If we’re going to get paid like doctors, we need to behave like doctors.– Steve Trang
How to Eliminate Competition by Negotiating With Sellers as a Hybrid Agent/Investor w/ Steve Trang
Steve Trang wasn’t born a salesman. He has spent hundreds of hours training, and through trial and error, has become one of the best in the business. Now Steve runs a brokerage, a flipping and wholesaling business, and spends the majority of his time doing what he loves – training the best of the best on sales and negotiation. Steve and his team are dominating one of the most competitive markets in the U.S.- and making it look easy. Today, we will learn not only how to quickly raise your lead to close ratio, but why it is so important to both listen and offer multiple options to your clients.
Read the Full Show Notes Below…
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We’ve done a few different series on the CarrotCast, but this one is one of my favorites. We know we can help you get the leads in the door, but what happens then? If you aren’t closing them, you aren’t helping them, and you aren’t seeing a profit. So how do you do a better job of managing your leads?
In part 2 of our series on negotiation, we welcomed returning guest Steve Trang. It’s a seller’s market, and he is going to show you how to close more leads, even in a competitive market.
Anyone Can Sell
With a background in engineering, Steve wasn’t a sales guy when he got into real estate back in 2007. Through years of first-hand experience and his sheer fascination with the business, he has been able to refine his techniques and share them with others.
One of his first breakthroughs in sales came when he changed his mindset.
The Mindset Shift
Steve is a naturally caring, sympathetic, and empathetic guy. While this has helped him to better understand his client’s needs, it wasn’t helping when he sat down at the closing table. People would often ask for an offer with time to think about it.
Of course, he understood that people needed time, but by delaying the decision, they were only wasting time. Steve was losing deals and homeowners were being swayed into situations that didn’t make sense for them.
Steve goes in looking to help the homeowner find the best solution for their problem – no matter what it is. When he knows what the best solution is for the homeowners he gets right to the point.
Setting the Rules
Before going into any meeting or call with a homeowner, Steve will lay out some ground rules. He will let them know how the conversation will go and what they can expect. If he is making an offer, all he asks is that they are comfortable telling him “no” if the price doesn’t make sense. If they like what they hear, they agree that they will put it in writing.
If they ask for time to think about it, he reminds them that it is “against the rules.” He is very direct and candid with his clients, and he expects them to respond in the same manner. If at any point the client gets off-topic during the conversation, Steve will ask them to pause for a minute to write it all down.
When he is done jotting down his notes, he immediately asks his next question, regaining control of the situation.
Asking the Right Questions
Steve always has the client’s best interest at heart. He asks the right questions to figure out what is most important to the homeowner. Just like a doctor, he will figure out what is truly wrong, then go in there and prescribe his solution.
He doesn’t share his offer price or what he feels is the client’s best solution until he has gotten to know them and their situation. He truly listens, and only after a long conversation will he present his best solution.
Providing More Options
For years, we have been pushing the hybrid model. Now that inventory is low, many of our clients are seeing the benefits of serving homeowners in multiple ways.
When you can serve homeowners as both agents and investors, you open up a world of options and the ability to close more leads. Not only that, but you are better able to serve your clients because you aren’t trying to fit them all into the same box. Some homeowners need speed and convenience, while others are looking for top-dollar.
Steve normally sells his “Perfect Seller Appointment Scoring System, a comprehensive checklist to guide you on what to say, for $99. It’s free at Carrot.com/Close.
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Mentioned in This Episode:
- EP 188: 7 Surefire Negotiation Tactics to Close Your Next Deal + How to Lead A Team w/ Wholesaler and Brokerage Owner, Steve Trang