Easy Ways To Beat Seller Objections

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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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Chapters

• 0:00 Introduction to Seller Objections
• 0:33 Overcoming the Zillow Price Objection
• 3:13 Building Credibility as a Buyer
• 6:05 Handling Multiple Offer Shopping
• 8:05 "I Won't Do Business with Wholesalers"
• 11:56 Realtor Pricing vs Reality
• 13:14 Attorney and Spouse Approval Tactics
• 17:29 Comparable Property Misconceptions
• 20:06 Final Thoughts on Seller Conversations

Transcript

Speaker 1: 0:07

What's going on everybody? Today I'm going to be talking about how you handle certain situations when we're talking to sellers and we're trying to buy their house. You know the ones, the objections, where it's hey, zillow said my house is worth this much, or I don't deal with wholesalers, or I need to talk to a significant other. So today I'm going to be giving you how I overcome those objections and hopefully can help you close more deals. Let's get into it. The first one is the one that we've all heard sellers say right, I saw on Zillow that my house was worth $200,000. This is normally when you ask the seller how much do you want for your house, they tell you $200,000. You ask them well, tell me a little bit about what you got going on. Maybe they don't give you a whole lot. And then you need to find out how did you come up with that price? And they tell you Zillow, this estimate, said $200,000. So when it comes to this, normally what I want to know before I try to overcome this objection is are they motivated to sell for a discount? Because if they're not motivated, then really we're just wasting our time making ourself feel better by elongating the conversation. But if you do sense that there is a level of motivation for them to sell the property for a discount. I try to educate them on how Zillow comes up with their Zestimates. Quite frankly, it's just an algorithm that is based off of what other properties in the area have sold for.

Speaker 1: 1:39

So I'll ask the seller did Zillow come in and have they bought the property? Have they seen the condition? Did they seen the condition? Did they understand your situation? Of course the answer is going to be well, no. And then you explain to them. Well, all they're doing is they're looking around your neighborhood and you're saying that if the house was in immaculate condition, perfect condition, that's when the property would be worth $200,000. We refer to that as the after repair value, what the property could be worth once we fix it up. Now you have segued yourself into how you can educate them on. The house is worth $200,000 once we do X amount of repairs. And then I want to make profit for doing those repairs. This is where I'm coming up with my offer amount.

Speaker 1: 2:30

Now, is this going to work all the time? Absolutely not, again. Remember our metric that we are trying to hit when we overcome this objection right here is one out of every nine that has motivation right. This is the most common type of seller that you're going to talk to, someone that wants too much for the property but is motivated to sell. This is one of the ways that you overcome it. Specifically, when it comes to Zillow Zillow has never watched a property, they've never seen it, they never had a conversation with you. And also, is Zillow willing to write you a check for $200,000? I bet you. The answer is no to that one.

Speaker 1: 3:09

All right, the next one how do I know that you are legit? What is your credibility? I saw an ad, or you called me out of the blue. How do I know that you're actually going to close? Now, this is where it's a little bit uncomfortable for those of you that don't have a track record or are newer, but you should be transparent in who you are and where you are in your journey. So nowadays I have a lot to lean on, because I have been consistent in this business for a decade, so I can talk about all of the deals. I can talk about deals that have closed right by their property. I can tell them to Google my name and look me up, and you guys have probably have heard me say that before on this YouTube channel.

Speaker 1: 3:58

Whatever your response is, it needs to be the honest truth. Explain to them how you are going to help them, and the real thing that they want to know is not necessarily what credentials you have. It's that you have the intentions of closing their deal. Are you going to be able to satisfy their need, which is they are motivated to sell this property for a discount, which is they are motivated to sell this property for a discount? At the end of the day, we do not get paid for signing contracts that don't make it to the closing table.

Speaker 1: 4:33

And so, outside of all of the credible things that I can say, of the 2000 plus deals that we've done, or the house that I bought and sold two streets away from you, I think the one that matters the most is when I tell them that I don't get paid unless this deal makes it to the closing line. That's how I make money. I don't want to waste my time any more than you want to waste your time, so we have to be on the same page and understand what we're trying to accomplish here. I need this at a price point where I can be profitable, and you need to sell this in a timely manner, and you don't want your time wasted. As long as we're both on the same page and we understand what we're trying to accomplish, this deal should make it to the finish line and ultimately, that's all the seller really cares about. They don't care about how many deals you've done, how fancy your website is, or what your company name is or what your logo looks like. They just want to know whether or not you are going to be able to perform. So make them feel warm and fuzzy in that regard and talk to them like you're a human being. Put yourself in the seller's shoes and ask yourself what would I really want to know? If I need to know if someone was legit or not? On the other end of the phone, people are seeking authenticity over fancy names, logos and deals done Next up.

