bootcamp july 2009
TRANSCRIPT
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Become a
Property Billionaire
Saturday 18th July 2009
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Format for the day…10.00am Welcome10.10am Icebreaker10.30am What are the fundamentals of Property
Investing (Kevan Keegan)12.00pm Property Research – How to Value Property (Rhett Lewis)1.00pm Lunch 2.00pm Sourcing BMV deals (Rhett Lewis)3.00pm Systems to make you life easier when building
a portfolio (Rhett Lewis)4.00pm Break4.30pm Lease Options (Mark Jackson)6.00pm 5 ways to buy and sell in the current market
(Rhett)6.45pm Recap of today7.00pm Finish8.00pm Dinner
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Rhett’s Definition…
• A commercial, profitable enterprise that works with-out
ME…
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Research…
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Overview
Three attributes
• Tenant• Property • Area
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Tenants…
What sort of tenant are you looking to attract?
• Young professionals• Families• Students• DSS/Asylum• Holiday/Short Let
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Property…
What sort of property does your target tenant group like to live in
• Studio flats• Flats• House• House share
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Tenant Profiling…
Exercise…
Build a picture or profile of who will rent your
properties
5 minutes
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How to gather info to build tenant profiles…• Talk to Estate Agents• Talk to Letting Agents• Follow developers activity• Talk to people that represent
that target segment• Use census data to build tenant
profile• (www.statistics.gov.uk)
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How to research an area…
Areas where you will find strong tenant demand will typically share one or more of this characteristics
• Close to a large hospital• Close to a large retail • Close to a large government office• Close to large university• Close to transportation links • Near to local sources of employment
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Area…
• What are the attributes of the area where you will find properties which appeal to your target tenant group
• What sort of transport connections does it have?
• What are the local amenities?
• Any schools of interest?
• What is the quality of the local environment?
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Using the internet to research…
• www.multimap.com• www.googleearth.com• www.upmystreet.co.uk• www.homecheck.co.uk• www.environment-agency.co.uk• www.statistics.gov.uk
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How to determine market rent
4 step method
• Contact three letting agents and pose as a prospective landlord
• Contact three different letting agents and pose as a prospective tenant
• Check out newspapers
• Let by signs (do not always believe the person as they may be talking it up like we do in the office)
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How to determine market value…6 steps to follow
• Ring five EA’s• Keep a database of properties in your
area• www.landregistry.gov.uk• www.ourproperty.co.uk• www.hometrack.co.uk• www.rightmove.co.uk
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How to determine the market value…
Give out handouts of
• Ourproperty.co.uk
• Rightmove AVM
• Hometrack report
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What to look out for…Shops Tree
preservation orders
Size & layout of rooms
Brick work
Stations
Buses
Floors
Re-wiring
Damp
Unfinished work
Chimney
Fencing
Main Road
School
Loft
Plumbing
Decoration
Out-buildings
Guttering
Neighbours
Pylon
Mobile phone masts
Kitchen / bathroom
# Bathrooms
Garages
Garden
Shared Access
Windows
Flooding # Bedrooms Roof Doors
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Good Website…
whatprice.co.uk/building.html
whatprice.co.uk/tradesmen/trade-associations.html
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Does the deal stack up?• The methodology I use
• Rental coverage – does the deal offer you 130% rental coverage
• Cash on cash return – I am looking for infinite return, as a cash investor, start at > 20% CCR
• Break even – How long will it take to recover all the cash you have invested (important in correction and recession phases of the cycle)
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Rental coverage…
Case study 1
• House is worth £100,000• Purchase Price £80,000• Cash deposit required (25%) £20,000• Stamp duty, legal fees and refurbishment
costs £3,100• Interest only mortgage rate is 5% (£250
month)• Rental coverage requirement is 130%• Rental income is £109 per week or £475 per
month• Net monthly cash flow, £125 (minus voids,
insurance, letting fees) or £1500 per year.
