Today’s REI Classroom Lesson
Larry Goins lists and explains the 7 steps you need to take for selling. From building rapport to follow up, each step is crucial to your success.
REI Classroom Summary
Listen in as Larry goes step-by-step over the selling process. You have to be a master seller in all aspects of the real estate investing business.
Listen to this REI Classroom Lesson
Real Estate Investing Classroom Show Transcripts:
Mike: Welcome back to the flipnerd.com REI Classroom where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Larry: Hey, this is Larry Goins, and welcome to today’s REI Classroom. I’m your instructor and I’m really excited because, today, we’re going to talk about the seven steps to selling.
Mike: This REI Classroom real estate lesson is sponsored by theinvestormachine.com, FlipNerd’s private investor coaching program and your blueprint to investing success.
Larry: Now, you may be thinking, “What do I care about selling? I don’t care about selling. What do I need to know about selling? I’m a real estate investor.” But, let me tell you something. In real estate, and everything in life, everything is sales. That’s very, very important, okay? Everything is sales. You’re selling to the seller, you’re selling to the buyer, you’re selling to the tenant. You’re selling to the realtor, you’re selling to the appraiser, you’re selling to the attorney or title company. You’re selling to the lender, you’re selling to your private money lender. You’re selling to everybody. So don’t tell me real estate is not sales, okay?
I’m going to go through this kind of quick, but there are seven specific steps to selling, and you need to learn everything you can about negotiating and sales because, in my opinion, to be a really good real estate investor, you’ve got to be a good salesperson, okay? So here we go.
Step number one, build rapport. Okay? That’s the first step, build rapport. Make a friend, make a sale, okay? Now, what could you ask them? You want to make a list of some things. You want to get personal. Commiserate with them. If they’re telling you about a property that they can’t get rid of, you need to show some empathy. You also want to mirror and match them. Remember, people do business with people they know, like, and trust, okay? Also, put notes down. Anytime they tell you something, make sure you put notes down and take notes about the different things they tell you. So step number one is, build rapport.
Step number two is, qualify them, okay? You want to reset their buying criteria. Ask them. Remember, prescription without diagnosis is malpractice. So qualify them. If they say they’re an investor and they want to buy a house from you, find out, where’s the money? You know, if you’re getting a hard money loan, a private money lender, do you have the cash, whatever. And here’s a line that I really like. You want to talk to them, and I even say, “Prescription without diagnosis is malpractice, and let me ask you a few questions to see what, if anything, we need to be doing together.”
Step number three, build value. Show what you know. Educate them. Show them you know what you’re talking about. Whether it be the market, the economy, your property, a closing, whatever, it doesn’t matter.
Step number four is to build desire. Problems versus solutions, very, very important. You want to build pain and then offer a solution that benefits them. There’s a difference between features and benefits. Make sure you know the difference.
Number five, then you’re going to overcome objections. Overcome objections. See, the better you qualify them up front, the less objections you’re going to have, like, “I can’t afford it. I don’t have enough money. I can’t qualify for a loan,” or whatever. See, a lot of people don’t look at it like this, but an objection is actually a good thing. It’s an opportunity to sell. The first thing you want to do is isolate that objection.
Now, step number six is to close the sale. Just assume the sale and move forward. For example, let me tell you this. You have a moral obligation to sell your product or service if you know it’s something that’s going to benefit somebody., okay? Don’t feel bad about being aggressive, about being motivated, all right? It’s very, very important that you assume the sale and close the sale. And make a risk reversal offer. The better you did up front at qualifying, the easier this will be.
And number seven, once you make the sale, is to simply follow up. Stay in touch. Send them gifts. Bond with them. Take them to a new level. They become, from suspect, to prospect, to customer, to raving fan.
So I’m Larry Goins. For more information about me, visit larrygoins.com. I’ll see you on the next REI Classroom.
Mike: Are you looking to change your life through real estate investing? If you’re interested in either getting started or taking your business to the next level, please check out FlipNerd’s private program at theinvestormachine.com. This is the most robust real estate investor coaching, networking, and mastermind on the planet and designed for your success.
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