Wholesalers Are All The Same? | Here's What To Say

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Transcript

Don’t Get Defensive

SPEAKER_00 0:02

If a seller says to you, you wholesalers are all the same, the worst thing you can do is immediately become defensive. Because here's the uncomfortable truth. They're not completely wrong. Now that does not mean every wholesaler is the same. It does not mean every wholesaler is dishonest. It does not mean every wholesaler is out here lying and hiding, daisy chaining deals, overpromising, under delivering, and making the rest of us look terrible. But let's be honest, a lot of them are. And I think this is where most wholesalers mess this objection up. They are so desperate to defend themselves that they miss the opportunity to agree with the seller's actual concern. Because the seller's not really saying you're all the same. What they are really saying is I've been burned before. I've been lied to. I've been told one thing and shown another. I do not know if I can trust you. If you do not understand that, you're going to handle this objection completely wrong.

Why Sellers Don’t Trust Wholesalers

SPEAKER_00 1:07

What's up, everybody? RJ Bates III here. And in today's episode of Overcoming Objections, we're talking about one of the more aggressive objections you're going to hear from sellers. You wholesalers are all the same. Now, some sellers will say it exactly like that. Some will say, I've dealt with people like you before. Some will say, you investors are all the same. Some will say you guys just lock up properties and then try to sell the contract. Or I already had a wholesaler waste my time. However, they say it, the meaning is the same. They do not trust the category you are in. And before you get offended by that, you need to understand something. The wholesaling industry has earned some of that reputation. I know some people do not like it when I say that, but I'm not here to protect your feelings. I'm here to tell you the truth. The majority of wholesalers suck at their job. They do. They do not know how to comp. They don't know how to underwrite. They do not know how to communicate. They don't know how to set expectations. They don't know how to talk to sellers. They don't know how to talk to buyers. They don't know how to navigate title issues. They do not know how to be transparent. And because of that, sellers get lied to, buyers get frustrated, title companies get annoyed, and the entire industry gets a worse reputation. So when a seller says, you wholesalers are all the same, my first reaction is not to argue with them. My first reaction is to understand why they feel that way. So here's the first lesson: do not argue with a seller's experience. If a seller says, I worked with a wholesaler before and it was a nightmare, do not respond with, Well, not all wholesalers are bad. That might be true, but it sounds defensive. It sounds like you're more worried about protecting yourself than understanding the seller. Instead, you should say something like, I completely understand why you feel that way. To be honest with you, there are a lot of wholesalers who are terrible at this business. A lot of them overpromise, disappear, and do not communicate. So I do not blame you for being cautious. That is a much better response because now you are not fighting them. You're validating the reason behind their concern. And this is important. Validation is not agreement. Validation does not mean you are saying, yes, I am the same as those shitty wholesalers. Validation means I understand why you would feel that way based on what you have experienced. That lowers their guard. Most wholesalers make the seller's guard go higher because they start defending themselves immediately. You can trust me, I'm different. I'm not like that. We actually close. We're the best. Nobody cares. The seller has heard all of that before. You cannot claim you are different. You have to demonstrate you are different. This is where I would lean in. If a seller knows I'm a wholesaler, that is because I told them I'm a wholesaler. That alone separates me from the majority of the industry. Because let's be honest, a lot of wholesalers would have lied. A lot of wholesalers would have avoided the word wholesaler. A lot of wholesalers would have said, I'm a cash buyer when they know they are not the end buyer. A lot of wholesalers would have pretended they were going to personally buy the property, personally renovate it, personally close on it, and personally do everything. And then three days later,

Validate The Fear Behind It

SPEAKER_00 4:40

the seller sees the contract being marketed all over Facebook. That is why sellers do not trust wholesalers. It's not because of the assignment, it's not because it's because of the lack of transparency. There's nothing wrong with being a wholesaler if you're honest about the process. There is something wrong with pretending to be something you are not because you're scared the truth will cost you the deal. And this is what I would say to the seller. Mr. Seller, I understand why you feel that way. A lot of wholesalers are not transparent. But the first difference here is that you know I'm a wholesaler because I told you I'm a wholesaler. I did not hide that from you. I did not pretend to be something else. I told you exactly how my process works because I would rather lose the deal telling you the truth than get the deal by misleading you. And that matters. I would rather lose the deal telling you the truth than get the deal by misleading you. That's the standard. Because here's the thing if your business only works when the seller does not understand what is happening, you do not have a business. You just have a trick. And tricks do not scale. Trust scales, transparency

