The King Closer | Breaking Down a Live Seller Call

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Transcript

Why Review Failed Seller Calls

SPEAKER_00 0:07

What's going on, everybody? Welcome to the live seller call series where I'm going to be listening to a TU member who submitted a live seller call and is kind enough to not only have recorded himself on video, but it looks like he's also sharing his screen on this. So we might be able to see some information. Just a disclosure. We will have to kind of blur out some personal information there so YouTube doesn't take the video down, but at least I'll be able to kind of look at that while I'm reviewing this call. The member that I'm going to be reviewing today is Cephus. One of the things I have to give Cephas a shout out. He's been with us for a while, and he has definitely utilized the live seller call reviews. Um he has consistently over the past year or so been submitting seller call reviews, even giving his own feedback before when he submits them. So I'm excited for this. This is a rather short call. It's only nine minutes, actually, a little bit less than nine minutes. He submitted this because it's not a good call. I want you guys to understand that in this series, we're not looking for closes. We are looking for specifically sellers that are motivated, that have the incorrect price. That's the seller bucket I want to see. And we do not close the deal. We want to find out why did we not close this so we can learn and we can get better and we can start closing more of these types of sellers because it's the most important ones that we can try to learn and get better from. So that being said, let's get into Cephas's live seller call here.

Pre Call Setup And Research Tabs

SPEAKER_02 1:46

Hello, this is Richard. Yeah. Hey Richard, you filled up about selling a property on Randolph Road. Is that still available? Yeah.

SPEAKER_00 1:56

Well, he first thing I want to point out here um is how prepared Cephas was with the tabs that he has open. So he's sitting on investor base. He's got his profit calculator up, he's got prop stream, he's got a new tab where he can do Google Street View. He can go to Zillow. I like it how he doesn't have a ton of tabs open. He's actually really well prepared for this seller call that's extremely important going to each new dial.

SPEAKER_02 2:25

Green, how much were you looking to get for it?

SPEAKER_01 2:30

600.

SPEAKER_02 2:31

600?

SPEAKER_00 2:33

Yeah.

SPEAKER_02 2:34

All right. Well, well, all right.

SPEAKER_00 2:36

So really like the start

Smooth Opener And Price Anchor

SPEAKER_00 2:38

of this call, really smooth in the closer's formula. Um, also, you can see how comfortable Cephas is kind of navigating his computer here. As soon as he he gets the seller to answer the phone, hey, are you still looking to sell? How much are you looking to get for it? We've got an asking price of $600,000. And then he's quickly uh Googling that address. He's got that pulled up where we can still see the street view. He's got Zillow pulled up. Really like how he's navigating right now. Seems pretty comfortable. Um, you can see he's he's definitely been putting in the reps.

SPEAKER_02 3:12

I'm pulling this property up. Tell me about what you got going on over there.

Seller Lists Upgrades And Features

SPEAKER_02 3:21

What's that?

SPEAKER_01 3:23

Everything's being redone in the back, the kitchen.

SPEAKER_00 3:26

Okay, a small little little note there. You know, he says, Well, while I'm pulling this up, tell me a little bit about what you got going on over there. Seller immediately comes back and says, Well, what do you mean? What do I got going on over there? Stephis kind of pauses, he goes to respond, but then quickly stops talking because the seller starts talking. Seller starts saying, Hey, well, it's a three-bedroom, two-bath. You know, he's kind of going into the Zillow stats, is what I call it. Um, but I like how Stefus just kind of took the back seat there, let the seller kind of go. And that's one of the benefits of kind of giving that silence. Seller immediately kind of jumped to, well, what do you mean? What do I got going on? That's a common response. It's okay. He didn't even have to overcome it. He just allowed the seller to kind of come to grips with, well, I need to tell this guy if I'm gonna give him 600. If I'm gonna get six hundred thousand dollars from this gentleman on the phone, I better tell him something about the property.

SPEAKER_01 4:26

Bathroom, uh new flooring, uh, new windows, uh probably a 25 by 25 sunroom in the back, uh, a gunite pool, and uh 35,000 gallon pool, uh, salt water setup. Um around the property. Um what else you need? Air conditions about three or four years old.

SPEAKER_00 5:04

So again, seller stops talking. What else do you need? Not an immediate response. He's not being jumpy on this. Um, just kind of sits there, relaxes, and then the seller comes back with a few more um facts about the property. Um, I'm looking at the comps here. Um, Cephas hasn't scrolled over, so I can't see the bed bath count square foot or year built, but I can see dollars and cents. Um, looks like you know, we're we've got some properties in the 500s, 600s, and 700s is what we're looking like on the comps. So with an ASCII price of $600,000, we're definitely at the wrong price. However, the seller just told us a lot of things about how great uh the condition of the property is, things that he's improved. So now it's up to Cephus to decide. We know the price is incorrect, no matter what. Now we have to determine is he motivated?

