Have you ever heard this when you were pitching a deal to a real estate jv?
“Let me think it over”
or how about
“Leave me the information and I’ll take a look”
If you’re like the thousands of real estate investors I’ve spoken with who are trying to build their real estate portfolio with joint venture partners…
Those two statements are probably THORNS in your side…
And of course, many of us believe it’s over.
But not you – because you’re reading this now.
BTW – If you’re already a Joint Venture Presentation Formula owner, you have this ‘close technique’ plus (9) nine more inside your program so go check that out.
How to OWN This:
When someone tells you “I’ll think about it” they expect you to walk away.
You and I both know they are NOT going to “think it over”.
Because their world is WAYYYY to busy to worry about you and your real estate deal.
So rather than you letting things go, you come back to them – in a week, a month, after the holidays…whatever:
“Hey, did you run my investment through your think machine like you said you would?”
Again, they probably haven’t. And most do not want to tell the truth like “we’ve been so distracted we didn’t even take a look” because it makes them look inefficient.
Instead, you’ll hear something like “Yes, I looked at it but I can’t do anything about it now…if things change, I’ll call you”
Right.
Do you believe that?
But…HERE’S EXACTLY WHAT YOU DO
1. Agree with them.
“That’s great John. It’s obvious you wouldn’t take your time thinking this over unless you were seriously interested, would you?”
They really have nothing else to say except “Yes, for sure I’m interested…I’ll think it over.”
2. Confirm the fact they’re going to think it over.
“OK, since you’re this interested, may I assume you’ll give it very considerable consideration?”
Of course, because they’re trying to get you off their back, they’re going to say “yes”
3. Clarify and Twist Harder
“Just to clarify my thinking, what is that you wanted to think over is it my integrity?”
[IMPORTANT NOTE] when you ask this question, DO NOT PAUSE between think & over. Keep the sentence going – don’t change your tone…just say it all together because it doesn’t give them a chance to answer something different than…
“No, I think you’re a great person” – because they’re not going to call you a liar are they?
“Is it the amount of return / cash flow you’re getting?”
“No, it’s exactly what I asked for”
“Is it the investment that’s involved to purchase the property?”
“Well, I’ve never put out that kind of money without doing a lot of thinking”
“So the challenge really is money, isn’t that right?”
“yeah, that’s right”
In this example, you can see I’ve drilled down to the core problem – the money – nothing new right? It’s always about money.
But the beauty of this close is that you’re not letting them off the hook with “I’ll think about it” because it’s too broad of a statement.
CAUTION
Whenever I teach these examples, there’s always someone who wants to memorize and use the exact script.
In other words, take the short cut.
More than likely, this will back-fire. So you have to adapt this to YOUR particular joint venture prospect and situation.
CAUTION # 2
Because we believe that 90% of the time “money” is the ultimate challenge, DO NOT START with:
“is it the money?”
Because that will get you “no, it’s not the money, I just want to think it over”
This close, like many of the others I teach in the Joint Venture Presentation Formula works only when you follow the proper steps and do things right.
This post should help you understand how to handle your joint venture prospects better. It’s been adapted from How to Master the Art of Selling by Tom Hopkins.
If you want to learn more about creating a joint venture presentation that works to build your real estate portfolio – the Real Estate Joint Venture Presentation Formula is where I break things down step-by-step.
Talk later!!!