While there is no shortage of means to close lucrative wholesaling deals, there is an ultimate and foolproof way to close more deals successfully—overcoming top objections from sellers.
If overcoming seller objections is something you find challenging, you’re in for a treat! In this episode, TTP guru and rockstar wholesaler Brent Daniels is joined by wholesaler extraordinaire and CEO and founder of Get It Done House Buyers Inc., Todd Toback.
Todd has been in the real estate and wholesaling industry for so many years now and is highly skilled in sales management, coaching, sales, and entrepreneurship. Not only that, he is also highly skilled in negotiations.
Todd not only shared many wholesaling gold nuggets, he also provided surefire ways to counter the top objections of sellers. If you’re ready to take your wholesaling business to the next level, today’s episode is exactly what you need to hear!
- The difference between marketing and sales
- What an objection truly is
- Why it’s important to determine the seller’s real objection
- Why pre-qualifying is absolutely crucial
- Difference between condition and objection
- What compressing the timeline is and why it’s important
- What the killer of the wholesaling business is
- Why it’s really important to get the seller to commit
- Why you need to define the next step to the seller in painstaking detail
- How you can get big deals
- Why you should aim to double the amount you make each month
- What your number one asset should be as a business owner
- How you can build up your confidence and likeability
- Why you need to be a truth teller and a truth seeker
- Why it pays to mirror and match the seller
- Wholesaling Inc – TTP
- Wholesaling Inc Facebook Page
- Wholesaling Inc YouTube Channel
- Convert Wholesale Deals
If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!
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Brent: Welcome everybody to the Wholesaling Inc Podcast. This podcast is going to be absolutely bananas.
Todd Toback: Bananas!
Brent: Because I am here with… you’re going to get both me and Todd Toback on this podcast. This one’s going to be absolutely unbelievable. It’s going to be chock-full, and the theme of this podcast is going to be how to handle objections.
Todd Toback: Okay.
Brent: Okay. How to handle objections from the sellers, maybe we can touch on a couple maybe from the buyers. But mostly how to handle it from the sellers, because this is a common question that comes up to me all the time in social media, all the time from the TTP students, all the time from Wholesaling Inc Facebook page, all the time on the YouTube channel is, how do I effectively handle the objections that I get? And you know as well as I do there is only a certain amount of objections that you get.
Todd Toback: I think that’s huge. And I think knowing how to handle this is going to make or break you. It’s funny, I think I saw a post, I don’t know if you saw this online, but someone said, “I heard of a friend that sent out 10 thousand postcards and he did no deals. Direct mail is dead.”
Todd Toback: And I just ranted. There’s a lot of information that’s missing there. I don’t care if you’ve got a great marketing source, if you can’t handle objections, if you don’t know how to compress timelines, something that we’re going to talk about today, you are dead in the water. On the other hand, to spin it in a positive thing, if you know how to handle yourself, if you know how to handle objections, make the seller feel comfortable, control the conversation, all stuff we’re going to go over today, you are going to completely and utterly dominate your competition.
And hat’s a word I really want to talk about is dominate. You’re going to feel good, you’re going to do good, you’re going to make money and you’re going to just explode your results.
Brent: Absolutely. And just so I let you guys know, Todd Toback, you’ve been in this industry for what? Almost ten years. I mean, wholesale [crosstalk 00:02:58]
Todd Toback: [crosstalk 00:02:58] Yeah so 18 years investing, and I’ve been wholesaling [inaudible 00:03:02] for at least since 2012.
Brent: 2012, guys. 2012 when the market was just tweaking backing up, before a lot of people here listening and/or watching ever even heard of wholesaling, Todd was doing this in a really competitive San Diego market. It was the first podcast that I ever heard. I didn’t even know what a podcast was. I had a friend tell me, “Oh, podcasts are amazing, you get all this information.” And I was thinking to myself, “Well, what if there is”… I’m going to Google wholesaling podcasts, and your podcast pops up, and it’s you interviewing your brother Tom Krol, and getting him into the business.
Todd Toback: Right.
Brent: What was it called?
Todd Toback: It was the Do or Die series.
Brent: Do or Die.
Todd Toback: The Do or Die Series: 90 days to a life without limits.
Brent: 90 days.
Todd Toback: Yes, yes, yes.
Brent: So just touch on it, what was the 90 days? Like he had 90 days to get his first deal?
Todd Toback: Well this was really interesting because I was actually trying to get Tom involved in wholesaling for years. And he was like, “Eh”, and he was comfortable, and he had his job, and he actually sold the company and he was in this job as the owner. Or the leftover owner. [crosstalk 00:04:09] And so he was like, “Eh.” And then one day he was like, “I think they’re going to fire me soon.” But he was not caring. And then lost the job and then he went on the verge of bankruptcy.
So all of the sudden one day, boom, he’s like, “Hey, what about that wholesaling thing going on?” So I said, “You know what? Let’s do this. But we got to go all in.” He’s like, “What do you mean?” I was like, “Well, we’re going to do it live on the podcast and everyone’s going to hear.” And he’s like, “No, no, no.” He’s like, “Don’t tell everyone I’m almost bankrupt.” And I’m like, “Nope. We’re telling them.” And he’s like, “Don’t pull the deadline.” And I’m like, “We got to do the deadline.”
And it worked. Ironically this urgency, and before anyone knew Tom as Tom, it’s like this pressure really put him in a doe or die situation. Which was really, really cool. I think whenever we can put heat on ourselves like that it’s awesome.
Brent: Well and it really… you were the coach of the coach, of all of us coaches. You were the tip of the pyramid type of thing. We all come to you when we have questions on how to be lean in this. Because you have an incredible business in California, you run it very much like a business, and you’re teaching and the way that you train your acquisition managers, disposition managers, the people that work with you, is what we’re going to go through right now. Which is getting through that initial… we get it. Marketing, talking to people, getting the leads in, we’ve got leads in now.
