NEPQ CRE Closing Flashcards
What are the 7 levels of your sales process?
- Connection Phase - reminding/informing the prospect why you’re calling
2.Situation Phase - Getting the basic info you need to get a gage for what they’ve got going on.
- Problem Awareness - Clarify and Probe them on their main pain points (remember them and use them through out your call to draw fourth the pain)
- Solution Awareness - Ask them what they’re looking for and what their ideal scene is (in general)
- Consequences Phase - Ask them what happens if nothing changes or if they don’t do something about (said problem)
- Solution Presentation - you guide them on how what you offer solves their problem and how it benefits them.
- Specify next call + Deliverables - ask for their email and let them know what they need to send you and what will he needed for the next call.
What do you say for your connection phase with a seller?
Seller: Hello?
Me: Hey, yeah, can you hear me?
Seller: yeah
Me: Okay great, yeah Brandon Gilliam, OHM Solutions. So this call is going to be pretty simple. I just want to get a better feel for the property… because as I’m sure you know as much as we’d like to buy up everything we have to get the real insight on property conditions before we move forward, and make you a REAL offer, know what I mean?
When it comes to presenting the solution, what do you say?
Me: I see… So… with properties like this that have (xyz mentioned issues) that cause (xyz consequences)
For these types of properties we’re able to help sellers close with our structured refi solution. The seller refinance with our lenders, non recourse. We make all the payments on the new mortgage. You cash out up to 70LTV of the appraised property value, and kick us back 10 LTV for property improvements and hold a 5.5 year balloon note for the rest of the price + the 10LTV you gave us at close….
Now… The way this helps you is:
1. This structure allows us to close within 1 week of getting the current appraisal
2. You close at YOUR price and cash out at closing
3. You get ultimate flexibility, if for any reason we miss a payment you can just get the property back plus all the value we put into it and sell it of for a lot more, or you could just take it back and do the same deal structure and make money over and over again with a new buyer, or in the absolute worst case scenario even if you took the property back and couldn’t sell it, since its non recourse you could just take the cash you made on the deal and hand off the keys to lender… So… How do you feel? Does that feel like something you could work with?
The seller agrees, what do you say next?
Great, so what we’ll do is, I’ll send you over the loan documents and the LOI to sign. All I need from you is your standard financials: schedule e, rent roll, credit reports, as many active leases that you can send and when you have an up to date appraisal ready, we’ll take that and send it in with your documents and schedule our next call when we get the approval letter, sound good?
Seller: sure
Me: great, what’s your email?
Seller: xyz@gmail.com
Me: okay great, I’ll send all this to you now and ill look out for your documents. Talk soon. hang up
What are your unconditional “anchors” of alignment or “being AT CAUSE” in any call with any realtor or seller?
- You have no idea I’d they’re fudging their numbers (lying) or not telling you something that’s wrong with the property (hiding)
- You are checking them out to see “DO THEY MEASURE UP TO MY STANDARDS?” on what you’re able to help with…
- You have the money, you literally have their payday in your pocket… And not only that you have the ability to pay them faster than anyone else. They WANT you to be their paycheck… But you must know that… If you don’t, they’ll walk all over you.
- They, if you’re doing your prospecting correctly, are the ones stuck with a property that isn’t selling… So they NEED your help… Regardless of what they say so they’re there to hear you out regardless…
- The US market is literally about to crash…. AND THEY KNOW THIS… everyone knows it…. So their open to anyway out….
- Even if its a no now, it could be a yes later… 1 day 2 weeks 1 year, who cares…. EVERYONE IS CLOSABLE whether its today or a year from now you don’t care you’re just having fun playing the game….
- All realtors and sellers want is to feel good now and have the ability to choose.
- You don’t NEED the deal because you have tens of deals lined up to close in the pipeline
What are the 2 core things that all realtors and sellers want?
The ability to choose, and to feel good now.
Why is it important to have a slow paced confused/curious tone in the beginning/discovery process of your call? And also why is it best to communicate in a light and casual way?
Because it disarms the prospect… The minute they feel like they’re being sold they close off and you get nowhere….
