If you want to make it as far as possible in this industry, you must develop your phone abilities. I’ll be providing helpful information and discussing various telepathic feats. When on the phone with Sellers, you may want to do or refrain from doing several things.
Suppose this is your first conversation with the Seller, and he or she is being overly intrusive by asking too many questions, cutting you off before you can finish speaking, or otherwise trying to take control of the conversation. In that case, you can put them on hold by pressing the corresponding button on your phone. If your phone doesn’t have a hold button, you can switch to the other available line or pretend the caller is waiting. You can put them on hold now. Put the caller on wait if they ask too many questions if you aren’t prepared to answer them. They will forget what they were thinking about every time you put them on hold. Say “Excuse me” and put them on wait if they start asking you questions you aren’t ready to answer just yet, such as if you’re still gathering information about the property or the transaction.
When you return, you may pick up right where you left off. This is a courteous method of taking charge of the phone call. You can always let them know that you have another call coming in. It’s an effective strategy when communicating with someone who refuses to hear you out. Alternatively, they insist on rambling on and on. Put them on hold if they won’t stop chatting. It’s laughable but bear with me. You’ll feel more in charge of your calls once you master the timing.
Pose questions to which the answer is “yes” Start with “Yes” questions and then go on to the more challenging inquiries. To close more deals over the phone, practice getting your potential seller to say “yes” frequently. Some advice for making a sale over the phone is to continuously shake your head “yes” as you chat with the customer. This subtly keeps “yes” in their minds. This is something that my Brett Favre bobblehead always brings back to mind. Just put a “yes” in front of the difficult question. One possible opening situation reads: “Hey, it’s Nick; how’s the sound?” The vendor will confirm the transaction by saying “Yes” at that point. Inquiring minds want to know, “Are you calling about the house you have for sale?” The vendor will confirm the transaction by saying “Yes” at that point. Always persuade them to say “yes” before asking for the hard stuff, like a lower price on a property you already know you have. Just practice saying “yes” as much as possible. It will increase the likelihood that the decision will go in your favor.
Say “If” Numerous: some varied use of “if” is provided below. A conditional “IF”: “IF your property is one we decide to work with.” “IF your property is reasonably priced, my business partner would be interested in purchasing it.” Possible inclusion in the schedule “IF there are not too many repairs.”
Use the term “If” frequently because there are many possibilities and inexpensive homes in today’s market. You want the salesperson to worry that you will say, “No, I’m not interested,” and then hang up the phone. You want people to think about how much more important they are to you than you are to them. We’re indeed bailing them out of a tight spot. The frequent use of “if” casts doubt on whether or not we will genuinely acquire their house and assist them. They are far less likely to begin a sales pitch. It would be best if you weren’t attempting to persuade them to sell you something; instead, they should do that. Once you’ve established that vibe on the call, your interactions will go much more smoothly.
Phone conversations benefit from your usage of mirroring as well. It would be best to try to reflect on the qualities you observe in them. If you’re conversing with someone who jabbers and asks many questions, you should do the same. The golden rule is that if you’re talking with an elderly person who speaks quietly, softly, and slowly, you should do the same. Be wary of engaging someone who uses “street” language and mild profanity, although you could find engaging in similar language and tone helpful. Customers want to do business with someone they see as similar to themselves. Subtly, you may increase the likelihood that people will want to collaborate with you by reflecting their characteristics to them. If you win their respect and trust, you’ll have a leg up on the competition and ultimately seal the purchase.
Why do I refer to this as the “Last Question Dropped”? You discuss the pricing and learn the other specifics during any price negotiation. Although this is effective at home, it is most effective over the phone. The primary purpose of your contact is to schedule a time to visit the house. You have already addressed the price by inquiring about it and seeing if they can do better. Before you hang up, it doesn’t hurt to ask for a few thousand more dollars discount. Since you’ve previously had pricing negotiations, you know exactly what they’re willing to pay. Okay, thanks a lot; I’ll talk it over with my colleagues or research the local market and get back to you as soon as possible. When I mentioned this to my business partner, he asked, “Can you slash a few thousand dollars if that’s what it takes for us to take the deal?” This is a desperate attempt, in my opinion. Don’t be scared to flaunt your lips since sometimes that last ten-second sentence is worth two, five, or ten thousand dollars.