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Rental coverage…
Mortgage payment per month….£354.17
130% of loan is…………………….£460.42
Monthly rental income………….£563.33
Does this stack………………………….YES
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Cash on Cash return
Net rental profit pa _1,850____________________
Your cash in deal _19,100_
=
The cash on cash return is _9.68%_
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Break even analysis…
Your cash in deal _£19,100__
____________________
Monthly +ve cash flow __£154.17__
No of months to break even __124____
Years to break even ___10 yrs__
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Rental coverage…
Case study 2
• House is worth £113,000• Purchase Price £82,000• Cash deposit required (25%) £20,500• Stamp duty, legal fees and
refurbishment costs £3,100• Interest only mortgage rate is 5%
(£250 month)• Rental coverage requirement is 130%• Rental income is £115 per week or
£500 per month
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Rental coverage…
Case study 3
• House is worth £275,000• Purchase Price £200,000• Cash deposit required (25%) £50,000• Stamp duty, legal fees and
refurbishment costs £5,200• Interest only mortgage rate is 5%• Rental coverage requirement is 130%• Rental income is £179 per week or
£775 per month
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Rental coverage…
Case study 4
• House is worth £80,000• Purchase Price £58,000• Cash deposit required £0• Stamp duty, legal fees and
refurbishment costs £3,100• Interest only mortgage rate is 5%
(£250 month)• Rental coverage requirement is 130%• Rental income is £89 per week or
£385 per month
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Rental coverage…
Case study 5
• House is worth £163,000• Purchase Price £125,000• Cash deposit required £0• Stamp duty, legal fees and
refurbishment costs £4,500• Interest only mortgage rate is 5%
(£250 month)• Rental coverage requirement is 130%• Rental income is £139 per week or
£600 per month
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Build in contingency…
• Take the estimated rent and reduce it by 10%
• Take the regular outgoings and increase by 10%
• Then if the deals produces positive cash flow, it is worth considering
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Tips…• Rental business is seasonal • Students tend to look at properties from
November to January. • Summer months are always busier than
winter. December and February tend to be dead months
• The three things which tell you that a property is just right
1. You can buy the property and refinance so that you have little or no money down
2. Your research has proven to you that the property is easily rentable
3. Your research has proven to you that you will be able to generate positive monthly cash flow.
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Deal Sourcing…
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Negotiating Property Under Market Value…
100 to view
30 to research
10 to offer
1 to buy!
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Deal Sourcing…
You do not need thousands of leads to be successful in property investing
What you require is better
qualified leads
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Who is Your Ideal Seller...
• You need to work out who they are
• How: Build up a list of questions you can ask a seller
• Patterns or keywords will appear over time
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Sourcing Motivated Sellers…Newspaper Advert ‘We Buy Houses’ Signs
Internet Referrals (Previous Sellers)
Leaflets Community Newsletters
Estate Agents Text Messages
Billboards Postcards
Door to Door Salespeople
Auctions
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Newspaper Adverts…• Classified Advert
• Two Blank Lines – one above, one below
• Sell/Buy One At A Time – ‘We’ll buy your house’ works 5 times better than ‘We buy Houses’
• Relate to Something Local – Northerners want to deal with someone who is local
• Guarantee – If you do not have a guarantee in your ad’s, you’re ignoring what can be the most powerful weapon in your marketing arsenal
• 0800 Numbers – easier and more likely to call you
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• Leaflets…• Internet…• Newspaper advert…
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7 questions you should ask an Estate Agent… • Why is the owner selling?
• How long has the property been on the market?
• When does the current owner need to move out?
• What is the minimum price the seller will accept?
• What do you think the property will sell for?
• Who priced the property?
• What other homes are there in competition to this property?
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Dealing with an Estate Agent…
• Show you are a professional• Show that you are efficient and
ready to move on a bargain • Do not over exaggerate as they
have heard it all before • Flatter the agents• Make quick decisions • Visit agents in working hours,
not on weekends
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Estate Agent…
• Picture of an estate agent
• Offer them something, before you ask for something back
• Demonstrate the quality of your ‘refurbs’
• Treat them as your friend, not your enemy
• Give them ‘free’ leads
• www.efax.com
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Billboards… Letting Agents… Eviction Specialist… Door to Door Sales… Community newsletters…
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We buy houses sign…
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Referrals…
Staying in touch of previous sellers
• Via letter, phone and email, text• Every month• Give them something of value – 7
tips to save on your gas bill• Ask for a referral every time
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Text message…
Let’s see an online demonstration on clickatell
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Postcards…
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Developing your marketing message…• What are your offers for the sellers?• Why in particular should they go
with you as opposed to some other buyers?
• Do you have any benefits to offer them?
• Is it safe, easy and convenient to do business with you?
• Can they and should they sell to you now?
• What can they do next for you?
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Old leads…
• Set up a system that follows up the old leads….
