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 gave guidance on how you can nail this critical final step each and every time. If you want to add a few foolproof techniques to your business arsenal, consider listening to this episode a must!
- Why you need to pre-qualify before presenting the contract
- What the four pillars of pre-qualifying are
- Why it’s recommended that you show up at least 15 minutes early to appointments
- What all negotiations all come down to
- What an advanced agreement is
- Why you need to know and understand the seller’s possible objections beforehand
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Hey everybody. It is Brent Daniels, Mr. TTP, and here is the deal. Okay? There is no secrets to this business. There’s 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 have… 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 actually get the contract signed. This is a critical step. And it’s really funny. A lot of people get real nervous about this point. And I want to give you the tools so that you feel so bulletproof like a gunslinger out there that you can go into every appointment with so much confidence that you get the contract signed every time.
Now, listen. 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, running around hoping that people are going to sign a contract. If you’re going into a contract appointment, if you’re going in to present a offer, and you’re hoping that they sign, you are doing something wrong, okay? You need to pre-qualify. We hammer it in and hammered it and hammer it in. The four pillars. The condition of the property, timeline to sell, their motivation and their price.
Now, listen. 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. And 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. This is bananas. Okay. So first of all, you’ve got to pre-qualify. Please, pre-qualify every single time. Condition, timeline, motivation, price.
Next. When you are going on this appointment, I want you to show up early. Show up 15 minutes ahead of time, because there is so much going on in your life. There’s so much going on. You need to block it all out and you need to be laser focused and you need to show up early. Don’t be the guy that sets the tone, or the girl, that sets the tone for the relationship by showing up late. It’s rude. It is unprofessional. You need to be a professional. Show up early. Sit in your car. 15 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. Okay. That’s where you need to be. Okay. And you need to show up with certainty and likeability. Certainty, and likability.
Certain that you can get the job done. That you can solve their problem and 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. Okay. Don’t just clam up. Don’t go in there thinking that you’re this big bad-ass cash buyer and that you are going to throw your weight around because you do so many deals. And because you know what’s going on better than they do. No. You need to be absolutely likable. Likable happens when they’re talking and you are listening. You are active listening. You’re nodding your head. You’re speaking to them. You’re actually 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. They’re going to tell you all their problems. They’re going to go off on all these tangents and you got to sit there and you got to listen to them, okay? Now, when you’re going through the house, make sure you go. Take a lot of pictures. 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, okay? And I’ll go into this if you’re doing this virtually and you’re doing everything over email. But let’s just say that you’re sitting knee to knee, belly to belly, face to face, okay? And you’re going over the paperwork or the agreement. It’s not a contract. Contracts are scary. Contracts are hidden language. No, no, no, no, no. This is an agreement, okay? And you go over it.
Now, when you are negotiating, when you are putting together a deal, it comes down to three things. Price, terms, and you, right? Price, terms and you. So you want to go through that so that they understand what is going on here. And it’s very simple. The price, that’s black and white. The terms are usually where the questions come up, right? What is an inspection period? Right? When do I get my money? What is the process from here on out? That is all outlined in the paperwork. So go through it so they’re 100% confident. Just don’t show up. 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, okay?
The other thing I like doing is I have on my phone an app that is called TurboScan. 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. It’s brilliant. It just 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, and 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, okay?
Now, 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, right? 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. Okay. 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, all of these 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 you are running.
Now, if you are in a virtual situation, if you’re wholesaling virtually, then you need to make sure, this is critical. Listen to me. Don’t just send an email, call them up and text them and say, “Hey, I sent you the contract.” No, no, no, no, no, no, no, no, no, no, because they will wait. They will wait until the time is right for them. All of a sudden it’s been three or four days. You haven’t heard from them. They’re ghosting you. You’re not sure. You’re following up. You’re getting nervous now. No, set a time now that you’re going to get on a phone with them and go over the contract.
“Hey Bob. At one o’clock today, can we get on the phone and you pull up, get in front of your computer, pull up the contract. I want to go through it with you. Most of my 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. Right?
And frame it in the sense that most people are like this. Most people do this, right? Okay. So you need to do that. That is absolutely critical because I’m telling you, they will… Some people don’t check their email for days. Some people things happen. So 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. I’m telling you, it’s going to save you a lot of heartache, a lot of headache.
Now here’s the thing. Before the appointment, this is critical. You need to ask them this question. This is called an advanced agreement. “Hey Susan. When I come out tomorrow, is there anything that’s going to stop you from moving forward and signing the paperwork?” And then listen to their answers. “But 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. All these things.” At least you know going into the appointment, what you’re dealing with, right? 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, “No, you know what? I really want to have a night to think about it.” Right?
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?” “Well, that’s wow. That’s a really strong question. I’m nervous about that question because they might say no.” Good, get that out of the way now before, so that you know how to deal with it when you’re on the appointment. This is absolutely critical.
That is it guys. Listen, you’ve got to pre-qualify. You’ve got to explain the price, the terms, and you’ve got to be likable and you’ve got to be certain so that they’re confident and they trust you to get the job done. I’m telling you, if you put these steps into action, you are going to get more contract 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, building up your business, 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. Wholesalinginc.com/ttp. Scroll down, check out the hundreds of testimonials. Check out what the program’s about. If it feels good in your gut, then sign up for a call. I look forward to working with you personally.