Posted on: June 22, 2021

Want to learn how to effectively convince a homeowner to sell his real estate property? Then this is the episode for you!

Listen in as Edward cold calls a potential client. He starts off remarkably, but during the second half of the conversation, mishaps start to take place. The result? A prospective deal goes down the drain.

Brent Daniels, Wholesale Real Estate coach at TTP, breaks down the mistakes Edward made and offers constructive criticism on how he could have approached the situation better. Starting from the tone of voice to affirmations and mark-up responses, Brent covers everything you need to know to seal the deal.

Key Takeaways

  • Be on a first-name basis with the homeowner
  • How to handle dead air and reply promptly during conversation
  • Enhance your negotiation skills to secure more deals
  • The worst possible way to end a call
  • Enthusiasm and confidence are keys to a profitable business

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Episode Transcription

Brent:
In this cold call breakdown, this one’s really, really, really important because this caller here, Edward, he is doing phenomenal with his using the script and flowing with the conversation, but you’re going to see it starts getting wiggly at the end. He keeps repeating himself and it causes some of that friction in the call that you don’t want to go through, okay? And because of that, I think he could have done a much better job. I mean, he got all the four pillars. He got the condition of the property, the timeline to sell, the motivation to sell, and the price, but he could have done a better job of really, really, really solidifying that he could solve the problem of this property owner. Now, remember, whenever a property owner is kind of stiff arming you with, they need certain things to happen before they can sell their property, your job is to solve that problem.
“We can handle that for you no problem. We do that all the time. I’ve got you covered. Whatever you need, we can help you out and make this as smooth for you as possible.” The other thing here is his tone, all right? His tone is very flat. Now, he’s crushing the script and I love it. And you can see, even if your tone is off a little bit and it’s kind of flat, you can still pull out really good information from a motivated seller. But if he would’ve had a little bit more inflection, a little bit more movement in the way that he used his words, he would have been more effective. Let’s check this out.

Ronald:
Hello?

Edward:
Hi, I’m looking for Ronald.

Ronald:
This is him.

Brent:
Perfect opening. Hi, I’m looking for first name. Stay with it. Listen to me. Stay with the first name. You can even switch it up just a little bit. I don’t like it too much, but you could switch up just a little bit. Instead of, “Hi, I’m looking for,” just go, “Ronald?” Right?

Edward:
Hi, Ronald. This is Edward. I know this call is out of the blue, but I was calling about a property I believe you own.

Ronald:
Yup.

Edward:
Yeah, so I just wanted-

Brent:
Now, watch this. In the beginning this guy is going to only give little short one word answers. I can feel it right now. I can feel his force field covering him. And he’s like, “Mm, I don’t know who’s calling me. I don’t know what this tone is. Is this somebody that I know? What do they want?”

Edward:
Yeah, so I just wanted to see if you would consider an offer on your property there.

Ronald:
Oh, I don’t know. What kind of offer?

Brent:
So, remember, when you ask them if you would consider an offer on their property, six responses you’re going to get. Yes, I do. No, never. Maybe in the future. How much will you give me? This is a version of how much will you give me. Watch.

Edward:
Okay. Well, we purchase a property with cash. We pay all the closing costs, and there’s no real estate commissions. And the best part is we buy them completely as is, so you wouldn’t have to-

Brent:
Literally line by line from the TTP script. Literally line for line. He’s giving benefits, benefits, benefits, benefits. The guy throws at him, “Well, it depends on the offer. It depends on how much I get. Depends on this, this and this.” You throw out the benefits for it and then watch him answer his question, basically, “What kind of offer?” with the benefits and then ask a question again. And that’s how you gain control. That’s how you stay in conversation with this property owner instead of just getting steamrolled. Remember, we want confidence. We want certainty when we’re on the phone, right? That’s what we want. That’s what makes us really, really, really excited and really effective when we’re making these calls, all right? So, if you’re keeping these conversations going and you’re pulling out the four pillars of pre-qualifying, you’re going to feel more confident. You’re going to feel better. And the better you feel, the more calls you’re going to make. The more calls you make, the more money you make. It’s the fact. That’s the equation.

Edward:
… put another cent into the property. I mean, for an offer like that, how much would you take?

Ronald:
I don’t really know. That’s why I would be asking how much you’re willing to pay.