Missing Motivation And Trigger Words

SPEAKER_00 6:07

Because if there's no motivation, then we're just wrapping this up and saying, hey, you should probably go list with a realtor. We're not gonna be your solution.

SPEAKER_02 6:18

Yeah, so is this like a rental property or like a project, or is it like a primary residence? It's my permanent residence. Okay, so you you've been fixing it up yourself.

SPEAKER_01 6:32

No, I've I've contacted people to do it, yes.

SPEAKER_00 6:38

Okay, kind of unique questions to pivot towards. Um, I didn't love the the the closed-ended question there of is this a rental? Are you fixing up or is it a primary residence? Because it gets you that response. It's my primary residence. Closed-ended questions get you short answers, short responses. We need this seller to open up and explain to us why we should buy this. Why is he motivated to sell this? What problem are we solving? I would have liked to have seen if it the seller's not going to give us any more. I would have loved for Stephen's just to be like, well, what's got you interested in selling the property?

SPEAKER_02 7:19

All right. Well, I mean, if you've been if you've been doing work to it yourself, what's got you looking to reach out to a cash buyer?

SPEAKER_01 7:29

Who are you? I mean, do you want to buy it? It's for sale.

SPEAKER_00 7:35

Okay, so the the the response there of or the question of what's got you interested in selling to a cash buyer, I really don't ever love that question. Um, because I I don't remember if on the intro or not, CFIS kind of said, hey, you filled out a form on a website or you spoke to someone on a team. This seller might not even know that we are a cash buyer or an investor. And so it it kind of can lead to these argumentative responses by sellers where it's like, Who are you? Uh, are you a buyer? Um, I mean, I'm a seller, it's for sale, this is what I want for it. And now we we're gonna have to try to backtrack a little bit to get him to kind of open up and and not be so defensive.

SPEAKER_01 8:28

I'm I'm trying to figure out who I'm talking to.

SPEAKER_02 8:33

Yeah, you're talking to the right person. I'm just trying to understand what if you've been doing work to if I was doing work to a property, I would just finish it and listed on the MLS. I'm just curious as to what's got you looking to sell it if you've already begun doing work to it.

SPEAKER_01 8:49

I'm not beginning on the work, the work I'm gonna do to it has already been done. I mean, I've I'll put a lot of money in it, but I want to I want to move out of the area.

SPEAKER_02 9:05

So when you say you've done a lot of work to it, I mean what other than the the bathroom and so forth, what all have you done to it?

SPEAKER_00 9:15

See Fis had a couple of options there, and he chose to go the condition route. The seller said, I want to move out of the area. I would have liked to have explored open-ended questions in regard to that. Oh, you're looking to move. Where are you looking to move to? What's got you going to that area? It's not guaranteed that it's gonna get us the response that we want, but I think it's going to be if it exists, if the motivation exists, going to get us a better response than us revisiting and going back to what have you done to the property or what have you not done to the property. I felt like he just rattled off a bunch of things that he has done in the property, so I don't know why we would go be going back to condition. To be honest with you, I always want to try to stay away from condition as much as possible. And it feels like Steve has kind of made the decision to go back to it.

SPEAKER_01 10:15

Kitchens here, bathrooms are new, all hardwood floor throughout the whole house is here. Uh uh, insert what we're gonna insert into your fire, yeah. I'll say it's like you four years old now. What else can I tell you?

SPEAKER_02 10:51

I mean, to me it sounds like you've renovated the entire house, is that correct?

SPEAKER_01 10:55

Uh pretty much, yeah.

SPEAKER_02 11:03

Well, I mean, if you if you if you have gone ahead and renovated the entire house, what why is that you want to sell it cash instead of listing it on the market?

SPEAKER_00 11:14

I feel like we just went into a complete circle there. We you know, we said, tell me a little bit about what you got going on. He said, What do you mean? He talked about all the things that he he did condition-wise and rehab-wise, and then CFIS didn't know where to go from there. He got the seller to open up, and and again, and there's always that moment of truth where specifically inside of call reviews, where it, you know, I'm I'm looking at calls that don't end up in a signed contract. And it's like, I don't know if that was the moment that would have led us to getting a signed contract with the seller, but I know it didn't help us to ignore the fact that the seller said he wants to move out of the area to then go back to condition to go all the way through that circle. So now here we are again for the second time where Stevens is saying, you know, what's got you wanting to sell to a cash buyer? Why would

Seller Anger And Differentiation Problem

SPEAKER_00 12:10

you be interested in in talking to someone like me?

