Masterclass Part 3: The Owner Meeting Strategy That Lands You MILLIONS in Real Estate Deals

This has made me so many relationships. It's bought me a lot of deals. And a couple of times you can take someone's entire 50-year life work and they will transfer it to you in a matter of 2 to 5 years. But this is what organically happens when you're connected with people who have all the pieces that you want. Welcome to part 3 of sales negotiating marketing for real estate. This is a masterclass. This is something I usually share in the mentorship, but I put this together in a way that I think is just absolutely perfect for a short video on YouTube. We're on part 3 in the series. The owner meeting. What do you actually say in the owner meeting? In our last video, if you haven't seen it, the link is below. But in our last video, we talked about tonality. We talked about body language. We talked about overall story arc. We're going to dive deeper into that today. This stuff is the secret sauce though. Like you want to have a meeting where you're consistently building meaningful relationships. You're buying real estate. You're getting momentum. You found the right video. Congratulations. By the way, I bought hundreds of rentals starting with no money because I had these skills. Sales and marketing is everything. I've sold hundreds of millions of dollars in contract value of data, of apparel, of marketing packages, of real estate. I own a $35 million portfolio. I think it's a little bit more than that now today. I need to go back and recalculate that. I have bought a lot of real estate, hundreds of units, starting with no money with just these skills. If you learn these skills, you can do the exact same thing. The owner meeting. So you've already booked the call. Which we've gone over in video 1 in this series. Video 2, we talked about, okay, we have these soft skills, so we have the right body language, the right tonality, people are engaged, people generally like us. How do we actually tell the story and what is the actual conversation flow? Now, if you don't know how to say the words or present, go to the prior video, give that a watch first, then dive right back into here. Once you're comfortable with how you're saying it and how you're presenting, What do you actually say? It's important to follow that order because if you're just saying the words and you're not saying them right, it doesn't matter. Once you get that tone down. All right. Number 1, we sit down, have just a little bit of small talk. Humans like things. Do not— don't you dare bring up the weather. Seriously, people did. Oh, yes, very nice weather every day. So warm out here. Oh my gosh, can you believe how cold? Nobody cares. Say something intelligent that is non-weather related. How's it going? Oh, I love this coffee shop. This is one of my favorite places to meet. Oh, fantastic day. The drive here was just wonderful. I was listening to the song that I used to like. Say something non-weather related that is small talk. That is something that humans do. If you just dive right in the business, huge turnoff for most people. Huge turnoff. It feels like you just have some agenda and you want something from them. Start with small talk. Next, verbal agenda. This was drilled into me when I was a co-star rep, and I use it almost every time. What does the verbal agenda do? You are not just listing out, here's what our conversation is going to be. There's a show, Big Bang Theory. You're not Sheldon. You're not coming in here saying, oh, well, this is exactly how everything works. Don't be a weirdo, which is, by the way, that's going to be a theme to this whole thing. Don't be a freaking weirdo. You're diving in. Verbal agenda. Loosely lay out why you meet, like recap, hey, thank you for meeting with me. This is really what I wanted to talk about today. And then you go back into your why. This is the story arc that you're going to weave through this entire thing. It's also going to tie into your final question. The intro is the same as the outro. Uh, when I started the example we're using here, I wanted to retire my wife. Eventually I did this, by the way, by telling the story of how I wanted to retire my wife. I eventually did. Retire my wife. I want to retire my wife. She got injured at work as a schoolteacher. We wanted to get her out of that job. I was buying duplexes. I'm trying to buy larger buildings. In this case, the owners I'm meeting with have larger buildings than me. Essentially, you've done the thing that I want to do. I've spent the money that I have available on the duplexes, so I couldn't buy your buildings if I wanted to. Uh, this is not a sales call, and that should be very apparent to them very early. Here's what I would like to learn. I want to learn a little bit about how you got started buying bigger properties. I want to learn some of the, some of the lessons that you learned along the way. Most importantly, I really want to learn some of the mistakes that you went through going from A to B, because I feel that if I can avoid some of the pitfalls I can learn from what you already did, I can build a similar business and it will probably cost me less than other people. And that means a lot to me. I really appreciate your time. First, when I drove past this building, the one that I originally called them about, and now you get in story mode. I remember thinking this probably makes a lot more than a duplex. And if I did a few transactions like this a year instead of 10 duplexes, if I did like 2 25-unit buildings, I'm moving a whole lot faster. How does one go out and buy a building of this size? What did it look like for you? Great opening question, but it has to be open-ended. What did it look like for you? Then shut up and let them talk and listen and ask intelligent questions about the things that they're saying. They say, hey, I had partners. Oh, partners. How did that go for you? How many partners did you have? Was there one partner that you partnered with more than others? Like, did you have one partnership that carried you through or did you just work with a lot of people? Ask open-ended questions. Let them tell their story. Many times people have actually taken me in their truck after this meeting and drove me around their portfolio. Very common ending to this if you do this right. But actually talk to them about them. For the most part, owners, friends, and families do not care about their business. Even if they're worth millions and millions of dollars, most people do not want to listen to their story. When you sit down, you actually want to learn They've built a really cool business. They've spent a lot of time on this. Someone who's ahead of you in real estate, they spent a lot of time on their business. When you sit down and you actually actively listen to them, ask good questions, actually care about what it is they're saying, you will end up buying a lot of real estate. Could be from them, could be from other friends. You're building resources. They have connections, they have properties. If they own a lot of real estate, they