Speaker 1: 6:05

I want to hear more offers before I accept yours. Now, this is where I want you guys to embrace being the buyer. The seller tells you flat out I appreciate your offer, but I'm going to shop this around and see where I get the most amount of money. Now, to be honest with you, what that screaming is is this seller is lacking motivation and the thing that is most important to them is the amount of money that they're receiving for their property, which is okay. Some people are actually in that position and maybe we aren't the best solution for them. The best way to find that out is by pulling away and walking away. Okay, I'm sorry, mr and Mrs Seller, we're not on the same page. I have no desire to be in a bidding war at this point. I am willing to offer you X dollars right now, but if you're going to go shop around and see who can give you the most amount of money, I can tell you up front I'm never going to be the highest offer, so I don't think that this is going to be a good fit and I think you should do business with someone else If they truly have motivation. You have essentially just called their bluff and they will either chase after you or they'll agree with you and the conversation can be ended.

Speaker 1: 7:16

Just like I said the other day when I was talking about how I use resampling in my CRM, I always want to be aggressive in the statuses in which I leave my leads in. I don't want my nurture or my follow-up status to be chock full of people who say I'm going to shop your offer around or I appreciate that offer, I'll let you know. I want to come to a conclusion on each and every conversation with a seller. So in these scenarios I'm going to be uber aggressive and I'm going to embrace being the buyer and being willing to walk away from that lead if they truly want to shop my offer around. I don't want to be a part of the bidding war. I will go talk to someone else that needs me today. If that's not you, the next one. I won't do business with a wholesaler.

Speaker 1: 8:10

Now, this is one of those objections that at first, especially when you're newer, most wholesalers kind of cringe and they kind of go in their shell and it's like, oh my God, like they don't want to do business with who I am as a, as a company, to build credibility through our transparency, because obviously they've had a previously bad experience or bad exposure to what a wholesaler is and what we do and what we bring to the marketplace. So this is where asking questions is imperative. All right, explain to me why would you not want to do business with a wholesaler? Now, what we're really seeking right there is the previous experience or that exposure that they've had with wholesalers. That has tarnished their vision of who we are as a company. Normally it has to do with the fact that they believe wholesalers can't perform. Now I think that is not an unfounded reason to not want to do business with the wholesalers. There's plenty of wholesalers that don't perform. They comp and underwrite incorrectly. They tell sellers that they could do things that they can't actually perform when they go to do dispositions. So, as a wholesaler, how do you stand out? Find out the reasons why and then overcome each one of those objections. This is actually not the true objection Doing business with a wholesaler, just because it's not the objection.

Speaker 1: 9:54

It's because they've either previously been burned by a wholesaler they're a real. The objection it's because they've either previously been burned by a wholesaler they're a realtor and they think we're scum of the earth. They think they could do our job for us. They don't want us to make any money. There's some other objection inside of that that we have to uncover the layers through the questions that we're going to ask. So be very aggressive about the questions that you're asking to ask. So be very aggressive about the questions that you're asking there.

Speaker 1: 10:19

Explain this to me. Why would you not want to do business with a wholesaler, walk me through how this previous wholesaler has burned you. Normally, what this will explain to them is is that it wasn't that the other wholesaler couldn't perform. Maybe it was as simple as the price was incorrect. Maybe we really need to look at the numbers again and see what the actual market is saying your house is worth. That is what we bring to the table. We will present our equitable interest in your property to our end buyers and leverage the fact that nowadays there are softwares that give us the contact information for almost every end buyer out there. Technology has surpassed where wholesaling was years and years ago, where we would have to go out and search and find and mine for end buyers, where now it's as simple as we know where those end buyers exist, we can have that conversation and truly see what the market is saying your house is worth. At the end of the day, this objection can be overcome. But don't hang your head. If someone truly doesn't want to do business with a wholesaler because they've been previously burned or they think that we don't add any value Again, we get to pick and choose who we want to do business with. Think of it as a short 30 to 45 day marriage. Is this someone that I truly want to get into business with at this point? That's our right as embracing the buyer in this transaction.

Speaker 1: 11:56

The next one is my realtor said the property is worth XYZ. Okay, why haven't you listed the property on the MLS? Normally they're going to say something like well, I didn't want to pay my realtor commissions, I wanted to see if I could do it myself so I could make more money. This is leaning you more towards. They're not motivated to sell the property for a discount. Now, again, when a realtor says my house is worth this, we can always point back to the fact that they're going to cover closing costs, realtor commissions. And that's just what the realtor is saying. It's not necessarily an offer. It's just saying what the realtor could list the property for. This is where we combat this with the facts. Have your comping software open, be able to look and see what are properties in like and kind condition. What are they selling for? What is that current market value of the properties that exist? Use specific examples, have them look them up and try to overcome that. But at the end of the day, if their house is truly worth more, they should probably list that property with a realtor.