Todd Toback: Yes. That’s the easy part. Now it’s about [inaudible 00:05:36] Come one.
Brent: Right. We’re not building rockets, we’re just talking to people. Either you’re paying for them to call you, or you’re calling them and you’re using your time. So you get the leads in, now comes converting and actually turning it into income. Which is truly, truly, truly the skill.
Todd Toback: Well, you said something really awesome, and I just want to clarify that because I think whoever’s watching this might have missed this. There’s sales versus marketing. So marketing is getting the phone to ring. If you’re doing outbound direct mail, or paper click advertising, that’s marketing. If you’re doing cold calling, those outgoing calls if they say yes, that’s the marketing arm. This is the back half. The back half. So it’s almost like the front is practice and the sales is, “Hey, this is game time.” You’ve already spent the money, now you’ve got perform baby.
Brent: Yep. Yep. So now you get a lead coming in, and what happens is either they don’t answer their phone anymore, they don’t respond to texts anymore, all the sudden they’re saying there’s a certain… I think that there’s four main, maybe five main objections that a lot of people talk about, that we experience a lot in our business, right?
Todd Toback: Yep.
Brent: “I want to get more money.” Right?
Todd Toback: Yep. Never hear that!
Brent: “I want more money for my property.” “I want to get a lot of different offers from a lot of different people.” “I can’t sell right now. I want to wait some time, maybe at the end of the month.”
Todd Toback: That’s the doosey. That’s the killer right there. The killer of all wholesale business, “I need more time.” Let’s talk about that one.
Brent: [crosstalk 00:07:04] “I need more time.” And maybe a little bit, “I don’t know. I’ve never heard of your company.” You know what I mean? When you’re starting out, or when you don’t really have a brand name, that’s one of those things that we even get. They’re like, “Are you on the Better Business Bureau?” Whatever. So, let’s tackle these one at a time.
Well first, let’s talk the philosophy. Because this is something that you’ve put into my head, this is something that you’ve put into my acquisition manager’s head, my company’s head, what is an objection? What is an objection, truly?
Todd Toback: Well, an objection, truly, is you don’t know. Right? You don’t know what that objection is. It might be a real objection, but another time maybe something completely different. It might be a smoke screen, it might be just a way to push you off, it may be a way that they’re trying to get more offers. And so the most important thing here in handling the objection is finding out, “Is this really the objection? Is this really the objection?”
Because a lot of times, sellers, look they’re smart. They’re trained whoever mentions a number first loses. “I don’t want to hurt this guy’s feelings.” Or, “If I tell this guy what’s really going on, he’s going to take advantage of me.” And let me tell you this is the case more often then not. So the first thing that you have to ask yourself is, “Is this the real objection?” And then of course, “Is this the only objection?”
And then after that is going to be maintaining control. So we can talk about all three of those.
Brent: Yeah. Well I think off the bat, pre-qualifying is absolutely vital. Condition, timeline, motivation, price. What is going on here? Is this an actual lead? And I think there’s a big difference between an objection and a condition. An objection, “I want more money for my property”, a condition, “I want more money because I have no equity in the house. I owe $300000, I want 350, and it’s worth 250.” That’s a condition we can’t get past. But something that, “I want more money”, or, “I want to wait for some higher offers”, these are objections that we can talk to and see really what it is. What is the fundamental part of that.
Todd Toback: So what I’d like to do is if you want to talk about objections we’re going to freeze frame a little bit if that’s okay with you.
Brent: Yeah. Yeah.
Todd Toback: So that’s really, really important by the way. So part of that is we’re going to discuss a technique that we’ll use. I’ve got five communication techniques that I teach on my No Limits selling system. And so I’m going to say, “This is something, this is the technique that we used.” And then we’ll actually handle the objection. Does that sound good?
Brent: Yep. Yep.
Todd Toback: Okay.
Todd Toback: What was the website that we had by the way?
Brent: Convert [crosstalk 00:09:39]
Todd Toback: Wholesale deals, was that it? Convert wholesale deals?
Brent: Convert Wholesale Deals, guys. And it’ll be a link down here as well, but there’s going to be more videos in there that attach to this, but also it’s going to give you an idea of everything that’s Todd teaching. It’s a must. Literally this is my coach. For real. So anyway, you want to freeze frame this a little?
Todd Toback: I want to freeze frame. So give me an objection, and I’m going to tell you what’s going on. And this is so important.
Brent: Well let’s go with the deep one. Let’s go with the one that you say is the killer of all wholesale businesses.
Todd Toback: [crosstalk 00:10:12] The killer of all wholesale businesses.
Brent: You know what Todd, I want to sell the property, but I’ve got my sister’s living in there, she’s not paying any rent but I need to give her some more time so that she can find somewhere to live. Maybe a couple more months.
Todd Toback: Okay. Freeze. So right here we’ve got a major, major challenge. And everyone’s like, “Okay. I’ve got a motivated seller”, you feel good. You’re like, “I got a hot one.” Everyone’s freaking pumped. Well this one right here, the problem with this is this will go on for another two, three, four, five years and you could be dead by then.
Brent: Yeah. Right. Yeah.
Todd Toback: And so the seller, this is the objection where the seller’s not really giving you an objection, they want to do business, the problem is they don’t know how to do business. Emotionally, they’re attached to this. And so sellers get in these situations because they are natural procrastinators. This is their nature. They don’t want conflict. And so the only reason why they let their sister live in there for free for eight months after their dad passed away and left it to both of them, while the house deteriorates and now it’s behind on taxes, all true stories.
Brent: Yep. All true stories.
Todd Toback: It’s because they are not able to deal with conflict. And so what now is going to change between now and the next phone call if you don’t intervene. Answer.
