Wholesaler Follow-Up Failures

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Transcript

Why Follow-Up Loses Deals

SPEAKER_00 0:00

Today we're going to be talking about wholesaler follow-up failures because it's something that I've seen time and time again inside of wholesalers' operations, where maybe the first call, the initial call, is pretty decent. But then when we get down to where we actually have to follow up with sellers for a specific reason, it completely falls off, and we are losing deals. And I don't know about you, but we're not in a position to where we can be losing out on deals. We have to capture each and every opportunity, each and every closable deal has to be closed. And so today we're going to be talking about those deals and how you actually follow up and maybe some of the mistakes that you are currently making inside of your wholesale operation. Now, Miss Claire Elliott 6846. How do I get put on your buyers list? Well, one thing that you can do, because I always teach this when it comes to dispositions, we actually want to have a relationship with you. We don't want to just put you on an email blast and just send deals to you and blindly hope that we can get in contact with you. We want to send you deals directly to you that you are specifically looking for. So I'd love for you to email in to my team, let us get on a conversation with you, break it down. What are you looking for? And then that way we can bring you those deals where you don't have to get into a bidding war with other buyers. We just bring you those deals, you buy them, and we do it over and over and over again. So what I'd like for you to do is email in to RJ at titaniumprops.com. I'll put that into the chat for you so you can copy and paste that and just say, hey, this is Claire from the Live. Want to talk to your team about getting on your buyer's list? I'll have someone reach out. Make sure you give us your contact information, your phone number. Someone from my team will call you today. We'll build a relationship soon enough. We'll be closing a deal very, very shortly because why we do follow up correctly over here. We get so many deals through follow up. Now, you guys know me as the one dial guy, right? One dial, one close, and that's important because there are plenty of opportunities for you to do that. And I believe that the objective of each and every live seller call that you have should be to come to a resolution of whether or not we are buying the deal or not. But there are going to be sellers that have various different reasons as to why they cannot sign a contract on that initial phone call, and it happens, and so you have to navigate that correctly. But then the follow-up. This is where the majority of people don't really talk about, they just say the gold is in the follow-up. But what are you actually saying? How are you moving the needle towards getting a signed contract on those conversations? Most wholesalers think that follow-up is just staying in touch with those sellers, but it's not, it's not about just staying in touch, it is actually about getting in contact with that seller and moving the needle forward and finding out what was the reason as to why we could not come to a resolution and what are we doing to come to that resolution, whether or not we are going to be your solution or someone else. So that's what we're going to be discussing today. I personally feel like bad follow-up actually kills more deals than that initial conversation. Because most people will take the time to figure out how to watch me or someone else that they respect in the industry, the script that they're using, the formula that they're using, then those initial phone calls, and they get fairly decent at building up that skill set. But the follow-up, well, that becomes a little boring. It's work, it's consistently reaching out and being organized inside of your CRM and knowing where did we leave off and why do I need to call this seller today? So, step number one the first mistake that wholesalers are making when it comes to follow-up is they follow up with no purpose. They use lines like just checking in, just wanted to follow up. Any thoughts about what we discussed? Now, I don't know about you, but personally, I receive text messages and emails all day long, every single day, with those words right there. Just checking in. Those people are not important to me. I've got a lot of things going on in my life, not just necessarily what was important to them, that product that they were trying to sell me, or in our case, that house that we're trying to purchase from them. It's not always the front and center of mind of what I am thinking as the consumer. Then you have to think about the seller from that perspective, where they have many different things going on in their life. And so sometimes we could be putting ourselves in the spam central just with the language that we're using. And personally, for me, I try to avoid follow-ups via text message and email at all costs. Now I get it. We have CRMs that do drip campaigns, and it's important to utilize the technology that's available to us nowadays, but it does fall into this crowded world of noise. That's hey, just checking in, just wanted to follow up. Follow up about what? Yeah, maybe I have your contact information saved, maybe I know what you're talking about, but it's easy for me to ignore. And also, there's no new purpose behind that message. Just checking in is literally like for me personally, it's always like the most stressful text message that I can receive. Because it's like now I have to go back and think about everything that we previously discussed. Remember the reason as to why we were left without a conclusion, and now kind of give you an update when maybe I'm not even in a position to give you an update. And so I always want my initial follow-ups to be via phone calls and come with a new purpose for the call. This is where it's vitally important for you to understand what is the motivation for them wanting to sell the property, and also what is the problem that we are trying to solve by buying their real estate. That is the key here because we want to revisit that. And then we also want to talk about the hurdles that they were trying to overcome, whether that's talking to a spouse, talking to an attorney, overcoming a lien or judgment, or finding out what their payoff was, whatever those things are, we need to touch base on that and find out specifically where they are in that process. So have a purpose behind that and use more specific language than just checking in or wanting to follow up or any thoughts about what we discussed. Okay, that is vital and important. The second thing is wholesalers confuse reminders with real communication. Coming back and reminding the seller about what we previously discussed. I literally every single