Brent:
Ooh, okay Mr. Seller. He’s just hitting that ball back to us, right? He didn’t answer it. He’s like, “I don’t know. You tell me.” Watch this. Watch how he flows with it.

Edward:
Okay. Well, the condition of the property plays a major role in building and that [inaudible 00:05:34] offer for you.

Brent:
Write that down. The condition of the property plays an important role, plays an important factor in the price that we give you. And then he’s going to hit him with another question. This is going so good. I’m so happy with Edward. If his tone was a little bit more engaging, a little bit more inviting, a little bit more fluid, it would be better. But he’s doing a really good job of answering the question and asking a question to gain back control.

Edward:
Can you tell me, have you done any recent remodeling or upgrades to your kitchen or bathroom in the last five years?

Ronald:
Nope.

Edward:
Okay. Well, perfect. I mean, like I said, we are purchasing-

Brent:
You hear that? “Okay, perfect. Okay, perfect.” Remember, active listening. Active listening. Confirm and approve everything that they’re saying. “Okay, great. Perfect. Oh, that’s fantastic. Yeah, that makes sense.” All of these things are tools to pull out. Don’t just sit there and go, “Uh-huh. Okay. How much do you want for it? When do you want to sell it? What’s the condition of the property? Okay. Why do you want to sell it?” No, there’s better and more effective ways, and he’s doing a phenomenal job. This is the highlight. The peak of this call for Edward is this part right here where he transitioned. That guy threw it right at him. He’s not giving him much. He’s got his force field up. He’s protecting himself. And Edward is chipping away a little bit. All of a sudden that force field’s getting a little bit thinner, a little bit thinner every question that he asks.

Edward:
… some properties exactly as is. Can you tell me how old your roof is?

Ronald:
Yeah, it’s about 10 years old.

Brent:
Now, this is okay. I don’t mind this. See, what he did was, Edward understands from the training that we’ve given him, that if you’re asking about the condition of the property, that is more comfortable for the property owner’s to answer. They’re fine with that. It’s when you start getting into the why and when that they get a little bit comfortable, and how much. But the condition? The condition is just statement of fact. It’s just telling you what’s going on with this property. It’s not really getting into the emotions of it. So, he keeps going in and he knows, “The longer that I keep this seller on the phone, the more I’m going to be able to see if we can serve this person, that we can actually help this person solve the problem that he has, if he has a problem. We have to figure that out.” And he does that.

Edward:
Okay. How old would you say your furnace is?

Ronald:
That’s about 10 years old, 15 maybe.

Edward:
Okay. Anything the property could use or need in the future? Any repairs?

Ronald:
Oh, I got lots of them.

Brent:
He’s got lots of them. Oh my gosh. So, we’re a minute 44 into this conversation, okay? Edward has probably made 250 calls this day. This might be his 251st call of the day and he’s having this conversation. He’s like, “Okay, we’ve got something here. This is feeling good. Is this guy going to hang up real quick for no reason? Is he going to stay on the line? I’m trying to keep him on here. I’m trying to ask good questions. I’m trying to figure out the four pillars of pre-qualifying, condition, timeline, motivation, price. I’m working all these things. I know if I stay in the condition of the property, he’s going to stay on there longer. This is absolutely great.” And then he throws out, boom, ‘This property needs a lot of work.’ Ding, ding, ding. That is what you’re looking for. The red flags should be flying up. The alarm bells should be going off in your brain. This is when you settle into this conversation and you start going, all right?

Ronald:
I wouldn’t even want to get into the list.

Edward:
Okay, so maybe this property could use a bit of work?

Ronald:
Yup.

Edward:
Okay.

Brent:
Right here. A mistake that he made is right here. What I would say is, “That’s exactly what we’re looking for. Charles, that is exactly what we are looking for. That’s what we specialize in,” all right? And then move on, right? You just confirm. You just say, “Okay, great,” and then you get into the timeline. “If I could get you the price that made sense, when would you want your money out of this property?” That is exactly what we’re looking for. “And if I can get you the right price, when do you want your money?” Right?
And he kind of goes into this. Watch the way that he does that. But I want him to feel like, “Oh, okay.” I don’t want him to feel ashamed of the property. You can almost feel, with the tone that the seller had. “I don’t even want to get into all the stuff that the property needs.” He’s almost like, “I know that I let this go downhill.” And that’s when you got to bring them back up and put them on your shoulder and just say, “You know what? It’s cool. This is exactly what we’re looking for.”

