One of the most important things I did when I started out as a new investor was to record my calls with sellers…
Once the call was done, I played the recording to see how I sounded and to see how smoothly I made an offer. Not surprisingly, I had a lot of trouble explaining how lease option and subject-to deals worked.
It took me over 4 months to close my first deal and this was one of the top reasons. When I explained a sub-2, my explanation was so confusing it’s no wonder the seller had no idea what I was talking about. Of course, over time I perfected my scripts and I can now easily close a deal when I have a motivated seller on the phone.
But the reason I bring this up is because this is something I have all new investors do, that I work with.
Often times we have no idea how bad we sound on the phone. We probably think we’ve done a great job, but when you listen to the recording it will make you laugh and make you sick at your stomach at the same time.
Earlier this week, I had a new investor send me a call he had done so I could critique it. Like all new investors this person still did not properly explain the benefits of a sub-2 to a seller. I was totally confused listening to the call, but the good news is, that subject-to scripts can be learned and perfected over time.
However, there was something far worse that I noticed this investor did on the call.
It’s something almost all investors do. So what is it?
When this investor was getting ready to make a low-ball cash offer I could hear the nervousness in his voice. He had no confidence when he made the offer to the seller and you could hear the timidness in his voice.
Sellers do not like to work with people who are weak and who don’t seem confident in their business. All of us get that uncomfortable feeling in our stomachs when we make the super low offer to a seller. Nobody likes to get yelled at or rejected. But when the time comes to make that offer you better speak in a calm and confident voice.
Most importantly, once you make that low-ball offer you need to shut-up.
I’ve heard investors who’ve made a low offer and then just kept on talking and apologizing for the low offer and talking themself out of any deal they might have had. It sounds weak and like a complete train wreck.
Do whatever it takes to improve your scripts and to improve your confidence on the phone and you will start to close more deals. People like to work with “winners” and winners don’t sound like wimps on the phone.