SPEAKER_01 12:13

Well, you'll y'all aggravate the hell out of me by calling me and and saying I can give you more money than you can sell it for whatever. If it ain't clear the hell with you, I'll I'll put it on the MLS and go. What the hell does the the purpose of y'all calling me and wanting to buy this damn house that larger value is yet? Now you're telling me you should go to the MLS. What the fuck? I mean, this you're wasting my time and make them offers if they're not true, the hell is you. I can find somebody that wants the house. That ain't the problem.

SPEAKER_00 12:59

So the seller's upset, he he's clearly getting hammered with a bunch of wholesalers and investors, either ads, cold calls. But this is the thing that everybody needs to understand. No matter what you're doing for lead generation, these sellers are speaking to other people doing the exact same thing. And it's very, very rare for us to be the only person that speaks to a seller. And so, in this circumstance, I just don't think that Cephas has done a good enough job of trying to differentiate himself from the competition. And and there's no there's no digging to try to get to the motivation. And now, because we're four and a half minutes in to this call and the seller's starting to become angry and emotional, it's only going to become more difficult for Stevens to try to get the seller to be willing to open up and speak to him about why could he potentially take less than $600,000? Why is $600,000 the number? How much money does he actually need in his pocket? Where is he moving? What's the timeline of that look like? Does he need any help moving and finding a property there? What's the underlying issue? He needs to move is the surface level response to his motivation. We now know the number. We do not know the significance of the number, we do not know the purpose of him selling, and we're definitely not getting to a story. So, on the four levels of pain, right now we've gotten to level one, the surface level answer. I want to move out of this area, and we haven't gone back to that.

SPEAKER_01 14:46

If you don't, hold it because I get both yet, and you probably just proved that to me.

SPEAKER_02 14:54

I apologize for the confusion, Richard. You're saying that the ad that you saw is said that they would give you market value or more. Is that correct?

SPEAKER_01 15:05

Something. I mean, I've I've had 10 or 15 people and we call me up on the down house, and which everyone you are, is it's not one of those, cool. You know, probably the wrong down person, I'm sure they're the same down way, you know. We're gonna make an offer, come look at it, appraise it. We'll go from there.

SPEAKER_00 15:36

See, this is a this is a bad place to get into with calls that sometimes there's nothing you can do about it, specifically with sellers with this kind of demeanor and attitude. But this is a dangerous place to get into because now the seller is telling Cephas how to do his job. Come out and see the property, appraise it, make me an offer. If you're not gonna make an offer, the hell do you? I mean, it's just this is it really comes down to that moment of we either want to end this call when we're like, what's got you looking to sell? I want to move, where are you looking to move to? All of that. That was that was the fork of the road. C bus has got to find a way, and we're running out of time, right? We're that the I know the the I know the finality of this call. This call ends in in three minutes and 30 something seconds, right? So CBS, if he's if he's in this moment, if you find yourself in this call, you have got to find a way to diffuse the emotion. And so C Vis kind of needs to take control. He's doing a really good job of kind of sitting back and letting the seller talk a lot, but at this point, he's got to come in and say, Listen, Richard, I am so sorry about the confusion here. You've never spoken to me or my team or anything like that. I'm just really trying to figure out how I can be a solution for you as a cash buyer, and and then ask the questions that he needs to ask and just like lower the emotion. I'll let you know if I'm not a good fit. I'm not trying to lowball you, I'm not trying to do anything. I just want to understand what you need.

SPEAKER_01 17:09

In my neighborhood, it's down anywhere from 550 to 750. So I know what I got, I know what I put in it.

SPEAKER_00 17:20

He's right.

SPEAKER_01 17:20

So let's move it forward. But I don't have time for bullshit and shell games.

SPEAKER_02 17:37

I'm I'm not here to waste your time at all, Richard.

SPEAKER_01 17:40

Okay, well, I don't understand what what I just said that you didn't understand.

SPEAKER_02 17:45

No, I I heard you line clear.

SPEAKER_01 17:48

God damn it, listen. We talk straight. I don't talk in shell games, and I'll give you this if this is done, or whatever. I want to sell the house, I want to get out from under it, and I don't owe anything on it.

SPEAKER_00 18:05

So the emotion is coming from somewhere. Um at this point, I don't know that CFIS can recover, and it doesn't look like he is. What I would say, like, as a benefit to CFIS, like if looking at this, what he should have done is reach out to a fellow TU member and had a hero call done on this. Have somebody that that you know, like, and trust inside the community reach out, redo this whole call over again and be like, hey man, this is what I missed. He told me on the call that you know he wants to move. He uses language right there. He's like, I want to get out from underneath this. That is a a triggering statement. There is motivation existing from this seller, but he also said the words, I know what I've got. Houses are selling between 575 and 750. I'm looking at the comps here on prop stream. He's right. He does know. This is why we've got to talk to him about what do you mean when you say you want to move away from there? What do you mean by you want to get out from underneath this? If it does, if it's not worthy of selling for a discount, then we need to point him in the right direction and move on to the next lead.

