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How To Make Zero Down Offers That Get Accepted
The hardest part of becoming a real estate investor is learning how to craft and present offers so sellers will accept them.
Newbie investors think they need sellers who are desperate in order to put together “no money down” or dramatically below market value deals.
And that’s true if you are incompetent.
If you aren’t competent speaking to sellers, you might still be able to put together a deal. You just have to get lucky.
But if you want to put together deals on a consistent basis and have a reliable income, you need to get good.
This takes practice.
In my experience (over 20 years of teaching this stuff), most people need to make 100 verbal offers before they get their first deal.
That means having conversations with 100 sellers and not getting off the phone until they say “No” at least five times.
And if they say “Yes,” don’t get off the phone until they say “Yes” five times as well.
Practice makes perfect, but you have to pay attention to your mistakes. So maybe the better phrase (from Vince Lombardi) is, “Perfect practice makes perfect.”
You make the phone call. They either say “yes” or “no” and when you hang up, you look at what worked and what didn’t.
On the next call, you try to do more of what worked and less of what didn’t.
It’s not rocket science.
The method I teach for talking to sellers is called Socratic Sales.
It was invented by a guy named Socrates back in ancient Greece – so it’s got some longevity.
We ask a series of questions that help lead the seller to their own conclusions rather than telling them what to believe.
This allows them to feel that they came up with the solution rather than them “buying” something you sold.
AND – since the solution you are leading them to is YOU, you make money.
I spend a good deal of my mentor coaching calls on this subject because it is the first hurdle, the first major benchmark my students must reach before they can make money.
Once they get good at it, we can move on to the fun stuff like building a business, creating systems, creating standard operating procedures, automating, outsourcing, etc.
But you can’t make money until you can talk.
Sydney Greenstreet in “The Maltese Falcon” said, “I distrust a close-mouthed man. He generally picks the wrong time to talk and says the wrong things. Talking’s something you can’t do judiciously, unless you keep in practice.” I love old Bogart movies.
So the steps to becoming effective talking to sellers are as follows:
- Know what to say and what questions to ask. At the beginning, use a script.
- Become fluent with the script so you don’t sound like an AT&T telemarketer reading.
- Learn to listen to the Seller’s responses and focus on the things that matter to them. Eventually break away from the script – it will be a part of you if you repeat it enough.
- Ask them pointed questions about what they are trying to accomplish to help them find the best solution to their problem. (9 times out of 10, that best solution is what WE can do for them).
- Once they know what they need to do, ask them if they want to move forward. This is the “close” – but requires absolutely NO arm twisting or veiled threats because they are EDUCATED and understand their best course of action.
Follow this path and you will become an expert investor. You will be able to put deals together anytime you want by simply picking up the phone and talking to sellers.
If you’d like to learn how to do this, you might consider getting into my mentor program and allowing me to walk you through this whole process and show you how seamless it can be.
If you want to work with me personally (not a hired hand), you can find out all about my Six Month Mentor program here:
This website will show you how my program works, what is included, what it costs, what you can expect from me and what I expect from you if you sign up.
There are 3 training videos on the site that go into great detail about what you need to do to build a profitable real estate investing business.
They add up to about 2 hours of education. I call them my “Advanced Training” because that is exactly what they are. If you know nothing about real estate, they may be a bit over your head.
The techniques I teach in these videos come from my personal experience and you won’t find this information anywhere else.
Even if you aren’t interested in working with me personally or can’t afford to join my mentor program, these 3 videos will be worth your while.
They will give you an overview of my entire business and show you how to model YOUR business after the step-by-step systems I’ve created.
Even if you ultimately decide not to join my mentor program, I can safely say this Advanced Training Program can completely transform your thinking about building a real estate investing business.
I think these ‘Advanced Training’ videos are one of the best training programs I’ve ever created – and they won’t cost you a dime.
They distill my 35 years as an investor and 20+ years as a coach and give you a complete outline of how we build a powerful, profitable, consistent, reliable, ethical, PEACEFUL business.
They give you the milestones, benchmarks, and SOPs (standard operating procedures) you need to succeed.
That’s it for today!
Good deals are not that hard to find if you have the skill to craft an offer that MAKES SENSE.
I hope you will join me.
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