Posted on: July 23, 2020
WI 477 | Talking To Sellers

 

If there is one thing many wholesalers share, it is this fear of talking to sellers on the phone. This is especially true among those who are just starting out. While this fear is often unwarranted, it is reassuring to know there is something you can do about it.

Today’s guest has been on the podcast countless times and with good reason. When it comes to providing value, Todd Toback is in a league of his own. The head of training at No Limits Real Estate Investing, Todd has a lot of knowledge and wisdom and he’s more than happy to share them!

In this episode, you’ll discover some of the reasons people are afraid to get on the phone and the effective ways you can address them. In addition, you’ll also learn valuable techniques that can help you get ahead of the competition.

So much wisdom in this episode you can’t afford to miss out on, so don’t forget to tune in!

3 Reasons Why You’re Afraid to Get on the Phone with Sellers and How to Correct it Now!

Episode Transcription

We are back again with the man, the myth, the legend, Todd Toback. Todd, say hello to everybody.

Brent, I’m happy to be here. I’m excited to spit some fire here. If you are reading this, fasten your seatbelts. We are going to give you something that will show you how to make your first or your next five-figure paycheck. Brent, thanks for the intro. Let’s rock.

It starts with the seed of what this is all about. If you are reading and you want to see this, go to Brent Daniel’s YouTube channel so that you can put a face with a voice. The seed of this conversation came from Todd and I asking the question, “Why are people afraid to talk to homeowners?” That is where it came from. That is what we wanted to break down, how to overcome it, and how to get your mindset strong.

It’s A Mindset Thing

There are a couple of little nagging issues that I see come up time and time again. As people are starting out in this business, maybe they got a first few deals laydowns and they have some challenges. We are going to break that down as well. Let’s start with it right off the bat. I get this question all the time. It is a mindset thing. “I don’t know what’s going on. I’m afraid of the phone. I don’t want to pick it up. I don’t want to do my lead follow-up and cold calling. Help me.”

This is something that I felt back in 2013 when I was starting to do this. I had to get out of my comfort zone. I had to force myself. I was completely broke that I had to do something. Even though I was at rock bottom, it still crept into my head that, “I am afraid to talk to homeowners.” What do you think it is?

Some people, when they start out, if they are totally broken and have no other option, they are not in their own head. They are like, “I’m going to get on the phone or I’m going to starve.” You don’t have time to think. That can be an advantage. If you are broke right now, you don’t have the luxury of saying, “I’m in my own head.”

If you are most people like me, I was not living in my car but I wanted to change. I was afraid. I remember meeting with that first seller in person. Even on the phone, my hands were shaking and my heart was racing. Meeting with them in person, I was like, “This person is going to totally think I’m an imposter. They are going to know that I don’t have any money. I can’t get a bank loan and I’m going to try to rip them up.”

One of the biggest myths out there is the natural born salesperson. That is not true at all.

I remember thinking, “Do they know that I’m going to be making a profit? What do I have to say? Should I tell them I’m going to be living in the house?” That is a good one. That is the one that a lot of people do. They default to acting like they are a homeowner. If you are new, this is completely natural to feel this way. If you are reading this and you are juiced, then you get all this information. You are ready to go pick up that phone and all of a sudden, your heart drops.

Number one, know that it is natural. The second thing that you have to know is that it is not your fault. There is nothing wrong with you. You are not a complete introvert and not shy. You just do not have the confidence and the skill yet. One of the big myths out there is the natural-born salesperson. That is the biggest bunch of garbage I have ever heard.

If you tell yourself that and if you are not a “self-defined natural-born salesperson,” you are not going to get on the phone. You are always going to be making excuses and have some tools to go out there and talk to sellers. Part of that is 1) The lack of real hunger. 2) Lack of education of what it takes to make that happen. There are three main reasons why people are scared, and we are going to talk about that.

It is funny you mentioned the natural-born sales guy or closer. Every time I run into a self-proclaimed, natural at sales and everything, they are always asking me for a job because they have not put it all together. It is not the truth. There are steps to this game. There are levels to this business. If you are given the right instruction from the beginning or whenever, as long as it hits you and you are taking action on it, it is going to help set you apart and help you to be confident when you go into these situations because it is scary.

When you are starting out and you are going to strangers’ houses, somebody smoked 100,000 cigarettes in them. They have got tons of animals. The landscaping is crazy. Whatever the distress property is or you walk into a ball of emotions. That is the bigger one. It is not even their house. It is not the condition of the house. It is that we are working with the property owner and working through all this web of emotions that they have tied with the property, with their own lives, and with decision-making.