Brent: [crosstalk 00:11:28]-
Todd Toback: If [crosstalk 00:11:29]
Brent: Nothing. Nothing’s going to change. I’m going to just keep going along, I’m going to keep my head in the sand, I’m going to do whatever, bills are going to come up, there’s going to be some stress, I’m going to constantly be pushing it off. I’ll probably drink a bunch at home and forget about it, and just kind of-
Todd Toback: [crosstalk 00:11:43] So that’s you as the seller.
Todd Toback: Now most acquisition specialists or wholesalers, so when I use the word acquisition specialists, or if you’re a one man show that’s fine, you’re just doing deals, totally cool. But I’m referring to the person who’s locking up deals with seller. When people are new, they call up and they say, “Oh, great. Hey.” And let’s say you call in a month. “How’s your sister doing? Did you talk to your sister?”
Brent: Oh I haven’t gotten around to it yet. We’ve got a lot of things, a lot of paperwork issues. And I just got to talk the attorney some more and I’ll sell it when I can.
Todd Toback: Okay. Is it okay if I follow up in a month?
Brent: Right. That’s typical.
Todd Toback: [crosstalk 00:12:20] Boom. [crosstalk 00:12:21] now. I want you now to get into the mind of the wholesaler or the acquisition specialist. How do you feel?
Brent: I feel like I’ve still probably got a lead.
Todd Toback: Maybe.
Brent: They’re just kind of working some stuff out, and go on to the other real hot ones, the real low hanging fruit, and lock up those, focus on those. And this one will pop eventually, but I need to finesse it a little bit.
Todd Toback: Right. We think that. But in this business, if you focus on the low hanging fruit, especially as the market’s getting more competitive, you’re toast. You’re literally toast. So what’s going to happen is at month six, month seven, month eight, you’ll see this in notes if you’re keeping a good CRM, is this thing’s been going on for two years and the story has not changed at all.
Brent: Right. Yeah.
Todd Toback: So now what we have to work on is compressing this timeline.
Todd Toback: This is when you’re handling these objections, the seller doesn’t even know it’s an objection. In their mind they want to do business with you, but nothing is ever going to change. So I don’t want to get to far off topic, but this is so important because a lot of people, they have these hot leads like this. And they’re counting their money. So they feel good, there’s no urgency. And so, “I’m going to get that deal, and that deal, and that deal, and that deal.” And they get pushed out, months out [crosstalk 00:13:28] And it gets pushed out seven, eight months. And they’re counting that money, and because they’re looking far out, they’re not looking at closing revenue today. And that’s a real, real problem.
Brent: Right. Sure.
Todd Toback: Okay, so let’s get into the thick of it right now. So how can we compress the timeline? Well, you want to do something where we talk about get seller commitments. Really, really, really important. So you must define with the seller what is the next step?
Brent: Okay. Yeah.
Todd Toback: In painstaking detail.
Todd Toback: In painstaking detail.
Todd Toback: Now they might squirm a little bit. But if you do, you can do something that I call the cushion. Where you can back away, and pull away, and then like, “No, no, no. I want your help.” So we can role play this a little bit. And then when you think you’re clear, get even more clear. And then when they get a little pushback from the sister, kind of role play that with them a little bit so they know what to expect. And then future pace and say, “If your sister doesn’t do this, [crosstalk 00:14:24]
Brent: I see this path. Yeah, yeah, yeah.
Todd Toback: Right? What are we going to do? And have them define that.
Todd Toback: Does that make sense?
Todd Toback: So we’re going to two things. Number one I’m going to clarify. And you’re going to notice that I’m also going to do something called reversing. So a lot of times sellers will control the conversation, and you’re going to tell me this, and call me back. I’m going to reverse it so I can take back the control of the conversation and then I’m going to get a commitment. That’s two out of the five communication techniques.
Todd Toback: Okay, so let’s role play.
Brent: So yeah, Todd, I can’t sell yet. I’m still waiting to get things figured out with my sister. It’s tricky.
Todd Toback: Well, tell me why that is.
Brent: Well, she’s going through a tough spot, she needs somewhere to live, and she’s trying to get a job, and just we need to give her some time to just get on her feet.
Todd Toback: I understand that. So tell me how long as this whole thing gone on?
Brent: Longer then I’d like to mention.
Todd Toback: Okay can we share that? Share the details?
Brent: Yeah. I mean, she’s been going through a tough spot for a few years.
Todd Toback: So a few years. Okay.
Todd Toback: And so you need a little bit more time, how much time do you think you need? I want you to define this for me, Bob. There’s no pressure whatsoever to do business with us whatsoever. So I just want to get an idea, what is your timeline where you’d like this to be completely resolved and that’s enough time for your sister?
Brent: Man, I’d like it in a month or two would be perfect.
Todd Toback: Okay. Like if you could actually even give her more time? Like it’s like, “Oh man, that’s over the top.”
Brent: Six months would probably be over the top.
Todd Toback: Six months. Okay. So do you want over the top? Or do you want… what’s a timeline where you say, “This is the drop dead date I’d want her out.”
Brent: I’d say in the next three months.
Todd Toback: Three months. Okay. Fair enough. Okay. So what has to happen for you to talk to your sister and have her committed to move out in the next three months? When would you have to have that conversation and give her that kind of commitment?
Brent: I’ve been trying to. We’ve had that conversation. She just doesn’t do anything. It’s just kind of pounding it into your head what’s going to happen. That we need to move forward, and she wants the money from the property as well as I do. And she can’t keep it up, and it’s costing more, and it just needs a lot of work.
Todd Toback: And again, hopefully I’m not prying to much. Notice cushion, cushion, cushion.
Brent: [crosstalk 00:16:47] And I think also really important, you’re not causing any friction with me. You’re not telling me that I’m wrong in anything, you’re not telling me that my sister needs to get her act together, you’re not saying, “Well gee, she’s taking advantage of you, don’t you think?” Some of these things that might be going through your head, but you’re keeping the conversation going and asking questions, and keeping the friction low.