day I get spam emails from people that are pitching me a product, whether it's new leads, coping software, AI that's gonna make my YouTube thumbnails or going to generate SEO for me and make me the most popular YouTuber of all time. There's all sorts of things that people are trying to sell me, and I get these emails that it's the initial pitch, right? And then they remind me hey, just wanted to drop this in your inbox again and remind you of what we talked about. We didn't talk about anything. You don't want to fall into that level of annoyance for the seller. You also don't want to just put all of the burden back on the seller. Let me know, circling back, following up again. It sounds like you're getting annoyed with the seller because they're not giving you the answer that you wanted. You want to be a solution, and so when you come back and you're just reminding the seller, that is not a solid follow-up. It is very clear that you are wanting something that maybe they're not ready to. You want to stay front of mind, but you want to remind them of this is the conversation that we had, this is why we're talking today. Have we come to uh a resolution yet? So that's very important, okay. The next thing is chasing sellers before understanding what the hesitation was. What is the reason behind us not coming to a conclusion on the previous conversations that we've had? The other part of this is if a seller starts to go show or goes quiet, we start assuming that the seller has either decided to not sell, they've sold to someone else. We're never putting ourselves in the seller's point of view, the the seller's shoes. Last year, Cassie and I went rented out this studio, and we did a video where I basically acted as if like I was an elderly man who was now a widow and living inside of his house all by himself, and he was missing out on life, he was missing out on the grandkids' t ball games and the granddaughters, dance recitals, and just lit lonely. And Cassie was the wholesaler that was coming in to buy my property. And the whole reason why I made that video was to show the seller's point of view and keep that front of mind for us when we're doing things like following up. It can be an extremely emotional experience for that seller when they're selling the property that they've built their entire life in, they've raised their kids, now they're an empty nest, or maybe they've even lost their their spouse, and now they're they're contemplating they're actually being forced to sell this piece of real estate and potentially even for a discount because it's physically distressed at this point, and yet when we're trying to follow up with them, we're being annoying, we're sending text messages, like just checking in, just following up. Have you made a decision yet? Or even in this circumstance, not understanding why there was hesitation to begin with. Is it because of the price? Is it because they don't trust us? Is it because they don't understand the process? Maybe it's even spouse or family and the fact that they have to move, the timing, the fear of making the wrong decision. What is causing the need for the follow-up? And so when you do this and you end up in a situation when you know you're going to have to follow up with a seller, you need to ask enough questions to where you understand, and then you try to figure out what the time frame is for them to come to that resolution, to that decision. So then when we are coming back, we're not chasing them. We understand the hesitation, we're trying to help them solve and be a solution for them. And so when we start chasing and and we don't understand, it comes across as extremely needy, and it's where we get called as wholesalers like use car salesman. Like, I feel like you're trying to pull one over on me, and we want to avoid that, especially in the follow-up, because that means not only did we spend money on the lead generation, but that initial phone call, and normally if it leads to some sort of follow-up, it probably means that initial phone conversation actually wasn't that bad, it probably went fairly decently. Don't ruin it because you're chasing the seller unnecessarily in the follow-up. The fourth thing is wholesalers let too much time pass between contacts. Now, there's context that's needed between this because sometimes we'll have a strong opening conversation with them. And then maybe that seller disappears. Maybe they don't answer when we set that time for the follow-up. Maybe we don't even send or set a time for the follow-up. It could even be that we even made an offer and then they ghost us and they vanish or whatever. There are even times, shockingly enough, that I've spoken to wholesalers and they say, I actually didn't believe in my numbers enough. So I made the offer, but I never followed up to see why they didn't sign the contract. And that's you not believing in the process. If you don't believe in your own process, then how is a seller who is motivated going to believe in your process? And so we just allow time to lapse and we're missing out on opportunities that we did so much work to create for ourselves. And what happens there is the urgency fades from the seller to work with you. They're going to go find someone else that is solution-oriented and going to find a reason as to why they should work with that person over you. The emotion from that initial call is going to fade. You're going to miss out on your opportunity because you are creating that circumstance. And what does that do? That kills all the momentum inside of your wholesale operation. It kills all the momentum that you create with your seller calls because you are allowing time to pass by. So when we have that initial call and it gets to a point to where follow-up is going to be necessary, there always has to be a time set. You need to understand the purpose of what that follow-up call is going to be. You need to understand what the seller's hesitation was as to why they need this time. And then you need to be very stern and consistent with that follow-up when that time comes. Do not give up on yourself because a seller doesn't answer when they said, Hey, call me at Tuesday at 2 40 p.m. and you call them Tuesday at 2 40 p.m. and they don't answer the phone. That's common. It's going to happen. How are you going to react moving forward? Should be call them the next day at 2 40 and the next day. Notice how I'm saying call them, not send them a text message, not move them to a status inside of your CRM that does drip sequences to them. We need to get them on the phone. Closers close over the phone. They build that rapport, that trust, and that credibility by showing up each and every day, by showing the seller how important they are to them. And you do that with your actions by picking the phone up. Our competition is lazy. Are you lazy? Do you not want to pick up the