The Most Important Question In Wholesaling Real Estate

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If you’re new to my channel my name is RJ Bates III. Myself and my partner Cassi DeHaas are the founders of Titanium Investments.

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Over 10 years in the real estate investing business
Closed deals in all 50 states
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Trained thousands of wholesalers to close more deals

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Chapters

• 0:01 The Most Important Real Estate Question
• 7:41 Essentialist Closing Process in Real Estate
• 19:43 Revolutionize Your Real Estate Conversations

Transcript

Speaker 1: 0:01

What is the most important question in wholesaling real estate? So I'm gonna give you my take on this, but I'm also gonna use oh a book that I just left, a book review on Essentialism by Greg McCown. Now Greg says the difference between a non-essentialist and an essentialist is a non-essentialist and an essentialist is a non-essentialist thinks all things to all people. I have to. It's all important. How can I fit it all in? But an essentialist thinks less but better. I choose to Only a few things really matter. And what are the trade-offs?

Speaker 1: 0:45

A non-essentialist does the undisciplined pursuit of more, reacts to what's most pressing, says yes to people without really thinking and tries to force execution at the last moment. An essentialist does the discipline pursuit of less, pauses to discern what really matters, says no to everything except the essential and removes obstacles to make execution easy. A non-essentialist gets lives a life that does not satisfy, takes on too much and work, suffers, feels out of control, is unsure whether right things get done and feels overwhelmed and exhausted. An essentialist lives a life that really matters, chooses carefully in order to do great work, feels in control, gets the right things done and experiences joy in the journey. Now, the reason why I'm sharing this is because, as I'm about to share, the most important question in wholesaling real estate, in my opinion, it all comes down to being an essentialist or being a non-essentialist in your business and, most importantly, when you're acquiring real estate deals. So, to me, the most important question in all of wholesale and real estate is how much do you want for the property? It's very simple. However, in almost every script that I've read throughout my entire industry and throughout my decade of being in this industry, what I see is that's the last question that we're supposed to ask the sellers. However, when you look at what Greg says an essentialist should be doing, you should say no to everything except the essential. So, if you're going to sit there and you're going to ask a seller, why are you looking to sell? Tell me about the condition, tell me about your timeline and then you get the price. You're going to run into so much time that's wasted. You're not removing obstacles to make execution easy and, quite frankly, a non-essentialist tries to force execution at the last moment. Isn't that what we're doing when we ask about the price at the end? We're trying to force execution at the last moment.

Speaker 1: 3:17

When you look at the power of things that we gain from asking this one question early on and in our circumstance, if you follow the King Closers formula, it's the second question that you're asking Do you have a property that you want to sell? Yes, I do. How much do you want for it? That is how the majority of our conversations should be going. When we ask that, we get an idea of how savvy the seller is, we get an idea to see where their heads are at and, quite frankly, right there you get an idea of how motivated they are to sell the property. We see it time and time again when we review people's calls that are using the closer's formula. When they ask someone, how much are you looking to get for the property, they give a number and then it's followed directly behind the motivation and the reasoning behind that number. It's human nature for people to divulge that information right there. It's a great thing. It's a beautiful thing when we're acquiring properties. However, when we don't ask the question early on and we go into things like trying to build rapport and we ask things about the condition and the timeline and the occupancy and all these other vitally important things that we need to ask and we need to understand in order to acquire the property. The problem is, it's just the order in which we're doing it. When we ask those questions, what we're doing is we're kicking the can down the road we're not being an essentialist, and what ends up happening is we're also allowing the seller to become more and more comfortable to, say, a higher number. The other thing is it gives you insight on where to take the conversation. Gives you insight on where to take the conversation. See, if you're following the closer's formula.

Speaker 1: 5:09

What you're trying to identify as quickly as possible is which seller bucket does this seller fall in? What are the four seller buckets? Well, it's right price, highly motivated. Wrong price highly motivated. Those are the two good buckets. Those are the buckets that you're going to attempt to close. Wrong price no motivation. Full retail. Move on from that. Right price no motivation. Something's off the least common bucket, but it feels like this could be a scam if there's no motivation for them to sell the house for a discount.

Speaker 1: 5:45

So we're trying to identify that. What do we have to do? Well, in order for us to identify which bucket they're going to fall in, we have to know the price where they're wanting to sell the property at and what their motivation is and see, an essentialist would ask how much do you want for this property? And then, right after that, we identify their pain and motivation by saying tell me a little bit about what you got going on, and then it allows them to talk about what is most important to them. This allows us to decide what direction we want to take the conversation, how to navigate this conversation. This is why it's the most important question for us to decide what direction we want to take the conversation, how to navigate this conversation. This is why it's the most important question for us to ask, and it's essential for us to ask it early on. The other thing is is it can save an enormous amount of time if we're able to identify that they are lying in one of the two bad buckets. And, quite frankly, the most common bad bucket is wrong price, not motivated.