It helps to ask the right questions, be a really good listener, and be in that moment. That is the problem because we all put together a game plan of what we are going to do and say based on our previous conversations. We know how we are going to close, then all of a sudden, the monkey wrench gets thrown in and we are thrown off.

Why People Are Scared

The less talking and less closing that you do, the better. If you don’t know what to say, the best thing is to say nothing at all. If you have fear, we are going to show you how to get past it. Let’s jump on to the three areas where people are scared and have fear. We have to define our fears. “Named must be your fear,” as Yoda says to conquer it.

Number one is imposter syndrome. When you first start out and you are thinking, “Is the seller going to know I have no money in the bank, I have never done it before, I opened up this business or I don’t know what I’m doing?” Many people feel that way and they have a complex around that. I have found in the past that the seller is not thinking any of that.

WI 477 | Talking To Sellers

Talking To Sellers: When you’re ready to pick up that phone and all of a sudden your heart drops, it’s natural. There’s nothing wrong with you. You just lack confidence.

 

A true motivated seller is not thinking about how many houses you have done. They are not thinking about what degrees you have, if you have a license, if you have a big office building, a ton of employees, or if you are making the calls out of your mama’s basement. There is nothing wrong with doing that. They don’t care. All they want is for you to solve their problem. The sooner you can let that go, the sooner you can go, get past that fear, pick up the phone, and make that happen.

I came from a real estate agent background. I would copy a check of the earnest money. I would put together all my proof of funds, letters from all the hard money lenders, and I would have a nine-page contract. More often than not, it confused the seller. They didn’t know what was going on or if this copy of a check was supposed to go to the title company, they were giving it, or why is it a copy. What is proof of funds? What are these things? “I thought you were just going to buy the house.” I did that because I was not confident. I was thinking, “If I have all this evidence showing that I can make this transaction happen, that is what this seller is going to want,” but it truly wasn’t.

We have three things that we have talked about before jumping on the show. There is one thing we didn’t talk about. One thing that can throw you off is getting started in this business and a new person running into a real estate agent. Many times, a real estate agent is going to throw all this stuff in your head like, “You need the fifteen-page contract. You have got to have this special license. You have got to go to real estate school. You have got to have this big office in twenty years in business and do all these disclosures.”

You want to check with your attorney to make sure what is legal in your state, but sometimes, a well-meaning real estate agent will throw a wrench. It could be a family friend, a friend of a friend, or someone you were cold calling. When you are new, a real estate agent who doesn’t believe that you can make a $30,000, $40,000 or $50,000 check, or even $10,000, on your first shot without this can crush your dreams and make you feel like an imposter. Tune out the noise. You laser-focus on what you learn here on the show. Focus on getting on the phone with sellers, asking for the best price possible, turning around, and selling it for a maximum profit.

Let me ask you this. When you started wholesaling, was there somebody in your markets that helped you walk through it, split some deals with them off the bat? Did you go right through the book?

No. I did my first deal from a book. I had no idea what I was doing. I went out there and made that happen. I started doing lease options. I was listening to Peter Conti and David Finkel. They had a training program like Wholesaling Inc. I was in that program learning lease options. I started buying deals to keep after the recession.

After that, I saw that this wholesaler was wholesaling me deals. He was making $15,000, $20,000, or $25,000 a pop. All of a sudden, I was watching him like, “What the heck? I need to start doing more of these.” I was mentoring this young kid, but I saw the fact that he was doing large checks over and over again by doing one thing and simplifying it. It is like you do, Brent, with Talk To People. Sometimes, the teacher learns more than the student.

I see a lot of people partnering up in town with other people. We call it squatting up. That is important, but at some point, you have to be able to build these skills. You need to be able to take the experience so you don’t feel ever that you are an imposter. That slows a lot of people down. A lot of people say, “I just can’t.” That was my biggest problem starting out. “I don’t have the money to buy these properties. What am I going to do? I better partner with somebody that does have the money so I feel confident.” You can start building your confidence by what we are going to talk about next.

The second part is the internal game. We talked on this last time. We got a lot of great feedback on this episode. If you want, find it on the Wholesaling Inc. Podcast and read that. We talked a lot about the internal game of what you think that you deserve. I will briefly touch on this. You must talk to yourself. Rich people talk to themselves. Poor people listen to themselves.

