My Proven Sales Process | Wholesaling Real Estate

Following a proven and repeatable process is key to finding success in wholesaling. And without one, you're going to feel like you're beating your head against the wall, spending all your time talking to tire kickers who don't really want to sell and are just wasting your time. And even when you do find somebody who's serious, by the time you make them an offer, they're going to tell you they need to think about it. Instead, you need to be following a process that's going to allow you to disqualify time wasters immediately and eliminate all objections before they ever become a problem. When you have such a process, then every single call becomes a game of follow the leader, and you're the one calling the shots. Not to mention, when you do get the process dialed in, it's going to make hiring and training new salespeople so much easier. You're going to have a proven method for them to follow that's going to guarantee to yield results. Now, my sales process has 6 main sections: the introduction, uncovering motivation, property condition, identifying possible roadblocks, determining the asking price, and getting a commitment. Now, before I begin to explain each step, I want you to understand that this process is not exactly linear. Sometimes sellers will try and take control of the conversation and take it to different places before you are ready to go there with them. So you've got to learn how to redirect the conversation back to where you want to go. For example, many sellers want to immediately start to talk about price, but that's one of the last things that I want to talk about. You must get good at disarming and distracting people, and the way you're going to do that is by always following up all of your answers to any of the seller's questions with another question. So if you ever heard a politician talk, notice how in debates they never seem to directly answer the question they are asked, and instead they spin it to talk about points that they want to talk about. We are going to be doing the exact same thing. An example of this would be when you first get on the phone with them, you ask about the property they are looking to sell and they immediately go into price and they're like, how much are you looking to pay for it? A rookie salesperson would say something like, I'm not sure what we can pay yet. I just need to ask you some questions about the property first in order to determine our asking price. Now, that answer is almost good, but the problem The problem is now you've left the ball in their court and the seller has free control of what's going to happen in the conversation next. Think of this conversation as a tennis match. Each time a question is asked, the ball is served to the other side of the court. And if the person who is served does not ask a question back, the ball is dropped and the game goes in limbo with both players unsure of where to go next. It is your job as a salesperson to always serve the ball back. And the way you are going to do that is by ending every statement with a question. So instead of saying what the rookie salesperson would say earlier, an advanced salesperson would continue by asking a follow-up question to direct the conversation where they want to go. So something like, "Hey, that's a great question. Obviously the price is going to be a very important factor, but in order for me to get a price, I need to ask you some questions first. So catch me up to speed. What's got you looking to sell this property in the first place?" You see how by asking that follow-up question, we are now back in control of where the conversation is headed. You want to keep this principle in mind throughout the entire sales process. So the beginning of the sales process is going to be the introduction. This is where you're going to let the seller know who you are, make sure you have the right person on the line, and run them through the TAO process. Now, TAO stands for time, agenda, and outcome. We want to let the seller know how long the conversation will take, what the conversation will be about, and what the outcome of the conversation will be. So an example of a great introduction would be, hello, John, I see you filled out a form on our website about possibly selling a property over on 123 Main Street. Have I caught you at a bad time? Great. I just need to take about 5, 10 minutes to ask you some questions about the property and your situation. And by the end of the call, one or two things will happen. Number one, your property fits our buying criteria and we're going to have a cash offer for you. Or number two, it doesn't fit our criteria and we will have some better options that are better suited for you. Sounds good? Notice how we let them know how long the conversation is going to take, what it is we're going to talk about, and what the possible outcomes of the conversation will be. Remember, we're always the one in control directing the flow of the conversation. After you've gotten the introduction out of the way, it's time to test the seller to see if they are ready to start talking about their motivation. Now, I say test because oftentimes the seller will not be ready to talk about why they're selling because you haven't built enough rapport with them. As I said, this process is not linear, and sometimes you're going to have to skip over steps and go back to them later after more rapport has been built. So the way I will test the seller to see if they are willing to start talking about motivation is by asking them, "Hey, while I get this property pulled up, can you catch me up to speed? What's got you looking to sell this place?" Now, hopefully they will start telling you about why this property has been a huge pain to them and they need it gone. When this happens, it's your job to keep them talking as long as possible. This is not only going to build massive amounts of rapport, but it will also give you tons of ammunition when it comes time to negotiate. The way to keep them talking is to ask them questions as if you were a journalist writing a story about them. Get every bit of info you can about the who, what, when, where, and why. There are hundreds, if not thousands, of questions you can ask, but some examples of this would be: Who is this affecting? What have you tried to do about it? When did this begin? Where would you like to go instead? Why do you think they did that? And so on. Now, the last thing I want to leave you with on the motivation is that I want you to understand that you need to think about this is that the seller is selling you on why you should buy this house. If they don't have a strong reason for selling you, or you don't feel convinced that they are strongly motivated to sell, then you need to disqualify them and follow up later. After the motivation, you can start digging into the property condition. Now, this is the easiest part of the process because