Will You Teach Me How To Buy Property Without Talking To Sellers?
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Read Transcript for “Will You Teach Me How To Buy Property Without Talking To Sellers”
“Will You Teach Me How To Buy Property Without Talking To Sellers”
Joe: This is the golden ticket. If you can learn how to put deals together without even having to talk to the sellers, that’s the big win. And this is usually the last thing that you do in your business. The first thing you’re going to do is when you start the business is to talk to sellers, and learn how to talk to sellers and learn how to be good at it and learn how to convert those deals.
Joe: Once you do that you’re going to go learn how to find buyers. And the first task that you outsource in your business is going to be an admin person who’s going to run your Automarketer for you to bring in the leads and then you’re going to call those leads and then you’re going to work the buyers.
Joe: The next person you’re going to bring in is someone to outsource to your buyers. Because a buyer is a lot easier to work with than a seller is simply because you just have to say, “Do you want this property? Here’s what it costs. Are you good with that?” So you outsource that one next.
Joe: The last thing that you outsource is your seller conversations. Because that takes some skill. Which means that you have to have that skill if you’re going to train someone else to do it. One of the ways we train other people to do it is we have a phone system in the Automarketer that records their conversations. I believe it’s better to pay hourly than it is to pay a commission. Commission sounds more attractive at the beginning, but it’s hard to keep people that are on commission.
Joe: Even real estate agents that are on commission focused and doing this work, whereas an hourly person you can monitor and make sure that they do the work. Especially if you’re using the phone system like mine. Because when they make a call, it keeps track of how long those calls are and what I typically do is I pay them fifty percent more than the time they’re on the phone. So if I’m paying them $15 or $20 an hour and I think that that’s a fair wage for somebody who’s doing marketing to this, and I’ve paid as low as $5, $6 an hour, but I think that you want to get somebody maybe locally in the United States if you’re working in the United States who has English as a first language. This is a skill and somebody who’s got some skill as a marketing person.
Joe: Then you have them make the calls to the leads that you’re getting through the Automarketer. If they make ten hours of actual recordings of the calls that they were on to those leads, then I pay them for fifteen hours. Because I know it takes a little bit longer to find the number, to call the person, to do a little bit of follow up, those types of things. I give them a little bit of leeway there.
Joe: And they know that if they’re time is not in the recordings, then they don’t get paid for it. And we have a way to quickly and easily pull up that week that they’re charging us for. They send me an invoice that says fifteen hours on it, I can pull it up, I can see they did ten hours on the phone. I’ve got recordings and then I can look at how many of those people that actually converted, how many of those sellers they actually converted into lease option memos and if they didn’t convert any, then I want to know why they didn’t convert any so I can go in and I can ask them, “Well, send me over the best conversation that you had. I want to hear that.”
Joe: And they send over, they tell you it was on this day to this person, here’s the recording. You can go into the Automarketer, listen to the recording and you can tell where their problems are simply by listening to them if you are yourself competent.
Joe: If you’re not competent, you can’t teach somebody else. So if you’re competent, then you can listen to the recording and you can say, okay, you should have said this, or don’t say that, or do this instead. Where you’re heading in the wrong direction here, or stick to the script over here, or let’s try a role play and let me hear you do it again. Practice with them. Then have them do another week and see how they do. And if they’re not starting to pull in lease option memos within I would say a month, then it’s a pretty good indication that they’re not going to be able to pull that off, or that you’re not training them properly.
Joe: So, one of the things I find, even with my mentor students, it’s hard to get them to make the calls. So I’ll say, “I want you to call twenty people this week. That should take you ten hours on the phone, so that’s what you promise me. To get into my program you have to promise me eight or ten hours. I’d like you to make twenty phone calls, that’ll take maybe fifteen, twenty minutes apiece. Overall, it’s going to take eight or ten hours to call that many people.” If they don’t make those calls, they don’t learn how to do it and they don’t get any good.
Joe: It’s not very much fun at the beginning of my mentor program having to make these calls. Because you’re not very good and you don’t close deals. You talk to twenty people and you don’t put together a memo all the time. Although I have some people the first call they make they put together a memo, so it’s not always the case. But if you don’t do it in that period of time then you get discouraged and you think, “Oh, this isn’t going to work for me.”
Joe: Now, if I was paying them hourly to do that, then they would probably follow through and they would actually do the work. And if they didn’t then I could fire them quickly and I wouldn’t have to worry about it. But since they’re just mentor students and they promised me they would do it, they don’t always follow through.
Joe: I can’t tell you why they don’t follow through. Usually life gets in the way for some reason or another. We all have goals that we want to fulfill and we don’t always carry out the actions that it takes to do that. So if you’re going to get into my program, you’ve got to promise me eight or ten hours a week on the phone and if you promise me that then I’d let you get in.
Joe: But if you don’t promise me that then I ask you not to get into my program. This is the thing that you have to learn. And by the way, once you learn how to do it, it’s like riding a bike. You may fall off a few times trying to learn how to do it, but once you learn how to do it you will remember it and be able to do it the rest of your life. Plus, it will make you better with all your other communications talking to your spouse, talking to your kids, talking to your family, to your friends. You’ll learn how to be more persuasive in your conversations.
Joe: You’ll learn how to listen to them on a deeper level because if you don’t listen to people, a seller, you don’t listen to what their needs are, you can’t solve it. You’re trying to find out what the problem is so you can diagnose the problem and give a solution. And then hopefully get paid for that solution.
Joe: Those are the things that are going to come out of this and if you learn how to do this in real estate you’ll be able to do it in any other business that you create. And if you’re an entrepreneur like me, you may want to have more than one business. I’ve got a lot of different businesses that I work on a regular basis and I love it. I love creating new things and I don’t want to make these calls to sellers all the time. I don’t think you’re going to want to either.
Joe: I’ve got other students that they travel, they spend time with their kids, they do a lot of other things except make calls. And they still make a lot of money because they’ve got somebody else doing it for them. So that’s where you’re going to want to be eventually.