by Tony Pearl
A guy on the street in New York City walks up to another guy and asks, “Hey Buddy! How do you get to Carnegie Hall?”
“Practice, practice, practice!” the second guy replies.
An old joke, but there’s some truth in there…
In this article, you’re going to learn the best and fastest way to master the single MOST important skill you MUST possess if you ever want to make any real money in creative residential real estate investing.
What is this magic skill? Mastering the Phone! An easy enough concept, yet so many people seem to have huge issues with it. If that’s YOU, and you’d like to fix it, then keep reading…
The Number One Problem Most New Investors Have
As a real estate mentor, I hear things like this ALL the time from students who share what their biggest fear & frustration is when it comes to talking with sellers: “I don’t know what to say,” “I’m not sure how to answer their questions,” “I don’t want to mess up a possible deal,” “what do I do if…?” and on and on.
These fears & concerns are totally understandable, of course. If you don’t know how to handle those situations, if you don’t know WHAT to SAY or HOW to SAY it, you’re naturally going to have a hard time talking with sellers. And this business will be difficult.
Ron LeGrand recently shared something interesting with us Mentors. After talking with many Masters students, he found a common thread among those who are not having success early in their programs. What was that common thread?
The Biggest Mistake Most New Terms Investors Make
The biggest, most common mistake that most new investors make is they don’t take the time to PRACTICE their new craft. They don’t practice the art of TALKING to sellers in a way that will help them learn to get good on the phone.
Since they don’t practice, they don’t feel comfortable. Since they don’t feel comfortable, they don’t DO anything when it comes time to take action and make those closing calls. No closing calls made equals NO deals. And no deals equals no money! That’s not good. But don’t worry, because we have the solution…
The Fastest & Easiest Way to Get Good At This
Just like that bad joke at the beginning of this article, if you want to get to where you want to go, the KEY is to practice your art. In this case, if you want to master the essential SKILL of talking with sellers (or buyers, private lenders, or ANYONE for that matter), you’ll need to practice WHAT you’re going to say when you talk with them.
Only by consistently practicing this in the right way will you possibly gain the confidence you need to get good at this. But HOW? How do you practice this stuff?
The answer is so simple it might shock you…
How to Practice
So here’s what you do: Grab the SCRIPTS you need. Use Ron’s scripts from his manuals or use the Wolff’s scripts if you prefer. I use my own scripts that I created for myself & my business, and one day you’ll do the same. Over time, you’ll get your own rhythm & style, but if you’re just starting out, use the stuff that’s already proven to work.
Of course, since you’re a member here on this site, you already have access to the scripts I’ve created for your use! Want to get the Lead Sheet filled out? Use the LEAD Script. Ready to do a Closing Call? Use the Closing Call Script!
Now get a partner who will help you practice. This could be your spouse, business partner, son/daughter, or friend. Doesn’t much matter. You could have them sit at the same table as you or in another room. Or they could be on the other end of the phone.
Here’s what you’re going to do: You’re going to ROLE PLAY with each other! One of you will be the seller, and the other one will be the investor. Each person should have a copy of the same Lead/P.I. Sheet, so that you’re both on the same page (pun intended). You’ll want to use both “Yes” and “No” responses for the Lead Sheets for your role plays.
The “investor” will also definitely want to have the “No” script as well as the “Million Dollar” script in front of them. NOTE: You’re guided through this process in the Closing Call script on this site.
Now just practice making that call! Literally say, “Ring, ring…!” until the “seller” says “Hello?” and act like you’re making a real phone call. Yes, it may feel a little silly or awkward the first couple of times you do it, but you’ll quickly get to the point where it’s comfortable… Just like you’ll quickly get more comfortable with each and every step you take and every call you make!
Have real conversations here. Have the “seller” ask the actual questions a real seller would ask. Act like they just want to sell for cash, or act like they don’t understand, or ask ‘why do you need the mortgage information?’
You know…the usual, typical stuff that an actual seller would say on these calls. And practice how you would handle this, over and over.
TIP: Lean on the scripts to help you out until you’re totally comfortable doing this.
