you're going to buy it yet.

Just because a seller called you and asked you for a price, you like, I don't know you. I don't know what your house is like. I don't even know if I want to buy it. I need to ask you some more information to determine that. So when they call, we have this thing, this framework. I love scripts. Scripts are great. And they're really, I mean, if you can stop and sit down and craft just the perfect words to get over every single thing that can be thrown your way,

they can be really powerful, really amazing when I was a real estate agent. That's exactly what I did. But looking back, what I realized is very few times did the seller, did they know their part of the script? It would always throw me off. So where it really made a big difference and made a big leap in my business is when I shifted to what's called frameworks, a conversation framework. So we just kind of have nine blocks. And you can go ahead and you can spend as much time in any block that you want a part of that conversation. And you always know you've got to come back to the next block and you don't have to remember the exact words or the entry point of the sentence.

So this is how it starts. You set the stage. They call ring, ring, ring. And, hey, I got your postcard. How much can you give me for the house? Well, great. Most of the time, people who call us, they want to know how much they can get for their property. They want to know how this all works.

Do you have those same type of questions? Got it? So you're taking control right away by asking the question. And then you ask for permission, can I ask you some questions? And hey, I'm going to get the end. I'll give you all the time you want to ask your questions. We'll answer them all. So, okay, great.

So maybe your full name, property address. So you try and get the seller's information, okay? Then about the property. You're going to start asking about the property. But most people, this is where a lot of people make a mistake. They'll ask about, well, how many bedroom? How many bath does it have? How many square feet does it have?

And those are all the things that you can find. You don't need to waste your time asking those types of questions for the seller. Because it's most people they don't know what to ask. So they feel that that's the appropriate information. What you want to know is, is there somebody living in the property? What's the condition of the property? And what would it rent for? Those are really the key things you want to know because that's going to help you determine your offer going forward. So you want to ask about the property that way. Then the motive, key, this block number four. So this sounds like a property that might work for us. Understand that you're using the word might. You still don't even

know. There just sounds like one that's going to work for us. So why are you thinking about selling it? How long have you been thinking about it? Have you ever considered calling a realtor? So those are those types of questions in there to find their motive. Incombrances, like what do they owe on the property? And there's very key ways to ask for that. But right here, this is what I'm talking about. The property's value.

This is where he missed this box, and this is why he found himself in this bind. So the property's values is if you ask somebody straight up, how much is your property worth or how much do you want? Either they're going to tell you and it's going to be an outlandish number or they're going to be like, They're going to hold back and stop and ask you, well, how much you're going to give me? Right? And you're going to go back and forth, back and forth, and you're going to get nowhere. But if you ask in this certain way, this has come over years of optimization and trial and error and refinement.

But this is the way I've found that to get the seller's number the easiest and the most smoothest way. First is, okay, I'm going to go ahead and check the most current market conditions, but do you have an idea as to what properties like yours are selling for? Not what is your property worth, but do you have an idea of what properties like yours are? selling for. They're going to give you a number. Next question is, what's the lowest price you might consider for your property? Okay. So now you're asking them, not what your property is worth. I'm asking what properties like you're selling for? And then what's the lowest price you might consider for your property? And again, might. You're not making them commit to anything. You're keeping a nice,

warm, friendly environment. And then the last one is, okay, well, that's, I understand it. Is that at all negotiable? Okay. So again, you're controlling this whole conversation. by asking questions, but you're not asking him straight up, how much do you want? Because then I go, well, how much you're going to give me? You have to go back and forth, and it's going to be this weird little circle, right? So you've got to have your framework. So this is where we had to get him back on track. He had to go through his framework.

He said, you're right. I missed it. So that's how you get the number. And understand, though, that the number comes to you from a motivated seller. If someone is really standoffish, there just might not be the motivation. there that's necessary for you to put the deal together, at least not at that moment in time. And so don't fight over. Don't get frustrated over. Just say, okay, well, you know, I would love to give you a price. But it'd be a shame if after I saw the property, I was unable to back it up.

And it'd really be a shame if after I saw the property, I could actually maybe even give you more. Who knows? The market's going to have to say whether what the price is really going to be. So if you like this and you want to explore a little bit more, head on over to RIAease.com. This is what we do for our clients. And we've got a whole playbook here. This is just one page out of the playbook that I showed you. But to wrap it up, here's what we know. Sellers aren't professional sellers.

And even if you are not yet a professional negotiating real estate investing buyer, you need no more than just a simple system to stick to that will overcome just about any objection to motivated seller can throw at you. And as long as you're always finishing every answer with an actual question, you'll always be in control. right, as long as you're answering the questions. Remember, they called you, right? You sent them a piece of mail. They responded to a piece of your marketing, whether it's online or offline.

They're calling you. They're hoping that you are going to be able to solve their situation. And you can't go to the doctor's office, right? You can't go to the doctor's office and say, hey, doc, fix me up. And he goes, well, what hurts? I don't know. You tell me what hurts. That'd be ridiculous, right?

the doctor wouldn't be able to help you if you weren't going to share with them. So if the person at the end of the day going through this process doesn't want to share the number with you, then there might not be enough motivation there for you to put a deal together at that moment. And we might go ahead and throw them into the category of a suspect. And we'll let our follow-up system go ahead and nurture them until they are ready. Certainly we're not going to just totally disengage if we don't have to, or if we have a hunch that there might be a little something there. But the advice I told my client to send him a little personal note.

Sounds like a really nice old guy. He's got a couple things to do before he's actually ready to sell. We can totally appreciate that. We can totally understand that. Stay in his good graces. Send him a little handwritten personal note. That's one of the things that have worked really well for us over the years. And I think they're working even better today than they ever have.

You know, the more high tech that our world becomes, the more low tech our customer service needs to become. So if you're not writing handwritten personal notes, write them to everybody. just start writing though that's a huge unfair advantage Parker styles was just in our no it wasn't Parker it was uh Josh he had uh connected with one of his sellers who was also a veteran like Josh and and uh he's had him a little handwritten personal note and sent him a picture of himself when he was in the service and boom he got the deal and he didn't even pay as much as the other people okay I'm getting off track anyway that's it okay so just keep asking questions and just be kind of have a system in place to how you're going to ask those

questions so they're not offensive and they're not threatening because remember when the sellers are calling you, their guard is up, particularly on that very first call. And people have different ways of protecting themselves. Some will be really nice and not answer. Some will be really mean and not answer. Some will answer and just not tell you the truth. All righty. So that's all I got. Y'all take care. God bless. Have a great weekend. This podcast is a part of the C-suite radio network. For more top business podcasts, visit c-sweetradio.com.