Todd Toback: Yeah. And so I think the biggest part of that though, too, is I’m cushioning it and keeping the friction low. And then if I feel like I go overboard I’ll be like, “Hey, I’m just trying to help by the way, if it’s not a fit that’s okay.” And you’ve got to sense that, and listen to the voice and just, “Hey, no big deal. I’m just trying to help.”
And so in that I’ll say, “Okay, well listen. I know you’ve been going over this for two years. Do you think the next time you speak to her that this is going to change?”
Brent: Yeah, she’s coming around.
Todd Toback: She is?
Todd Toback: Okay. Great.
Brent: Yeah. She’s coming around. She’s been looking at places. She’s been talking to friends, seeing if there’s a room she can rent or whatever. She knows that we need to sell this. She wants the money.
Todd Toback: Okay. Would it be fair to set a deadline with her?
Brent: Yeah. Well, yeah I guess so.
Todd Toback: Okay. Like what?
Brent: Tomorrow? I don’t know.
Todd Toback: [crosstalk 00:18:04] I want you to be fair to your sister. I’d like her to be able to stay there at least another maybe a year or two?
Brent: No, that’s too much.
Todd Toback: Oh, what was that? That was a little something we call the stealth mismatch. So not a year. So what do you think?
Brent: No, she’s got to be out in three months. Yeah.
Todd Toback: Okay. What if it was like eight or nine months, no?
Brent: No. Just taxes, and… yeah.
Todd Toback: Okay. So if she’s got to be out in two months what do you think would be a fair deadline to give her?
Brent: She’s going to need more time then I give her, so probably a month. Yeah.
Todd Toback: Okay. All right. So here we are, I know you want more time. Would it be fair to ask you to talk to your sister and give her a deadline of 30 days when you speak to her next?
Brent: Yeah. Yeah. That makes sense.
Todd Toback: When do you want to speak to her?
Brent: We’re supposed to see her this weekend.
Todd Toback: Okay. Great. So how about this? How about we follow up on Monday? You’re going to talk to your sister, you’re going to give her a deadline, and then you and I will talk on Monday. Let me ask you a question, I know we talked price, is there anything else preventing us from doing business besides your sister?
Brent: I think that’s it.
Todd Toback: Okay.
Brent: Just making sure that we don’t have to fix it up. We can’t really repair it. And as long as we get that price we’re good.
Todd Toback: Okay. And let me ask you this, when you give her this deadlines and she starts screaming and yelling, throwing stuff across the room, and going absolutely nuts, and says she hates your guts. I’m not saying she’s going to do that, but what if she did, how do we handle that?
Brent: Well [crosstalk 00:19:36]
Todd Toback: [crosstalk 00:19:35] conditioning. Conditioning. So I’m conditioning, I’m peppering you so that when she does it’s like, “Oh, Todd warned me about this. Now I’m ready.” So go ahead.
Brent: Yeah. I love it. I love it. This happens, though. This is like real life. This is really [inaudible 00:19:52] not even behind the camera, this is real life. People go through this. We hear this all the time. I just love the way that you’re framing and you’re getting commitments from them. Now I assume some people don’t, some people are just like, “Bah. I don’t want to do it.”
Todd Toback: Yeah. Sure. [crosstalk 00:20:06] That’s okay. But it works most of the time. Not every time. But if you can improve your batting average from 100 to 280 it feels pretty good.
Brent: Yeah. Love it. Love it.
So if she acts crazy then I know what to look for. It’s no big deal. If anybody can handle her it’s me.
Todd Toback: Okay. Great. So then I have us down as a Monday at 10AM?
Todd Toback: And then if you get this handled, are we ready to do business on Monday?
Brent: Yeah. Absolutely.
Todd Toback: Okay. Sounds great. I’ll see you Monday at 10AM.
Brent: Awesome. Yeah. Great.
I love it. Condensing the timeline.
Todd Toback: That’s compressing the timeline. So what happens, and what we talk about in the No Limits selling system is that the foundation is the tiers of my acquisition specialists through me learning this. You’ve been getting punched in the mouth, those timelines will kill you. And so normally, in a lot of scenarios, they just keep pushing it out and now you’ve been working the same lead for two or three years and you could have closed it in six months.
We had one where we were working where it was a hoarder. A really nice old lady. And she was so embarrassed and there was so much fear associated with this. So we just said, “Hey look, when is going to be a good time?” And he’s like, “Oh, never.” Just her stating that, the getting to her state that actual never got her to commit to do the deal. And that was $80000 deal. And that was a two year old lead that we compressed from infinity down to two years.
Brent: Yeah. Yeah. And you’ve done some big deals.
Todd Toback: Well, I like to think they’re big in the wholesaling community. But in the commercial space, and all the other people some of them are doing huge. There’s some guy out of San Francisco who does massive, massive deals. But, yeah.
Brent: Right. Right. Yeah. And you’ve learned through all of these battles that you’re having, through all the trial and error, through… what’d you say? 2000, so seven years of these same conversations. Has anybody come up with any new objections? Any new major objections that have really stumped you that you’re like, “Oh my gosh, this is crazy.” Because it’s, “I want more money. There’s competition. I need more time. I don’t know who you are.”
Todd Toback: [crosstalk 00:22:12] there’s some bizarre ones, where you’re like, “Hey, how do you handle this?” But you’re never doing business with that guy.
Brent: No. That’s a condition, typically.
Todd Toback: Like some guys are like, “I won’t do business with escrow title, just bring me cash.”
Brent: Yeah, of course. That’s a condition.
Todd Toback: [crosstalk 00:22:26] That’s a condition. And you’re like, “No.”
Brent: We had one today the guy said, “I live out of town. If you just send me some money, I can get into town, and then I’ll sell it to you at that price.”
Todd Toback: Yeah. You’re like, “No. How about this? I’ll send a notary out there for $35, we’ll wrap this out right now and he’ll bring you some tacos.”