it can be entirely scripted. You just need to ask them the necessary questions about the house so you can effectively comp the property. Make sure you get things like bed and bathroom count, property square footage, year built, age of the roof, age of AC, what type of parking is available, the number of stories, etc. Now, assuming that your test for motivation didn't work and the person was unwilling to talk about why they are selling, you can now move into property condition because this step will oftentimes build a lot of rapport. The thing about the property condition section is that even though the questions are very rudimentary, you will establish yourself as an expert simply because you know to ask these questions. So if they won't talk about their motivation, move into property condition, and then afterwards go back up and ask them another motivation gauging question. After you get the property condition, you will now move into roadblocks. This is where you identify and disarm potential deal killers. A good salesperson does not wait for objections to pop up. Instead, they want to run headfirst into them. This section is going to be all about tackling those eventual objections head on so they don't become a problem later. Something Rich Wonders explained to me, who by the way is another brilliant real estate investor and a master salesman who you can learn more about @novationking on Instagram, is that when you are identifying and disarming possible objections, you want to think about it as you are walking the seller down a hallway and there's tons of doors along the wall. Every door is labeled with a different route the seller could take with their home. One is labeled listed with a realtor, Another is rent it out and become a landlord and more. You're going to want to peek inside each doorway with the seller and see if they like what's inside. Now, your goal here is to get the seller themselves to slam each one of those doors shut. So I'm going to ask the seller, have you thought about listing the property with a realtor? Now, hopefully they're going to tell you about how they don't want to pay the fees, deal with the hassle of the showings or whatever else. If you don't, You're going to ask them, hey, is it going to be okay with all of those things, right? You're going to lead them through and talk about what that looks like. And by the end of the conversation, they should be telling you how there is no way they would ever go with that option. Now, after slamming each door, the final roadblock you're going to need to disarm is uncovering any additional parties who are involved. So I'm going to ask the seller, hey, is there anybody else that would be upset that they were not involved in making the decision to sell this property? And even if they say no, I'm going to double and even triple check with them. Are you sure there's no girlfriend, wife, pastor, priest, lawyer, real estate agent, or anyone else that you would need to run this by? Now, if they say, yes, I would need X or Y involved, then we immediately postpone the rest of the conversation until we can get them involved, ideally by adding them into the call right then and there. After you've disarmed any potential roadblocks, it is now finally time to start talking about the price. So I'm going to start this piece of the conversation by asking them, given what you've told me about the property, and then list everything of importance they've told you regarding their needs or repairs needed. This house needs new flooring, a new roof, new AC unit, and you need to be moved out and paid within the next 30 days so you can avoid foreclosure. What do you think is a fair price for the property? Then once they give you a number, I want you to add, Gotcha. And if we were to cover all the closing costs, there were no realtor fees, and we were to buy the house entirely as is, meaning you wouldn't have to pay a dime making any repairs, what is the best price you could do? Notice how I say, what is the best price? And not, is that the best price? When you ask, is that the best price? It's an easy yes or no answer. And if you ask, what is the best price? It forces them to say a number. Now, after you've gotten the price out of them, it's time for the final phase and oftentimes the most overlooked part of the sales process, and that is getting a commitment. This is where you're going to ask them, hey, assuming we're able to get you your number and we take care of everything else you needed, like buying the house completely as-is, having you close and paid in the next 30 days, are you definitely ready to make a decision today? And we need them to say yes. If you can do X, Y, and Z, I'm ready to sign. Anything other than that means that we've messed up somewhere along the process and we need to go back. Once they have told you that yes, they are absolutely ready to go today, thank you. Thank them for their time and let them know you're going to take this information back to your underwriters and you'll call them back shortly with your offer. Hang up the phone, comp the property, and prepare your offer. When you call them back, make the offer and get the deal closed. Now, I can promise you, once I began to stick with this process, took control of the conversation and eliminated objections before they became a problem, I started to close way more deals. So it's up to you to start implementing this process in your sales calls today. And if you'd like to learn more, check out some of my other videos. Now, if you're a complete beginner to wholesaling real estate, or maybe you're just struggling to get some deals put together, I really highly recommend you check out Wholesaling 101. Wholesaling 101 is a program I've designed to help people get their first deal. And if you want to learn more, you can click the link below or go to www.wholesaling101.io. I want to reward action takers, so I'm giving the next 10 people who sign up the chance to get the course for 50% off. You can do that by entering in code I'm ready at checkout. Again, that's only available to the next 10 people who sign up. So go check out now. Now, if you are already consistently closing wholesale deals and you want to scale your business up by learning how to offer novations to your sellers so you can offer them way more money and start displaying your deals on market to retail buyers who again pay more money, then I recommend checking out my free novation training. You can click the link below or go to www.wholesalingv2.com. And guys, if you have any questions about the sales process I've just described, Make sure to ask them in the comments below. And if you're going to start implementing this process in your business today, then smash the like button to let me know. If you want more content like this on your YouTube feed, then go ahead and hit the subscribe button. And as always, guys, thank you for watching and I will see you on the next one.