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How Long Does it Take to Learn to Talk to Sellers So They Accept Your Offer
Joe: Hey, it’s Joe Crump. Another question here. This is about talking to sellers. “How long does it take to learn how to talk to a seller effectively? What method should I start with?” Well, I teach my mentor students, the people that are in my six-month program, I teach them the for rent method first. I’ve got the whole structure of zero down hierarchy, of zero down structures that we use and it’s good to know those and I have a book on Amazon called Structuring Zero Down Deals, it’s $3.00. You can get an outline and a breakdown of how those deals work just by reading that book. I’ve also, I teach it in the Push Button Method, I teach it in my mentor program as well.
Joe: But as far as learning how to talk to people, what you first want to learn is how to use the for rent method and speak with sellers in order to get them to allow you to get control of their property and then lease option it to someone else and raise the price and take the profit. Let’s say we’ve got a property that’s worth $150,000. We raise the price to $160,000. We then get a lease option memo on it for $150,000 that we’re going to pay the seller and let’s say it’s $1,200 a month is the market rent on that property. So we’re going to get him $1,200 a month for a three-year lease option. We then raise the price to $160,000, we put it on Craigslist and some other places. We get a buyer to come in with $5,000 or $10,000 down. We negotiate different down payments depending on the situation and the buyer and what we’re trying to accomplish, try to get as much money as you can.
Joe: So you get, let’s say you get $5,000for this. You drop the price down to $155,000, you take $5,000 for yourself, you get, the seller you, for $150,000 with $1,200 a month income on that property on a three-year lease option. You’re in the deal, you’re out of the deal, you’re done with that. So, that’s what we’re trying to accomplish with the for rent method.
Joe: Now, the way you speak to these, how long it’ll take to speak, learn to speak, I tell my mentor students that you’ve got to give yourself three to four months before you can expect to make any money in this business at all. I’ve got people that make money in a week or two, but they’re the exception not the rule. So, don’t expect yourself to be the exception. I think we all have lots of confidence in ourselves, and we think that oh, I’m going to be exception, I’m going to go in there and you know, I’ve got some sales training and I’m going to be able to do this. But you have to learn the language. You have to learn how to speak, you know, fluently and eloquently about what you’re doing because these sellers have to trust you. They have to believe that the solution that you’re offering actually works and will solve their problem. And then they have to be willing to work with you to make that happen and that takes some skill on the phone.
Joe: It’s sometimes easier to do face-to-face and I often encourage my students to go work in their own areas first because then you can go face-to-fact with these people. And then after that you can spread out and you can go anywhere in the country and work anywhere in the country. So give yourself the three or four months to learn how to do it.
Joe: After you’ve talked to about a hundred people, a hundred real phone conversations where you don’t get off the phone even after they’ve said, “No” five times, that’s kind of the rule of thumb, keep asking them questions even after they say “No, no, no, no,” you know, five different times. That way you’ll learn how to answer their objections and find out what the real problem is. You know, we use a method called Socratic selling. It’s where we ask questions to help the seller come to their own conclusion about what the reality is of their situation. Because everybody that’s selling their home for sale by owner is delusional. We know that 85% to 95% of for sale by owners will not succeed. This is a statistic across the board nationally. So the likelihood that they’re selling their property on Craigslist for sale by owner is very, very tiny.
Joe: The rule is that people either take if off the market or they list it with a realtor after they’ve tried it for sale by owner for a month or two months or six months. So, we’re giving them alternative to working with a realtor. And we’re also able to sell it much faster than a realtor because once we take control of it we can usually sell a property on a lease option within thirty days as long as we structure the deal right and we price the monthly payment at market rent or below. So give yourself time to do that.
Joe: I also, when I’m working with my mentor students, I ask them to commit to me, before they sign up for this program, that they will put in eight to ten hours per week making offers. At the beginning, all they’re going to be doing is making offers. We’re going to put everything else aside. We’re going to teach them this basic for rent method system, how to talk to people. We’re going to give them a script, we’re going to say now, start talking to these leads. The leads will come in from the Automarketer through the voice blasts and text blasts or if they don’t get the Automarketer they can do it without that simply by going to Craigslist into the city they want to work and go into the ads and starting to do some cold calls. That is a lot more work than the Automarketer, but it still works and it’s free. You don’t have to pay the $199 a month for the Automarketer.
Joe: So, that’s, there’s no reason that just because you have no money you can’t afford the mentor program, you can’t afford the Automarketer, there’s no reason that you still can’t be successful in this business and get up and running and get started. So, give yourself that time, you know, do that, those hundred calls, those two hundred calls, those eight hours a week, you know, that’s less than two hours a day. If you just put that time in, and most of us can do that even if you’re working a full time job because the majority of my mentor students are working a full time job while they’re doing this program. You kind of have to see this as taking a semester of college. It’s cheaper than a semester of college, I know, I’ve got two kids in college. But, it’s still an expensive proposition and you’ve got to make sure you’re going to do the work before you get involved. And that’s why I ask my students to commit to this time before they get involved because I don’t them to come in and not do the work, not succeed, be unhappy with the program, be unhappy with me and it’s boring for me as well. I want people that are going to do the work and make it exciting.
Joe: So, anyway, that’s how long it should take to make, to start learning how to do this effectively. After that, it gets much, much easier and eventually you’re going to see conversion rates of one in every five people you talk to, one in every three people you talk to. If you’re using outsourced people to talk to your sellers for you, and you’re in this two-step process, then it’s going to be almost every person you talk to you’re going to close the deal. So, that’s something to move forward toward. So eventually if you’re doing this eight or ten hours a week and you continue that, you’ll eventually start making a deal, or two deals, you know, every week, and you’ll start seeing a six figure income before very long. You know, just give yourself time to learn the process. There is a learning curve. It does take time. It doesn’t happen overnight. This is not a get rich quick scheme. I know you’ve heard me say that before.
Joe: Anyway, I hope that helps. Thanks now.