Brent: Yeah. There you go. That’s it. Okay. Now let’s just touch on one other because I think it’s something that comes up a lot. What happens when… you taught me years ago, and it’s something that has increased my assignment fees from 12000 to 27000, and that was anchoring low with the price based on two things. And this is something I talk about on this channel all the time and on the podcast, certainty and likability.
Todd Toback: Yep.
Brent: When you’re giving the low price. How does somebody… speak to the people that may haven’t done it, or even worse to get through this are real estate agents that are looking to do wholesale and they go way high and they just sabotage themselves the whole time. How do you build the certainty and likability? How do you get big deals?
Todd Toback: Okay. Well if you’re a real estate agent you’re going to need years of therapy to undo your programming. So I’m sorry, send Brent the bill. I had to say that kidding, you can certainly do deals. But the biggest thing is a lot of people, the size of the wholesale deal that they get, is it literally what they were expecting? What they think they deserve?
So like, “Oh, I’ve got make at least 10.” Well what do you know? All their wholesale deals are the same. And of course it’s not always the case, but a lot of times it is. And so number on is that you’ve got reset your expectations and say, “Hey listen, I want to make 50, 100, 150k a deal.” And once you do that you’re going to start negotiating differently.
In two ways. Number one is that you’re going to have to go lower. So a lot of times we talk about dealing with a seller, and they’re not going to give you a number and that happens. Well, then you got to really, really, really low. Well okay, well what’s really, really, really low. That’s subjective. So what you think you deserve, and what you’re going for, that’s going to be the determine how much you want to make.
So number one I challenge you, whatever your number is, double it. And then next month I’m going to double it again.
Brent: And that’s double the amount that you want to make, not what you’re offering.
Todd Toback: Oh, yeah. Yeah, yeah, yeah. Yes.
Brent: [crosstalk 00:24:37] The amount that you want in your back account.
Todd Toback: Yes.
Brent: And this is really, really, really critical. When we look through it now we’re looking through the lens of 25000 a deal. Back before it was 10, back before it was 15, now we keep increasing, increasing. Now we do less deals for sure.
Todd Toback: Sure.
Brent: But they’re bigger and we make more money.
Todd Toback: Yeah.
Brent: And life is so much better because typically, the smaller deals are the ones that just take up all your time, and are so emotional, and there’s a lot of drama, and they want to cancel, they want to keep it going, and then you need to get this signed, and that signed [crosstalk 00:25:13]
Todd Toback: [crosstalk 00:25:12] Yeah. And they regret the deal. “I could have gotten the deal from the buyers”, but then the sister-in-law tells them, “Oh, you could have gotten more.” And so a lot of people will think they’re leaving money on the table. No, you’re not leaving money. You’re getting the number one asset that you have as a business owner and that’s a clear mind. A clear mind is going to be more productive, you’re going to be doing more deals, you’re going to feel confident, and the business is going to be a lot more enjoyable. Fighting for scraps, that’s not my style.
And the number of deals by the way, if you listen on Facebook or whatever you have, is BS. It’s the size of your deals, your gross, and your net. And of course net being the most important number by far.
Brent: Right. Yep. So how do you build up your confidence or certainty? Likability I think people can figure out. If you’re not likable work on it. But the certainty and the confidence, it scares a lot of people. You know that whole thing of, “If it hurts in your gut to offer them that that’s probably a good sign. Or even offer less.” How do you feel confident and certain with a low offer when you’re giving it when they won’t give you a price? Or when you know that you need to be lower?
Todd Toback: Sure. Well number on is going to being able to role play this stuff. I talk more about this in the video series that we have. [crosstalk 00:26:27]
Brent: Yeah. This is Convert Wholesale deals.
Todd Toback: Yeah. Convertwholesaledeals.com.
Brent: Convertwholesaledeals.com, guys. Listen, TTP… listen, you’re going to source these deals. When you want to convert and close these over, and over, and over, this is you got to look into it. And it’s very reasonable.
Todd Toback: Oh, it’s very reasonable. [crosstalk 00:26:46]
Brent: Very reasonable.
Todd Toback: I’m not going to talk about it [crosstalk 00:26:48]
Brent: Yeah. It’s silly [crosstalk 00:26:50] link down below.
Todd Toback: I’m actually embarrassed. So convertwholesaledeals.com. But where we’re going with that is there’s skills. So when you practice. Like, “Oh, Todd you’re a natural born salesperson.” Well let me tell you that’s a lie from the pit of hell. And you get this by practicing, and repetition.
Brent: Yep. 100%.
Todd Toback: Reggie Miller, the guy was a three point shooter. “Oh my god, he’s such a natural.” I guarantee you, or even Steph Curry, they practice behind the free throw line constantly.
Brent: Millions of times.
Todd Toback: Right. Millions of times. And so you’ve got to practice this stuff. So you want to do that, you want to watch these videos that we’re doing and watch them over, and over, and over, and over, and over again. You want a role play that gives you more confidence. But the other thing that gives you just this edge, something that I talk about being a truth teller and a truth seeker. And when you do this, when you’re so blunt with the seller, man they all the sudden trust you.
Even if they don’t necessarily like the answer it’s like, “Well, I don’t want to hear that but I kind of like the guy because he’s so blunt.” So for me, if we’ve got a deal and the seller is like, “Hey, I’m thinking about listing it.” Some people are like, “Well, after listing with an agent, and after fees, and cost, and repairs, and…”
Brent: And inspection period.
Todd Toback: [crosstalk 00:28:00] inspection period. We’re going to net, it’s going to be pretty close.” No, it’s not going to be close. It’s not going to be true unless you’re trying to make this little tiny, tiny, tiny margin. [crosstalk 00:28:09]
Brent: That’s usually what it is. Yeah.