Speaker 1: 6:44

So if you were to ask someone well, how much are you looking to get for it? Market value oh well, what's market value? I don't know. Every house in the area is selling for $300,000. That's what I want. I want $300,000. How did you get that Zillow? It's on my Zestimate. Listen, I just want to upgrade. I want to move on to a bigger house. I want to cash in my equity. This is not the person that needs to sell the house to a wholesaler, so we can just move on from that conversation.

Speaker 1: 7:24

However, if we were to ask, tell me about the condition of the property? Oh, it's perfect, it's beautiful, we've upgraded it, we put in high-end appliances and we put in this flooring and we painted the walls and we did this to the backyard and we did a gazebo and all this stuff. What's your timeline? Oh, I'm open. You know 30 to 60 days. What's the occupancy? Oh, I live here. It's beautiful. Blah, blah, blah, blah, blah.

Speaker 1: 7:41

You're finding out all this information that, quite frankly, should have never even entered your mind, because you didn't even know how much they wanted to sell the property for. The other thing is is it can be a quick close if the price is reasonable. This is where people say RJ, you're nothing but an order taker. Damn straight, baby. I love order taking. That's where the right price and they're highly motivated. You want to sell that property. I am how much you want for it? 20,000.

Speaker 1: 8:11

Oh well, tell me a little bit about what you got going on. It's a vacant property. It needs a full rehab. I know it needs a full rehab. I just want to be done with it. I don't want to have to worry about it anymore. So I set the price at 20 grand. I know it's a great price, I know you can flip it. You can make a ton of profit on it. So I just want 20 grand and I want to be done. This happens. You might be listening to it going RJ. That never happens to me. How are you navigating the conversations? Are you asking the right questions? The other thing is when we ask for the price early on, you can use the information that they give you from how they answer that to educate them.

Speaker 1: 8:53

Moving on, the most common bucket of seller that we are going to close is highly motivated but wrong price. Well, the way that we overcome that is by educating them on the numbers and matching the motivation with the price that we need. Well, how can we do that if we don't know the price? It becomes almost difficult for me to even listen to other people trying to close deals when they're talking to sellers and they've never even discussed price and I hear them trying to close it and they're trying to develop their offer. They're trying to figure out. It's like why wouldn't you just ask You're the buyer, they're selling you something. You're the buyer, they're selling you something Everywhere else in the world. When you go to buy it, there is a price tag associated with the item that you're looking to purchase.

Speaker 1: 9:52

In all of the retail real estate deals there is an asking price. Why is this not the first thing that we're asking sellers? Because the industry has said that's not what we're supposed to do. I looked at it and I laughed and I said this just doesn't make sense to me. But now I've realized the competition sucks. Do you want to choose to suck or do you want to sit there and close more deals? Even to this day, even though I've been talking about this now for like two to three years, I go on podcasts, I get asked by other people to educate in this industry and they go I can't believe you asked price so early on. And then when, when I explain it, they go that's brilliant, but they don't do it themselves. They don't change the process because they're stuck in their shitty ways. Don't get sucked into it. It's very simple. Part of the reason why we're able to do the volume that we're able to do is because of this one question. It's not because it automatically allows us to close more deals, but it allows us to become that much more efficient in closing.

Speaker 1: 11:09

We are essentialists throughout the closing process. When we look at this, it is a way to remove obstacles, to make execution easy. The non-essentialist tries to force execution at the last moment. It's just right there, and then, when you look at it, the essentialist says what are the trade-offs? Whereas the non-essentialist says how can I fit it all in? So a non-essentialist will say there's a possibility that I might be missing out on a deal. This might cause someone to not want to continue the conversation with me. It might be uncomfortable for them to talk about money that early on. These are some of the rebuttals, the objections that I've received as to why they don't ask this question early on in the conversation. However, for me, I look at it and I say the trade-off is is for whatever small percentage that I might not be able to close because it's an uncomfortable conversation, or maybe they give me such a high number that I embrace though and I move on from it. I'm able to talk to that many more sellers because I'm being an essentialist within my closing process. That's the trade-off. And so for me, when I look at it and I say I'm able to close more deals than my competition, which means more wires come to my bank account, that is the trade-off for me. I'm okay if I miss out on a small percentage, as long as I'm getting more deals, more money, more wires sent to my bank account. I'm okay if I miss out on the small one, two, three trade-offs.

Speaker 1: 12:58

When you ask early on, it catches people off guard. See, we have essentially trained the sellers because I mean, let's be honest, how many sellers do we talk to that haven't already talked to multiple people? It's very common to say I've talked to so many people like you, right? Well, if all of your competition is asking at the end, this is a massive opportunity that stares you right in the face to catch them off guard and be different, be different than the competition that does not execute. If you're able to go in and make this a quick and efficient phone call where you're saying do you want to sell? How much do you want to get for it? Break that down for me. What do you got going on? How did you get to that number me? What do you got going on? How did you get to that number? They're going to feel that you are a legitimate business operator, that you are different than all of the competition that is playing games, that is weak, that needs to talk to someone else in another room to make a decision. We don't do that because we're essentialists in our closing process.