I was working out with my son. He was fading during our workout. I said, “Talk to yourself.” He’s like, “I’m tired.” I said, “Stop listening to yourself. Talk to yourself.” This kid banged out three times as many burpees after he said he could not go anymore. I want to talk a little bit about what we expect of ourselves. If you expect to go in there and make $5,000, that is what you are going to get. If you don’t think that you deserve to turn around, lock up this property, and sell it for $25,000, you are not going to do that.

The less talking you do, the better! The less closing that you do, the better!

The seller is going to feel that. Your voice is going to crack, you are going to hesitate, and your voice is not going to have the sincerity and the power that the seller needs to hear. What most sellers need from you is certainty. It is not about the price or they would have listed with a real estate agent. When they are talking about speed, convenience, and trust, you must offer certainty and convince yourself that you are going to do that. I cannot overemphasize that enough.

How do you do that? By talking to yourself. One of my clients’ deal sizes was around $8,000 or $9,000. I said, “I make at least $25,000 a deal. I tell our team it is six figures.” Sometimes they fall way short of that. There is this pressure of that number. When you say it, you are constantly thinking about it. If you are below that, you start to get dragged up to that. I offer value, I know what to say, and I practice my craft. As you say these things, your behavior becomes congruent. A lot of people think, “I’m not into that hocus-pocus juju stuff.” Of course, that is not real. Say it does nothing. When you say it, you think about it. When you think about it, then your behaviors become congruent.

What do you say is the perfect quote?

“Rich people talk to themselves. Poor people listen to themselves.”

Top Three Objections

There are a couple of real big stumbling blocks that I see with new students coming into the TTP family. They asked me how long I had been in business. They ask me for proof of funds. “What is that? How do I do that? What is going on here?”

If you go to ConvertWholesaleDeals.com, you can buy the No Limits Selling System. It has got all of this internal game stuff, all of these objections, and all of the way that you can talk to yourself. We talked about the top three objections that people get on when they talk to a seller. Number one, how long have you been in business? A lot of people get thrown off on that one. I get it. It is like, “I have been in business for a month, but my partner has been in business for ten years.” That stinks. You are going to get killed. If you hesitate on that one, try to make an excuse or try to skirt or lie. The seller is going to sense it.

The other part about this is, how many properties have you bought? These all fall in the same category. Three, can I see proof of funds? Those are scary. Those are the big three. I’m going to take all the pressure off of you. We are going to give you a solution to handle this objection. I have bought and sold well over 1,000 deals, so I can tell you that in no time, when a seller asked me one of those three, have I bought a house.

It is clockwork. When people are asking those questions and diving deep, the likelihood that they are going to get multiple offers and get a bit up or list with a real estate agent. The people that are the most like, “This is such an issue or a problem.” They are not going through all of these things. They are not going to seminars. There is no show for sellers on what to ask wholesalers or real estate investors to make sure that they get all the information that they need to make a decision.

It doesn’t happen. It is real simple, guys. Todd has been talking about it the whole time. People will trade equity in their property for speed and convenience. I see it all the time coming. They ask me for proof of funds, how long I have been in business and how many properties I have bought, and I’m silent. “Did you get a price out of them?” “No, I have not got a price out of them yet.” Almost every single time, they are not going to give you a price. They are going to say, “I want to know what you are going to offer me.”

They are going to stiff-arm you and build up a force field around them that is going to prevent them from making any decision or doing business with you. When you get those three objections, it is another way to understand that you are filtering out the people that are truly motivated versus the people that are tire kickers. The problem with this is very often, somebody gets a deal from putting in their proof of funds, talking about their background, or talking about how big they are in that type of thing. It throws everything off but it is consistency in your business.

It is probably a $6,000 or $7,000 deal. If you do your first deal and it is $6,000 or $7,000, I want to celebrate you. I have been on the channel for a long time. I love being here, but I have always talked about doing big deals. The people who have six figures in the bank are the ones who do bigger deals, right? It is the time returned on your money.

WI 477 | Talking To Sellers

Talking To Sellers: A motivated seller is not thinking about how many houses you’ve done. They’re not thinking about your degrees or where you’re calling from. They don’t care! All they want is for you to solve their problem.

 

It is the terms of being able to filter deals. Part of this skill is being able to separate the contenders from the pretenders. Pretenders pretend they are going to sell the property to you by saying, “How long have you been in business? How many properties have you bought? Send me proof of funds. I have got seven other offers. What can you give me?” How do I handle it? I will tell you how I handle it in a much more tactful way. We will ask questions to make sure that is true. If I’m dealing with seven other offers, I can’t offer that much value.

