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When working in real estate investing, you want to make sure that you have good sales processes, good sales techniques, and good sales scripts.
For example, if you are looking at talking to motivated sellers there are a series of questions you want to ask. Now, a lot of people use what they call sales scripts. I don’t use a sales script. What I do is I have a checklist of things, and then I go through that checklist as part of a conversation I am having with them. So, I guess in a sense it is a sales script, but not fill in the blanks type sales script. “Hey, Jim [fill in the name], how are you today? I’m looking for properties in your blank.” Fill in the city with whatever that city name is.
What I do is I just get on the phone and I just start talking to them.
I usually start with something like the weather or the area. “Hey, how are things down there in Vegas?” Or “how are things down there in Chicago” or wherever they are located. And then I just start building a rapport. “How’s the real estate doing down there. So, you are trying to sell your home right. So, tell me exactly what you are trying to do. Is your home in good condition or I understand from the ad, here it says it’s run down”.
I am putting a checkmark beside all the information that I need.
I need to know the house price. I need to know how long it has been on the market. I need to know the condition. I need to know what they think the renovation costs are. I need to know what their asking price is.
I need a lot of these checkmarks, right? And so, you have this sales process in the form of a script or in the form of a checklist script.
The other thing you need is sales closing techniques.
Use the assumptive close, which is about the only closing I know. This is where you say, “okay I’ll send you over the contract right away and we’ll get started on this transaction” or in the case of my business yeah, “give me your credit card and we’ll, we’ll get you started today”
There are several things you can do as part of the closing transaction.
There will most likely be objections. Usually, I write a whole list of objections that the people could have when trying to do a transaction with me. And then when we are on the call, if they have those objections, I’m prepared.
I can either just respond to them with the objection rebuttal that I have, or I can look down the page because I usually have the list in front of me and say, “You’ve got to talk to your spouse. You’ve got to talk to somebody. Well, so why don’t we get them on the call right now? Or let me book a call for tomorrow. What time a good time when you are both going to be available”, something like that. Right.
And the same thing with the joint venture partner. These are people with money. You’ve got to have good sales processes in place for them. Normally that is a pitch deck that I use that I send to them or I sit down with them or I get on a call with them and I walk them through the pitch deck.
What I do is I explain all the pros and cons and there should be some cons.
You want to make sure that you make them aware of the risk.
People are looking for an opportunity to invest in real estate. You have got to make sure that they understand yours is the right opportunity for them.
In real estate investing you want to make sure that you have good sales processes, especially for your motivated sellers and your joint venture partners.