Real Estate Investors: Learn How A Puppy Dog Can Make You Rich!

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I hate running (unless someone is chasing me). I haven’t run in probably four years. Elevators and escalators are my best friends…but through a series of events which I don’t feel like explaining, I am now training for a marathon because of a promise that I made to someone. When you give someone your word, you honor that word no matter what. I started training last week and hated every minute of it. Starting out running three miles a day might not sound like a lot, but go out and try it, I dare you! I will keep you posted on my marathon training; however, I am pretty sure that you will see the same information from me every week: That running still sucks!

Anyway, now to give you a deal closing technique that will put more money in your pocket this week. A few weeks ago I talked about the “yes or yes” close (if you didn’t learn that closing technique, search my post two weeks ago.) This week I am going to tell you about the “puppy dog” close.

Here is what I want you to imagine: It’s a beautiful Saturday afternoon. You and your son or daughter are at the mall. You pass a pet shop and see the cutest little puppy staring at you through the glass. Your child begs to see the dog, and you say “yes, but only a quick look, then we have to leave.” The salesman comes over and hands your child the puppy. As the time approaches to leave the store, your child throws a fit that they want the puppy. The salesman calmly says to you “why don’t you just take the puppy home for a night and if you really don’t like him, bring him back tomorrow.” Now, we all know the rest of the story…the puppy is never going back to the pet store and you are now the proud owner of a new dog.

Here is how this technique should be used when it comes to our real estate investing businesses.
Imagine you are sitting at a seller’s kitchen table. The sellers are motivated, you have handled all of their objections and questions, and all they need to do is sign the purchase agreement (always an agreement, never a contract.) They pick up the pen, but do not sign. They stare at the agreement for what seems to be an eternity, then they tell you they are not sure they are ready to go forward. You should immediately say, “Mr. Seller, I understand that you are nervous. This is an important decision. Why don’t we go ahead and sign the agreement now, and if you are still unsure tomorrow about going forward, give me a call and I will shred the agreement……because we certainly don’t want you to sell to us if you are not 100% comfortable with the solution.”

Many people will sign the agreement and very few will call you and change their minds the next day. This technique takes “courage” that many folks don’t have. Most people will just let the sellers not sign and will leave the house. Remember, the most important part of this business is closing the deal…as Zig Ziglar says, “Timid salespeople have skinny kids.”

So on your next meeting with a seller (which should be this week) let them take the puppy dog
home (the agreement) and they can always call you the next day if they change their minds.

Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.