What I mean when I say “pet the goldfish” is as follows. Many topics can arise during a chat. Perhaps they will bring up their children or claim that they need to get off the phone quickly because they have to pick up their daughter from ballet. Learn everything you can about their background, character, and loved ones. Discussing a private matter with them on the phone would be best. Oh, your son plays hockey; how wonderful; my son plays hockey, too, or I played in my younger years. Don’t exaggerate or tell too many lies. The concept of mirroring is central to establishing contact by phone.
Refute a claim with a claim of your own. Answering a question with another question is also helpful in many contexts. Sometimes you don’t get as much information as you’d like. You need to find ways to get them to open up more. They’ll ask you a question, and you’ll rephrase it for them. Are you interested in a house that needs significant repairs? Your home needs a lot of work, you say? The conversation continues. What kind of a timeline are we on?” they ask. Is there a way to get this done quickly? And then you ask if there’s any urgency: “Well, would you need us to get this done fast?” Or they can say, “I’ve never heard of anybody doing a deal that way, don’t take it personally, but it sounds illegal.” Is this okay with you? And then you ask, “Does that make sense to you?” If it sounds illegal, why is that? To learn more about the other person’s thoughts and reasoning, repeat the question they asked you.
Another thing that will help you when you need to call someone back is to schedule a specific time. Schedule a meeting with me. Just saying, “I’m going to talk to my partner and call you back,” isn’t good enough. In other words, “I’ll do my homework and research your property” means “I’ll talk to my partners, look at the area, and see what the values are, and I’ll do my best to find out what your property is worth.” Say something like, “I’ll call you back tomorrow at 3:15 in the afternoon, is that good?” instead of “I’ll call you back tomorrow.” Schedule it now! Making someone wait for you at a specific time gives you the impression that they value your time and attention. In addition, you will have a better chance of getting through to them if they have that appointment and you ask them to write it down. How hard do we try to get them to call back? When they call and are unavailable, we repeatedly leave messages and return their calls. Don’t hesitate to schedule a call on a particular day and time. It’s crucial in many ways.
Talk to folks about the other deals you’re working on as well. Describe some of the other local real estates you’ve purchased and sold. And try not to look too helpless. It’s as if you don’t give a damn about sealing the sale. It all comes down to them wanting to sell you the house rather than us wanting to close the deal. Pretend you couldn’t care less and adopt an attitude of indifference. I know that some of you need that business arrangement desperately. Today, you prioritize closing the sale above getting some air. You must not tell THEM that. The deal is off if they think you’re desperate over the phone. You must give the impression that you are unconcerned; after all, you are inundated with offers and phone calls from various sources from which you will select the most promising. This is the best method to negotiate a better price and possibly convince them to alter their original plans.
These are some of the best practices I’ve found, and I hope you can put them to good use. If you want to close the transaction, consider these suggestions.
* Asking questions is the key to taking charge. Whoever is doing the questioning is the one in order. Be a “double” of the vendor/prospect. Do as they do, whether speaking slowly, quietly, or loudly.
* If the Seller is rude or insistent, put them on hold frequently.
Be more attentive than talkative. You shouldn’t be terrified of so-called “silent” areas. The vendor could feel more pressured into disclosing additional information.
* Respond to the Seller’s statement with a question. In a moment, he’ll explain more.
* Schedule a callback at a convenient time. Just saying, “I’ll call tomorrow,” isn’t good enough.
Here are some resources to help you become a more successful investor. Proceed to make a bid!
Nick Cifonie invests in real estate, coaches, and mentors full-time. Nick runs [http://www.REI-TV.com], a website with dozens of educational videos on real estate investing that anybody may join for free.
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