Every time I enter a room to teach a seminar I hear this before I leave.
But here’s the good news for you….
BEFORE I LEAVE THE ROOM, WE’VE TAKEN A HANDFUL
OF PROPERTY INFO SHEETS BROUGHT IN BY STUDENTS
AND TURNED THEM INTO ORALLY ACCEPTED TERMS DEALS.
So, why is it this happens at every one-day workshop and boot camp we do in any city without fail 100% of the time?
Are we really that lucky?
Do we have some kind of magic trick? Maybe were hypnotizing the sellers over the phone.
Is it we only bring good leads to fool the class? That’s not it because we don’t bring leads, you do.
Maybe the Wolffs aren’t really calling sellers. They make it all up. We actually got accused of that a few months back so we started taping every call and emailing it to the student who brought the lead.
Ok, it must be my area. It’s different here.
Ok, then what is it you think is different? Are you the only hot market in America? Are your sellers different than every other city? Are your high prices any different than other similar markets?
Come on, tell me. What’s different? Surely you can think of something.
But before you do, I’d remind you that we’re all over America in every market, price range and economic climate. Miraculously, so are the deals, and they always will be.
Our team of virtual assistants (VA) call over 25,000 sellers each month for our clients so we can measure the number of sellers that say “yes” to a terms question. It is down a little in the last year, but currently it’s about 31%. That’s about a third telling our VA they’d consider selling for what they owe or lease option or owner financing.
Yes, I know they aren’t all deals. In fact, only a small percentage are, but that’s the way it’s always been. We have to fill the funnel with leads so some work their way down to deals. If the top of the funnel is skinny, the bottom will be a lot skinnier.
So the first question is….
WHAT’S IN YOUR FUNNEL?
Let’s say you want one pretty house deal a month and you know you can get $20,000 cash from the down payment, which you can if it’s worth more than 200k.
Now it comes down to how many total leads and how many “yes” leads it takes to get a deal. Use your own numbers based on your training, self-confidence, skill level and willingness to follow up on the leads once you get them. I’ll come back to that.
How many “yes” leads per deal? Pick a number… 10,15,20. If you need 20 “yes” leads to get one deal, I’d suggest you need to get to or get back to Quick Start Real Estate School and get a Mentor. Something’s wrong and it’s none of the things above. It’s something you are not doing or doing wrong.
But, let’s use 20 to be conservative. Remember that’s 20 “yes” leads which would be about 60 total leads using our average. That’s 15 total per week or about 5 “yes” leads per week. Many Gold Club members are getting that many in their inbox weekly. If you’re a member and not getting leads you haven’t turned it on yet on your home page. It’s free as are other seller finding tools like running ads and FSBO signs.
So what’s the top of your funnel like? How many are you getting? Does that need fixing first? Are you getting at least 5 “yes” leads a week?
If not, why? Are you sitting around waiting for a VA to run your business? They can call FSBOs and fill in blanks for you. It’s not their responsibility to fill your funnel. It’s yours. There are only so many leads online in your area and they can’t get two thirds of them on the phone after three tries.
It’s up to you to feed them leads from FSBO signs, FSBO field agents, running ads, signs, cards, your site, yellow letters and your Gold Club inbox. Get real! You can churn up 15 leads a week in a comatose state if you really want to. That’s nothing and you know it.
Ok, let’s get to the likely problem, if you are having one.
ARE YOU CALLING YOUR “YES” LEADS?
Come on now, it’s me you’re talking to. Tell me the truth. Nobody else will know. If you are, what script are you using? What do you mean no script?
If you’re not using my script, I dare you to start using it and stick to it ‘til you don’t need to read it anymore. It works and cuts through needless chatter with time wasters quickly. That’s 5 calls a week and one or two home visits a week for $20,000. Are you making that on your job?
Ok, let’s say you’re calling all your leads, which is unlikely, but I’ll give you the benefit of the doubt, and you’re not getting deals. Let’s review the only possible reasons why.
- Our VA lied. Seller didn’t say “yes”
- Seller didn’t understand what the VA meant, but said “yes” anyway
- Seller changed their mind and decided they don’t want terms
- You made a mess of the call and scared away the seller
Our VA has no reason to lie. They aren’t paid commission on “yeses.” However, our research has shown a substantial number of sellers do tell the client they never said that when called. We know this because every call is taped so when we get a “no” behind a “yes,” we can go back and check the call. We have discovered some “yeses” should have been “nos” when the VA can’t get a clear answer from seller, but this is a small number.
There will always be sellers that don’t understand terms. It’s up to you to make them understand with simple and short answers. It’s not the VA’s job to negotiate your deal or answer questions. That’s also your job. The more the VA talks, the bigger chance they’ll screw up the deal. They fill in blanks. You read scripts, and ask key questions.
Sellers will always change their mind. Humans do that. If you can’t get terms now, at least put it in a follow-up file if they express interest. I get some good deals here. Let ‘em cook a while and get tenderized so next time around they’re easier to deal with.
Ok, now the one you don’t want to discuss…. YOU.
Are you taping your calls and playing back to see how you handled the call? Would you sell to you? Were you FRIENDLY, FLEXIBLE AND EXCITED and fun to talk to, or were you an asshole with a chip on your shoulder?
You must MAKE IT EASY AND FUN TO DO BUSINESS WITH YOU. Did you sound competent or were you begging? Who controlled the conversation? Practice on a few, correct your mistakes, and your results will change quickly.
- Did you follow my script or did you get diarrhea of the mouth? Doing seminars over the phone or in the house will kill deals. The less you say, the better. The slicker you act, the bigger the trust gap.
- Did you answer seller’s questions confidently or was it clear you were MUS (making up shit)? They’re all the same. Only a few answers to learn. If you aren’t sure, ask me on the monthly call or weekly ASK RON!
- Did you ask the tough questions or avoid them from fear of getting the wrong answer, i.e., “may I assume you’ll sell with nothing down?” Deals die quickly if we don’t get them to a conclusion and that can’t happen beating around the bush.
- Do you have a foreign accent and hard to understand? If so, get off the phone and get someone else to call. You can visit the screened deals, but should be looking for an acquisitionist to do that too.
Somewhere on here are the reasons you’re not doing deals, assuming you’re not. Even if you are, this is a good list to review and train staff.
I can assure you, it’s not your market. If you’re convinced it is, come see me at a one-day Fast Track To Wealth event or Quick Start Real Estate School and bring some leads. I dare you. In fact, bring 5 “yeses” and if one doesn’t turn into a deal, lunch is on me. But if you get a deal, dinner for the staff onsite is on you, and we don’t eat cheap.
My friend. It’s only math. If it takes 20 leads or 50 leads per deal that’s a cheap price to pay for $20,000. And $20,000 is my minimum, certainly not max. Fix your math and fix your follow-up and you’ve fixed your business. If you can’t, go buy a restaurant and take life easy. You know I’m kidding. More crap there to fix in a day, than you have in a month.
Stop looking for convenient excuses to blame something or someone else for your laziness and go fix what’s broken. THE ENEMY IS HERE. IT IS US.
See you soon. Maybe I’ll be kinder and gentler then.