SPEAKER_01 19:29

Let's move and go.

Callback Price Push And Post Mortem

SPEAKER_00 21:10

Oh, he did hang out and he's calling him back now. I see.

SPEAKER_02 21:17

Hey Richard, if someone's gonna buy this property cash where there's no commissions, no closing costs, and no additional work that you need to do to it, they're gonna need to have a five in front of that number.

SPEAKER_01 21:32

Oh what?

SPEAKER_02 21:33

A five. We're gonna need to be as close to five hundred thousand as possible. No, less than that. Less than that. Yeah, you want straight numbers? That's that's where I so I can because I gotta pay commissions and closing costs on my end. And so what the hell then y'all the shell game?

SPEAKER_01 22:12

That's what we're talking about now. I guess it's not the shell game. Okay, listen real fast and what you hear now.

SPEAKER_00 22:23

That was tough. That was tough on CFUS there. All right. So what could CFUS have done differently? Well, there's a a series of different things. Um, one, we never want to get ourselves in a position where we're just making an offer. And so he he doesn't. He gives a range, he says, hey, you know, your asking price is $600,000. It's gonna have to start with a five. I don't know if the the $500,000 offer is is a fair offer. I don't know. I'd have to rerun those numbers, but let's just say it is that I like using that statement. It's gonna have to start with a five if the asking price was $700,000. Because starting with a five, I mean, if I'm Richard, the seller, I'm gonna be like, all right, fine, $595. And and then he's like, he comes in with $550. He does price drop himself $50,000 there. And and then Cephas is like, no, it's gonna have to be much lower, closer to $500,000. The odds of that path being successful are very, very small. Few and far between is that going to work. Because and Cephas admitted this when he emailed it in. This is why he submitted this one. I think he was just thrown off with uh the man's tonality, his energy, the fact that he was angry, he became emotional, and he didn't pick up on the triggers. And again, when we say like this is what I think he should have done, like asking about the motivation, where are you moving to? Why are you moving? Uh, what do you mean by you want to get out from underneath this? All of those are important questions to ask. It doesn't necessarily mean that we're going to get a response that leads to a sign and close uh contract. I just personally think on this one, Cephas was so thrown off guard that he just didn't navigate it and handle it well. I think he really tried to stay calm and cool and collected, and that's that's Cephas's personality, but it just didn't translate well with this seller. I would have liked to have tried to have seen him like try to mirror that energy a little bit and be like, listen, Richard, man, I'm not here to play show games with you, I'm not here to to lowball you. I just want to know, like, where are you moving to? Why are you moving there? How much money do you need? See if this is a good fit. Some people don't understand what value I bring to the table. And and we didn't we didn't ever increase the energy to kind of match the seller. And because of that, I think Sebus was trying to compose himself, like keep himself cool and calm during that moment instead of uh escalating the situation. And and in reality, all it did in turn was is make the seller even more upset and more emotional and more angry. I don't know if there was a whole lot that could have been done there after we missed the the moment we we made him recircle the the condition again. I feel like that was the the key moment that needed to be different. When when we made them recircle there, it just escalated the emotions, escalated the the whole tense feeling inside of that call. And so, Stephis, I've heard some other calls of yours. I don't want you to beat yourself up over this one. We will all run into a seller and a seller call that will go down like this. It's just about how you avoid having this happen over and over and over again. Live in that moment, move away from condition as quickly as you possibly can. It's okay if the seller gets upset with you because you say, Well, where are you trying to move to? That's none of your damn business, and he hangs up on you. Guess what? Going back to condition also got you hung up on. You're gonna get hung up on by some sellers. You can't be perfect. I don't know if this one would have changed it, but we didn't give ourselves the opportunity to change it. And we always want to focus on motivation before we go back to condition, especially when we've already heard about all the things that he did to this property. All right, so you guys got to listen to Cephas there, and shout out to Cephas for doing this, the second person to submit one of these live seller call reviews for YouTube. So thank you, Cephas, for doing that. I know it's not comfortable to put yourself out there in a failed call, but for those of you that watch, what did you pick up on that you would have done different now that you got to sit back, play, you know, armchair quarterback on CFUS here? What questions would you have asked? At what moment would you have asked it? And how would you have potentially tried to change the outcome of this call? Let us know in the comments. Regardless, show me some love, show CUS some love by liking today's video. We'll see you guys tomorrow.