You have to either get better or get creative.– Pace Morby
How to Close More Deals with These Unheard of Subject-To & Creative Finance Strategies w/ Pace Morby
I’ve never heard an investor or agent explain their strategy like Pace. Not only is he closing deals in ways others don’t have a clue about, but he is also mentoring and coaching others to do the same.
Today you are going to learn how Pace has built his brand, become a storyteller, developed creative financing strategies for his clients, and how he is now converting 1 in every 22 leads.
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I was so excited to have Pace join us here on the CarrotCast. His energy and ability to think out of the box are contagious and inspiring, not just to me, but to tons of investors out there who are following Pace on his journey.
By leveraging social media, he has built a business and a brand, that is capturing the attention of a lot of people out there, myself included.
Today we are diving into his toolkit to learn about how he talks to sellers and finds ways to help them that other home buyers can’t.
Creating Your Toolkit
Every seller you work with will have different needs and selling goals. When you can really hone in on what the seller needs from the deal, you will be in a place to better serve them. It today’s market, an agent can’t just keep things in their nice little MLS box nor can investors simply throw out offer, hoping one will stick.
Agents and investors need to get more personal, offering multiple solutions, and truly helping their clients.
As the market shifts, it is becoming more difficult to get leads. In order to reach the most people, you need to be able to add value. You have two choices in this market: either negotiate better or get creative. When looking at your tool kit, you need to choose the right tool for the job at hand.
For some, it will be a wholesale deal, other properties you can buy outright, others will be best served with an MLS listing. You wouldn’t try to build a house with just a hammer. Nor should you offer your clients just one way to sell.
You need to determine which tool will best help you to fix the situation. Because Pace knows what tools to use and when he is converting at double and even triple the rate of other buyers in his market.
When talking with sellers, Pace has a number of stories he often shares to clarify situations and to help stop objections. One of his stories is about an F-150 he needed to sell. Pace wanted to sell the truck for $10k but when he looked it up on Kelly Blue Book, it only retailed for $5k. Pace said screw it and put the truck on Craigslist for $10k.
Three months later he hadn’t received a single call. His wife suggested he offer to take payments so he quickly changed the title of his ad to support this. Within 30 minutes, he had to take the ad down. He was flooded with potential buyers. In fact, he was able to sell the truck for $12.5k.
In turn, the buyer was able to use the truck to start his business where he immediately was making $6k per month. The buyer of the truck didn’t overpay because the value he received from the vehicle far outweighed what he paid for it.
Pace has another story he uses when people aren’t willing to share how much they want for their house. Many people will simply ask for an offer, not divulging what they are really looking for. To get their number out of them, he will simply ask… “Would you list a car for sale without listing a price?” Of course not. Doing so would cause you to get low-ball offers from everyone in town.
By getting that number out there, Pace is able to work with the seller to find real solutions that will help them reach their goals.
Pace has really capitalized on his Facebook and Instagram accounts. He has built a brand for himself, put himself out there, and shared content with his followers that really help them learn about who he is as a person.
He doesn’t just go and create content, he documents his life, both personally and professionally, and from there, true and genuine content is formed. He would add before and after pics which got people excited and he would show himself out there really getting things done.
People would rather work with someone who is truly doing the work vs. someone who just says they are. Nobody is a natural when they are just starting out – it takes practice.
Pace and his team are currently doing 10-12 wholesale deals per month and another 10-12 deals using creative financing. Using the F-150 story mentioned above, Pace is able to explain terms to people, without making things overly complicated.
In fact, using this strategy recently allowed Pace to purchase a property using owner financing with zero down and zero interest. He bought a $130k property for nothing out of pocket.
He pays the owner $350 per month and he rents out the property for $1,600. It’s easy to see how he is using math to work in his favor.
Follow Our Guest:
- Pace Morby on Youtube
- Pace Morby on Instagram
- Pace Morby on Facebook
- Creative Finance Facebook Group