The Titanium Vault hosted by RJ Bates III

Small Errors That Can CRUSH Your Deal

RJ Bates III Episode 539

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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.

We are nationwide virtual wholesalers and on this channel we share EVERYTHING that we do inside our business. So if you’re looking to close more deals - at higher assignments - anywhere in the country… You’re in the right place.

Who is Titanium Investments and What Have We Accomplished?

Over 10 years in the real estate investing business
Closed deals in all 50 states
​Owned rentals in 12 states
​Flipped houses in 11 states
​Closed on over 2,000 properties
​125 contracts in 50 days (all live on YouTube)
​Back to back Closers Olympics Champion
Trained thousands of wholesalers to close more deals

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Speaker 1:

So I had two live seller calls to review today inside of titanium university and the first one was a fire damaged property and the seller was asking $5,000 highly motivated, and the second was a contractor who needed to relocate for work and had a $65,000 property but was flexible on the price. Now both people followed the closer's formula correctly and they identified the motivation, they educated on price and they made offers. But weeks later there was no signed contracts. And the problem isn't the process. It's these three moments where small mistakes might have killed the deal. The first mistake was being afraid to ask questions because you think you'll annoy the seller. And here's what actually happens If you don't ask enough questions, the seller doesn't believe you're real. Think about it If I were to walk into a car dealership and immediately say I'll take that $5,000 car that asks me about the condition or the mileage, the salesman's going to think I'm fake. It would be weird. It's not how transactions go down. Now, on one of these calls, the seller said I haven't gotten any serious offers. And that's a perfect setup to ask what makes an offer serious to you. They didn't ask that question. That one question could have revealed whether they needed higher earnest money, a specific closing timeline or something else, without knowing that you're just guessing. Motivated sellers want to answer questions. They want to sell. The ones who get annoyed by questions probably aren't that motivated anyway.

Speaker 1:

The second mistake was talking after you make your offer. In one call the person offered $45,000 when the seller was asking $65,000. And the seller responded with that would be breaking even. Which is better than losing money? Perfect response Deal should be done. But then they kept talking, started explaining transaction coordinators, rehab estimates, industry jargon and all of that just confused the seller. After you make an offer, stop talking. Let them respond to your number. My offer is $45,000, then wait, don't give them other things to focus on. Every word you say after your offer is a chance for them to find something else to think about besides your price.

Speaker 1:

The third mistake demanding your timeline instead of offering convenience. When the seller asked about closing timeline, the response was I'd like to close in less than 30 days, but the seller had just explained he needs time to find a new place and relocate his family and you're telling him your timeline. The correct response is I could close on your timeline when works best for you. We offer convenience and most sellers won't say they need to close tomorrow. They'll give you a reasonable timeline if you ask what works best for them. After hearing 30 days, that seller probably stopped listening. He's thinking about how he can't make that even work.

Speaker 1:

What's happening in all of these mistakes is you're talking to sellers like they understand our business. They don't understand real estate. They don't use industry terms like transaction coordinator. Just say my team handles the paperwork. Don't say after repair value or ARV, ask what do you think the house would be worth if it was fixed up? And stop being focused on the transaction that you forget that these are real people with real problems. That contractor drives an hour each way to work and has six kids. That's not just motivation, that's his actual life situation. When you understand their situation and show you can solve their problem on their terms, contracts get signed. Now here's how to fix this.

Speaker 1:

Ask more questions, not fewer. What would make this a serious offer for you? How much time do you need? What's most important to you? And after your offer, wait for them to respond. Don't explain anything else. Always ask for their timeline. When do you need to close? Not I need to close in 30 days or I hope to close in 30 days. These aren't complicated changes, but they're the difference between signed contracts and deals that never happen. Now, if this was helpful, let me know in the comments what challenges are you having with getting contracts signed, and if you want to see more breakdowns like this, make sure you subscribe to the channel. I'm always analyzing what's working and what's not, even after a decade. We'll see you guys on the next one.