What You Say Or Don't Say Determines Your Pay
If you dont know what to say to buy houses from sellers
, to sell houses to buyers, to get private money from individual lenders, etc then you need to make it a point to learn how to have a conversation with these individuals ASAP. No excuses! Real estate investing is a very personal, 1 on 1, conversation driven business. Yes it can be systemized, AND SHOULD, but the personal side of the business will always be there so you need to master this skill immediately. The sooner you do, the sooner and more frequently you will get paid, it is as simple as that. Forget the email correspondence, you need to be able to pick up the phone and professionally get right to the point with the reason for your call. I dont know why, but for some reason this act alone is what keeps people from making it in this business. I think it is the fear of speaking to a stranger and not knowing what to say, or saying something wrong, or saying something stupid and embarrassing yourself. My response to that is, get over it, and make the calls anyway! Sure the calls wont always go as planned, sure a seller might ask you a question that you dont know the answer to, but this is how you learn!
Most people would rather face death than get on a stage in front of a room full of people and give a speech. But you should know that the people who do speak werent perfect when they started, but the key is, THEY STARTED ANYWAY. They made mistakes, they stuttered and stumbled at times until they did it enough times where they learned from their mistakes and now can simply take the stage and deliver their message without fear. I mention this because I want you to know that you are not getting up on a stage in front of an audience, rather you are merely picking up a telephone, gathering some facts and having a conversation with another human being. You are not having a conversation to make friends or enemies with that person, but rather to gather facts from them to determine if they are someone you want to buy a house from, sell a house to, or borrow private money from.
So, back to the title of this article, what you say determines your pay. What this means is you need to get really good, become an expert in fact, about being aware of and controlling the words that come out of your mouth during a conversation. The words you speak will either entice someone to want to trust you and want to do business with your, or create fear and doubt in their mind and never want to hear from you again. In order to become an expert of your words you first and foremost need to have an understanding of the topic that you plan to have a conversation about. For example, youre an investor and you want to buy a sellers house, but you are not going to just buy someones house because they need or want to sell, youll only be able to buy their house if you can find some way to make a profit on the deal, otherwise there is no reason for you to get involved. And dont be afraid to tell a seller that, youll be surprised how well received your honesty will be. When I talk to a seller for the first time I like to try and control the conversation right from the beginning. I do this by first asking a few questions and getting inside their head to determine what their intentions are with the property. Here would be a normal flow of my questions: (1) Do you have a few minutes to talk? (2) What are you asking for the house? (3) What do you think the house would appraise for if I had it appraised? (4) Whats your reason for selling? (5) Do you have a mortgage on the house? (6) Any repairs needed?
I do my best to get the answers to all these questions as quickly as possible because I want to try and get inside their head before I let them get inside mine. Based on a sellers response to the above questions I should now be able to determine if they are motivated and flexible or not. The first way I determine this is comparing their asking price to what they think it is worth. If the numbers are the same then they are not motivated. If they are asking less then what they think it is worth then you know that they are willing to walk away from some equity in order to sell the house and move on. This is all the mental research that needs to go on inside your head in order to determine what you say to them as a response. If you think about it, everything you say or dont say is based on what the other person says first. The person in control of a conversation is the person that is asking the questions, gathering the facts and then proposing offers based on those facts, not the other way around, ever!
Your goal should be to pick up the phone, make a call to a seller and determine within the first 90 seconds if they are flexible or not and worth your time to continuing the call. Then once Ive got my questions answered I tell them that Im an investor and that I dont plan to live in the property, but that I am a very serious buyer and can close quickly once we reach an agreement. I tell them that there are basically 2 ways that I buy houses. (1) I pay cash at a discount or (2) I buy on terms and make payments to you or your lender for the property. By telling them this, it gives them a little bit of insight into who I am and what I may or may not be able to do for them.
Now that Ive told them a little about me and reciprocated in the conversation I want to get to the brass tax of the conversation. Mr. Seller if I paid you all cash and could close quickly, whats the least you would take? Is that the best you can do? So you are telling me that if you dont get X then you wont sell the house? Will you sell the house for what you owe on it? What more important to you, some cash now or your credit? You know that Im an investor, so what do you think is fair so we can create a win win situation?
And that is how it all works. If you dont ask questions that allow you to get inside the sellers head and find out their motivation for selling and the least theyll take on a property then you are not doing your job as a real estate investor. The worst thing that someone can say to you is no. If that scares you then you need to find another profession because you will get a lot of nos in this business, but that is good because for every no that you hear means you are that much closer to a yes. And that yes could easily result in the closing of a deal that has the potential to pass your current annual income in your job and pave the way for the lifestyle of your future.
In closing, it is your job to hone and develop your communication skills as this will be your number one asset in this business. The better you are at communicating your message clearly, professionally, and to the point the more money youll make from now on. Dont be afraid to flap your lips because you will never get what you dont ask for. Enter your conversations with people as if they need you, not the other way around. This confident (not complacent) tone in your voice needs to come across and be heard by the other person. The only way to truly develop this skill and master it is to just go out there and practice with real sellers, buyers, and private lenders. Oh, and here is a good tip record your calls and play them back to yourself so you can hear your mistakes and modify the scripts of your future conversations. This is an absolute must!
by: thebrianevans
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