7 Moments That Make or Break a Seller Call

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Transcript

Why Seller Calls Collapse

SPEAKER_00 0:07

What's going on, everybody? Welcome to the King Closers Formula. I am the King Closer RJ Bates at third coming to you live on this beautiful Tuesday at 2 22 p.m. And today we're going to be talking about the seven moments that make or break a seller call. Now, these aren't all of the moments that can make or break a seller call, but these are going to be specific moments that I regularly see when I'm reviewing seller calls where the acquisitions rep just absolutely fumbles the call and it ruins everything. So we're going to start off with the first section, the first moment where acquisitions peoples are absolutely breaking the call and it could make the call, and it's the first 30 seconds. Now, I cannot tell you with the hundreds of live seller call reviews that I've done, how I've paused it in the first 30 seconds and been like, what is happening right now? What are we doing? Starting off with the initial introduction. And there's one thing that kills me is when acquisitions reps are not cold calling, but they use a dialer and it creates for this awkward connection where the seller says hello, the person using the dialer doesn't hear it. There's this silence, the ringing has stopped, and then it's like, Hello, hello, who's this? Oh, hey, uh, is this so-and-so at this address? And it is so extremely awkward. You have to put yourself in the shoes of the seller and ask yourself, how would I react? How would I respond if that is how the initial moments of the conversation took place? I mean, you would be thrown up, you would feel like you're talking to someone that's spam. They have no idea that you are calling to potentially solve their problem with their real estate. All they know is this initial introduction is awkward. They didn't know you didn't know who they were. You're you're not hearing them, they're not hearing you. So I hate that when people are using dialers, especially when they're using PPL leads. Why in the world would we put ourselves in a position to have that awkwardness at the beginning of a conversation? Now, let's move away from that. Let's say you are just using a regular landline or a cell phone and it's a smooth connection. When the seller answers, address them, ask if you're speaking to the correct person. I see some people say, I make the assumption if the seller's name is John Smith and a man answers, I just assume that it's John. Well, I don't want you to do that because I have so many reps underneath my belt that I know for a fact that there are plenty of times where it is not the correct person. The correct person might be in the room, they might be in the other room. That's not who answered the phone. And so you need to address them. Ask, hey, is this John? Yeah, this is John. Hey, John, this is RJ Bates. Introduce yourself. They will not remember it. Okay, you're not important yet, but go ahead and introduce yourself. There have been plenty of times where I always say, Hey, this is RJ Bates. And then 20 to 30 minutes later, we're moving forward where I'm about to send them a contract and they're like, What's your name again? But go ahead, introduce yourself. Hey, this is RJ Bates, and I'm calling. Now tell them the reason why you're calling. I'm calling because you either filled out a form on my website or you spoke to someone on my team, or I know that you're interested in selling your property at 123 Main Street. Is that correct? Give them that close-ended question right there. Then you're looking for that validation that they are interested in selling that property. We want to get that out of the way because if they're not interested in selling their property, then we have no reason to continue the conversation. Now, the other part is you want to speak with a normal tone. You want to be friendly, but you don't want to be over the top, you don't want to make it this presentation, you don't want to be super long-winded where it's like, bro, what what is even happening right now? Why are you calling me? You just want it to be very clear where you're speaking to the person that you want to speak to, you introduce yourself, and then you clearly explain why you are placing this phone call. Now I'm going to give you an example of what the first 30 seconds should not sound like. And I'll be honest with you, this is one of the most over-the-top examples ever. And I believe it's fake, I believe it's satire, but I've seen similar types of situations. So enjoy what not to do in the first 30 seconds.

SPEAKER_01 5:40

Hey David, I'm looking to speak to the owner of 22 West Street. If I just give one moment of your time, I promise you will not regret it. Listen in. Perfect, David. When you hear the word Florida, you might think of beaches, palm cities, maybe even margaritas. But when I hear the word Florida, I think of opportunity. And that's exactly why I'm calling today, David, because I have an opportunity for you. David, I'm prepared to offer you$215,000 cash for your property today. What do you say, David? Absolutely not. Do not call this number ever.