Prove You’re Different With Truth

SPEAKER_00 5:55

scales, processes scale. Now, one analogy I've used in this situation is the restaurant analogy. If somebody says, I got food poisoning from one restaurant, so I'm never eating at any restaurant ever again. Most people would say, Well, that's ridiculous. You would say, no, you just ate at a bad restaurant. That does not mean every restaurant's bad. It means that specific restaurant at that specific time had a problem. Maybe the food handling was bad. Maybe the kitchen was dirty. Maybe the staff did not care. Maybe their process was broken. But you would not swear off every restaurant on earth because one restaurant gave you a bad experience. And that is how I explain this to sellers. Mr. Seller, I completely understand that you had a bad experience with another wholesaler. But that is kind of like getting food poisoning at one restaurant and then saying you are never going to eat at any restaurant again. The problem was not restaurants, the problem was that restaurant. In the same way, the problem is not automatically wholesaling, the problem was that wholesaler and the way they handled their business. That's a simple analogy, and sellers understand it because it does not dismiss their experience, it just reframes the conclusion. The seller's experience may be valid, their conclusion may be wrong. That's the difference. They may be right that the last wholesaler was terrible. They may be right that the last person wasted their time or that the last buyer did not communicate. They may be right that the last deal fell apart because someone overpromised. But that does not automatically mean I am going to do the same thing. Now, here's where most people get this wrong. They think transparency is something you say. It's not. Transparency is something you operate by. A lot of wholesalers say they are transparent, then they go silent for five days. That's not transparency. A lot of wholesalers say they communicate and then the seller has to chase them for updates. That's not communication. Wholesalers say they are professional and then they cannot explain what happens after the contract's signed. That's not professional. Transparency is not saying trust me. Transparency is saying here's what happens next. Here's who you will hear from. Here's when you will hear from us. Here's what title is doing. Here's what we are waiting on. Here's what could slow this down. Here's how we are going to keep you updated. That is how you separate yourself. With our process, the seller is not left in the dark. They receive communication. They get updates. They understand what is happening. They understand the timeline. They understand the role of the title company. They understand what we are doing. They understand what we are waiting on. And most importantly, they do not have to wonder whether or not we disappeared. Because that is one of the biggest issues in wholesaling. The deal gets signed, and then the wholesaler goes silent. The seller is sitting there thinking, did I make a mistake? Are they still buying my house? Is this actually closing? Should I have taken another offer? Did they just lock me up and disappear? That uncertainty is what creates distrust. So when a seller says, you wholesalers are all the same, I want you to understand something.

The Bad Restaurant Reframe

SPEAKER_00 9:22

They're not always objecting to your offer. They are objecting to the fear of being trapped in another bad process. So let's talk about how to actually respond. The seller says, you wholesalers are all the same. Here is how I would answer. Honestly, I understand why you would say that. There are a lot of bad wholesalers in this industry. A lot of them are not transparent, they overpromise, they disappear after the contract signed, and they make the rest of us look bad. So I'm not going to sit here and pretend that your concern is unreasonable, but then I would continue. But I do want to point something out. The reason you even know I'm a wholesaler is because I told you. Most people, in my position, would have avoided that conversation. They would have tried to make it sound like something else. I'm telling you up front because I believe you deserve to know exactly who you are dealing with and exactly how the process works. And then I would say, my job is not to confuse you. My job is to make this simple. If we come to an agreement, we're going to put everything in writing, we're going to work through title, and you are going to receive communication throughout the process so you know where things stand. I cannot speak for the last wholesaler. I can only show you how we do business. That is not defensive. It acknowledges the industry has problems. It separates you from the bad operators and it brings the seller back to your process. Another big mistake wholesalers make is they accidentally insult the seller. They say things like, Well, you must have worked with the wrong person. Or you should have done more research. Or that is not how real wholesalers operate. Don't do that. The seller does not need a lecture. They need confidence. Remember, this seller may have had a real bad experience. Maybe somebody locked up their property and couldn't close. Maybe someone gave them a high number just to get the contract and then tried to change strategies to innovation or renegotiate them down to a much lower price. Maybe somebody told them they had a buyer and they didn't. Maybe they blasted their property to every buyer list in the market and embarrassed them in front of their neighbors and family. Maybe somebody wasted three weeks of their life and then backed out at the last second. So when they say you wholesalers are all the same, there may be a real story