Being casual, light, genuinely curious, concerned, and interested allows them to
“open up” to you and “let their guard down”…. It gets them out of the “fight or flight” mode…
What is the REAL reason why anybody wants anything they THINK they want? How might you best get that to them?
The only reason anyone ever wants anything is because they believe they’ll FEEL BETTER in the “having of it”…
Since we know we cant “control” anyone or “make” anyone do anything…
All we ever have control over is our own alignment and how we feel in any moment in time…
Through our steady, anchored state of feeling good/satisfied we are able to influence them and bring them further into alignment…
Thus disarming them, allowing them to drop their defensiveness and open up to us… And could care less if they do or do not come along/”get it”.
Role play a call with a realtor to set up a seller call
Realtor: Hello?
Me: hey, is this “realtors name” (SLOW PACED, curious and confused tone)
Realtor: Yeah
Me: Hey, yeah, its just Brandon Gilliam, Im calling in because i was wondering if you could help me out with this xyz property?
Realtor: yeah sure what do you need you need to know? OR depends what do you need?
Me: So we just checked out the listing… It seems like something that “could” be in alignment for us… Umm we’d just need to have a quick call with the seller, get better feel for the property, what it needs, where its really at, just so we can actually give you guys, like, a “REAL” offer, right?… Do you know if they’ll be available this week for a quick call or zoom? (slow paced curious/confused tone)
Realtor: 1. Yeah sure, let me see when they’re available and I’ll get back to you. OR 2. Depends, I would need an LOI and POF. 3. What exactly do you need to know?
Me: 1. Okay great, talk soon. 2. Okay. yeah sure we can get that you. All we need is a signed LOI and financials for our lender and they can give us an approval letter within 24hrs. We’d just write up the LOI on what the seller thinks it would appreaise for get the the LTV off of that and go from there. Could you guys work with us on that? 3. Just some more information about what challenges he’s faced with owning the property and a little bit more about the numvers. But hey, if you don’t mind me asking, why do you feel like the property has been on the market this long?
Realtor: 2. Um yeah sure, I can ask if he is okay with that or No I don’t think we could accept that.
Me: 2. If yes: okay cool find out what he thinks it will appriase for or we can just use the purchase price… I’ll write up the LOI and send it over and if you get it back to me signed plus financials we can get you guys POF within 24hrs. Sound good? If no: okay well get back to me if that changes… 3. GO THROUGH THE NEPQ PROCESS WITH HIM AND THEN CLOSE WITH OFFERING HIM A 1% COMMISION IF HE CONNECTS YOU AND IF NOT TELL HIM TO LET YOU KNOW IF THAT CHANGES.
How are your sales calls “weighted” in terms of presentation vs discovery?
80-90% Discovery/Problem Awareness vs 10% Presentation
Why do you need to make sure that the process is fun?
Because it enhances everything about your experience… And theirs… And ultimately results…..
What’s the importance of your approach when asking the “hard” questions or “painful” questions?
Its important that you ask it with genuine concern and interest so that you’re creating a bond with them on a touchy subject for them… And then you have the approach of “okay let’s work together to make sure that doesn’t happen” in a teamwork kind of way…
What do you do when you get someone who is disengaged/not interested?
You probe them to get them talking and you listen,
“Yeah that’s not a problem we may not be able to help you out but I just called in to see if there was any evidence that we could. (Segway that into a problem awareness question) and then clarify and probe… Give them the space to start talking so they feel comfortable
What are the elements that affect your tonality and performance? And how do you resolve them?
- How fearful you are
- How much energy you have/low energy levels
To fix the fearfulness/delivery of conviction is through roll playing a bunch at the beginning of your day everyday. So you start feeling that confidence and flow of what needs to happen AS WELL AS ROLE PLAYING THE VARIABLES! (because people tend to be fearful of the variables) The more you learn the variables and role play them, the more comfortable you are…
For low energy levels, make sure you’re refreshed before you start, segment intent, drink water, listen to music, take breaks.
Why should you never say the word “okay” and what do you say instead?
You never say okay because it breaks the flow of the sales conversation. Instead say things like: That makes sense, or I could see why…., that’s not a problem… Etc. Then say so…. (And ask your next question)