Ask For The Asking Price

Handle The First Objection

Use Silence Without Being Weird

Explain The Process With Clarity

Calm Skeptical Sellers

Lock In Next Steps

Think Like The Seller

SPEAKER_00 6:24

No, like I said, that's one of the most over the top examples ever. But there's several things that you can take away because if we think that calls like that are not actually being placed, we're kidding ourselves. There are people you saw it right there. He had a script in his hands. He's holding a little notepad right there. He's reading. There are people that tell you, here's my script, print it off and read these words. And the majority of the time, it is ridiculous what those scripts say, something similar to that. Now, why do we think that that seller, if that seller was real, would say, Absolutely not, never call me back. Is it because of the music, because of the overtop tonality? I personally think the number one reason is the call's out of the blue, and he just straight up makes an offer, a cash offer, without knowing anything about what's going on in the seller's life, including even asking if he wants to sell the property. So that is always step one inside the closure's formula. Verify and validate that they want to sell the property. Now, the next moment that makes or breaks calls is the next step inside the closer's formula, asking about price. When do we ask about price? There's so many people, the majority of the industry say that you should ask for price at the end of the conversation. Here's why I disagree with that. You are going to have this conversation with this seller. And if it lasts an extended period of time where they explain all of their motivation and all of their problems and all these reasons as to why they want to sell, and they become comfortable with you and you build rapport with each other, what is happening? They are gaining confidence inside this conversation. They're also going to have time to think about what do I want to ask this person? You can fall into the friend zone, the therapist zone, where all of a sudden, at the end, when you go to say, How much are you looking to get from the property? that price can be much higher. But if we ask right at the gates, are you looking to sell this property? Yes. Awesome. How much are you looking to get for the property? It is so powerful to have that information throughout the rest of the conversation. It completely changes the dynamics throughout that call. Now, what happens when the seller does not give you that price? You know, whatever the highest price is, make me an offer, the right number. We all have heard these objections. This is that moment that can make or break the seller call right there. If you accept, make me an offer, or if you accept the right number, the right price, right then and there, you are potentially breaking that seller call because you are putting yourself in a position to where now you have to blindly offer later on down the road. And that is never a position that we want to be in. And so it's extremely important to prepare yourself for any and all of the sellers' answers and responses to that question. How much are you asking for the property? When I say that we need to embrace being the buyer, this is what I'm talking about. This moment right here, they are the seller, they have an asking price. Every retail real estate transaction in the world has an asking price. Why should our transactions be any different? That could be your response right there with that seller, sir. If you were to list this with a realtor, you would have to put an asking price up there. If you think that my offer is going to be higher than your asking price, you are incorrect. It's just not going to happen. The reason why is because I have to make all of these assumptions that based off of what I'm potentially inheriting when I purchase this property. And so I'm going to be conservative, if anything, it makes the conversation so much easier for both of us if you tell me what you want, and I can tell you what I can or can't do. And if that's a win-win for both of us, then we move forward. And if it's not, we go our separate ways. That right there, asking the seller's asking price is one of the most critical make or break moments in each seller call. The next one, the first objection that comes up from the seller, how you respond to a seller objection, whatever it is, is so critical. Where you do not become defensive, you do not turn this conversation into an argument, you ask questions to get a better understanding of why that objection exists. That is how you overcome each and every seller objection in existence. Because otherwise, you will be making assumptions on why they are even bringing that objection up. So anytime they bring it up, I need time, I need to talk to my realtor, I've already received a higher offer price. Each one of those objections has a follow-up response. Why didn't you accept that offer? Why do you need to speak to your attorney? Why is that important to you? Can you explain it to me in more detail? These are the types of open-ended questions that you should be asking. And if it's truly a motivated seller, they will give you a response. If they're not willing to give you that response, then that is a signal that maybe they truly are not motivated enough to sell that property for a discount. But how you overcome that, if you immediately become emotional and argumentative and competitive in the conversation, it will never work out for you. It is all about you trying to gain understanding of the seller's perspective so you can solve their problem. That is a critical moment in each and every call. The next one is the first awkward silence that happens in the call. The