I know a lot of investors who spend a small fortune on marketing and getting leads from sellers. However, once they’ve invested a lot of time and money into getting these leads, they don’t put enough thought into closing the actual deal.
What exactly do I mean by this? I mean that they don’t plan ahead and prepare for the critical meeting with the seller. They don’t have a thorough checklist of every item they should bring with them and they don’t plan out exactly what they’re going to say to the seller.
For instance, when it comes time to meet with a seller I am obsessive compulsive about it. On a side note, only once in my life have I ever let anyone tag along with me when going to a seller’s house. The one time I did it, the guy I brought along had his cell phone go off during the meeting with the seller. He actually took the phone out of his pocket, opened it up to see who was calling and he seemed to stare at it for an eternity.
I was tempted to murder him when he did this, but I decided it would not be a good idea.
I did not end up getting that deal and swore I would never again bring anyone with me on a meeting. So let’s back to what I do: First off, I make sure I’m clean-cut and dressed properly. I shave, I put on my button-up shirt with a collar and my khaki pants. I have all of the seller’s information in a nice white folder. (I call this my “ultimate deal closing kit” and include special reports and coupons and other information for the seller.)
I bring a legal pad with me…
So I can write down figures and show the seller why working with me will save him a lot of money. I also bring a digital camera so I can take pictures of the house. I actually encourage the homeowner to read through the folder I bring them (which also contains testimonials) while I am walking around talking pictures.
I bring plenty of business cards for referrals and I ask the seller if he has any neighbors who he thinks I might be able to work with too. (Don’t be a wimp about this, always ask for referrals.)
I always have a blue pen on me to sign all of the documents and I carry a spare with me too. You never, ever want to be caught without a pen. In addition to all of the above items, I also make sure I have the phone numbers of the testimonials in the folder I give the seller, and if it seems necessary (AKA I’m having trouble closing the deal) I offer to give him the phone numbers so he can call past sellers I’ve worked with.
The bottom line is this: When it comes to your meeting, know exactly what you’re bringing. Plan out every move you make when interacting with the seller and have it lead to signing the documents on the kitchen table. (If you perfect your presentation the outcome should be the same every time.)