• Follow them up 7 times before giving up on that lead.
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Hints/Tips…• Stop Being Clever – They miss the point of the
whole process – making sales
• Sell/Buy One At A Time – ‘We’ll buy your house’ works 70% better than ‘We buy Houses’
• Relate to Something Local – Northerners want to deal with someone who is local
• ‘Skim The Cream’ – headline “So you want to sell your house fast” or “Is the buyer of your home making excuses to delay the sale”
• Show How You Solve A Problem
• Test Headline Only Adverts – test the headline before spending a fortune taking out big adverts
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Measure your results…
Leads 48 41 52 22 29 19
Viewings 19 18 12 11 26 4
Conversion % leads/viewing 40 44 23 50 90 21
Deals 7 6 6 4 9 3
Conversion % view/deals 37 33 50 36 35 75
Conversion % leads/deals 15 15 12 18 31 16
Expenses 3350 845 3200 4150 0 1550
Total Sales 710,000 775,000 437,000 412,000 833,000 291,000
Total Equity 113,000 247,000 64,000 73,500 159,500 50,000
Cost/Lead 70 21 62 189 0 82
Cost/Viewing 176 47 267 377 0 388
Cost/Deal 478.5714 140.8333 533.3333 1037.5 0 516.6667
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What are some basic systems to make you
life easier when building a portfolio
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5 ways to buy a property…
Use your own cash
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5 ways to buy a property…
Bridging company
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5 ways to buy a property…
Find Investors
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5 ways to buy a property…
Joint Venture
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5 ways to buy a property…
Lease Option
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5 ways to sell a property…
Sell via estate agent
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5 ways to sell a property…
Auction house
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5 ways to sell a property…
Rent to own
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5 ways to sell a property…
First time homebuyer
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5 ways to sell a property…
First time homebuyer – shared equity
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Let’s Recap today…
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Become a Billionaire Bootcamp…
‘In the Field’ Mentorship – Your Patch or mine
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What are the features…
• Spend a full day receiving Personal Coaching by a Property Investment Expert, Rhett Lewis -- In Person and On Location (Your patch or mine!)
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How can I assist…
• Scope out potential deals • Set up your personal power investment
team • Check the facts • Deciding on your strategy• Estimate repairs • Make smarter offer • Create exit strategies
• And most importantly, close that life-changing deal?!
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What are the benefits…
• Avoid costly mistakes• Valuing property correctly• Create and implement a
marketing strategy• Analysing offers
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Value for Money?
If you only ever purchased1 property with “instant equityof £25,000
‘In the Field’ Mentoring Price £2497
Assuming NO capital growth
£22,553Profit!
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Become a Property Billionaire
Sunday 25th July 2009
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Let’s Recap on Yesterday…
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WELCOME TO WELCOME TO
Selling Your Selling Your Offer/Offer/
NegotiationNegotiation
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Creating the ideal Creating the ideal buying experiencebuying experience
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5 Beliefs YOU have about ...5 Beliefs YOU have about ...
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Something YOU hold to be true ...Something YOU hold to be true ...
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4 Types of Salespeople …4 Types of Salespeople …
Waits for someone to ask if they can buy …
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4 Types of Salespeople …4 Types of Salespeople …
Talks about nothing more than the product …
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4 Types of Salespeople …4 Types of Salespeople …
Promises the World just to get a sale …
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4 Types of Salespeople …4 Types of Salespeople …
Helps the customer find what they need …
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Your role…..Your role…..
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An Approach… Tom HopkinsAn Approach… Tom Hopkins
HELP… 7. Answer any questions – pre-empt objections!!!!! 8. Offer solutions – what’s in it for them!9. Answer any questions – more information HURRY… 10. Closing11. Overcoming objections12. Get started
TRUST... 1. Preparation 2. Build rapport3. Positioning/Purpose statement 4. About us
NEED… 5. Questions – find the pain/challenges/areas of concern 6. Summarise - and get feedback
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TrustTrust
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OLD Selling V’s NEW SellingOLD Selling V’s NEW Selling
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70% of the Sales process is Rapport and Problem 70% of the Sales process is Rapport and Problem IdentificationIdentification
Therefore 70% of your time with a prospect is not selling!
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Rapport building, questions…. finding Rapport building, questions…. finding common groundcommon ground
Scan the house for changes in Scan the house for changes in the building structure.the building structure.