majority of the time, awkward silence should come from you asking a question and the seller giving you the response. That is where awkward silence should be utilized. However, I have seen ever since I've started openly teaching and speaking about awkward silence, it being misused, where it is we say a statement, we don't ask a question, and then we sit in silence. We want the seller to be explaining to us their situation, their motivation, their problem. And so when we ask them an open-ended question, and then they give us a response, and we don't immediately respond, and we give ourselves that silence, it's kind of a signal to the seller that that response was not adequate. It needs to be deeper. We need to hear more. And so that is where the first awkward silence should be used. But what I see is, especially with newer acquisitions reps, or wholesalers, is that they default to awkward silence because they don't know what to say. Your response should always be the follow-up question. You can always default to, I don't quite understand what you're saying. Can you tell me that a little bit more detail, or could you explain that in more detail to me? What do you mean by that? Those are default open-ended questions that you could ask, and that is so much more powerful and better for the success of that call than you defaulting to silence when it wasn't necessary and it was used awkwardly. Yeah, it's called awkward silence. It doesn't mean that you use it awkwardly. The next thing is presenting the process. Okay. When we get down to presenting the process, I'm all about transparency, authenticity, and all of that. But people have really taken it to an extreme, to where the process almost becomes alarming to the seller. We do not want to overly explain what's happening here. We just want them to know the next steps that are going to take place. So when I talk about explaining the process, this is where you and the seller are getting to a place to where you're agreeing on price or it's pretty close. It's within that 10 to 20% range that we could get them to come down with the kill shot. And so we want to do what I refer to as reverse rapport. And that's building credibility through our process. All right, Mr. and Mrs. Seller, here's how my process works. If we can come to an agreement on price today, I'm going to send over a simple two-page agreement. Once you have assigned, once you sign that, we will come out to the property, we'll inspect it. We're going to take pictures, we're going to do our walkthroughs and make sure that the property is everything that you said it is today. If it is, then we'll be good to move forward at that price and on your timeline. But if something were to come up during that walk during that inspection, we may have to revisit price and timeline. Does that make sense to you? Now, in that explanation, is there really anything that's confusing to the seller? Not really. But when we add things in, when we say things like, I'm a wholesaler, I'm not going to buy your property. But what I am going to do is lock it up under a contract, and then I'm going to go out and I'm going to present this to my investors and I'm going to see if I can sell it for more money. I love the transparency. And in some states, like Ohio, where you have to disclose that you're wholesaling the property up front, that is necessary. But it is not necessary in each and every circumstance. There are plenty of sellers out there that have no issues whatsoever with us wholesaling the property as long as we are resolving their issue. And so when you're explaining the process, you do not need to unnecessarily explain what's happening. You need to make sure that you're building that credibility through explaining the process of what they need to know that's taking place. We're going to come out, we are going to inspect the property, we are going to take pictures. And if everything it checks out the way that I believe it does today, we will be ready to move forward at that price and on your timeline. That is what's important here. Explaining that process and presenting it in a professional way. When we have a tendency to over-explain things, bring in title companies or closing attorneys or inspection periods or earnest money, these are all potential objections that don't necessarily need to be a part of the process. If they ask questions about it, then yes, you absolutely want to respond to it, but you do not want to add potential objections. So present the process clearly and easily understood by a person who is not a professional real estate investor or a real estate professional. The next part is the next moment handling skeptical sellers, the ones that are really nervous about this. I've never gone through a real estate transaction before. I don't know how this process works. And then it becomes either one, we're solid where we way complicated and it scares them even more. Or two, we don't validate that we're hearing what they're saying. And so we kind of slough it off, and it's like, oh, it's it's not that big of a deal. I do this all the time. Sometimes the best thing that you can do is repeat yourself. We just talked about presenting the process, so you repeat that, but go a little bit more detail as to exactly what's going to take place and explain to them that there's no situation that they are losing this property without receiving funds. Because that is really what the majority of this objective objective is. I just don't understand what's taking place here, and I'm worried that I might be getting taken advantage of. And so you really want to slow down, ask what is the actual concern, and then as the real estate professional, this is an opportunity for you to build even more credibility