2. How do I get more Buyers to buy my deals?
◦ Think like them!
But how do I do that?
◦ That is the subject of tonight
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3. You get a deal under contract for a ‘good’ price
You have added your fee on top of your contract price
You blast it out to your Buyers list. Or maybe you call some Buyers
You patiently wait for someone to say yes and move forward
If you did your homework right, this can happen very easily
Problem is…
◦ Far too often it doesn’t
◦ Why?
A simple surprise…it is quite likely that not all of your
deals will fly off the shelf. Always plan for that!
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4. Landlord Buyers (Buy and Hold)
◦ Interested in Cash Flow!
◦ Tend to prefer properties with not too much work
◦ Tend to want stable areas where long term cash flow is assured even
with bumps in the road
Fix and Flip Buyers
◦ Interested in Making Money!
◦ Tend to not want to be in projects more than 4-12 months depending on
the size of the project.
Builders
◦ Interested in Making Money!
◦ They understand that the project will take time and could easily be 1-2
years.
Historical Fix and Flip or Builder
◦ Special mention made because these projects tend to take 1-2 years and
require a lot of extra effort than a typical rehab or build
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5. Several common reasons that generally fall into price, location or
‘you’:
◦ Price issues
Too much work needed vs what the ad says
More expensive project than what the ad says
More time to complete the project than what the wholesaler thinks
◦ Location issues
‘Hot’ area is usually more specialized than most wholesalers realize
Street is nowhere near strong enough to support the ARV
The clientele of the street, whether people or properties, may not be conducive to safe
chance of project success
The lack of understanding on historical impact to a project
◦ ‘You’ issues
You didn’t e-mail them back
You didn’t call back
You tried to do the deal only over text – hint, most people spending tens or hundreds of
thousands need better than a text message
When you talked to the Buyer, you handled it poorly…the subject of tonight.
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6. Bonus theme 1: The vast majority of what we will discuss tonight
can also be used when working with Sellers and Agents!
Bonus theme 2: Quality communication requires real EFFORT. If
you have a deal that goes easy, don’t get spoiled. Most deals
require a focused effort to put together. Especially in a Sellers or
balanced market.
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7. Step 1 – Rapport
Step 2 – Know what you are talking about to the best of your ability
Step 3 – Know who you are talking to
Step 1: Rapport
◦ ‘Rapport is the ability to enter someone else’s world, to make him feel
that you understand him, that you have a strong common bond.’ --Tony
Robbins
◦ People do business with people they know, like and trust.
◦ No rapport, tough to get a deal done.
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8. A sure fire way to not get deals done is to act like you have it all figured out…
experienced Buyers know you rarely do.
◦ Buyers generally don’t have it all figured out either. However…
◦ They recognize this and learn constantly
◦ They are looking to work with someone who loves to learn with them
How to create this positive atmosphere?
◦ If you don’t know something, don’t act like you do
Common example: if you have never done a rehab like the one you are selling,
don’t act like you have and ‘get it’. Buyers see through that
◦ Share with the Buyer what you do know to the best of your ability
◦ When you get feedback, LISTEN. An experienced Buyer almost always will have
some educational tips for you to learn
◦ Agree up front there is more than one way to do a deal. As a result, recognize:
Your vision of the deal and your Buyers may not line up. It is YOUR job to
account for that
Your job is to align your goals with your Buyers to negotiate a deal
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9. NEVER and I mean NEVER tell a Buyer they are ‘wrong’.
That is a deathblow to your relationship.
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10. There are four general types of people. Many are a combination of
two of these:
◦ Analytical People
◦ Drivers
◦ Social People
◦ Social Conscious
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11. These Buyers know their numbers
Motivated by facts
Like things in writing
Can be non-responsive (they are busy analyzing)
Can be non-assertive (they are still analyzing, triple and quadruple
checking before they respond)
Like rigid rules and timelines – gives feeling of control
Can be slow to make decisions (they oftentimes have to second
guess a couple of time before they decide)
Never debate renovation or construction costs with them. They
know ‘their’ way and ‘their’ numbers!
Make them feel important by having detailed conversations with
them (a.k.a. don’t be lazy)
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12. These people are usually movers and shakers
They can be very assertive
They can also be non-responsive
They are usually ready to ‘speed it up/get to the point’
They can be poor listeners (they are in a hurry)
They can be firm, stubborn and tough
They are usually decisive and loves making decisions quickly
These Buyers know what they want so persuading them to look at
new avenues tends to be difficult
They usually have already thought through the exit strategy and
know their expectations on the Buy side as a result
Can be bigger risk takers
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13. These Buyers love to talk
They might even love to hear themselves talk…leverage this to your
advantage by being a great listener!
Usually assertive AND responsive (opportunity to talk more)
Like building relationships
Enthusiastic and optimistic
Flexible and spontaneous
Fast to make decisions, implusive
NEVER rush this type of person. They get significance and joy from
being heard. LISTEN your way to profit!
Do not be surprised if they take more time than some of the other
types of Buyers. It is more opportunity for you to align with them.
Alignment equals profit!
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14. These Buyers also love to talk
Not assertive but responsive
They tend to be agreeable, willing and respectful
They tend to want to make a difference. They see a bigger picture
than the project
Are generally low risk takers
Tend to be soft hearted and supportive of everyone involved to get
a deal done
If you are patient with them, they are decisive. Just a little slower
getting to that point. Give them their space
These Buyers tend to be a nice balance of facts with emotion. Very
even-keeled, sometimes these are some of your best Buyers for the
long term because they balance risk and circumstances constantly
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15. Important to know the four general types of people
When you meet someone, identify their tendency and MIRROR
them
◦ People do business with people they know, like and trust…
◦ You build like and trust by mirroring them
In summary:
◦ Rapport
◦ Know what you are talking about as best you can
◦ Know who you are talking to
These are people skills. They are a lifetime of practice. The better
you are at them, the more money you make
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