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The following article was published in our article directory on July 17, 2020.
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Article Category: Advice
Author Name: William Hawthorn
It is a frustrating feeling when you spend 30, 60, 90 minutes talking to a seller only to have them be abrasive, irritated, or just not qualified for you to help them. Imagine if you could get the No's out of the way within the first 10 minutes of talking to them about their house for sale. This, allows you to concentrate on the prospect and not waste your time and energy with the suspect. Even better, when in those 10 minutes, you could score with the number, the seller's true motivation, and find out their true wants and needs, so you can present them to the seller, making offers almost impossible to resist.
What if you could sort out prospects from suspects as easy as falling off a log? Don't you think it could change your investing career? Dealing with an unmotivated seller is like kissing a pig with warts. As Ron Legrand says "You need to find prospects quickly because if offers aren't made, you aren't getting paid." You'll soon come to realize that prospect-suspect sorting is the key to the vault of consistent monthly income turning houses into income.
Not being able to differentiate who your suspect can be very time consuming and a waste of time and effort. Wouldn't it only make sense you could then, use your knowledge and energy on sellers worthy of your talent to help them. That is a huge mindset shift because most people think that they don't know this business. A lot of real estate investors simply can't do this very precise step, which is qualifying a suspect to prospect. Otherwise, there would be a lot more doing deals than giving up without ever getting a result. And the people that give up, if they just understood the significance and not the difficulty or the harness, or the training, like weeks and weeks' worth of training, it's not any of that. It's just a couple of simple things that you have to make or adjust in your conversation with your seller that could do this. And I think this must be the hardest mindset for every investor to get. But once they get it, it's like discovering something very precious.
Here's the first mindset that needs to change, don't pitch, and mindset number two, know the difference between selling and pitching. Pitching, you assume you know the problem of the seller and start shoving your solutions down their throat without verifying if that's what they want. You'd be that kind of a salesperson that has his presentation, he's just going to do his presentation no matter what. Because no matter what you say, they just keep doing their presentation. They will acknowledge you and they go back to their presentation.
Selling, on the other hand, you have to ask the seller or the prospect questions. You have to ask the seller questions to get the dirty little information about their situation before you start giving your knowledge to them. Be a reluctant buyer. Make the seller give you what you want before you help them with your ideas and your knowledge. Because like I said if you can't get the right information, you can't make the right offer. Most investors think that the way to make a deal is to make a presentation and obvious conversation to make the seller like you. So the problem will be, the investor goes in and they'll pretend to like the person and it's obvious they are pretending. They're pretending to build rapport with them. They are putting a little show so that the seller will like them. They are just being "interesting" instead of being "interested" in the seller. We need to have a relationship with our seller, especially in cases where we're getting a terms deal.
As soon as you can differentiate pitching from selling you will now be in the discovery stage of the deal. It is where you will figure out whether or not you're going to continue with the seller. In the discovery stage, pointed questions will be asked. So the questions are to qualify the sellers, we need information, we need to derive enough information to determine he or she is willing to receive your help. And if there is enough benefit in the deal for everyone involved, you end up closing on the property and owning it. Each deal has its kind of questions for qualifying. When asking questions, the thing we need to know is when to ask the question. Timing for throwing a question is very important. We should know when are we going to ask them the right questions so that the prospect won't be doubtful.
When the mindset and the rules were followed it is sure that you can be able to make the deal, and it will be easy for you to get all the No's along the way.
To get more information on how to do this, go to: https://flippinghousesforrookies.com
After doing few hundred deals, Bill Hawthorn is an expert when it comes to Creative Real Estate Investing deal structuring. Learn how Bill buys & sells without banks, large deposits, and risk; go to:
https://flippinghousesforrookies.com/freestuff
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