phone? Do you actually not want to create your own reality by picking the phone up and solving sellers' problems? Well, then that's where you get crushed by people like me that have no problem with doing that. This is what I wanted to do. This is what we do as an organization. It's why we consistently get deals. Because we don't let time just pass between contacts uselessly. And when there is a seller that is vanished on us or ghosted us or whatever, we just consistently keep alling up until we get a response. The fifth thing is they sound needier, wholesalers sound needier every single time they reach out to the seller. Now, this is very, very common with people that are new to the industry. Maybe they don't have a significant amount of deal flow going on inside of their business. And the reason why they're sounding needier is because they actually are, and sellers can sense that it's that commission breath. They can feel that maybe you need this deal more than they need to sell the property, and it starts raising alarms like maybe I could get more money out of this. Maybe this isn't the person that I need to work with. And so no response from a seller, and you end up changing your tone, the voicemails get weaker, they get further apart, the text messages start sounding desperate, like you're that needy boyfriend or girlfriend. That's like, hey, where did you go? What happened? Don't don't fall into that. Be consistent, but be professional, like you were trying to be the solution. The other thing is the messages a lot of time get longer and wordier, and it leaves you up for that interpretation of emotion and neediness across your language that you're using. You start using more emotional language, especially when you make an offer and they don't sign the contract, or the seller doesn't do what they said they they were gonna do. Over the past decade, I cannot tell you how many circumstances have come up where a seller ghosted us, and it was because of some massive life event that happened, and it had nothing to do with us whatsoever. I got in a car wreck, I ended up in the hospital, a loved one passed away, I had to attend a funeral. How is that important to us? And then all of a sudden, we start using emotional language in our voice files or text messages or emails because we're only looking at it from our perspective. We start over-explaining, we start chasing them, and we look desperate. The seller starts feeling like they're hunted on this and not like somebody that is in a real business transaction. This doesn't really happen on retail transactions, but it absolutely happens every single day on off-market direct-to-seller transactions. Why? Because there's no go-between, there's no point of contact there that's representing anybody. You are the representation for your business, so treat it that way. The sixth thing is the wholesaler never re-anchors the seller to their original problem. I see this all the time, where it's a question from a newer wholesaler to me would be like, Hey, how do you handle a seller when we verbally agreed to a price and then they ghost me? And then I'll ask them, What was their motivation for wanting to sell? And he almost starts seeing like this look of like, why is he asking me about what the the motivation was? Well, was it bad tenants? Was it the property was physically distressed? Was the property inherited? Was there a financial timeline pressure? Was it stress, a vacant house? What was the reason why they wanted to sell? Because you need to be talking to the seller about that. Hey, John, the last time we talked, you were really stressed about the repairs needed on this property. We came to a verbal agreement on the price, and I haven't heard back from you. Let me know when's a good time for us to get hop on the phone so we can come to a decision together. That is an appropriate follow up. But if we're not re anchoring and letting them know that we remember their situation, that motivation and that problem, you just fall into the masses of everything that's coming their way. Way. It also maybe they don't remember the fact that they told you all of that. I'm sure if you've been on the phones long enough, you've heard a seller say, Yeah, I'm taking these types of phone calls all the time. I'm receiving these phone calls. I've already talked to like five or six of you, you types of guys. What makes you stand out? The fact that you listen, you heard their problem, you heard their motivation, and it's important enough for you to revisit that and bring it up and say, I'm trying to alleviate you from this issue, this problem that you had. So make sure you bring that up, and the follow-up is not so vague that it just falls on deaf ears. This is why each follow-up needs to be personalized. It needs this is why it's important for you to track your conversations inside of your CRM in your notes. So you can revisit what the the reason, the motivation, and the problem for this seller. This is vitally important to your long-term success with follow-ups. And finally, wholesalers mistake activity for momentum. We love to track things like the amount of text messages that we send, the amount of calls, the touches, talk time. We think being busy is being effective. But if we are not moving the deal forward, we're sending these vague text messages that are not personalized, that are not revisiting the actual issue in a specific time frame, and we're allowing time to decay the deal. This will lead to long-term failure inside of your follow-ups. And so it's extremely important to not just be busy, but be effective with your follow-up. This is why it's about phone calls and the connections and the conversations and moving those forward to a conclusion, a result. We do not want to have 10 conversations with a seller that never leads to us either one sending a contract or getting a signed contract. That is you just being busy all day, every day, and it does not insert more money into your bank account. We are a for-profit organization, and the only way that we can get that is by having product on the shelves. Sign contracts that are under contract for a good price wherein buyers buy. That is our objective. Where are you failing? Is it because you're trusting technology to do it for you? And it's coming across just like spam. That's I mean, literally, since I've been live on here, I've already received three spam text messages and 11 spam emails. It just and we've only been live for 27 minutes. It just falls on deaf ears, blind eyes, and you get ignored. You have to get these people on the phone, remind them who you are, and you do that by building the credibility of understanding their situation, explaining how you're the solution, and seeing if they've come to that conclusion where they're ready to move forward by signing a contract with you. That is how you avoid follow up failures.