Clearing The Smoke, The Battle For Your Prospect’s Mind, How To Partner With Realtors

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Welcome To The Business Of Wholesaling Newsletter!

Every week, we’ll be sending you strategies, tactics, and tools used by successful wholesalers and we’ll cover any important market insights and news in the industry.

Here’s what we got for you today:

• Clearing The Smoke

• The Battle For Your Prospect’s Mind

• How To Partner With Realtors

Today’s Sales Objection

Last week’s sales objection:

““I want more money for my property.”

Best answer: “Totally understand Mr. Owner. Just for my knowledge, can you share some of your previous offers with me?” You should have already done your research and know market numbers. So it’s about presenting to the seller that you know what you’re talking about and you intend to help them sell as soon as possible for the best possible price.

Today’s Sales Objection:

“I Need to Make Repairs Before Selling.”

Reply with your answers! The best answer will be featured in next week’s issue. 

Clearing The Smoke

“Hi there, is there anything I can help you with?”

“No thanks, I’m just looking…”

The classic salesman-prospect scenario, right?

If only prospects could just sign the dotted line with no resistance. But that’s not reality. 

Objections are a part of the sales game. So rather than trying to bend the rules, just get better at playing the game. 

I tend to believe that most objections come from the ego. No one wants to seem like a pushover. So they have to put up some type of resistance.

It’s like someone window-shopping at the mall. They see a jacket they like perfectly fitted on a manikin. The price is good and there’s even an additional discount.

But for some reason, there’s resistance to pulling the trigger right away. They have to walk around the mall to think about it. 

Think about what? Then the imaginary excuses come up.

When it comes to objections, the first objection given by the prospect is usually not the real one.

It’s a smokescreen. 

And it’s your job to wade through the smoke and get to the real objection.

We’re not gonna dive too deep into sales techniques and scripts. Just like the saying, “Different strokes for different folks,” – different sales methods for different personalities. 

I have a copy of the original sales script used by the infamous Stratton Oakmont. The same script used to scam millions of dollars from investors. Maybe we’ll break it down in the future. 

Morality aside, it’s an effective sales script. But you can’t arm an introverted individual with this script and expect him to succeed like everyone else. 

I personally think there needs to be extra sprinkles of charisma involved to succeed with their script. And looking at how Jordan Belfort carries and presents himself, I think there’s some truth there. 

Back to objections. We’re gonna think high-level here.

Let’s set up a hypothetical scenario.

Maybe you see a home that’s been listed on the market for months or one that expired. 

You skip-trace the owner’s info and give them a call. You guys get into a conversation and you inquire about an offer.

And they say this…

“No, we’re already working with a realtor to sell our home…”

If you exit the conversation now, you lose the game. You got lost in the smoke. 

So let’s say you respond with something like…

You: “Ok, I completely understand Mr. Owner that you have options. I gotta be honest with you, it’s really rare that a home sits on the market for X months, does not sell, and the seller wants to relist with an agent. I’m curious for my own knowledge, were you happy with the level of offers you received on your home?”

At this point, the smoke is starting to clear a bit. You’re getting closer to the true objection.

Seller: “No. But we like our agent and think she did a good job representing the property.”

You: “Okay I understand. Just curious, if you could get the right price and terms, would you be open to entertaining an offer?”

Seller: “I have to think about it.”

One thing you can do here is set up a “perfect scenario” question.

You: “That’s perfectly fine. My job is to help you, it’s never to talk you into doing anything. But really quick, let me ask you, if we could agree on a price and terms, is there any reason why this wouldn’t work for you?”

By now you should see the light at the end of the tunnel. 

Whatever the answer is to this question will reveal the prospect’s true objection. 

Once you address that, you’ll know if you’re in the range of getting the contract or not. 

So when it comes to objections, you need to LISTEN and ASK questions to further the conversation.

If you have any objections you’d like help with, reply to the email. We’ll pick one to address for next week.

The Battle For Your Prospect’s Mind

There’s a term coined in advertising called “positioning”. 

Positioning is simply how you appear in your prospect’s mind. Their perception of you. 

LeBron James is one of the greatest basketball players of all time. It’s hard to deny that.

To prevent us from derailing this conversation into any basketball controversy, I’m not gonna tell you where LeBron ranks on my list.

But fans typically view LeBron from two different lenses:

1. He’s the greatest basketball player of all time. The GOAT.

2. He’s a fraud, a crybaby loser, and someone who can’t win by himself.

Whatever lens the fans choose to view LeBron from, that’s positioning.

