Posted on: March 21, 2022
WI 911 | Seller Objections

 

Most real estate investors just settle for the problems and limitations that their hometown market brings. But what they don’t know is that you don’t need to live where you can invest; you can do it anywhere! How can it be done? There’s this thing called “virtual investing”, folks. You just need to master its A to Z’s.

On the flip side, a lot of investors are still biting their nails when it comes to answering calls and dealing with seller objections. But worry no more, because virtual wholesaling coach Lauren Hardy will get to the bottom of that. Brace yourselves, because, in this series, you’ll be learning how to overcome seller objections with the utmost ease and respond to their calls in the right direction.

How To Overcome Seller Objections With Ease

Episode Transcription

Before we get started, I want to tell you about wholesaling Inc’s tool of the month for the month of March. That is REsimpli. It is the best all-in-one CRM platform we have ever seen but the best part is REsimpli is not just an incredible customer relationship manager. It also provides you with a ton of other features like skip tracing and list stacking. They have their own phone system built into this thing. You could do drip campaigns like following up with motivated sellers with automated texts, emails, ringless voicemail, and even direct mail campaigns.

These guys even have their own driving for dollars app. This is truly a one-stop solution for all of your business needs. You could probably eliminate monthly payments on at least 5 or 6 different tools, maybe even more, and save a bundle without worrying about hopping from platform to platform. This is all under one roof, and it is one of the best software solutions we’ve seen to run your entire real estate business. It is REsimpli.

For a limited time, if you go to REsimpli.com/wholesalinginc, you will save 30% off your first month of REsimpli. To take advantage of this incredible discount, again, head over to that website and stop wasting time jumping around on ten different platforms. Start spending your time where it accounts like, doing more deals. Let’s get into the episode.

I see it all the time. You want to build wealth by investing in real estate but the problem is what you want to do might not match where you live or your lifestyle. The truth is that not all real estate investing strategies work in every market. For most people, it’s only natural that you think you have to invest in your backyard because real estate is a tangible object. You think you need to be able to touch it.

For that reason, most real estate investors settle on the problems and limitations that their hometown market brings. I’m here to show you that you do not need to live where you invest. You can have location and time freedom as a real estate investor. My goal is to dispel those myths and inspire you to think differently about how you invest in real estate by taking a virtual perspective. My motto is live anywhere and invests where you want. Let’s get started.

In this episode, I am going to share with you some of my best lines for overcoming seller objections or answering their question in a way that puts them at ease. Why do I want to do this? Why did I think that this episode would be very important for you? It’s because a lot of you cannot wrap your head around the idea that virtual wholesaling would work. How do you convince a seller to accept or sign a contract over the phone when they have never met you in person?

You want a wholesale but you’ve got this mindset, “How can that be done? How could you ever lock up a house over the phone? Wouldn’t the seller be are super skeptical?” Here’s your pain. You can get a seller to call you, you know how to do the marketing and how to get a seller lead, but now, you can’t connect with the seller or get the seller to trust you enough to sign that contract over the phone.

If you start stuttering in a call, hang up the phone and write three different ways of how you could’ve answered that question better.

Your problem is you don’t know how to answer their questions with confidence. You also probably have this mindset issue where you think it can’t be done, so everything you say comes out timid. You have to be able to confidently answer the seller because if you can do that, then they will trust you. If you are confident, they are going to trust your answers.

If you answer things in a super timid way, “I don’t know Mr. Seller, let me ask my partner,” and you don’t have a direct answer, you start roundabout answering, they are going to lose their trust in you. They are going to sniff you out and will be able to tell that you don’t know what you are doing, and they are not going to want to sell their house to you. Instead, they are going to sell their house to me because I can answer confidently.

In this series, I thought it would be super helpful to give you all the frequently asked questions that sellers ask, say or object to and how I answer. I am going to break it down, and this might get broken up in several different episodes because there’s a lot but these are the questions they always ask. The funny thing is they ask the same about twenty questions over and over again. Once you start getting comfortable with how you respond, you are going to land so many contracts you wouldn’t even believe.

My advice is putting the objection on maybe a flashcard, and then on the other side, you write three different ways to answer that objection and memorize those three different ways. When you have a few ways to answer it, it stays in your brain, and you are able to choose which one you want to say, depending on your mood that day or on the type of seller you are dealing with. Sometimes it’s easier to say something short and sweet. Sometimes the seller needs you to elaborate and give them a little bit more detail. It’s good to have a few different ways of how you would say something.

WI 911 | Seller Objections

Seller Objections: You can get a seller to call you but can you get them to sign the contract over the phone? You need to know how to answer their questions with confidence. If you can do that, they will trust you.

 

I have another piece of advice. Anytime a seller would ask me something, and I started stuttering or I’ve got nervous, and I didn’t know how to answer, this is back when I’ve first got started. I would hang up the phone and write three different ways of how I could have answered that question better. I would memorize it so that the next seller asked me that question, I could answer it better.

Anytime a seller catches you off guard and asks you a question that you don’t have a good confident answer for, put them off and say, “I will get right back to you with that answer. Let me chat with my partner.” When you hang up the phone, find three different ways to give them a very confident answer. Another funny, quick tidbit before we get started. If there was ever a time that I didn’t know what to say, I start stuttering, I could feel my heart beating, I started panicking, I would hang up on the sellar. Give myself a minute to breathe, compose myself, calm right back and go, “I don’t know what happened. I’m so sorry. The cat pulled the cord out of the wall or my reception is really bad.”

I would make up some excuse and say that we got disconnected. It gives you a moment to breathe before you butcher talking to the seller. I have done it all. I have been there too. I have been scared to talk to sellers. I’ve got all the tips. Let’s deep dive into some Q&A. I’m going to do my best to explain how to say something to a seller in the best way.