Edward:
All right. If you don’t mind me asking, what’s the reason why you would like to sell this property?

Ronald:
I’m ready to move. I’ve been here 20 years.

Edward:
Okay. Is this currently your primary residence?

Ronald:
Yeah.

Edward:
Okay.

Brent:
It’s good. That’s not the real motivation. You guys feel that, right? You feel that, right? Like, “Oh, I’ve been here 20 years. It’s time to move.” I smell something different. I smell something. There’s something underlying there. I’m going to try to figure that out. “Okay, great. Well, if you did sell this house, where would you move to next? When do you want that to happen?” Right? You’re starting to get all of these things, but that is, woo, that’s what you want. The motivation isn’t that he’s owned it 20 years and he’s just tired of living there. If he’s lived there 20 years, he likes living there. What is going on? There’s something else going on here. It’s not like, “Well, my 20 years is up and so I got to get a different house because it’s been 20 years and now it’s just the right time.” No. Anytime you hear that, “Well, we’ve been here a while. We’re just ready for a change,” there’s something more for you to find there. A lot more.

Edward:
And you said the property could use a bit of work?

Ronald:
Yeah.

Brent:
Now, he keeps going back. He was real comfortable. Edward was feeling in the zone, asking questions about the property, and he stays here way too long.

Ronald:
Yeah.

Edward:
Okay. Let’s say we come up with an offer that makes you happy and works for us, when do you see yourself maybe selling this property?

Brent:
That’s a great line. That is a great line. I mean, for real. “If it makes sense, when do you see yourself selling it?”

Ronald:
When?

Edward:
Yes, when do you see yourself-

Ronald:
As soon as I find a place to put all my stuff, which maybe takes a while. I don’t know.

Brent:
“As soon as I find somewhere to put all my stuff. Charles, listen, I am telling you, we work with people all the time. We help them pack up their stuff. We help them organize their stuff. We help them move everything. Because listen, I understand. There’s probably a lot that you have there and it feels overwhelming, doesn’t it? Yeah, it is. It’s pretty overwhelming. Okay. Well, if you will allow us, we will help you organize everything. I’ve got an unbelievable team of people that would help you organize everything that you’ve got so that you take the stuff that you want.
And the best part is, you can leave anything else that you don’t. Anything else you don’t and that feels like it’s a lot and it’s a headache and you have to empty this thing out, you don’t. We will take care of that. This is what we do. Let us do what we do. You take what you want and we’ll get you into a new place. We’ll help you pack everything up and then you can take the money out of this property and move wherever you want to. Does that sound like a plan?”

Ronald:
… takes a while. I don’t know.

Edward:
Okay.

Ronald:
I’m trying to get it cleaned up right now so I can sell it in the future.

Edward:
Okay.

Brent:
Dead air. Something’s going on. Something’s either distracting him or he’s not really sure where to go here or what to say here. So, what does he do?

Edward:
So, when do you see yourself selling this property, you said? Right away?

Brent:
He just answered that question. He just told him. “When do you see yourself moving? Well, when I can get all this stuff organized and clean it all up. Well, then when do you plan on moving?” It’s the same question.

Ronald:
Selling it? Yeah, maybe. I mean, the price would have to be right and I doubt it would get what I need.

Edward:
Okay. What would that be for you? What price were you looking? I mean, what would the right price be?

Ronald:
Probably about 330.

Edward:
330.

Brent:
What do we have here? Condition. It needs a lot of work. Timeline. As soon as he can get that thing cleared out, he wants to sell it. He’s been there 20 years. Motivation. We kind of know. We don’t know enough. We know that the property’s rough. We know that it’s probably rough for some reason. Maybe there’s some financial reasons. Maybe he is somebody that collects a lot of things. Some people call that hoarding. We know that maybe things are falling apart that he’s not necessarily telling us about, and it’s getting more uncomfortable every single day that he’s living there. So, we have an idea of motivation. It’s kind of surface level. We have a veneer of it, but we don’t have the true motivation. We’re getting there. And now we have the price, right? And that’s phenomenal. This is three minutes 28 seconds into this conversation.
I would tell you, on average, when we look back on the leads that turn into closed deals, the average is about three and a half minutes is the call when you talk to a motivated property owner. Now, some of them go on for a long time, but I just want you to think about that when you’re on the call. Sometimes when somebody’s saying yes and you’re having a good conversation, sometimes it feels like you’re on there for an hour. It’s a lot shorter than you think. So, just relax. Let it flow, all right? Just take a deep breath. Get into the zone. Be totally present when you’re talking to this property owner and just focus. And remember condition, timeline, motivation, price.