Todd Toback: [crosstalk 00:28:11] And you’re begging them, “Please do business with me here.” And it’s like, “No.” And I use that funny voice because I feel when you do that that’s how you feel. You feel like a small person, and you feel like you’re begging, and you feel pathetic. At least for me that’s how I used to feel. I used to get beat up. When I used to sell Viagra, for a [inaudible 00:28:26] company I used to that, and I used to beg the doctors for their time. And they had all these rules, and I used to sit there, and everyone liked me in the offices, but no one prescribed anymore of my drug. I didn’t have the respect, that’s what it was.
So my mentor taught me this. He’s like, “Be a truth teller, be a truth seeker.” When you do that, even though they don’t like the answer, you’ll get what you want most of the time. So for us I’d say, “Look, if you fix this thing, and you fix it up and you put it on the market, you’re going to net quite a bit more. And maybe that’s a good option for you.” Truth teller, truth teller, truth teller, truth teller. And when you do that they’re like, “Okay. I get that.”
And then when you do that that actually puts you in a position to be a truth seeker. Now they usually come back, and that’s also… so the truth teller/ truth seeker is a form of that stealth mismatch. Because I give you the opposite of where you think I want to go and you come back. And then they start flushing out objections. They’re like, “Well no, actually we don’t have time to do that because of X, Y, Z. My brother needs a kidney and it’s $50000, I’m getting it on the black market in Mexico, I need it tomorrow.” [crosstalk 00:29:29]
Brent: Or, “I’m just done with it. I’m just done with the house.”
Todd Toback: [crosstalk 00:29:31] done, done, done. And so that’s how you do that. And so the truth teller/truth seeker, when you’re constantly forcing the truth down their throats, you’re going to get respect, you’re going to get answers, and you’re going to get your way most of the time.
Brent: So what does that mean, so you just tell them? Like, “Hey, this is the price.” If they won’t give you a price, and you’ve tried it all, you’ve asked them three, four, five different ways. What do you do?
Todd Toback: Oh, I’m going low. I’m going low. So the biggest thing-
Brent: So it’s worth 300.
Todd Toback: Okay. And I’m trying… you want to ask five different ways, by the way. I really like the number five. But in a lot of ways everything’s five it’s because I want you to remember that, it’s five different things. But so for me I’m going to be like, “Hey”… and I’m going to share those five things. And again, sometimes it doesn’t work. It doesn’t work every time, but guess what? It works most of the time. So if you do this you should get a number about 70% of the time. So let’s just go over those five and then I’ll go back.
Brent: This is in those training videos at convertwholesaledeals.com.
Todd Toback: Convertwholesaledeals.com, they’re in there so you don’t need to take notes you go on there and watch these. [crosstalk 00:30:28] cash, and close quickly, and there was no real estate commission, what would the best price you would accept? Again, if there was no fees to pay?
Brent: Got it. That’s the first one that you would ask.
Todd Toback: That’s the first one.
Brent: Okay. And they say, “Well, I don’t really know.”
Todd Toback: “What is your ballpark?” Number two.
Brent: Yeah. I haven’t even looked in a while.
Todd Toback: Your best guess? Best guess?
Brent: Geez, man, I really don’t know.
Todd Toback: Okay. Let me ask you a question-
Brent: Why don’t you tell me?
Todd Toback: Well what do you think what are the neighbors housing selling for?
Brent: I love how your shoulder are going up as… I don’t know. You tell me what you think. What would you pay for it?
Todd Toback: I mean look, can you just throw something out there so I just even know that we’re even in the same range, stratosphere. So that’s going to be five.
Todd Toback: Now all of a sudden after five I know, this guy’s [crosstalk 00:31:18] his card is close to his chest. So at this point I’m going to go a really, really low soft pass. And remember I’m going to use the cushion. So let’s say the house I know I can pay 200, and I want to come in at 100, I’m going to say, “I could pay 100 thousand and not a penny more.” Don’t want to do that. And by the way, we’ve got some really aggressive students who have done that. By the way, kudos for you for having courage, you’ve got to have courage. But you got to loosen it up a little bit, you’ve got to be able to recover.
So you could say, “I don’t know. What if I could pay like 100 grandish?”
Brent: 100 grand. Oh no, that’s way to low. I’d need at least 125.
Todd Toback: I thought you had no idea?
Brent: Well, I need more then that.
Todd Toback: Aw, come on.
Brent: 125 sounds better.
Todd Toback: 125.
Brent: Sounds a lot better.
Todd Toback: Is that the best you can do?
Brent: It feels like it would be. It does need a lot of work, maybe 120. Best I could do.
Todd Toback: 120. Okay. Now I’m trying not to be like, “Okay. Deal!” You’ve got to slow it down, there should be some friction. The worst thing that I could do is be like, “Let’s do it. Let’s sign the contracts right now. Worst thing that you can do.”
Brent: Because after that conversations ends, and he’s laying in bed at night, and he’s thinking about the conversation, what does he think?
Todd Toback: Aw man, I could have got more.
Brent: [crosstalk 00:32:33] I could have got more.
Todd Toback: Or the text from the sister-in-law that says, “You did what?” And if we fight for it he’ll say, “No, I fought for this for an hour and that’s the best he can do.” So they got to feel good about it. They’ve got to feel good about it. A lot of it is emotion. This whole thing is emotional. If they made common sense they’d just list with an agent. So [crosstalk 00:32:51]
Brent: Equity for speed and convenience.
Todd Toback: Equity for speed and convenience. And so I think you’ve got be… the confidence will come with the practicing.
Brent: And you’ve mentioned twice now role playing. Literally role playing these. Role playing, and role playing, and role playing. Can you role play with yourself? Can you do it in front of a mirror? Can you do it with people in the industry? Do you find role play partners?
Todd Toback: Great question. So the biggest thing is you’ve got have the discipline to do this. So if you’re a solo operator, as in you’re just doing this yourself, and that’s totally okay, do it in the mirror, do what you want. But I think the biggest thing is, man, you’ve got to be a warrior of your craft.
