Top 7 Rules on How to Get Your Contract Signed by Any Seller, No Matter the Price or Terms
Hello investor.
OK… let’s see what you’ve done so far.
He sent out his marketing, hopefully on autopilot, but either way, the sellers called him to resolve their issue.
You talked to the salespeople on the phone. You built a report with the decision makers (the sellers), over the phone, showing them empathy with their situation. I also assume that you have gathered all the necessary information, which you need to verify if you want to proceed to the next step, viewing the home and meeting the sellers.
This is where it gets good!
Going forward, this item will greatly increase your chances (as I personally like to call it) of getting ink or closing the deal (meaning sellers signing on the bottom line).
I always tell investors, you can be the most creative, have the best financing, or be the best in your county at painting the interior of your house…
But, IF YOU CANNOT get the sellers to sign at the bottom of your contract…
Nothing else matters.
That is what this article will focus on, for you to take away.
1. All decision makers must or should be present when you have your home meeting. If both are not present at this time, then you are giving a “1 Leg Toss”… Good luck! Of course, sometimes, there are genuine reasons why you can’t meet with all the decision makers, and then it’s up to you whether you want to move forward or pass. Normally, I will not attend the meeting IF all parties are not present. A word to the wise, you should ask them, up front, if all parties will be present at the meeting, otherwise they will deliberately only have 1 decision maker there, and then it’s very easy to give you a delaying tactic, as to why you can’t sign… They need to discuss it with their partner.
2. You should take a quick 5-10 minute tour of the house. You are looking for the good and bad features of your home. One of the biggest mistakes I see most investors make is that they start beating sellers around the house, thinking they’ll get a better price, because they pointed out every little blemish in their house. You don’t want to embarrass them, that’s the worst reaction you can get. Obviously, you’re taking notes of all the bad things and needed repairs, and it’s possibly a time when you need to bring them into the conversation, but not unless the sellers aren’t realistic about the needed repairs for your home. Also, if you can find any reason to give the sellers a genuine compliment on something, this would be a good time, during your initial tour of your home.
3. Third, they must be LIKED, period. Sounds basic, I know, but “How do you get someone to like you?” In fact, it’s very easy, you need to get them to talk about themselves, which in turn means that you are the one asking the questions about them. Not as a police station interviewer, but as a concerned family member, looking to help them out of their situation, and needs this information to help them. Usually, if you’re asking the right questions and they like you, they won’t shut up… which is what you want.
4. Fourth, they must TRUST YOU. I promise, if they don’t trust you, good night, it’s over, you’re done, stick a fork in you, because it’s not going to happen. You would have a better chance of getting front row tickets to a Madonna concert than having the vendors ready to sign you to a contract. The easiest way to build trust is to not sugar coat everything you tell them, be honest and direct. Many investors have problems with this; tell them up front that if you buy your house, you’ll make a profit… period. You are not there for your good looks, you are there to create a win-win scenario. It also helps, being a REAL PERSON, I mean don’t be afraid to make fun of yourself, put yourself down, always works great.
5. You are a professional, prepare yourself. I will usually carry an agreement folder with me, which has all the necessary documentation (contracts, authorization letters, deeds, land trusts, etc.). Also, I print out my computer research on your house, drafts, and county information retrieved online. I also have a book of testimonials from my past sellers, as well as a picture book of the last 50 homes my team and I have completed. Now, if you’re a new investor and don’t have 50 properties, you can always gather 5 character references from friends, work, family, etc. and put it in a nice folder.
6. Be a consultant; tell them your options, EVEN if you don’t get the business. This is very important, be willing to tell sellers (if you know it in your heart) that YOU are not the best fit for them, and they might be better off taking a different route. Here’s the kicker, the alternative, would be for you to lie to the sellers and unless they’re retarded, they’ll know you’re lying to them anyway, and now you’ve lost all credibility. The funny part is that they will probably still want you to buy their house, even though they can get more money using another option, because you were the ONLY one who was honest with them… people love honesty.
7. Take over the sale and close the deal, BUT DO NOT be a used car salesman. Assuming all goes well; they like you, don’t get swooned by your low offer, and ask you all sorts of buying questions (ie, how soon can we close and who pays closing costs, etc.), now is the time to cancel your contract. (never call it a contract, call it an agreement) and CLOSE THE DEAL. The best way is to simply ask, “If I can afford $XX and close on this date, that tells me we’re ready to move on, right?” And then SHUT UP and let them answer you.
8. BONUS: What happens after you close for their signatures and they don’t sign? No problem, we just have to go back a few steps, because we’re missing something. Most of the time, you have missed 1 of their Hot Buttons (something that is very important to them) and not addressed it. The best way is to ask them directly what is holding them back right now. Listen to them, trust your intuition, does their reason sound genuine? Many people (including me) just want to sleep for one night, because they don’t want to make a hasty and hasty decision. If you’re still confused, let them know, you have a lot of opportunities on your plate, right now, and your offer is only good or open for 1 week, from your meeting, after your deadline expires, your offer is off the table. table. I also like to ask (sellers) that if they’re going to meet with a lot of investors to ask for offers, that they let me try to outbid the best offer, giving me the last chance. Sellers will usually have no problem accepting my request.
In conclusion, using these principles that I mentioned above will make you much more money, because you will be able to close sellers on demand.
Remember, closing the deal is not a bad thing, only people or investors who are afraid to ask for the deal hate closing. More importantly, knowing how to close deals (especially vendors) is one of the most important attributes you must have to be a millionaire entrepreneur.