Remember that it’s a process and it will take a little bit of time to gain the confidence you want & need in order to truly master this skill. But it is so, SO worth it, as you’ll quickly discover. But even then, you’re still missing something…
Essential “Secret Sauce” Tip You MUST Use:
Listen, even if you practice ‘till the cows come home, you’re doing yourself a HUGE disservice if you don’t do this ONE crucial thing:
You MUST RECORD YOUR PRACTICE CALLS, as well as your REAL calls!!
WHY is this SO important? Because when you HEAR yourself on these recordings, you’re giving yourself the much-needed audio FEEDBACK to hear all the “ummms” and “aahhhhs” you say that you didn’t even realize. You’ll hear the missed opportunities and subtext of what the seller is saying – how they’re giving you the vital information you need to know to sell them on this opportunity, but you missed it because you were focused on what to say next instead of what they were saying.
It’s so vital that I’ll say it again: If you’re not recording yourself and these practice conversations, you’re really shooting yourself in the foot. So make sure you record them!
After you’ve made a few of these practice calls, go ahead and LISTEN to your recordings. Be sure to TAKE NOTES on where you can improve. I’ve included a list of the Ten Most Common Mistakes you might make when talking with sellers in this article. Listen for where you might be making those mistakes as you look at that list.
How To Record Yourself & Your Calls
You should already have the tool you need to succeed: Your smartphone. To record yourself talking/practicing with someone in the same room as you, just open the Voice Recorder app on your phone. It comes built-in with your phone. If you have an Android, it’s probably called ‘Voice Recorder,’ and if you have an iPhone, it’s called “Voice Memos.” Just do a search to find it if you need to. It should be there. And if it’s not, you can always install one for free in the Play or App Store.
To record your calls, you’ll need a different solution. If you have an Android (like me!), then it’s easy. Just go to the Play Store, search for & install an app called “Call Recorder.” If you have an iPhone, it’s not as easy. But I suggest you check out using the Vonage app. Also – be sure to be aware of the laws in your state regarding one or two party knowledge on recording calls.
The Final Secret
The final secret isn’t really a secret so much as it is common sense: You MUST keep practicing those calls in this manner until you have mastered this skill! Just get started and keep going until you’ve ‘got’ it and you know it. Clap your hands.
Will you make mistakes? Of course! Will you potentially lose some deals along the way? Absolutely! But guess what? Every mistake you make will teach you what NOT to do. Every missed opportunity will SAVE you from missing out on the next HUNDRED opportunities you’ll know what to do with the next time you face a similar situation. As long as you continue PRACTICING this stuff, you’ll continue to improve on it.
Current MENTOR Student? Then You Have THIS Bonus!
If you’re a current, active Mentor Student of mine, I have some GREAT news for you! Did you know that we’ve recently added a new feature where you can get 2 professional call CRITIQUES from your Mentor (that’s me!)?
To take advantage of this, here’s what to do: Start practicing NOW. Record yourself & your calls. After you’ve made several calls to sellers, pick the call you think is your BEST, and send that recording to me. I’ll review it for you & give you a critique on what and how you did – both the good and the stuff you can improve. Please try to keep the call you send as brief as possible – less than 5-10 minutes is preferred.
When you get the critique back, you’ll want to start implementing the suggestions right away. After you’ve improved even more, you can do this once again to get one more critique from your mentor. This is a very valuable feature that’ll help you if you use it.
Yes, you get up to TWO calls. Please, no more than that. Reviewing & critiquing these calls actually takes me a long time. Imagine if I had to go through countless long calls from countless people. I’d never get anything done. Besides, our goal here is to show you how you can improve on your own, with the proper guidance. Ok?
Want a Top 10 List?
For your convenience, here is a list of the TOP 10 MISTAKES most people make when they talk to sellers.
The Top 10 Mistakes When Calling Sellers:
TIP: As you listen to your recordings, see/hear if you’re doing any of these. You will, and it will be very clear when you do. So be aware of this, then take steps to prevent it on your next batch of calls.
