The Deal Meeting – The Moment of Truth & Wealth!
by Brian & Lynette Wolff, The Wolff Couple!
As Ron LeGrand and we, The Wolff Couple, will tell you, “There is no faster or easier way to wealth than the Pretty House path.” Along that path…
What MUST you learn in order to close Pretty House Deals?
What are the 2 highest and best uses of your time?
When do you need to be at your most prepared?
When do you need to execute at your highest level?
When can a few words make or break the Deal?
What are the 2 most important Habits in your Investing Career?
What are the 2 “Moments of Truth” in every Deal?
ANSWER: The Closing Call, and The Deal Meeting!
The famed author of “Think and Grow Rich”, Napolean Hill, said, “Both Success and Failure are largely the result of Habit.” Make these 2 Activities your favorite new Habits, and they will certainly lead to your Success! You should be aiming for 20-50 Closing Calls per month, resulting in 4-8 Deal Meetings per month.
We’ve covered the Closing Call in 2 past articles here, so now it’s time to move on to the next step, the Deal Meeting! Our Wolff Pack actually had a “Deal Meeting” Week recently, featuring the subject on our “Teaching Tuesdays Conference Call” (7 pm ET/4 pm PT), our “Wolff Bite Wednesdays” on YouTube, AND our “Facebook LIVE Thursdays” (7 pm ET/4 pm PT)!
Sometimes the Deal Meeting can be kind of scary! You’re not sure what to expect, there are always unknowns, and your hopes are sky high. The first few sidewalks you head up with an agreement in hand, undoubtedly your heart will be beating just about out of your chest! There are many “Instant Methods to Master Fear” (we do a whole presentation on this), and one of the most powerful is “Preparation!” When facing Fear, count on your Training and Preparation! Brian was a loyal Boy Scout, and the Boy Scout Motto is “Be Prepared.” If you make a deal-risking mistake on either a Closing Call or in a Deal Meeting, it’s almost always because you went in unprepared.
Vital to Proper Preparation is your understanding of this article, “The Deal Meeting”. You should be familiar with The 30 Steps of the Deal Meeting we’ll cover here, as well as our crucial “Deal Meeting Script”. One of the keys to preparation for the Deal Meeting is to review your (hopefully extensive) NOTES from your Closing Call. Remember our favorite Chinese proverb, “The faintest ink is better than the best memory.”
Always take 4 Types of NOTES; 1) About House 2) About Deal 3) About Prospect, Personal Notes (vital) 4) Verbatim Notes inside “quotation marks”, exact words, usually about numbers or very important Deal Notes.
The 30 Steps of the Deal Meeting can be broken into 2 Parts – 15 Prep Steps, and the actual 15 Steps of the Deal Meeting. The following Training can revolutionize your Investing Career and rocket up your Conversion Ratio!
15 Prep Steps for the Deal Meeting
1) Clean Vehicle – This is vital for Professionalism, doesn’t need to be a Mercedes, but must be neat and clean. Otherwise it can adversely affect your credibility
2) Attractive Outfit — Dress like the better Realtors in your area. Maybe even buy a new outfit, you’ll feel more confident, and perform like your Best Self!
3)Well-Groomed – comb/brush hair, trim beard or shave, re-apply make-up
4) Professional Business Cards – These give you great credibility, should look like a nice Realtor card, and you’re a lot more memorable when you put a professional picture of yourself on the front. Walk into Deal Meetings like a professional, with your card in your left hand as you shake warmly with your right. On your card it says that you buy and sell houses, the name of LLC/company, your website, and your phone number. If you don’t have this professional card to hand out you are at a disadvantage. Pay to upgrade the card stock, plus full color. Use correct messaging on the back from our Wolff-LeGrand “Masterful Marketing System”.
5) Legal-Sized Portfolio – executive-style, maybe gold corners, don’t fold agreements
6) Typed Agreements – Take the time to present your offer truly professionally, which means typed. After the Closing Call you want to type in 4 Pretty House Deal Points 1) Purchase Price 2) Monthly Payment 3) Length of Term 4) Down Payment
If needed you can give Seller a small down payment, gives them reason to do it.
7) Blank Agreements – not addressed, completely blank Standard Purchase & Sales Agreement, and a Lease with Option Agreement (in case 3+ Deal Points change)
8) Buying Packets – Whole collection of paperwork for Buying (i.e.; “Authorization to Release Information). When you have 5 Buying Packets ready you are Prepared!
9) Review Zillow/County Recorder/RealEstateABC.com – Get all info on house, especially on Zillow under the Price/Tax History Tab (when last Sold, for how much, to who, etc.), plus top 2 accurate “Comps” from RealEstateABC.com, etc.
