Full Title: Ten things I learned from The Real Estate Guys at How to Win Funds and Influence People.
This was my third Real Estate Guys event and my first time attending this particular seminar. The next one is June 29-30, 2018 (Google it). I already have my calendar marked. I’m not affiliated with the Real Estate Guys organization, I just enjoy their events and I have benefited tremendously from the education and network.
1.Engage with people emotionally to get them to open up intellectually
A potential investor might tell you "I'm looking for at least 10% cash on cash return and 18% IRR." You need to get to the underlying reason why they’re asking for such a return. Perhaps they want to retire in a certain number of years, and they need that performance to hit their retirement target. You need to understand the deeper, emotional component beyond their surface-level goals.
2.The power of referrals
Current investors referring you to their network is a great statement about you and puts you well ahead. The same goes for customers for those of us in other businesses. It’s okay to ask for referrals. Stacey Brown Randall is another educator focusing on how to get referrals without asking. She did a great interview with Joe Fairless here.
The Guys have multiple examples where they added value to other competing and non-competing brands and it ultimately came back around to them. Just note a few of the brands theirs is aligned with – Rich Dad, Peter Schiff, G. Edward Griffin, Hilton, and more. Just look at who they associate with, the speakers they have at their events, and the people on their show. This is truly something you need to hear from the Guys directly at one of their events.
4.Get objections on the table and handle them individually
You are likely to encounter objections after presenting a solution and reviewing how its features provide the benefits the prospect is looking for. Anyone who has ever attempted to convince anyone of anything has run into objections. Russell taught us his proven process of handling objections.
5.Most salespeople are hunters, but the top performers are farmers.
Hunters go out tracking down a sale. Farmers plant seeds by getting to understand and address prospects’ needs and wants.
Farmers nurture a prospect by helping her meet her needs, wants, goals, etc. Much of the time she'll need someone else’s good or service to meet her goals. A farmer will connect her, without self interest, and will continue to do so indefinitely.
Ultimately the work can bear fruit many years down the line with a business opportunity, well after the salesperson has gained the prospect’s trust and respect. The fruit falls off the tree, into the farmer’s hand.
6.The 4 levels of competence, and how they apply to investment sales
As with anything, the first step is admitting you have a problem – that you don’t know what you’re doing. That’s the progression from Unconscious Incompetence to Conscious Incompetence.
7.Practice these skills any time you can, on anyone. That’s the best way to cement the lesson
I practiced these skills on my flights home, and I connected with the CFO of a mid-sized Mortgage Brokerage from my area.
8.Russell’s multi-step Process to Sales Success
We spent much of the two days understanding and practicing each of the steps. This is the Guys’ IP, so you should go to the event to learn more. You won’t regret it.
9.It’s never about you (i.e. me)
It’s not about what I have to sell, it’s not about when my current property under contract closes, it’s not about what I want in a conversation – and on and on.
For example, when someone writes an email and starts out “I just wanted to…” Don’t do that. Reword it to engage with the other party’s needs, wants, and goals.
This goes back to being a farmer rather than being a hunter.
10.Create a Drills for Skills mastermind to practice and cement
I already run a monthly Apartment Investing meetup in Richmond, VA. Now I've started a weekly Coffee & Sales Skills group. Repetition is the key to learning.
11.BONUS – People want to be sold in this way. Over lunch another attendee told me he’s usually in the buying position, as a manager in the IT industry. Hunter salespeople are constantly coming to him, pitching focused on their needs, rather than helping him meet his.
I posted the Top 10 things I learned from my first Secrets of Successful Syndication September 2016, here. Three people have told me the post was a deciding factor for them to attend their first event. At least one of those folks has joined the Guys’ Syndication Mentoring Club.
These events are exciting, engrossing, and have been life changing for many people. If you choose to go I hope it changes your life as well. If you see me there, come say hi!
Updated 5 months ago
Missed the link to my Secrets of Successful Syndication post, please see here: https://www.biggerpockets.com/forums/432/topics/368147-reflection-on-secrets-of-successful-syndication-seminar
Thanks for sharing, @Taylor L.
Thanks for sharing. I follow these guys and they have some interesting seminars. Appreciate you sharing your learnings and the next conference info. I've found several of your 10 takeaways relative to my engagement w/investors and raising of capital. Here's a few other things to consider. My takeaway is that you can always be continuing to refine your craft.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.