Closing The Deal On The Spot!
Dear Colleagues,
What do you find to be the best technique to close a deal when you don’t really have anything but a promise to give to them after your presentation? I mean they say “Heck yeh, this lease option deal sounds great, lets do it” so you scramble back to your office and start pulling prelims, getting the reinstatement figures all that stuff and when you’re ready with your closing papers in a couple of days the owner backs out because some one had offered a cheaper/better/other solution. I’ve noticed I’m losing deals just because I don’t have anything solid in my hands after my conversation, only a promise and hopes that the person will not try to shop me.
So my questions again… Is there a good way to somehow solidify the deal in the initial stages? I mean a 5 Day Right of Rescission is bad enough but I can’t lose deals because I don’t close them right.
This is something that’s been on my mind for a long time so some sound advice would be greatly appreciated.
Your reference to the 5 day recission makes me think you are in California. Is that right? If so, welcome to the waters where the sharks play. Since you do have to wait 5 days, might as well make the first one the day you get the verbal. I believe you can do everything but exchange money...convict me if I am wrong. Next, you have to nail down your deals. Explain that others are going to throw some pie in the sky deals at you, but your not going to help him unless he is going to turn them away. Lastly, have no attachments. He is your mark. You are there to help, but you can't do that if you lose the deal, so I suggest you meet with a shaky seller often, and don't let em sell you.
If you still lose the deal...reclose
the new guy has to wait 5 days also.
If you still lose the deal...move on
[addsig]
Thanks for your comment, have to agree with you on everything. You're also right that I am in the shark land - the San Francisco Bay. Its outsmart, outwit, outlast, out here... I guess the key is to professionally discredit the rest of the "consultants" and make them believe that they have the right guy for the job.
Unfortunately, however, sometimes these homeowners do have better options than going with me like actually getting a second to bring everything current (if the LTV makes sense) so its always a struggle keeping them on track because they get mailings from about 80 other competitors offering them a "pie in the sky" like you said.
Lately, I've been noticing that there's someone out there doing hard money loans up to 95% LTV. I mean I'm still yet to demystify this scam. How is this possible and how long are they planning to stay in business? Anybody else heard out there stories like this in CA or elsewhere?