Building up your business starts with getting the contract signed. Getting the seller to sign the contract is hands down one of the most important aspects of the wholesaling business. However, many find this part of the process to be quite challenging. The truth is, it does not have to be! In this episode, Brent Daniels gives guidance on how you can nail this critical final step each and every time. If you want to add a few fool-proof techniques to your business arsenal, consider listening to this episode a must!
How to Get the Seller to Sign the Contract Every Time!
There are no secrets to this business. There are just things you don’t know yet. What are we talking about? We’re talking about presenting the offer to the seller. You’ve gotten to the point now where you’ve been proactive. You’ve had a quality conversation with a distressed property owner and now is the final step. Now is the step that you get the contract signed.
This is a critical step, and it’s funny. A lot of people get nervous about this point, and I want to give you the tools so that you feel so bulletproofed like a gunslinger out there that you can go into every appointment with so much confidence that you get the contract signed every time. It comes down to the basics off the bat. It comes down to the four pillars of pre-qualifying.
I never want you to go on an appointment unless you have pre-qualified the seller. Too many people are running around town, hoping that people are going to sign a contract. If you’re going into a contract appointment to present an offer and you’re hoping that they sign, you are doing something wrong.
Don’t show up late. It’s rude and unprofessional.
You need to pre-qualify. We hammered in the four pillars, the condition of the property, timeline to sell, their motivation and their price. If you have those four pillars and you’re going on this appointment, you are going to be so confident that they’re going to sign this paperwork. I’m going to give you some great advanced agreements so that you know any objections that they have before you go on the appointment. First of all, you’ve got to pre-qualify. Please, pre-qualify every single time. Condition, timeline, motivation, and price.
When you are going to this appointment, I want you to show up early. Show up fifteen minutes ahead of time because there is so much going on in your life. You need to block it all out, be laser-focused, and show up early. Don’t be the guy or the gal that sets the tone for the relationship by showing up late.
It’s rude and unprofessional. You need to be professional. Show up early, sit in your car fifteen minutes ahead of time. Think of any objections that could come up. Think of the perfect presentation. Think of you getting the contract signed without any kind of friction. That’s where you need to be. You need to show up with certainty and likeability.
Certain that you can get the job done, that you can solve their problem and the likeability that they are naturally just charmed by who you are, and they are so confident that you can solve their problem, that they have no problem. They put all their trust in you. Don’t clam up. Don’t go in there thinking that you’re this big bad-ass cash buyer and that you aren’t going to throw your weight around because you do so many deals and because you know what’s going on better than they do.
You need to be likable. Likable happens when they’re talking and you are actively listening. You’re nodding your head. You’re speaking to them. You’re listening to what they’re saying because a lot of these appointments, they’re going to go on. They’re going to reiterate their whole life story to you, tell you all their problems, and go off on all these tangents and you’ve got to sit there and listen to them. When you’re going through the house, make sure you take a lot of pictures and make sure that you’re getting everything that needs to be repaired on the property so that you can effectively sell it.
Once you get the contract signed, take the pictures, go around. Now you’re sitting at the table with them. I’ll go into this if you’re doing this virtually and you’re doing everything over email, but let’s say that you’re sitting knee to knee, belly to belly, face to face and you’re going over the paperwork or the agreement. It’s not a contract. Contracts are scary and hidden language. This is an agreement and you go over it.
Negotiating and putting together a deal all comes down to three things: price, terms, and you.
When you are negotiating and putting together a deal, it comes down to three things: price, terms, and you. You want to go through that so that they understand what is going on here, and it’s very simple. The price is black and white. The terms are usually where the questions come up. What is an inspection period? When do I get my money? What is the process from here on out that is all outlined in the paperwork?
Go through it so they’re 100% confident. Don’t show up and say, “Sign this and we’ll get going,” and then all of a sudden, two days later, they’re calling you with a ton of questions. The other thing I like doing is I have on my phone an app that is called TurboScan. You take a picture of the contract and you immediately send it to your title company or closing attorney. Leave the paperwork with them. Isn’t that crazy? Now they’ve got the paperwork so that they can review it any time that they want, and you’ve already got escrow opened. It’s genius and brilliant.
It cuts through everything, and all of a sudden, the process is going and explain that to them, “I’m going to now scan this in. I’m going to send it to the title company so they can get to work. We are moving forward on this transaction.” It’s so powerful. What I like to do is when you’re going through the contract, go through it, answer any questions that they have. Sign the contract, turn it around, and ask them to sign. Once they see that you’re committed to it, they’re going to feel obligated to be committed to it too.
Not obligated in the sense that they didn’t want to do it before you signed, but they’re ready. They’re like, “This is natural. That sounds good. I’ll sign it and done.” Now you’ve got the signed contract. That’s what this is all about. All this hard work. All of these calls, conversations. All of you learning how to comp properties, what’s a deal and what’s not a deal comes down to this day. This moment you are getting that contract signed, and you are off and running. If you are in a virtual situation, if you’re wholesaling virtually, then you need to make sure this is critical. Don’t just send an email. Call them up and text them and say, “I sent you the contact.”
No, because they will wait until the time is right for them. All of a sudden, it’s been 3 or 4 days. You haven’t heard from them. They’re ghosting you. You’re not sure. You’re following up. You’re getting nervous now. Set a time now that you’re going to get on a phone with them and go over the contract, “Bob, at 1:00, can we get on the phone? You pull up, get in front of your computer, pull up the contract. I want to go through it with you.”
Most of the sellers that I work with want to make sure that they understand the contract and want to jump on the phone with me, “Does that make sense? Is that something that we can arrange? I want to make sure that we get through all of it and get it done so that you don’t have any questions.” “Yes.” Frame it in the sense that most people are like this. Most people do this. You need to do that. That is critical because some people don’t check their email for days. Some people things happen. Make sure that you schedule a time where you can get on the phone with them and make sure that they sign the contract there.
It’s going to save you a lot of heartache and headaches. Here’s the thing. This is critical. Before the appointment, you need to ask him this question. This is called an advanced agreement, “Susan, when I come out tomorrow, is there anything that’s going to stop you from moving forward and signing the paperwork?” Listen to their answers, “Brent, what if they tell me no? What if they tell me they don’t want to sign it? What if they tell me that they have to get this person to review it or they have to think about it or they have to pray about it?”
Going into the appointment, at least you know what you’re dealing with. At least you know their objections as opposed to sitting there in front of them, you sign the contract, you put it in front of them, and they’re like, “I want to have a night to think about it.” If you go in there and understand the objections, then you know how to handle them.
Get the advanced agreement. “Is there any reason that we can’t move forward? If what I say makes sense and you feel comfortable and confident with the paperwork, is there anything preventing you from signing it when I come out?” That’s a strong question. I’m nervous about that question because they might say, “No.” Good. Get that out of the way now so that you know how to deal with it when you’re on the appointment. This is critical.
You’ve got to pre-qualify. You’ve got to explain the price, the terms, and you’ve got to be likable and certain so that they’re confident and they trust you to get the job done. If you put these steps into action, you are going to get more contracts signed. More contracts signed means more victory bells for you, more deals for you, more income, and then all of a sudden, you start building up your business and it all starts with getting the contract signed.
You got this. If you are interested in joining the most proactive group in real estate investing, it is the TTP Program. Go to WholesalingInc.com/TTP. Scroll down and check out the hundreds of testimonials. Check out what the program is about. If it feels good in your guts, then sign up for a call. I look forward to working with you personally.
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!