They are going to get their problem solved by somebody else. Most of the time, the problem in that situation is they want to get the most money. I get it. They want to buy a bigger house, downsize, or move across the country. They got transferred somewhere else. Let somebody else buy it, keep it, hold it, and do it. Let’s go find somebody that has the opportunity to where we can help them out because they are going through a big-time problem that they are not going to solve themselves.

Handling Objections

Let me go over this how to handle any objections. One of the things people say is, “How do I handle an objection?” I’m going to give you a little bit of catchall. If you want to go into detail, the website ConvertWholesaleDeals.com is where we go into training. If you get caught on an objection, this is one thing that you can do. If someone asks you a question that you don’t know the answer to, 1) Say nothing. 2) Redirect with another question or 3) Say I don’t know.

Let me give you a question and then we could play this. How much business does your company do in a year? How much profit do you guys make in a year? Do you guys buy a lot of houses? Are you selling a lot of houses? Give it to me real.

That is an odd question. Do you mind if I ask why you are asking me this question?

I want to make sure that I’m doing business with a good business person.

How would you define that?

Somebody that does a lot of business would be good. Somebody that I know will get the deal closed. That is what I’m looking for.

What if I told you I did a $1 million deal?

That would be pretty good.

What if I told you I did no deals?

I would then be concerned that we would not be able to do business.

Rich people talk to themselves. Poor people listen to themselves.

Let me ask you this. Is the number of deals that I do really the determining factor of us doing business? Are there other things that we need to talk about?

We need to get the price and closing time right. I need some time to be able to get everything out of here. Those are important.

Let’s start there.

I’m talking to you like that. If I was that seller, you are not getting that deal.

There is no way I’m getting that deal. We are humoring the crowd here. How would I handle this? People are like, “I can’t wait to hear Todd and Brent, the ninjas, close this deal.” I can’t close that deal. I can’t offer any value. The better thing is we know where to spend our time. Asking the question gives us a better idea of where to do that. It gives you more confidence to make more calls. It also gives you the confidence to get off the phone with whom you are not doing business with. That is the biggest thing. This is not external. It is mostly internal.

If you are like, “I’m going to make 60 calls a day. If I make 60 calls a day, I know that 59 of those people are not going to be motivated.” Brent and I did a live event and he was making cold calls live. We were sitting there for a good hour before Brent got any traction. He was sitting there, hanging up, and not motivated. If you were a newbie like, “This is awkward.” All of a sudden, it works this way. Call 60, we got a lead. It was awesome.

Brent was not fazed by the lack of motivation. He keeps going and he doesn’t get jammed up. That goes back to the internal game and knowing if you are getting these questions. They are probably not that motivated. If you are dealing with a real estate agent and you are buying a property from them, that is a different game. If they ask for proof of funds or how many properties, you may have to dance around that or get a partner and overcome that. When you are dealing with sellers, know there are some red flag questions, and those are the top three.

With working with real estate agents, if they are asking that, it is because their brokerage requires that they include that with their paperwork before they can even get paid on anything. It is not that they are trying to vet you. If you run into a situation like that, then go talk. For example, we sent and got a contract signed and the real estate agent took our two-page contract.

I assume later down the line, we are going to have to revise it into the nine-page, but they didn’t care. They put it to their seller. Their seller was fine with the price, terms, and everything. We made sure that we put in the paperwork for their commission. They were happy it is an escrow. We start rocking and rolling. If we need to make some changes later, we can do that.

For the most part, real estate agents are trying to dot the Is, cross the Ts, make sure that their broker is happy with their paperwork. It is that personal relationship that you have with them and their ability to understand if you are confident and certain. That is where they are focusing on, “Does this person sound like they can get this deal closed?”

That is something that you got to work on. That goes back to what Todd was saying. You start talking to yourself and stop listening to yourself.” If you are telling yourself all the time that you were the absolute best at speaking with real estate agents, you become unbelievably good at speaking with real estate agents or homeowners. It works for both.

It is that constant dialogue that you are talking to yourself. You are getting those affirmations. It goes even further than that. It is setting yourself up to be okay to be successful. That is one of the hardest parts. People are more afraid of when people say yes to them then they are by rejection. Yes means that they have to go forward, put in the work, get the job done, and get this. It gets scary because this business becomes real.

WI 477 | Talking To Sellers

Talking To Sellers: You need to be able to filter deals. Part of this skill is being able to separate the contenders from the pretenders.

 

Once it becomes real, you have a responsibility to take this as far as you can for your family, financial future, and sourcing real estate opportunities. When you have that piled on you, that could be pressure. That pressure can be exciting and give you energy as opposed to draining you. It could change your life. It has changed Todd, my life, your brother Tom, Dan’s, and countless others around the country. This business is unbelievably rewarding if you let that happen.