Speaker 1: 13:10

Next one I need to talk to my attorney about this contract. Now, this is one of those that feels like it could be a deal killer, right. All right, so I'm going to send this contract Now they're going to send it over to their attorney. Again, we overcome this through the questions. Is there anything specific in the contract that you want to ask your attorney to explain to you? Maybe I could explain it to you. Do you really want to spend money to hire an attorney to read over a simple two-page agreement? Because basically all our agreement says is I'm the buyer, they're the seller of this address selling it to me for this price. We're closing at this title company on this date. There's some legal jargon in it, but it's really for really one-off scenarios in most cases that have never happened in thousands of transactions in a decade of being in business. So what is it specific that you want your attorney to review? Is there anything in there that you don't understand or that maybe I could explain? And also, if the attorney were to come back and say we need to change these three sentences, are you willing to not sell your house because an attorney said, these three sentences need to be changed Because, ultimately, if you hire an attorney to review a contract, they're going to want to change something.

Speaker 1: 14:47

They have to feel like they earned their paycheck. So let's talk about what happens. If the attorney says titanium investments needs to change these items in the contract and I say no, mr and Mrs Seller, are you willing to walk away from this deal? If you handle that objection that way, I will tell you more often than not, they will realize that hiring the attorney is not worth their time, it's not worth their hard-earned money and they're not willing to walk away from a deal that they desperately needed to sell, that they desperately needed to sell.

Speaker 1: 15:22

Next up, I need to talk to my spouse about this contract. Now, on this one, we handle it with a little bit more of understanding than the attorney, because, of course, they need to talk to their spouse. So first, you want to ask if the spouse is available so we can speak about it together. Second, is there anything about this transaction that your spouse doesn't already know about? Maybe you guys haven't had a conversation. Are y'all on agreement that you need to sell the house? Are you in agreement for the price that we agreed upon. Is there something that I need to know about this conversation with your spouse? Or is this just an excuse to get off the phone with me and listen? Guys, you can be that blunt and that transparent on the conversation it honestly. Most sellers will actually respect you more for being that transparent and saying, hey, listen, we're not in agreement here and you're just using this as an excuse. I can understand, at the end of the day, if there's a legitimate reason why they need to speak to their spouse about this, give them that freedom, send over the contract and set a specific time for you to follow up if that spouse is not available right then and there to talk. Many times I've asked is your husband or is your wife available now so we can have the conversation together? And sure enough they were, and then I was able to get the property under contract right then and there. If they're not, because they're at work or they're doing something else to give them that space.

Speaker 1: 17:01

Most sellers are only going to do somewhere between three to four real estate transactions in their lifetime. We hope to do three to four real estate transactions a day, so this is commonplace for us, but it's a monumental moment in their life. So be understanding during that time. And finally, xyz property down the street sold for X dollars and my house is in better condition. Now, in that scenario, what you want to look up is one do they have the dollar amount correct? How long ago did that property sell? And are all of the property statistics correct? Are they like in kind? So do we have the same square footage, same bed and bath count, same year built, same lot size?

Speaker 1: 17:51

Because sometimes sellers get confused. They'll say, hey, property down the street sold for this much. My house should be worth that much. That house was built in 2012 and the seller's house was built in 1970. It's not like in kind and it's not a comparable.

Speaker 1: 18:10

An appraiser would not use that when they appraise your house, and that is how you have to explain it to the seller. It's not an argument, it's an education of explaining to them what happens during a real estate transaction. You should be the real estate professional on this conversation and so at times, the seller could be confused. But ultimately, if they tell you something and it is a fact, then steer them in the right direction. Not every lead should be closable. In fact, steer them in the right direction. Not every lead should be closable. In fact, over 90% of your leads are not closable and we should be going into that with that expectation. So if it's a true reason as to why they should get more for their house, then lead them in the right direction and say you know what? You're absolutely right. You should list this house on the MLS and get as much money as possible if that fixes all of your issues, if money is truly the issue.

Speaker 1: 19:09

Now, at the end of the day, what I will tell you is the majority of sellers are not financially motivated. We have a tendency to talk about money more than anything inside of these conversations with sellers, then that's what makes the conversation centered around finances. If you do a better job of getting their asking price up front which is why we want that to be the second question that you ask and then truly uncover the multiple layers of their motivation, now you know that you're speaking to the right seller and you can solve their problem by buying their real estate, and then the finances become a secondary portion of the conversation. It's more about solving their problem than it is how much money they get in their pocket. Those are the people that we want to be talking to. They get in their pocket. Those are the people that we want to be talking to. So that's my series of how I overcome XYZ during seller conversations. Let me know if you guys enjoyed it in the comments. Show me some love, like today's video. We'll see you guys tomorrow.