The actual reality is that LeBron is a very accomplished basketball player and future Hall of Famer. 

But how he’s perceived is the reality in the individual fan’s mind. And to change and manipulate that reality is positioning.

So how does this apply to you as a wholesaler?

Let’s take it down to the local level. 

Chances are, you’re not the only wholesaler in your backyard. 

And I think the majority of us will agree that in terms of marketing, the real estate industry isn’t that creative.

You’ll see the same bandit signs everywhere. Templated text messages. Similar postcards. Faces on benches or billboards. You get the point. 

Everyone is trying to be the go-to person in their market.

And if everyone’s positioning is the same, then the top person will naturally be the person who shows up more often.

But positioning allows you to be the top person in your market WITHOUT showing up everywhere… and can only be amplified when you become more omnipresent.

For example, let’s say you’ve branded yourself as the guy who buys ugly houses in your county.

That’s what’s all over your ads and what you tell people when you meet them.

The guy who buys ugly houses. 

That’s how you want potential sellers to perceive you. But that’s only a small piece of your positioning in your prospect’s mind.

People will create their own reality of you in their minds depending on their experiences with you.

How you carry yourself when you interact with prospects and how you appear in your own marketing will all play a role in your positioning.

So if you come off as a pushy used car salesman and your offer makes it seem like you’re just trying to make a quick buck…

That is how you will appear in the prospect’s mind. Even though you just want to be the guy people call when they want to sell their house for cash. 

Now imagine if another wholesaler came into the market with a different positioning.

This person wants to be perceived as a source of value and someone who’s always looking after the seller’s best interest. 

As this person’s reputation grows, more and more people will solidify wholesaler #2’s positioning in their minds.

To the point where there are 2 clear brands in the market:

Wholesaler #1 - the pushy sales guy who buys ugly houses.

Wholesaler #2 - the helpful guy who will try to get the best deal for you.

Again, that’s just a simple example to demonstrate positioning. But it’s important to think about how you want the market to perceive you or your company. 

So instead of playing everyone else’s game of whoever can shout the loudest…

Aim to dominate your market for a certain positioning and people who gravitate towards that positioning will have you as #1 in their mind, even if your face isn’t plastered everywhere.

Should You Partner With A Real Estate Agent? (From An Agent’s Perspective)

Partnering with the right real estate agents in your market can unlock a source of exclusive deals that you previously would not have access to.

I know this may be contrary to the beliefs that a lot of beginner wholesalers have. 

Both wholesalers and real estate agents often tend to view each other as competition. They miss the forest for the trees. They completely miss how fruitful a mutual relationship can be for both parties.

Wholesalers usually focus on finding off-market deals, negotiating with distressed sellers, and selling the properties to their buyers.

Real estate agents specialize in marketing and connecting buyers and sellers in the open market.

As different as both roles are, there is still a lot that both wholesalers and real estate agents have in common.

Just like wholesalers, real estate agents focus on sourcing new deals for their existing buyer pool. They work with many buyers and often have connections to a pool of investors.

If you haven't built up your buyer list, but you have a good deal on your hands...

Chances are, there's an ideal buyer inside a real estate agent's network.

Also, agents may have several properties listed, but that doesn't always mean they'll sell.

What happens to the properties sitting on the market for a long time? Or are on the verge of expiring?

Like everyone else, us agents have bills to pay and a family to take care of. We don't want to have a disgruntled client breathing down our neck for long periods of time.

That's when you as the wholesaler can be a ton of value and offer a way out. 

This can be a golden opportunity to come in and get the property under contract at an attractive price and provide a feasible solution for all parties involved.

In summary, there's a lot of synergy for both parties. Most agents are open to partnering, but they either have never gotten an offer to or there's no win-win.

There's enough pie for everyone.

InvestorLift

InvestorLift is like the eBay for dispo. If you’re having trouble finding buyers, you can list your deal and have their AI algorithm find buyers for you.

Typically a nationwide deal is around $14K-$15K. According to InvestorLift, their average assignment fee is almost $30K.

They’re a literal game-changer for our industry. Check out InvestorLift below, especially if you’re planning to scale up operations this year.

Thanks for reading this week’s issue of the Business of Wholesaling. 

We’ll be back next week with more marketing & sales strategies, market insights, and other advice you can use to grow your wholesaling business. 

See you next week.

Team Business of Wholesaling