Diagnose What Burned Them

SPEAKER_00 12:00

behind that statement. Your job is to uncover it. Ask, what happened the last time you worked with a wholesaler? And then shut up. Let them tell you, because now you know what problem you're actually solving. If they say they stopped answering me, then your differentiator is communication. If they say they changed the price, then your differentiator is underwriting and setting proper expectations. If they say they said they were buying it, but then I found out they were selling the contract, then your differentiator is transparency. If they say they wasted my time and never close, then your differentiator is certainty. Do not guess at the objection. Diagnose it. Here are the facts. Wholesaling has a reputation problem. And the reputation problem exists because too many people were taught tactics without standards. They were taught how to get contracts. They were not taught how to serve sellers. They were taught how to blast deals. They were not taught how to underwrite. They were taught how to say, I can close fast. They were not taught what it actually takes to close. They were taught how to make money. They were not taught how to create trust. And because of that, sellers are skeptical. Buyers are more skeptical now. Agents are more skeptical now. Title companies are skeptical. Everybody is more skeptical because too many wholesalers treated this business like a shortcut instead of a profession. And that is why I actually like this objection. Because it gives you a chance to draw a line. It gives you a chance to say, you are right to be cautious. You are wrong to assume we all operate the same way. That is the whole episode right there. You are right to be cautious. You are wrong to assume we all operate the same way. Now saying you are different is easy. Proving it is the hard part. So how do you prove it? Number

Five Standards That Build Trust

SPEAKER_00 14:05

one, disclose your role. Do not hide what you are. If you're wholesaling the property, do not act like an owner-occupant or an in-buyer. Do not act like you're moving your family into the house. Do not act like you're personally swinging the hammer if that's not the plan. Be honest. Number two, explain the process simply. Do not use industry jargon to sound smart. The seller does not care about your dispo process, the buyer list, your CRM, your KPI dashboard, or your assignment strategy. They care about how much am I getting? When am I closing? What do I have to do? What happens if something goes wrong? Can I trust you? Answer those questions clearly. Everything should move forward. Number three, communicate consistently. This is where a lot of deals are won or lost. If you tell the seller you will update them, do it. Even if the update is we're still waiting on title. That is still an update. Silence creates anxiety. Anxiety creates doubt. Doubt kills deals. Number four, do not overpromise. If there's a problem, say there is a problem. If title is delayed, tell the seller title is delayed. If something needs to be resolved, say it needs to be resolved. Sellers can handle the truth better than they can handle confusion. Number five, close clean. That means title company involved, everything in writing, clear expectations, no side deals, no weird money movement, no nonsense. That is how professional wholesalers operate. So here's a clean outline of this type of conversation. The seller says, you wholesalers are all the same. And you say, I understand why you feel that way. Honestly, a lot of wholesalers are bad at this business. They're not transparent, they do not communicate, and they make promises they cannot keep. So I do not blame you for being skeptical. Then pause. But the first thing I want to point out is this. You know I'm a wholesaler because I told you I'm a wholesaler. I am not hiding that. I am not pretending to be something I am not. I would rather be up front with you now than surprise you later. Pause again. What I can tell you is how we operate. If we agree on a number, everything goes through title, everything is in writing, and you will get communication throughout the process. I cannot change whatever happened with the last person. I can only show you how we handle our business. And then you ask, what happened the last time that made you feel that way? That question is powerful because now the seller is not just throwing an objection at you, they're giving you the map. They're telling you exactly what they're afraid of. And once you know what they are afraid of, you know what you have to solve. The real lesson here is simple. Do not get offended by an objection that the industry helped create. If sellers distrust wholesalers, there's a reason. Sellers are skeptical, there's a reason. If sellers think wholesalers are all the same, well, it's because it's the truth. Or is it? Their bad experience with somebody else does not have to become your identity. You do not overcome this objection by saying, No, I'm different. You overcome it by showing them I operate differently. That starts with transparency, it continues with communication, and that gets proven through consistency and it finishes with a clean closing. Because the best way to separate yourself from bad wholesalers is to not talk bad about them. It is to operate so differently that the seller can feel the difference. So the next time a seller says, You wholesalers are all the same, don't panic, do not argue, don't get offended, just say, I understand why you feel that way, and then tell the truth. Yes, a lot of wholesalers are bad at this. A lot of them help create this distrust. And yes, a lot of them make promises they cannot keep. Some of us have done it ourselves. But that does not mean every wholesaler and every deal should operate that way. One bad restaurant does not mean you never eat out again. One bad contractor does not mean every contractor is a scammer. One bad real estate agent does not mean every real estate agent is useless. Most of them are, but not everyone. One bad wholesaler does not mean every wholesaler is the same. The seller is not looking for you to defend wholesaling. They're looking for you to prove that they can trust you. And you prove that by being transparent from the beginning, communicating throughout the process, and doing exactly what you said you were going to do. That is how you overcome the objection. That is how you separate yourself, and that is how you turn distrust into a deal. All

Wrap Up And Listener Challenge

SPEAKER_00 19:20

right, guys, that's our episode today. Let me know what you think in the comments. And have you successfully overcome this objection before? Let me know. Regardless, show me some love. Like today's video. We'll see you guys tomorrow.