with that seller by really slowing it down and asking them what is the issue that you're feeling. I have a great video of this uh that I posted uh probably at this point two years ago, where it was about an hour and 49-minute close where the sellers were highly skeptical and they had questions, and it felt like every objection that they could possibly come up with throughout that conversation. But the reality of it was they inherited this property and they had never actually purchased the property themselves, so they were really concerned about the process, not because of anything that I had done, just because they were in their 50s and never gone through a real estate transaction before. So they wanted me as the person that they were potentially about to trust to sell this property to to slow down and explain it to them. And once I did that, that was all the credibility they. They needed to see that I was willing to sit there and answer each and every question. And the majority of the time, the questions were not complicated. It was, How are you going to gain access to the property? So we had a conversation about it. What is a title company? What does the title company do? How will I receive my funds? How do I know that I'm going to get a wire? All these were just basic questions that they just really didn't know. And if we didn't handle that skepticism, then I would have lost that deal. But by just slowing down and having patience, and yes, that one took a lot of patience, almost two hours, but it was worth it in the end. And so slow yourself down. Do not make assumptions during this moment. Ask for clarification on what they are truly skeptical about, and then just give them the god honest truth with the response. The final one is locking in the next steps. It is amazing how many great seller conversations end up in not a signed contract because the closer does not explain the next steps in the transaction. And so if the contract doesn't get signed and the contract is set, the reason why they end up ghosting you is because they start asking themselves, I don't know what happens next. After I sign this contract, where do we go? What happens? When do I get my money? How do I get my money? Are they gonna come see the property? I mean, this is weird. They're willing to send me a contract for a hundred thousand dollars and they've never even seen the property. Are they going to come see the property? Locking in and making sure that you and the seller are on the same page of what the next steps are in that process are absolutely critical. And so, yes, we do that in the reverse report section, but then we're going to send the contract, we're going to answer any of their questions. And if you don't reiterate what those next steps are, you are absolutely opening yourself up for one seller remorse or two, if they haven't signed the contract yet, just absolutely completely ghosting you. So it's important to explain that once the contract is signed, you're sending it off to the title company or the closing attorney that you're going to come out, you're going to take pictures of the property. There's going to be walkthroughs. The seller will have to communicate with the title company, fill out a seller information sheet so we can get a title commitment back that shows any mortgages or liens or judgments against the property. Make sure we get payoffs on all of that. And there will be consistent feedback and communication from you and the title company all the way up until the closing date. That is critical because now they feel like they're in the hands of a true professional instead of just being left to wonder what's happening? Is this even real? Did I get scammed? Put yourself in the position of the seller. That is critical through all seven moments of a seller call that we just broke down. The first 30 seconds, the asking price, the first objection, awkward silence, presenting the process, handling any skepticism, and locking in those next steps. All seven of those put yourself in the seller's shoes and ask yourself if you were selling the largest asset that you're going to own in your lifetime, how would you want that seller conversation handled? How would you want that explained to you so you felt comfortable moving forward? If you do that, you will be successful in the majority of your seller conversations. If you're never truly thinking about what it feels like to be the seller, then you are going to fail. And that's what happens. We get into these calls and we start thinking about I wish I had that little notebook so I could have something that tells me what to say. Or we sit there and we think about what's the next open-ended question? How do I get them to come down on price? Is this a deal? Is this not a deal? What's the condition like? Instead of thinking about what is the seller thinking? What does the seller need? And does that work for me to where I can solve their problem and make a profit by assigning this contract? That's what you need to be doing. Now, this is typically the moment during the Tuesday lives where I would throw this over to you guys and I would say, let's open it up for QA. But I'm not live today. This is pre-recorded, even though it is live on YouTube. Technology is amazing nowadays. So this is pre-recorded, but we still come to you live on Tuesdays at 2.22 p.m. But I'm at an event this week, and so I'm not actually able to be live, but I still wanted to bring you guys content. And so here's the seven moments that make or break or sell or call. I hope you guys enjoyed it. If you did, leave me a comment and say, hey, enjoy your trip. Tell me what you enjoyed the most about the episode. Make sure you like that the video. We'll see you guys tomorrow.