10) Review Any Notes — from yourself on Closing Call or VA/FSBO Caller’s Notes
11) Use Mapquest (or Other App) — Plan Route and Timing to Deal Meeting
12) Read through the “Deal Meeting Script” — Aloud and/or Role-Play if Possible
13) Leave Early — To Arrive Early and More Stress-FREE
14) Do Our “Psych Up” in the Car – pump fists while chanting “I Am A Successful
Real Estate Investor, and Proud of it!”
15) Approach Door with the Most Confidence You Can Muster!
15 Steps of the Deal Meeting
1) Greet with Enthusiasm – Be ready when the door opens with a big smile and warm handshake. First Impressions make or break Deals. Be as Upbeat as you can, remember that this is an exercise in human psychology and you want to generate positive feelings!
2) Build In-Person Rapport – Whatever Rapport you’ve built on the Closing Call, now’s the time to bring it home and monetize that love! You should have plenty of Notes to work with, since you’ve been applying that new Habit of always taking 60+ seconds of Notes immediately after hanging up from the Closing Call. Try to use a Personal Note from your Closing Call Prep Sheet, spouse/child/pet names always go over big! Introduce yourself and include them immediately if you’ve not spoken with them before.
3) House Tour – Walk through the property, convey Professionalism by taking good notes in your Portfolio (you’ll appreciate them later). You may also take video/pics. Compliments are very important, mostly stick to design choices and family pictures.
4) Sit Down at a Table – A good line to remember is, “Why don’t we start at the kitchen and end at the kitchen?” Either there or the dining room, pick the best table. Try not to sit in anybody’s “usual spot”, ask first because otherwise they could be uncomfortable the whole meeting, and you’re trying to raise their comfort level. Whatever you do, don’t plant yourselves in the living room across an expanse of carpet from each other. You need to be near, where you can guide them through the agreement close-up.
Remember you are in the Endgame now, not just of the Deal Meeting but of the whole Buying Side of the business. Getting the Agreement in front of the Seller with a pen in their hand, that is your Endgame Goal!
When you have not yet totally solidified all 4 Pretty House Deal Points, then this is when and where you do it. Then you “Ask for the Sale”, at the Deal Meeting that means pointing to the bottom line and saying something like, “Okay, now you just put your autograph right there.” Walk out with a signed agreement and you have met your Goal!
5) Question and Answer Period (optional). If you’ve already answered a lot of questions then you don’t have to ask for more. If only one spouse was there for some of the meeting you may need to open it up. Refer to the combination of your Closing Call Scripts with Objection Answers and our new Deal Meeting Script.
6) Review the Agreement with the Seller(s). Don’t get too bogged down, move briefly
through the clauses, you don’t need to cover every item.
7) Typical “Asks” from Seller – Always ask for Appliances, ask for any other large furniture or other items they might just as soon leave behind. Also ask if they could do any specified minor repairs before you take possession (if it won’t affect the Deal).
8) Q & A II – “Now that we’ve gone through the Agreement, do you have any other…?”
9) Give the Seller “Consideration” – Turn over $10 or $100 ($100 feels more Professional). This is the amount written under 1A in the agreement, and they MUST sign at the bottom of the contract as evidence they received the Consideration.
10) ***Show Seller Where to Sign!*** — Get that pen in their hand and the Agreement in front of them. Don’t chicken out, this is the Endgame, the “Moment of Truth”!
11) Complete the Other Paperwork – Fill out and get signed the remainder of the applicable documents. You will be sending the signed Agreement ASAP to your attorney or title agent, whoever generates title reports for you. Have the Seller sign a “Lender Letter” if there is an underlying mortgage on the property.
12) Help the Seller Release the Zillow Listing – There are 2 Steps to this, they have to mark it Sold and also release it. Remember you will be turning this property around as soon as you get clean title back, so you don’t want your big “1-Hour Open House” to be spoiled by an old and incorrect Zillow Listing. Zillow is powerful, a necessary and a GREAT way to market all your properties.
13) Collect Seller’s Documents — Mortgage Paperwork, Insurance, Homeowners Association, etc. Take pictures or leave them copies. Ensure there’s no balloon payment or adjustable rate mortgage that will disrupt profitability. Use the Checklist in our D.U.F.U.S. System or on the Gold Club to know exactly what to collect.
14) Explain the Next Steps – Let them know your expectations of them, where they have to be, what they have to do, and what happens next – Title Report, any possible inspection, upcoming Appointment with the Closing Attorney, etc.
15) Depart with Enthusiasm — “CONGRATULATIONS, you just sold your house, you can get on with your life, ISN’T THIS GREAT?!! It’s been such a pleasure meeting with you both in person, this is going to work out great for you guys!”
So that’s it! Follow these simple Steps and soon you’ll be getting Seller’s signatures on bottom lines at your very own Deal Meetings! This is Brian and Lynette, The Wolff Couple, “Howling for Your Success!”