Speaker 1: 14:06

The other thing is is when you ask this early on, you're going to understand, you can determine what education is necessary to close. See, when they say $100,000, you say, well, tell me a little bit about what you got going on. If they just started giving you, like the bullet point, facts of the property, the numbers that we already get from PropStream and Privy and Zillow, where there's a three bed, two bath, 1,200 square foot, they don't tell you a lot Because you got a number out of them. You can always circle back around to it and say why didn't you come up with that number? Now they've given you facts about the property, they've given you an asking price and then you you ask them how did you come up with that? Now they're going to break this down. If you actively listen during this moment, you're going to then determine this is how I'm going to educate the seller. So, for example, they say well, it's just the zestment, it's what zillow told me or it's what realtorcom told me. I love that because now I can educate them and I can be the authority in the conversation and explain.

Speaker 1: 15:15

Zillow does not come out and walk the interior property. They don't know the condition of the property, they don't know the occupancy of the property. See, that's just an algorithm, so that number is actually irrelevant. If anything, what that's telling us is probably what the property could be worth if it were fixed up. It's not necessarily telling you where the property is worth today, where it's sitting, because it has no idea. It's just a computer. See. This is why it's a benefit that you're talking to me, because I can make you a real legitimate offer.

Speaker 1: 15:50

I'm going to ask you questions about this. This is determined based off of you asking the right questions, and it starts with how much do you want for the property? The other thing is is, if you wait till the very end, it makes absolutely no sense, and every single time I listen to a call because I try to listen to other people's calls I do the King Closer React series, which, if you haven't watched that on my YouTube channel, I ask you to go watch. You could go watch someone else's closing techniques and their style and go watch mine and watch the difference in the results and the difference in how comfortable the conversations are between the sellers and the closer on mine and with other people. A lot of times people wait until the very end to ask how much do you want for the property and then they immediately have to make an offer and it's a very awkward thing.

Speaker 1: 16:52

Imagine that you have a 15, 20 minute conversation and you divulge all of your motivation and you talk about the condition of the property and your timeline and all these things that are vitally important to you, because you are a motivated seller, which means you need to sell this. You're motivated to sell this property and then they say how much do you want? And you say $100,000. And then they go ooh, my imaginary friend over here said $50,000. See, this is not a good feeling for the seller.

Speaker 1: 17:32

However, that conversation sometimes has to happen. There's going to be sellers that say $100,000 and you need it at $50,000. Now how do you make that more comfortable, mr and Mrs Zeller? How much do you want for that property? I want $100,000. Okay, tell me what you got going on and then they explain the condition and the occupancy and the timeline, and as you're going on, you can explain to them. What I'm seeing is that the property, if it were fixed up because you just explained to me that the property does need work it could be worth $120,000. But in order to do that, you said it needs floors and the tenants mess up the walls and then we would have to paint and the AC is not working, and so I'm feeling like that's going to cost me X amount of dollars to achieve the $120,000. Does that make sense? So see, mr and Mrs Seller, I know that you want $100,000, but, based off of everything that you just explained to me, I need to be at 50,000.

Speaker 1: 18:35

That happens over the span of the 15-minute conversation, not the non-essentialist way, which is we have a 15-minute conversation and then try to execute at the end no, no, no. We don't do that, see, we walk them through, and it's a much different experience for the seller. This is why, regularly, what you see happen on my calls is a seller starts at a very high price and by the end, without me even making an offer, the price has significantly come down to where I can say yes, and the competition looks at that and says you didn't do anything. No, no, no, no. You just don't understand Asking the right questions and having a process that is easy for the seller to understand and if they are truly motivated, we are finding the right sellers and finding the right deals for our end buyers by asking the right questions along the way.

Speaker 1: 19:43

And it all starts with the most important question in wholesaling real estate, which is Mr and Mrs Seller, how much do you want for that property? You can ask anyone that has bought the King Closers formula inside of titanium university when they started asking this question early on and their conversations with sellers. It completely revolutionizes their business. They get better deals and they get more deals. Isn't that what we're after?

Speaker 1: 20:15

Give it a shot in your seller calls and see if it makes a difference. Don't be like the competition that is stuck in their old ways and saying we've never done it that way, so I'm not gonna change. All it took was someone to come in and say there's a better way to do it, and for me that's how I felt. So I started doing it and now I'm the guy saying there's a better way to do it. Ask early on how much do you want for that property and see how many more deals you close moving forward. Appreciate you guys. Let me know what you think in the comments. Make sure you give me a like in this video and we'll see you guys tomorrow.