How to get over the final hurdle?

Question

How do you guys get over the final objections and get the seller to sign on the dotted line? I am very good at generating leads and getting in front of sellers, but I don't think I close enough sellers as I need to (also, this brings me to another question: what % of sellers are you actually closing?):

Here are two recent examples (I could name a # of others):

1) Found buyer, we go back and forth a bit over a week or so (this is with me following up with her about 3 times in the span of a week). We verbally agree to price ($72,000), and I leave a contract with her (obviously try to get her to sign in the moment but she says she wants a friend to review). Don't hear from her for a bit and over the next month I "check-in" with her 4-5 times. Turns out she had put a FSBO sign and ends up getting an offer for $143K. I think buyer way over paid. I would have probably wholesaled it for $100K.

2) Similar situation as # 1. Found a buyer, on 2nd attempt she (verbally) accepted an offer ($55,000). Try to get her to sign, she refuses at the moment, said we could get together when she had more time. Don't hear from her a couple weeks, I follow up with her and she gets kinda mad (but I smooth it over real well), she assures she will call, just been busy. I finally hear from her a month later (she was seeing if I could pay more - turns out another investor got to her and offered $75,500 which she accepted).

Anyway, what are everyone's closing techniques? Right there is $48,000 I left on the table (more if I could have wholesaled the 1st property for $143K - more of a retail price, but you get the point).

Feedback?

Roland Paicely · Answer

It's nice to get the big paydays.  However, maybe the seller has a sense that something is off.

Karla Yudy · Answer

@Chris Grenier, how can I message? New to the forums

Chris Grenier · Answer

Won't give all my secrets away here :)

Message me and we'll chat!

Karla Yudy · Answer

@Chris Grenier, thanks for the response.

Instead of getting them to sign in the moment, what tactics do you use? Also, how do you demonstrate value to the sellers (your two examples were good, do you have others?)

Do you tell the sellers that you will be making a fee? I.e., how upfront are you that the sellers could get a better price than what you are offering?

Could you walk me through one of your transactions from lead generation to close?

Chris Grenier · Answer

Ok sounds like you are not building enough value to the Seller to convince them to sign on the dotted line.

Gotta close!!!

Whatever you do, do not push them to sign the contract right then and there unless they are super-excited because they will see right through it that you are trying to get the best of them.

Always add an enormous amount of value to the sale for them (how you want to make the process so simple for them, how you have done this 1000 times and if they have any questions contact you 24/7, how you have the best title company handling everything so it goes smooth, send follow up & thank you cards and how excited you are to work with them and help them move onto the next stage of their life, etc etc).

Remember they are trading equity to work with you, if you do not provide enough value they will immediately say yes to a big quick check, until their reality catches up with them.

Karla Yudy · Answer

@Levi T.

Also, one more thing, can you go into more detail about your systems? Did you come up with them yourself? Where did you get the ideas? Did you take from others? I believe systems are very important and are probably the biggest thing that I need to work on implementing in my REI business.

Karla Yudy · Answer

Cool. Have fun! I'll change approaches and go for a softer sell and see if I can get better results. I like some of your touches, especially about having them mail back contract. I'll try on my next 20 leads and report back results.

Cheers!

Levi T. · Answer

I normally have a 5-10 minute call with the owner, setup an appointment with them within a week or two, show up, take a look, hand them my contract and tell them what they need to know, let them know to call me if they have questions, and go home.

We are closing on around 3 million per quorter when in season, works out to around 30-40 units.

I'm on a flight to Golden Co to shred some trails on my Mtb. Best

Karla Yudy · Answer

@Levi T. , thanks Levi... could you walk me through exactly how you do it?

So you get a call from a letter? Screen candidate? Set up an appointment?

How long do you wait to set up the appointment from the time you get the call and recognize its a good candidate until the actual appointment?

So then you have the appointment? What's your strategy here? You go with a contract? Is it already filled out?

I'm curious about your process? I like the part about the return envelope, that's a nice touch.

How many deals are you signing a month?

Levi T. · Answer

So take a clue and quit trying to get them to sign it on the spot. Makes you look shady, you doxed the deal right there. Go in with the idea that it's going to be left and mailed back.

I close100% of all my deals, already done deal time they call me, because I follow a process. I sign the contract and leave it with them, while telling them it's good for 7 days, include a return envelope. Most mail it back within 48hrs. It's all about trust!