If there is nothing obvious If there is nothing obvious current affairs, weather, current affairs, weather, sport can provide a good sport can provide a good starting pointstarting point
One I use regularly is … One I use regularly is … ( name ) how is ( name ) how is neighbours?neighbours?Whatever you are Whatever you are comfortable with….comfortable with….
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Sales Made Simple ...Sales Made Simple ...
True communication is True communication is the response you get ...the response you get ...
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Modalities of Communication ...Modalities of Communication ...
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3 Tools of Communication ...3 Tools of Communication ...
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What are we saying?What are we saying?
• Price/Cost• Down Payment• Contract• Purchase/Buy• Sell/sold• Deal• Sign here• Pitch• Objection• Prospect• Problems• Appointment
• Investment• Instalment• Paperwork• Invest/Own• Get started• Opportunity• OK• Presentation• Area of concern• Future client• Challenges• Meeting
Words = 7%
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What are we communicating?What are we communicating?
• Open gestures• Smiling• Nodding• Chatting-partners• Asking questions• Leaning forward• Steeple gestures• Elbows on the desk
Body Language =
• Arms/Legs crossed• Foot tapping• Tutting• Rubbing eyes• Head in hand• Rubbing bridge of nose• Eyes closed• Looking down/away when
talking• Tugging Ear
55%
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Creating and Ideal Customer Creating and Ideal Customer ExperienceExperience
Write the top 11 traits of your ideal seller……
Go through list then put yourself in their shoes, the ideal seller
List the 11 things that type of seller would not just want but DEMAND from you…….
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What are Your ...What are Your ...
Little things that are quite inessential but play a great part
in pursuading people you are good at what you do? ...
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Your CNE’sYour CNE’s• Suit• Shoes• Always be On Time ...• Keep in Touch ...• Always follow up…• Remembering teams names…• Quality of sales material..• Samples...• Delivery...
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70% of the Sales process is Rapport and Problem 70% of the Sales process is Rapport and Problem IdentificationIdentification
If the prospect asks PRICE before you’ve presented solutions you generally KILL the sale.
Therefore 70% of your time with a prospect is not selling!
Price comes AFTER the solution.
If asked price earlier, simply say I don’t know at this stage, I’m going to need to ask you a few more questions prior to determine which program suits best.
…..I know price is important to you but do you mind if I come back to that a little later.
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Taking ControlTaking Control
“ Can I just explain how I would like to make the most of our time together today. What I would like to do is outline what our services and how we work with individuals such as yourselves. Then I would like to ask you some questions so that I can get a real understanding of your needs and specific requirements. Then I will run through the choice of solutions that we have and if we can both see the benefits to you and us I am going to ask you to make a decision today. Would it be OK if we worked along those lines ?”
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NeedNeed
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Information GatheringInformation Gathering
Average NegotiatorSkilled Negotiator
Ask Questions
Testing for understanding
21% 10%
9% 4%
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Are Buying Decisions based on ... ?Are Buying Decisions based on ... ?
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Sales Made Simple ...Sales Made Simple ...
Listen twice as often as Listen twice as often as you speak ... they’ll sell you speak ... they’ll sell
themselves ...themselves ...
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The Questioning Process ...The Questioning Process ...
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The Question Funnel ...The Question Funnel ...
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While you ask Questions ...While you ask Questions ...Give Out Little Pieces of Give Out Little Pieces of
......
And, Talk in the And, Talk in the Prospects ...Prospects ...
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Question Softeners ...Question Softeners ...
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HelpHelp
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After You’ve Reached Emotion & After You’ve Reached Emotion & Gathered Information ...Gathered Information ...
““Based on what YOU’VE told Based on what YOU’VE told me ...me ...
Either ‘X Solution’ or ‘Y Either ‘X Solution’ or ‘Y Solution’ will suit you best ...Solution’ will suit you best ...
(Name)
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Features & BenefitsFeatures & Benefits
• Features – explain what the product/service is or does – like facts
• Benefits – explain what’s in it for the buyer (WIFM)
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Turn Features into BenefitsTurn Features into BenefitsWant benefit related statement which
turn features into benefits:• Which means that …..• So obviously….Then..
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Features & BenefitsFeatures & Benefits
• Write down 5 facts about your product/service
• What are the benefits to your customer• Use a benefit related statement in your
sentences
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HurryHurry
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Closing The saleClosing The sale
Fact - 96% of all sales are made after the 6th
close. How many sales people give up after 1. How many don’t even use 1?