Todd Toback: Like is this a hobby or are you going to be a warrior? And so are you going to go into battle without practicing?
Brent: Well it’s interesting because for centuries there was apprenticeships. For every craft, this is the apprenticeship for plumbing, or apprenticeship for electric, and they still have it. Still do. Apprenticeship for wholesaling real estate… and some of these apprenticeships are years. At the place that I get my hair cut they have to sweep floors and wash heads for two years before they can cut hair. Two years. For a job that maybe at the max is 60, 70 thousand dollars [crosstalk 00:34:09]
Todd Toback: [crosstalk 00:34:09] why you have such good hair?
Brent: That’s it. Of course. But 60, 70 thousand that they make that year, which is a lot. But we can make that on a deal. And if we can make more by practicing more, by understanding that there’s certain things. I think it’s really powerful, if you literally write down all of the objections that you’re getting on a regular basis.
Literally right them down, and just write out one or two responses that make sense to you, you can find it on videos, you can find it in Todd’s program. And memorize those, then when they come up it’s the same thing we talked about with the TTP script. When you call somebody and ask somebody if they would consider an offer on their property, there’s only six things that they could say.So if there’s only six things that they can say, you know how to respond to it.
Todd Toback: So where is this going to be published by the way? This video?
Brent: This is YouTube, this on the Wholesale Inc. podcast.
Todd Toback: So let’s do this. In the comments on YouTube, I think I would love for you start writing down those common objections. And I’ve got a little challenge here if that’s okay with you. Is if you’ve got permission to record calls, and you’ve got some call recordings, I would love for someone to post a call in which they got blasted. If you got blasted and beat up… by the way, this goes back to courage. So if you feel like a fool? Even better. Because for me that’s the ultimate respect if you’re willing to put that file in the public domain, make sure you’ve got permission to do that. So I’ll address that.
And if you want to, you can even comment what you think you did right and what you did wrong so if they go to the convertwholesaledeals.com, they watch those videos, you can actually study one of your recordings, and just leave it in the comments, or maybe the MP43 file or wherever you want to host it if you know how to do that. I don’t know [crosstalk 00:35:47] If you do that, think about what you can do better.
And I’ll tell you what the best one, I will personally critique that call. So I will take the recording, and I will make a new recording on top of that recording and break it apart for the listeners. What do you think about that?
Brent: I love it. It’s going to be a lot. I don’t know if you know what you’re asking but [crosstalk 00:36:07]
Todd Toback: [crosstalk 00:36:07] Come one.
Brent: Guys, do this. Really challenge it. I’m telling you, this is the master. This is who trains everybody. This is who has been doing it for forever and nets a beautiful amount every single year in San Diego, in the surrounding areas in California. This is a huge, huge, huge opportunity. If you’re listening to this podcast, come on. If you’re watching it on YouTube, come one. This is absolutely bananas. [crosstalk 00:36:30]
Todd Toback: So do that [crosstalk 00:36:30] Come on, now. Come on. Come on. All right, so what’s next?
Brent: I think really the main thing is price that I saw, time compression, and really we don’t have to get into, “I don’t know your company” or anything like that, or any of those [crosstalk 00:36:49]
Todd Toback: Well let’s actually do that. Because I want to go into a new company because this goes back to reversing. This goes back to control. So a lot of the time our time gets eaten up because the seller’s controlling the conversation. So this goes part of your state and how you feel about what you’re doing.
Brent: And when you talked about the dominating the conversation, I think that that’s more them directing it and asking a lot of random questions and going off on a lot of things. I don’t think what you mean, and correct me if I’m wrong, I don’t think what you mean is they’re answering all my questions and they’re talking a lot. They’re giving me all the conditions, and the timelines, and motivations and all this. That’s what we want from them. What you’re saying is they’re taking it and going, “How many properties have you bought? How fast do you close? Who’s your title company? Where’s your cash?” All these things.
Todd Toback: Well what I mean by that is ironically if you’re controlling the conversation, if you’re controlling you’re doing almost no talking. Almost zero. And that’s a sign. If you’re answering questions like [crosstalk 00:37:47] if you’re talking it’s most likely they are asking the questions. You’re giving them information and not the other way around. And that’s a tell tale sign. So if you start saying, “I am a member of the Better Business Bureau. And I’ve been in business for 15 years. And we did 100 houses last year”, you’re probably in trouble.
Brent: You’re in trouble.
Todd Toback: So you got to get control of this conversation really quick. So why don’t you just give me… and again, we’re probably running out of time here. So just give me a quick objection, let me show you how I take control. One of the things is that you answer a question with a question. Or you can use the word, “I don’t know.” But as soon as you do that… well, I want you to feel the power shift. So the first that I’m going to do is I’m going to do it the wrong way, and then I’m going to do it the right way.
Todd Toback: So let’s go.
Brent: Do you have a A plus rating with the Better Business Bureau?
Todd Toback: Yeah. Actually we signed up in 2015 and we have an A plus.
Brent: Okay. And I can look that up?
Todd Toback: Yeah. Yeah.
Brent: And it’s not under some weird name, it’s under your name? What is your name? What’s going on?
Todd Toback: The name is Get it Done House Buyers Inc. We’re a California corporation.
Brent: And this is going to be on the contract?
Todd Toback: Oh my god, I can’t even handle it. My heart’s skipping a beat. But this is real. So a lot of people are just like I was in that doctor’s office, you feel like you’re providing this customer service because you’re answering all these questions. And that’s the worst thing that they need. I have no idea, I know nothing about you, you’re controlling the entire conversation, and you know the name of my first born.
So let’s handle this the right way, and take control of the conversation, and close this deal. Let’s close the video by closing the deal.
Brent: Yeah. So do you have a Better Business Bureau rating of A or A plus?
Todd Toback: What do you mean?
Brent: The BBB does ratings based on good companies. I think that’s important.