Edward:
[inaudible 00:15:56]?

Ronald:
Yup.

Edward:
Okay. How did you come up with that number, 330, or what led you to that exact number?

Ronald:
Well, that’s what it… Property taxes, basically.

Brent:
I don’t like this question on a cold call. I really don’t. “How’d you come up with that number?” Let’s date a little bit more before we get into this. Now, sometimes it’s okay. I do think that it’s very difficult to screw up a truly motivated property owner. But I think that that’s more of a follow-up or more of an on the appointment or maybe more of question that you ask face-to-face. If you want to throw it out there and get it, that’s fine. If you want to have your prospectors go out and throw it out there, that’s fine. But just beware. It causes friction with people that are on the fence. And now all of a sudden you’re making them defend their price, defend their position. And a lot of people get shut down at this moment.
And this is why you get ghosted when you do lead follow-up. Because your prospect or you pushed too hard on the initial call. And now they’re like, “You know what? That felt weird. He was really pressuring me and asking me about the price. I know that he’s going to come at me aggressive and I just don’t want to work with him or her, whatever. I don’t want to work with him.” You know what I mean?

Edward:
Okay, I see. How flexible would you be on the 330?

Ronald:
Not very.

Edward:
Okay.

Ronald:
Because I know I can get it after I get it finished.

Edward:
I see. Well, Ronald, I mean-

Brent:
Instead of saying… And listen, if you’re going to go this approach, cool. If you’re going to ask them, “How did you come up with that number?” Great. And if they throw out a number and then you say, “How flexible are you?” What are they going to say? 99% of the time they’re going to no. They just told you their price and then you just asked them, “How flexible are you?” And they’re like, “Nah.” Maybe sometimes it works. That’s why we form bad habits, because it worked one time out of 100. And you’re like, “Ah, this is great. This is amazing.” And you get praise. And you’re like, “Oh, that was incredible.” You have a phone prospector that you hired and they threw that out and they got that and you got that deal.
And you’re like, “Great job. Do that every time.” And then all of a sudden they go on a cold streak. There’s a reason why they go on a cold streak. Because now you have put them in a position to ask that question all the time and it throws off the property owner. Now, they’re playing a dance. Now, they’re going, “Are you flexible?” I like, instead of asking that, “Is that the best price that you could do, you think?” Right? It’s a little bit more subtle and it’s like, “Hmm, well, I don’t know. There might be some room.” It’s the same thing but I think it lands better.

Edward:
Do you have any other property that you would consider selling off of? Maybe something that needs to be-

Ronald:
Nope.

Brent:
What? Now, this is the question you ask when somebody says no. When you ask, “Would you consider an offer on your property?” and they say no, then you go, “I completely understand. Do you have any other properties that you would consider an offer on? Maybe a piece of land or something that needs a lot of work?” You don’t ask this question when you’ve got the lead. When it’s somebody that’s saying yes, and you’ve got the four pillars of pre-qual, and now you’re switching tracks to go on to, “Would you consider an offer on any other properties?” Now you’re confusing him like crazy. And the end of this is just, oh my gosh. Oh, I feel it. I just feel inside my whole body getting hot. I’m like, “Oh no, don’t do that.”

Edward:
… remodeled or something that needs a little love?

Ronald:
No.

Edward:
Okay.

Brent:
Listen to me. He’s got so many things at his house that he has to figure out what to do with them to go and move somewhere else. And he’s living in this house. The likelihood that he’s got investment property and other properties out there that he would sell, it’s just so low. Don’t do this. Seriously, don’t do this. If you’ve got a lead, don’t switch tracks and get greedy, all right? You’re just trying to run up the score. And it’s not the place to do it because this turns into people that don’t answer their phones again. This turns into the people that you call back a while and they just hang up instantly. “Hey, would you keep? No. Hey, I’m calling out of the blue, but- No.” Right? Now you programmed them and now they’re back in their shell and they’re fighting you.
So, one, tone of voice. Listen, Edward did a fantastic job at certain parts of this call, right? He stuck to the script. He was asking really good questions. When he got thrown a question or when the guy was really, really, really just throwing out one word answers, he was opening him up and opening him up and opening him up. Fantastic. Vary up your tone. Stay focused. Don’t ask the same questions over and over and over again. And if he throws out a price, don’t make him defend it on the first call, all right? These are the notes that you should be taking from this. And I’m telling you, you’re going to be so much better on the phone if you take this advice.