Number one, what do you do when a seller says, “I’m going to have my attorney review this contract?” This is a statement that scares the pants off of every wholesaler. I don’t know why you are also scared of attorneys. You are not doing anything illegal, so you need to calm down. What I love to answer with is, “That is great. In fact, attorneys love my contract because it’s short, and there are no weasel clauses in there. I’m not trying to hide anything, so that’s awesome. In fact, my contract was created by an attorney. We are not going to have any issues.”

If you’re panicking in a call, hang up. Take some seconds to breathe, call again, and make some excuse on why you hung up.

“Remember that attorneys have to make it look they worked on something so they can get paid or justify that $300 bill. They are going to send you after you have them review this contract. Just know that if they make any changes, that might be why they are changing it. It might not be a change that needs to be made. If it makes you more comfortable, you could have your attorney contact me directly. We could talk amongst ourselves and sort it out, whatever you prefer but know that we love attorneys, and attorneys normally love our contract as well. If there are some changes that need to be made, we will probably be able to work it out.”

It’s super easy. I love being super accommodating to that. Again, there’s nothing to be afraid of when they say they are going to call their attorney. The next objection, the seller says, “I’m going to have my realtor review this contract.” My answer to that is, “Can I be honest with you, Mr. Seller, Mrs. Seller? Realtors aren’t attorneys. They are not trained in Contract Law. What they are good at is getting property photos and putting properties on the multiple listing service and walking buyers through properties but Contract Law? I wouldn’t send you to your realtor. In fact, what would be cheaper for you is to go straight to your attorney.”

That’s the best advice because attorneys are trained in Contract Law. “I wanted to give you the advice that maybe instead of going to your realtor, send this contract to an attorney, so you can make sure that this contract is valid and legal, which, of course, you are going to find out it is. Just so you feel good about your decision, I couldn’t go on without giving you my opinion that a realtor isn’t going to give you great advice on a contract.”

The reason I’m deterring the seller from going to a realtor is that realtors don’t know Contract Law and they will look at our contract. They think that every contract has to be done with their realtor forms, for whatever realtor association they are a part of. They are not used to seeing normal direct-to-seller real estate purchase agreements. They start putting these ideas in the seller’s head that there’s something wrong with your contract and it’s fraudulent. I have had realtors say that my contract is fraudulent and can’t be used in the state, and they were so wrong about that. I always love to tell the seller, “Empower yourself with an attorney that is your better money spent.”

WI 911 | Seller Objections

Seller Objections: What if the seller wants you to inspect the house first before signing? You’re virtual so you don’t want to do that. What you want is some pen on paper before you get out of your desk.

 

Next, what if the seller says, “I know you are giving me the contract but I want you to inspect the house first before I sign this.” I don’t want to do that. I’m virtual and talking to a lot of sellers. I want to make sure that the seller is not wasting my time. I want some pen on paper before I get out of my desk. This is what I say. I explain the process. I go, “Mr. Seller, Mrs. Seller, I totally understand what you are saying. Here’s the thing, though, we look at about 10 to 15 houses a day across our desk. We are talking to a lot of sellers. You saw our commercial or that direct mail piece, you are not the only seller that got one.”

“We are talking to a lot of sellers. If I went to every property before we had a signed contract, I would be driving around all day and wouldn’t be able to talk to all those sellers every day. The reason we like to have a signed contract first is that we want to make sure that we are on the same page, that you are going to sell this house to us for this price. I’m not saying you are going to do this but in the past, I have gone to houses where the seller says this exact thing, and I show up. I spend an hour with them at that house.”

“I spent an hour driving to the home, and the seller ends up taking my offer, call three more investors and use my offer to bid against me. We have too many homeowners calling us to have to play that game. The only way that we can move forward is if we know that you are certain you are going to sell this house to us, and this price that we have discussed works.”

I want to hear what they say then. Sometimes they go, “I can sign it. No big deal,” they drop it. Sometimes they are old school. They are the, “I want to shake your hand. I want to know who I’m dealing with first.” If they are the old school type, then I say, “No problem. I’m going to send somebody down but before I send them down, does this price work? If I go down and bring a contract, are you willing to sign that day?” If they say, yes, I go, “When is a good time to meet?” The expectation is, “If I inspect it and we’ve got the contract in hand, you are willing to sign that day.”

I want to verify that the seller isn’t going to play me, take my contract, and then go bid it to five other investors. In that case, what we do is we send out a runner. We send out somebody to bring the contract, walk through the property, do the initial photo or video walkthrough. We get the contract signed then. That’s how I answer it. It’s super simple. Honestly, 99% of the sellers sign over the phone. It is a rare 1% to 5% that we have to have a runner drop it off. Sometimes, honestly, it is because they don’t have a printer. Sometimes they are like, “I don’t have a printer. I need someone to drop the contract off.” That’s no big deal. We can easily do that and accommodate it.

Those are the three questions that I get asked the most. “What do I say when a seller says this?” Make sure you keep reading because we are going to be dropping more in this series. You are going to find the next Q&A super helpful. If you want help in your business, especially your real estate investing business, I want you to check out www.VirtualInvestingMastery.com, where I am consulting several students and helping them in their virtual real estate journey. Thank you so much for reading, and I will see you next time.

 

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About Lauren Hardy

WI 479 | Wholesaling TipLauren Hardy is a Virtual Investing expert and Real Estate influencer who owns multiple companies in the real estate industry including real estate investment, coaching, and software companies. She is also a Wholesaling Inc coach and co-host of the Wholesaling Inc Podcast.

Her experience in the last decade has been focused on real estate investing and creating products and services to serve the real estate investing community. If you are interested in investing in real estate virtually, house flipping, or virtual landlording, Lauren’s your girl.

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