Protect Yourself, Using Silence To Sell, Don't Panic! Steps to Manage Contract Cancellations

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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:

• Protect Yourself

• Using Silence To Sell

• Don't Panic! Steps to Manage Contract Cancellations

Protect Yourself

This business is rarely smooth sailing until you’ve built your team and have all your systems in place.

Even then, it can still get rocky. It’s just the nature of this industry. 

But I think we can all agree that the beginning is a constant ride on an emotional rollercoaster. Wholesaling is definitely not for the weak-hearted.

And if you’re in the middle of that drop on the rollercoaster, don’t get too discouraged. 

Do everything you can to protect your positive mindset. Continue believing that things will get better.

This is not just another silly positive motivational speech. It’s deeper than that.

If you read personal development books, you’ll find this one message repeated over and over in different ways.

In life, you don’t get what you want, you only get and maintain what you believe you’re worthy of.

It’s very easy to attach our identities to our business. The flow of our business starts to be directly correlated to how we feel about life and ourselves.

If things are going good, we feel good. We have a positive outlook on the future.

If things aren’t going so good, we feel like garbage. We start to doubt ourselves and think maybe we’re not cut out for this.

But you are. You just need to remind yourself that you are.

So if you’re going through a slump, just remember it’s incidental. An ascent of momentum is on your horizon and you just have to do your best to protect your energy and mind during the descent.

Using Silence To Sell

I have a friend who doesn’t believe in awkward silence. It simply does not exist with him. 

Whenever there seems to be an onset of silence, he makes an effort to fill it with conversation. 

I personally don’t mind it… with this friend. If it was a stranger and I was trying to focus on something, I'd find a way to put my headphones in and my head down. 

With that being said, that silence can be your greatest ally when it comes to negotiating with sellers. 

If you’re uncomfortable with silence in the middle of sales conversations, it’s time to get comfortable with it. 

If you’re on the phone, mute yourself so the seller doesn’t hear you hyperventilating or your nervous tapping. 

The game is letting the seller fill the silence. If you introduce silence, the seller will naturally fill it because most people aren’t comfortable with silence. 

It’s best to use silence after you present your offer. Once the offer is presented, let the seller do most of the talking. 

What you’ll find is that the seller will actually talk themselves into your price by filling the gaps of silence. 

It’s really common for salespeople to talk themselves out of a deal. So the best thing you can do is learn how to embrace those silent gaps no matter how uncomfortable they may be.  

Don't Panic! Steps to Manage Contract Cancellations

This is probably one of the last things any wholesaler wants to hear.

But sometimes, these things do happen.

We all know how much work goes into finding leads, negotiating, and finally getting a signed contract.

It’s an exciting feeling! You can almost see the money coming into your account as soon as the pen hits the paper.

Until the phone rings and you hear….

“Hey, I’m sorry, but I need to cancel this contract. I don’t want to sell my property anymore.”

Your first reaction might be frustration and disappointment.

But as an experienced wholesaler, you know that this happens, and there’s a way to handle it.

Stay calm. Be professional, thank them for letting you know, and focus on finding a solution. Overreacting can make things worse, damage your relationship, and ruin any chance of saving the deal.

Don't try to fix the problem over the phone. Instead, set up a face-to-face meeting as soon as possible (if you can).

Meeting in person works better. It shows you care and helps you understand why they want to cancel.

During the meeting, focus on listening. Let them tell you what’s going on and share their feelings.

Then, go over the contract and remind them of the agreement. Sometimes, this reminder is enough to make them reconsider.

Remember, there are three main reasons a seller might want to cancel:

Fear, outside influence, and greed.

If it’s fear, the seller might be nervous about moving or unsure of their next steps. Reassure them by offering to help or reminding them why they wanted to sell in the first place.

If it’s outside influence from neighbors, friends, family, or a realtor, calmly explain why your offer is the best for them. But don’t just tell them—ask questions that help them see this for themselves.

If it’s greed and the seller is tempted by a higher offer from another investor, explain the value you bring and consider if you can slightly increase your offer. But be careful, offering more money can make the seller ask for even more.

If the seller still wants to cancel, the best option might be to let them out of the contract. Forcing them can lead to bad outcomes like legal battles or a bad reputation.

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