Todd Toback: Oh [crosstalk 00:39:36] so you’re asking me if we’re a member of the Better Business Bureau?
Todd Toback: Well we do happen to be a member. But let ask you, why is that important to you?
Brent: Well I want to do business with people that have a good rating.
Todd Toback: Okay. And what else?
Brent: People are good at what they do.
Todd Toback: Okay. And what do you mean by that?
Brent: I love it. Sorry. That you’ll do what you say.
Todd Toback: Okay. So you want someone who’s going to do what they say. Okay. And how would you determine that?
Brent: That whatever’s determined, that the contract gets done in the time that it is and I get paid the money that we agreed to.
Todd Toback: Okay. And you determined that someone’s going to do what they say by like customer testimonials, or our interaction together? How would you determine someone’s going to do [crosstalk 00:40:17]
Brent: Yeah. Usually testimonials are good.
Todd Toback: Okay. Sounds good. Anything else?
Todd Toback: Okay. So are we at least agreed on price?
Brent: Yes. Yeah. The price is fine.
Todd Toback: Okay.
Brent: I just want to make sure. I’ve never heard of your company, and I’ve heard a lot of stuff, and I’ve read the newspaper, and there’s a lot of stuff in the news about people doing scams. And I just want to make sure it’s not a scam, I want to make sure that we’re doing business with somebody’s that’s going to do good work.
Todd Toback: I totally understand that. And I can completely relate. As a matter of fact, I had another customer, same exact thing. We bought her house, she was extremely stressed out. Ironically we got into closing, she did a little bit of homework on us, went on a video, looked at our testimonials, and then she talked to our escrow agent. She looked actually on the California corporation and then she looked at our Better Business Bureau, and she felt comfortable. And as soon as she opened up escrow and the escrow agent called her, it’s this huge sigh of relief.
And of course when she got her money seven days later, she was a huge fan. I know you’re not her, but let me ask you if we can solve all those other issues, are you ready to do business today?
Brent: Yeah. Sounds good.
Todd Toback: Okay. Great. So what do you need from me to feel comfortable?
Brent: You know what, I feel good. I feel fine.
Todd Toback: Okay. Are you sure? I don’t want to make you do anything you don’t want to do.
Brent: No, no. You’ve answered my questions. [crosstalk 00:41:32]
Todd Toback: [crosstalk 00:41:32] Boom. Now we got it. You see how… literally you might be like, “Todd, that’s an exaggeration.” No.
Brent: No it’s not. It’s really not.
Todd Toback: No. I controlled that literal… we’re going to get kicked out of here. We [crosstalk 00:41:47]
Brent: Yeah. We’re definitely getting kicked out of here.
Todd Toback: [crosstalk 00:41:50] But… I’m having fun. This is great. So when you control the conversation [crosstalk 00:41:57]
Brent: I get it. I love it. And honestly, I understand what is going on, but I felt that those were very reasonable questions. It wasn’t like you were trying some weird techniques, some sort of weird, mesmerizing, hypnotizing techniques, you were just simply asking questions. But I think what’s really important, if you’re listening in and you’re watching this, you have to listen to the tone that Todd uses. The tone that he uses, and the active listening that he has, and the way that he’s softening up based on the way that I’m feeling. He doesn’t want to go too aggressive with somebody that is obviously timid.
Todd Toback: Yep.
Brent: If you go too aggressive and you’re like, “Well, why is that? Why do you want to know that?” Well yeah, totally get it, what’s important about that? I think that that’s so huge. It’s not what you say but how you say it. If you can combine knowing what to say and how you say it, that’s when people start going really, really, really successful with it and closing a lot of deals.
Todd Toback: And you could just change your tone anytime.
Brent: Right. Yeah.
Todd Toback: Like Brent, can you just share with me why that would be important to you?
Brent: Yeah. Yeah. Right.
Todd Toback: [crosstalk 00:43:13] So you can say the same thing depending on who you’re dealing with. If I’m negotiating with Brent, this thing’s going to be a fire storm. [crosstalk 00:43:21]
Brent: Yeah. Here it is. Here it is.
Todd Toback: But if you’re negotiating with an 80 year old grandma, that’s going to be a different story. And you could mirror and match that.
Brent: Love it. Love it. Thank you [crosstalk 00:43:32]
Todd Toback: [crosstalk 00:43:32] This was a ton of fun, man.
Brent: This was awesome. This was really, really incredible. Guys, go back, watch this again. If you want more, if you really want to get a full… you’re on here and obviously we’ve mentioned four or five times for a reason, guys Todd has changed my life, Todd has changed more people that are millionaires now because of you, that it is my pleasure to bring you on the YouTube channel. Anything, introduce you to as many people as possible, because I know that what you teach one, is 100% instruction. Not 100, but it is based on a foundation of instruction. You’re not going there for education or entertainment by any means. And two, if people take action on it they truly can change their lives. So guys, thank you.
Todd Toback: Yeah. Awesome.
Brent: I mean honestly, thank you from the bottom of my heart. Also the website is convertwholesaledeals.com.
Todd Toback: Yeah.
Brent: Convertwholesaledeals.com. If you want to source those deals beforehand, go to the most proactive group in real estate investing which is the whole TTP program, that is at Wholesalinginc.com\TTP. Check out the page, if it feels good in your gut, sign up for a call, and then once you want to convert all those, and grow your business, and grow your team, and start really converting and getting the big deals.
Todd Toback: Come on baby. Convertwholesaledeals.com.
Todd Toback: There’s also some free videos there, too. So you don’t have to buy anything or anything, just go there and check it out.
Todd Toback: No pressure whatsoever. You can absolutely say no.
Brent: Yep. Awesome. Yep.
Todd Toback: Gotcha. Gotcha!
Brent: [crosstalk 00:45:04]
Todd Toback: [crosstalk 00:45:04] so nice time guys. I encourage you to talk to people. See you.