We promised people that we were going to help him destroy fear. We talked about affirmations. We are going to give them two more ways. The second way is moving one step at a time. You talked about the next thing that happens if the seller says yes. We are all there. You are like, “Do I get the paperwork right? Where do I go to escrow? What if I can’t find a buyer? What is going to happen?” Here is my recommendation that will give you more confidence. Commit to taking the very next step. Whatever that is, you are like, “I’m going to get on the phone. I’m going to practice these twenty objections.” On this channel, Brent and I have done a ton of videos. You could learn some of these objections.

“I’m going to practice those before I get on the phone. I’m going to say my affirmations. I’m going to make 40 calls. If I make 40 calls, and if I find a motivated seller, I am going to get a contract. That is all I’m going to worry about. I’m not going to worry about if I have a buyer, getting into the escrow company, and how the paperwork worked. I’m going to do that.” If you commit to that and you win, your confidence starts to go up.

That is number two. Number three?

Number three is to build your skill. If you are a football player, a basketball player, a runner, or a weightlifter, you get confidence by practicing. This is the part where the natural-born salesperson is complete garbage. Most of them have bad habits. It is harder for them to unlearn. If you are not naturally born, you think, “I’m not that good.” You have an advantage because you need to practice. Get out there and make it happen. There are some free sources out there. If you go to ConvertWholesaleDeals.com, you buy that program.

Brian, my acquisition specialist, is amazing. I have been working with him for years on and off. When he started, he could not get two words out of his mouth. In the first six weeks, I’m like, “This guy is not going to make it. It is not going to happen.” Finally, I had a coach tell me, “You have got to get what is out of your head on a paper, train him, and build his confidence. He will be a huge asset for you.” Brian and I have made millions of dollars together using that system.

It was practice and role play. It was finding the people who knew what they were talking about and listening to them. If you decide not to do any of that, get out there, listen to the videos, say your affirmations, and make the calls. If you are dealing with unmotivated people and you are scared of those objections, they are probably a waste of your time. Spend time with the people who have the motivation. Use the skills that we have talked about here to close the deal one step at a time. That will give you confidence.

Fixing Your Mindset

I have it written on this little note here that all of this comes down to fixing your mindset. That is what this was about. If you are reading this, check it out at Brent Daniels – Real Estate on YouTube. It is about getting into the position of understanding that 1) It is okay to get big, massive deals in this business. 2) It is okay that if somebody is asking you all of these pre-qualifying questions, they are grinding. They want you to compete, and they want you to prove to them that you are the best person to buy their house. It is likely that they are not going to do business with you at a price that you want to do business with.

It is a fact. Filter them out. There are plenty of people. 6% to 10% of the market is in distress. It is a conveyor belt out there. There are too many properties. If you drive around in your city or state, and there is literally no house that has any problems, call me, text me or let me know. There are always going to be ugly houses on the street, emotional problems, life events that are happening, and there is an unlimited supply of opportunities out there that you don’t have to force this.

The problem I see is we do a little bit of work, marketing or prospecting. We want to look to those leads with everything that we have. Leads don’t mean anything. Only signing contracts and converting them means anything. Start filtering out the people that will never do business with you. It will change the landscape. Todd is giving you the game plan to be able to do it.

Thanks so much, Brent. I love being here. Let’s do it again.

If you are interested in learning and really deep diving, it is ConvertWholesaleDeals.com. The cost is absolutely silly for the value you get in return. That has gone through the sales system that Todd put together has increased their business. It is absolutely phenomenal. Check that out. You know me. I’m Mr. TTP. I’m going to always encourage you to talk to people. Until next time, guys. I love you. See you.

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About Brent Daniels

Brent Daniels is a multi-million dollar wholesaler in Phoenix, Arizona… and the creator of “Talk To People” — a simple, low cost, and incredibly effective telephone marketing program…

Also known as “TTP”… it helps wholesalers do more, bigger, and more profitable deals by replacing traditional paid advertising (postcards, yellow letters, bandit signs, and PPC) with being proactive and taking action every single day!

Brent has personally coached over 1,000 wholesalers enrolled in his “Cold Calling Mastery” training, and helped 10,000’s of others who listen to him host the Wholesaling Inc. podcast, watch his YouTube channel, and attend his live events…

A natural leader, Brent combines his passion for helping others with his high energy, “don’t-wait-around-for-business” attitude to help you CRUSH your wholesaling goals as quickly and easily as possible!

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