Edward:
Okay, well Ronald, I mean, considering that this property does need a bit of work, I mean, you wouldn’t be flexible with the price.

Ronald:
Not really, no. Not by much, anyway.

Brent:
Now he’s defending again. Oh, what? “I don’t understand, Brent. These people are ghosting me. They won’t answer their calls anymore. They won’t.” This is why. Make them defend their position and they are going to run from you. For real. You can do this tactfully. You can do this responsibly. You can throw out numbers. You can say, “Listen, I’m looking at what your neighbors in similar condition are selling for and it’s at 230, not 330. Is that something that you would consider if we can make this really smooth? Well, maybe. Why don’t we set something up? Why don’t you come? I didn’t know what things are selling for. I just saw what they’re charging me for on my property taxes. So, I don’t know. Let’s talk.” Right? This happens. That’s not fantasy. I’m telling you, this happens if you are very, very, very appropriate with the way that you’re asking your questions, your tone of voice, and you don’t pound them to defend themselves.

Edward:
Okay. Even considering that the property could use a lot of work?

Ronald:
Yep. That’s why I figure I need to get it done so I can get what it’s worth for it.

Edward:
I see. All right. Okay. Well, thank you, Ronald. I appreciate it. Let me go ahead and get in touch with my partner and see what he thinks about this.

Ronald:
Okay. Thank you. Bye.

Brent:
The worst way to end it is, “Let me get in touch with my partner and see what he thinks about this.” “Hey, listen, Ryan is going to give you a call later today. Ryan is going to give you a call tomorrow.” That’s my acquisition manager’s name. But whoever it is, “I’m going to call you back. I’m going to look up and I’m going to do some due diligence here. I’m going to do a little bit of homework on this and see if we’re close. I would love to work with you. So, can you do me a favor? Can you save this number in my phone? I’m calling you from my office. Can you save my cell phone number in your phone. It is 480 bah, bah, bah, bah, bah, bah, bah, bah. You know what I’m going to do? I’m going to text you as soon as we get off and if you just save it in there as Brent, a home buyer, I’m going to be reaching out to you by the end of the day,” whatever, “or by noon tomorrow, and we’ll put something together.
Does that sound fair? That sounds fair. Okay, great. It was a great… Thank you so much for taking the time to speak with me and I look forward to doing business with you in the future.” Right? That is way more powerful than, “Okay, great. I’m going to have my partner look at it and we might give you a call,” right? So, take this. Take this. I mean, literally, Edward did a fantastic job on a lot of this. If you just round it out a little bit more and you add some of these tools that I’m giving you here, I’m telling you, your confidence is going to go through the roof and you are going to be shocked at how the angriest people open up to you.
And remember, they’re not angry because you’re making them angry. You’re interrupting their life, for sure. But they’ve got other things going on. You’re the last thing that they were thinking about dealing with today or talking to or communicating with. So, you need to flow into their life really smoothly so that it’s not so much friction and not so much like anarchy in their brain going through, “What is going on? Who is this? Why am I answering these questions?” And they feel like they’re just talking to a neighbor and, “I do need this problem solved,” and they’re going to work with you. And that’s how you get great at this. And this is how you do a deal every single week. Remember, it takes about 20 hours of calls to get a deal, right?
But imagine, if you get $10,000 a deal, $15,000 a deal, we average $42,000 a deal, that is how you build a very profitable business, and that is how you pay off your debts, and that is how you get out of your 9:00 to 5:00, and that is how you start buying real estate and assets that get passive cashflow and just open up your financial future and make you the magnet in your family for somebody that is really being proactive, really doing something special. And you set the tone. You set the tone and you really give a great example of what you can do if you’re proactive and you reach out to your community and you solve their problems.
And if you are interested in joining the most proactive group in real estate investing, it is the TTP family. It is the TTP program. Go to wholesalinginc.com/TTP. That’s wholesalinginc.com/TTP. Check it out. Scroll down. If it feels good in your gut, sign up for a call. I look forward to working with you personally. And until next time, I’ll close out, as I always do, encouraging you to talk to people. Until next time, see ya. Love you.

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