probably also have a lot of money. They have resources that you don't have. You're building a relationship. Just focus on that. Ask great questions. I like to ask for a couple recommendations. Why are you— what is it? As we're starting to close, like, hey, is there anyone else that I need to be meeting with in town if I want to play in this market? This has been unbelievably helpful. I always close on this one question though. Remember why we opened on the story of my wife? It'll be different for you, but it's whatever your story is, whatever the why is buying your real estate. You tie back to that. It's called an anchor. You set that anchor at the beginning of this call. Now we're going to go back to it. I'm going to ask them this question. This is a— I'll explain the psychology of this because this is genius. You go through and that final question is, okay, based on our conversation here today and the pieces that I have, what would you say is my next logical step? If I want to buy a building like what you did. And then stop talking. Let them talk. Don't blather. Here's what that question's doing. One, they have to think back to the beginning of the conversation. When you say, hey, based on what I'm trying to do, they now have to think about what you're trying to do. They have to replay the entire conversation. Now when they leave the coffee shop, they have set an anchor. They're going to remember this conversation. Movies and TV shows all have anchors in the beginning of it. It could be a theme song. It could be a moment. It could be an item that the The hero got from their father that is now returned to them at the end, whatever it is, they set anchors because you remember and have to think through the entire movie of, oh my gosh, we started here and now we're back again. That is how the television, the TV industry has found they can attract people and get them to remember all of the movie. You can do the same thing in your presentations. Hey, based on what I I'm trying to do based on my goal. And I have to go, what was that goal? Oh yeah, that's right. How would you apply that? Now they have to apply the entire conversation and their entire journey to you in one deliverable. Not only do you usually get a fantastic piece of advice, but what you've done is you've solidified in their mind, this is who I'm meeting with, why it's important that they buy real estate. Even though I never mentioned the word buy or sell real estate, I now have logged you in my head as this is someone who's really working hard to buy and it's really important that they do buy a deal. I remember the pieces that I have that I have to apply here. I have no money currently. I have a couple of duplexes, so my advice has to tailor to that. But most importantly, we leave the meeting, they remember me as the person who is buying real estate in their market, who has a great goal, who they met with, and who they probably, after this conversation, really like. That's how you run pretty much a perfect meeting. Small talk, verbal agenda, open-ended question. You get some more specific closed-ended questions as you start wrapping up. I ask them for other references and then I end on, hey, based on everything we talked about today, but based on your journey and what my goal is, what is my next logical step in building the business that you built? And then end the meeting, shake their hand, thank them. Ta-da. You have mastered the owner meeting. If you do this this way every time, here are the results. A large portion of the time, they will find a deal that they are not wanting to buy. It could be too small for them. It could be that they're no longer expanding, whatever it is. They know people who own real estate, owners know owners. Most of the time they don't sell you one of their buildings. Usually they refer you to someone. They go, hey, I remember you said you're a little low on cash. I have a buddy, I can make a call for you. I think he can hold a contract. They could be interested in creative finance. I think this would be a good first deal for you. Now you have them on your team. You could have a deal. This happened to me a couple times where they're trying to expand and I end up landing the deal. And I call them, I go, "Hey, I don't know how often you still partner. This would be a deal where I would really like to learn from your experience. I don't quite have all the capital to close this. Would you mind underwriting this deal with me?" And many times they will do that and they'll be like, "Oh, this is a good deal. What if we partnered on it?" You can find capital this way. You can find deals this way. And on occasion, this happened 2 times to me, they sit you down and they go, "Hey, I'm going to be retiring." I really have enjoyed meeting with you. If you're interested, what would it look like if over the next several years I seller finance my entire portfolio to you? I've had two people who have built a real estate empire say, what would it look like if you were the buyer for my entire empire? You know why? Because I'm the only person who sat down and listened to how they built their darn empire. I'm the guy who they've watched over the years buy a whole bunch of buildings. They like the way I do business because guess what? I do business a heck of a lot like them because guess who I learned from? Them during the coffee meetings. This has made me so many relationships. It's bought me a lot of deals. And a couple times you can take someone's entire 50-year life work and they will transfer it to you in a matter of 2 to 5 years. And that is available and possible. And it's not that you're going after these and being like, oh, what can I take from this guy? But this is what organically happens when you're connected with people who have all the pieces that you want. You learn from them. They enjoy their time with you. Sure. Add value where you can, but this is not a, hey, I'm giving you something conversation. You're reaching out and truly asking them for help building your business. And then you're applying that knowledge. When you apply that knowledge and you stay in communication with them, you just become someone who they appreciate, like, and they usually end up seeing themselves in you, which makes you the most obvious buyer for literally everything that they ever built. They can carry on their legacy through you. By the way, if you think that they're trying to do the, oh, like, oh, I'll pass it on to my kids. I have met like 3 sellers whose kids had any interest in real estate. They saw how hard it was for the parents to build it. It usually doesn't go through a whole lot of generations. It just usually doesn't. If you can be that person who resonates with them, who's connected with them, on occasion you can take someone's life work that can move to you. Now, if it happens 4 or 5 times in your career, you just have 4 or 5 empires that you've acquired while building your own. You could become absolutely titanic this way, and it costs you a cup of coffee and a couple of soft skills. Hope this helps. See you on the next episode.