Looking Into My Crystal Ball…
As I gaze into my crystal ball, I have a bold prediction for you. I predict that if you DON’T heed the advice here and use it right away, you’ll just keep getting exactly what you’ve been getting. If you’re happy with that, great! If not, you should already know what you need to do…
On the other hand, I also predict that if you TAKE ACTION on what you learned in this valuable article, you’ll QUICKLY gain massive confidence as you master the skill of talking to sellers (and other people) on the phone. You’ll know what to SAY and how to say it in order to maintain control of the call. You’ll quickly prescreen out the time-wasters. You’ll keep your prospects curious and interested in your solutions.
And you’ll suddenly find yourself doing deals & making money.
And just like that wisecracking New Yorker on the street, you’ll quickly find yourself where you want to be when you practice, practice, PRACTICE!
Until Next Time,
UPDATE: Ron LeGrand has read this article and liked it SO much that he’s decided to make it a permanent part of the new upcoming Quick Start Boot Camp Manuals! So look for it there the next time you attend that event. 🙂
Copyright 2019 Tony Pearl | All Rights Reserved
BIO: Tony Pearl is a writer, speaker, copywriter, coach, mentor, marketer, musician, poet, ballroom dance instructor, world traveler, father, fiance, internet marketer, voiceover artist, and real estate investor. He’s also a Politically-Incorrect Insomniac with ADHD who specializes in adding massive value to people’s lives by helping them overcome limiting beliefs, have more fun, and make more money while improving lifestyles through improving communication and investing in real estate!
Hello! Here’s a quick update for you that you need to read…
I just heard from the man, Ron, himself. He shared a quick status report on how things are going, as well as giving out some very sage advice, as Ron is known to do. You’ll DEFINITELY want & need to read this, as it affects YOU!
Here’s the deal.
For some time now, Ron has been calling people who enrolled in the Masters Program after about 30 days of their enrollment.
He says that most of these calls are the same, which is not terribly surprised, all things considered.
There are a few people who hit the ground running and do well very quickly.
Several people seem to struggle, as life gets in the way.
But the majority of students all seem to struggle with ONE huge issue…
Can you guess what it is?
That’s right—Mastering the phone calls, especially with sellers!!
Many times, a lot of people will try to say that they’re not getting enough leads or are just looking for a new cool way to generate leads…but at the same time, they’re not handling the leads that they are getting correctly!
So… WHAT is the Solution?
Well, we have an answer for that, in the form of an actual ASSIGNMENT for you to follow!
Here’s What To Do To Fix This:
Great TIPS (Filling in the Details):
Sending those two calls to me is imperative. Vital. Essential. So do it. Again – only if you’re a current student, please.
NEXT: Regarding LEADS, Marketing, and spending money…
Ron & I do NOT want you spending a bunch of money on your marketing…until you’re totally ready to do so.
And by ‘ready,’ we mean that you’re already doing deals, have your skills sharpened, and really know what you’re doing.
Putting money into marketing means that you’re ready to scale your business up, based on the success you’re already having.
This means NO yellow letters until you’re able to master the call and maybe you might not even need to send letters out at that point, either. Ron says that if you do what’s taught at the Quick Start event, you won’t need those costly yellow letters.
Here’s a quick, easy, cheap/free list of activities you can do to really start generating all the leads you’ll probably ever need…assuming that you’re handling the calls correctly.
Quick List of Lead Gen Activities:
Ron says that everyone he has talked to is getting leads, but none of them are handling the calls correctly.
If you do these things, you should get plenty of leads, and if you’re not getting any deals, it’s probably because you may be screwing up the calls. We need to fix that.
Remember the Ugly House business! While you’re chasing nice homes, you can also be working in the lower end areas doing the same things – looking for cheaper houses to take over debt as well as houses that need to be renovated.
It doesn’t hurt to do a wholesale deal or two, especially when you’re just getting started!
That is all the updates we have for you for now.
BONUS!: CLICK HERE to download the latest call script from the recent “Mastering The Phone” event!
REMINDER!: CLICK HERE to use the Form/Interactive Script I’ve already created for you to use when doing closing calls with sellers.