Mastering Sales Skills in Real Estate Investing with Steve Trang
Do you feel uncomfortable talking with homeowners? Or maybe you aren't sure exactly how to make offers on the distressed properties you've found. If that sounds like you, stick around for some valuable insights in this blog from Steve Trang.
Steve is the host of the Real Estate Disruptors podcast and has trained some of the biggest flippers across the country. Get ready to learn valuable sales techniques and improve your ability to close deals.
Establishing the Rules and Setting Expectations
If you've explored the Sandler sales methodology then you might already know a little bit about where we are headed. Steve shares how crucial it is to remember to set expectations going into a sale, also known as the upfront contract. It's crucial to establish the right expectations for the appointment with potential sellers. By doing so, investors can ensure a smooth and productive conversation.
If you're a little nervous about the conversations with sellers it may even be helpful to have a script to go off of. Even Steve's team uses a script. However, when you are having those conversations remember that the script should not be set in stone. Go with the flow of the conversation.
Walking Through the Sales Script
Let's walk through the different steps in Steve's sales script.
Set Up and Introduction
The first part of the script focuses on setting the rules for the meeting and reminding the homeowner that they invited the investor into their space. It also establishes the standard length of the appointment, usually an hour to an hour and a half. This timeframe communicates the seriousness of the process and indicates that it won't be a quick conversation.
Addressing Homeowners' Concerns
The subsequent part of the script acknowledges the common concerns homeowners may have and asks if they've missed any important points. This question allows the investor to understand the homeowners' needs and ensures that nothing crucial is overlooked. Steve advises his team to take note of any concerns mentioned during this discussion for later follow-up.
Preparing for Personal Questions
Moving forward, the script prepares the investor to ask personal questions by asking for permission to do so. By gaining consent at the beginning, the investor can navigate potentially sensitive topics without making the homeowner uncomfortable. This step ensures that the conversation remains professional and respectful.
Empowering Homeowners to Say No
Now you might be thinking, "Uh I really want them to say yes, why do I want to empower them to say no?", but it is helpful to get a straight answer even if that is no.
The script empowers homeowners to say no if the investor's offer or services don't align with their needs or expectations. This request is essential in preventing the common response of "I need to think about it." Steve explains that getting a clear yes or no is preferable to an uncertain response. By enabling homeowners to say no, investors can move forward confidently, either closing the deal or accepting the rejection.
Clarifying Expectations and Confirming Understanding
As the script progresses, homeowners are reminded of the possibility that their house may not be selected for purchase. Steve emphasizes the importance of employing language that conveys this notion multiple times to manage expectations effectively. Additionally, the script prompts homeowners to confirm their understanding of the discussion by asking them to summarize what they've heard.
Addressing Potential Emotional Reactions
To address potential emotional reactions, the script acknowledges that some previous homeowners might have hesitated to decline offers due to concerns about hurting the investor's feelings. The investor assures the homeowners that their decision won't offend or upset them and encourages them to be honest.
Be sure that if you use the script framework from Steve you adapt it to your own style when talking with potential sellers. The script provided by Steve offers a framework for successful interactions with homeowners, enabling investors to navigate sensitive topics, set expectations, and empower homeowners to make decisions.
By following these strategies, investors can improve their chances of closing deals and achieving financial success. For more investing advice from Steve be sure to check out one of his many Masterclass Episodes with us or head over to his podcast. And as always, Happy DealFinding.
About Samantha Ankney
Samantha has been a media specialist for DealMachine for 1.5 years. She produces, edits, writes, and publishes all media that is distributed to the DealMachine and Real Estate Investing community.