Between 62 –70% of sales people DO NOT
ask for the sale
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ClosingClosing
• Silent – ask for the business and then keep quiet
• Alternative – either or• Assumptive – what will happen next is..• Direct – do you want to proceed or not• Fear – eg limited offer, one left
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Trial closesTrial closes
Tell them what you told them… overviewTell them what you told them… overview
So (name), correct me if I’m wrong but So (name), correct me if I’m wrong but this should resolve the sale of your this should resolve the sale of your
house in the next 2 weeks ….house in the next 2 weeks ….
How does this fit with what you had in How does this fit with what you had in mind?mind?
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Closing….Body LanguageClosing….Body Language
Prospect totally relaxedProspect totally relaxed
Positive body languagePositive body language
Prospect asking you to Prospect asking you to back over thingsback over things
Asking questions, they will only ask questions if Asking questions, they will only ask questions if they have an interestthey have an interest
Partner/s have become chattyPartner/s have become chatty
Prospect is asking detailed questions…re Prospect is asking detailed questions…re how purchase works.how purchase works.
Positive signals
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Closing….Body LanguageClosing….Body Language
Leaning ForwardLeaning Forward
Elbows on the deskElbows on the desk
Tilted headTilted head
Hand gestures, making a steeple with Hand gestures, making a steeple with fingersfingers
Hands behind headsHands behind heads
Positive non verbal
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Closing….Body LanguageClosing….Body Language
Boredom….Boredom….
Legs CrossedLegs Crossed
Foot Kicking SlightlyFoot Kicking Slightly
Doubt / DisbeliefDoubt / Disbelief
Rubbing EyesRubbing Eyes
Head resting in handHead resting in hand
Negative Non Verbal
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Closing….Body LanguageClosing….Body Language
Pinching bridge of Pinching bridge of nosenoseEyes closedEyes closed
Looking down when Looking down when talkingtalking
Face turned awayFace turned away
Arms crossedArms crossed
Pulling or tugging Pulling or tugging earear
Negative Non Verbal
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Overcoming Sales ObjectionsOvercoming Sales Objections
• What does the term ‘sales objection’ mean?
….so why do we worry about them?
• You wont get an objection if they don’t have an interest
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6 Golden Rules…6 Golden Rules…1. Park it - ask permission to come back to it2. Let them express it - hear them out - NEVER interrupt3. Playback - show you’ve LISTENED and UNDERSTOOD4. Clarify, ask and provide a solution 5. Use stories/testimonials where possible6. Ask if that answers their concern7. Get acknowledgement dealt with and move on…
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‘‘The Stall’The Stall’
1. Want to think about it2. Want to talk it over with my____3. Want to sleep on it4. Never make decisions on the spot5. Send me a proposal..
Does a stall mean NO?…that means keep going…
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Handling the stallHandling the stall• Listen without interruption. Maintain rapport • Play back to check understandingResponse strategies• “When you say sleep on it, what does that mean?”• “May I just ask, what is there is to think over?” • “ What I generally find is that there’s generally very little to discuss that we
haven’t already covered.”• “I’m happy to answer any questions you may have so that we can move
forward…”• Ask them outright – it’s the money, isn’t it? If not, this will flush out what the
real objection is.• What would it take to satisfy you?
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‘‘’’Offer’Offer’
Offer is too low – value not built during the meetingAgain, listen! Repeat back.Can’t afford it“So if you if the offer was at the right level, would you go ahead?” If
yes…“So what you’re saying is that you can see the value of using our
services to purchase our house….“ Then put it in their terms -“Does that satisfy your concern? How do you feel about that now?”
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Cost cont’dCost cont’dIf no…“So if it’s not the offer, may I just ask what’s holding you back?” …reveals the underlying objection, if there is one! Too low“When you say it’s too low. What does that mean?” “Compared to what, exactly?”“I must have missed something earlier...” “What would make this of value to you?”
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Dimensions of NegotiationDimensions of Negotiation
• Knowledge• Time or Deadline Pressure• Strength or Power
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Investors Expectation Sellers Expectation
Zone of Possible Agreement
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Negotiating Styles ...Negotiating Styles ...
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Be Confident Be Prepared Be Willing to Walk Away
Remember….Remember….
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RiskRisk• Listen without interruption. Maintain rapport • Play back to check understanding• “So if it’s not the money, may I just ask what’s holding you back?”
Response strategies• “I totally understand how you feel..many other customers felt this
way initially, but have found the advertising has really worked for them..for example…
• Could you tell me why that is please..pause
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Professional Negotiators ...Professional Negotiators ...
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Ways to find money…
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Home equity…
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Personal loans…
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Personal investors…
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Endowment…
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Joint ventures…
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Pension…
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Overdrafts…
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Credit cards…
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Possessions…
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Early inheritance…
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Overseas banks…
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Welcome!
Make It HappenIn 2009
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Who am I?
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The Identity The Identity Iceberg...Iceberg...
HAVE
BE
DO
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Which one are you?
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Mindset of Successful
People
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Recognising YOUR Values
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Break
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‘Many of life’s failures are men who did not realize how close they were to
success when they gave up.’
Thomas Edison.
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Awareness
Opportunity opens up to those who create a greater
awareness of their environment.
Mindset…
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FocusHaving a simple, clearly defined goal can capture
the imagination and inspire passion.
Mindset…
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“People with goals succeed because they know where
they are going... it is as simple as that.”
Earl Nightingale
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“If you want to be happy, set a goal that commands your
thoughts,liberates your energy, and inspires your
hopes.”Jim Rohn
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“An average person with average talent, ambition and education, can outstrip the most brilliant genius in our society, if that person has clear focused goals.”
Brian Tracey
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No Written or Verbal Goals or Plan
Verbal Goals
Written
The The powerpower of written of written goals…goals…
Only 3% of people have written goals and plans, these people account for 98% of the wealth. Time frame 25
years.
3%
27%
70%
98% of wealth
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The power of goal setting is not so much the goals you set, but the person you become to achieve
them!
Goal Setting
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Goal Setting Exercise
(Also game)
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Break
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Belief fuels enthusiasm, and enthusiasm explodes into
passion. It fires our souls and lifts our spirits.
BeliefMindset…
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If we are to enter into an activity with anything less than full steam, guess what happens?
Commitment
Mindset…
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Thank you!
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We help investors create a sustainable income through property
• Build you a sustainable portfolio• Monthly Income
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• Negotiation of considerable discount
• Property Acquisition• Property Survey and valuation• Property Conveyancing• Full Management
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• We guarantee to buy you a cash flow positive property from day one
• We guarantee your rent for the first two years
• We guarantee that you will not pay a penny in maintenance for the first two years
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• You are in control of your money• Enjoy fixed returns• No administration costs
If you are not currently receiving 10% currently from your local bank, make sure you come and talk to me
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9 Tips when Managing your Properties…
1. Referencing
• When referencing tenants, make sureyou speak to their previous landlords, not their current ones.
• Find out where they work and arrive early to ensure that they turn up to work.
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9 Tips when Managing your Properties…2. Kerb Appeal
Spend a small amount on the kerb appeal, know where the locals
schools are based, the shops and the bus
spots. Some of my houses have bus stops in front, give them a bus pass.
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9 Tips when Managing your Properties…3. Excessive voids
• Reduce the rent• Also security reasons• Start marketing the property 30
days before the end of the tenancy
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9 Tips when Managing your Properties…4. Visits
• Make sure that you visit theproperties and ensure that the
tenantsare maintaining it• Deal with any maintenance
issues immediately
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9 Tips when Managing your Properties… 5. Cash flow
• Work out a strategy so you receive payment from the housing benefit agency directly
• Request a deposit (application)• Bigger Deposits• Sign up to Utility Warehouse
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9 Tips when Managing your Properties…7. Move ins/Move out
• Take pictures of the meter readings
when tenants move in or move out.
• Explain the rules of the game
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9 Tips when Managing your Properties…8. Inventory
• When you complete an inventory, ensure you get the tenant to sign
anddate the back of all the photos and
signthe written inventory.
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9 Tips when Managing your Properties…9. Nine ways to find tenants…
Newspaper classifieds, To let boards, Gumtree.com, Ezylet.com, Text messaging, Postcards in shops, leaflets, current tenants, Advertise on national websites – rightmove – findaproperty – prime location.com or…………………….
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9 Tips when Managing your Properties…• Use a amazing ‘letting agent’
• I suggest you use a agent who is a landlord himself, understands how landlords think and have great marketing strategies to find to constant supply of tenants.