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3. CRE 101 > 🥷🏾 Phone Call Mastery > Flashcards

🥷🏾 Phone Call Mastery Flashcards

(61 cards)

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1
Q

What do you say when you leave a voicemail?

A

Hey this is Brandon Gilliam calling in about “xyz property” you can reach me at 332-334-5097 that’s 332-334-5097, thanks.

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2
Q

Whats the first thing you talk about when you get on the call with the seller?

A

Get the data you need to see if they “qualify” for a “doable deal”

  1. How long have you owned it?
  2. How much do you owe on the property?
  3. What’s the occupancy?
  4. What’s the gross?
  5. Prepayment penalty on mortgage (if there is one)
  6. What do you think it will appraise for?
  7. Anything else you don’t already have filled in from the inter communication form for CapitalCash
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3
Q

After you get the data from the seller what do you do next?

A

You ask him why he’s selling the property and truly LISTEN to what he’s saying with his words and his energy. Probe at anything that may seem to reveal a deeper reason if he’s being vague.

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4
Q

After you know why he’s selling and you’ve got the numbers from him what’s next?

A

Now you dish out your offers…

First: You offer the Quick Cash Deal
• You say 🥷🏾: “I can wire you “xyz” (30% of PP) for it within the next 2 hours.”

👨🏾‍💼 Seller responds by denying the offer (most likely)

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5
Q

After you’ve got a soft LOI agreement what’s next?

A

Tell them to get you the docs and call you back.

• You say 🥷🏾: “Okay now all we need is the financial documents: schedule e, trailing 12 months P+L, balance sheet, the appraisal, the CRE Basic app filled out (if > 5M and doing refi or 1003 if < 5M) and a copy of their credit from the 3 bureaus (if doing refi). When you’ve got those docs and have filled out the application you can call me back and we’ll go from there.
HANG UP

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6
Q

If the seller denies your quick cash offer how do you respond?

A

• You respond 🥷🏾: “Well look I can get you your price but we’d have to do something more structured. What’s the minimum amount you need at close to get the deal done?“

👨🏾‍💼 Seller responds with what he’s looking for. (most likely)

(You run the numbers and see if it’s doable if so proceed, if not counter with what you can do and go from there if he denies you continue with the process as a “hypothetical”)

• You say 🥷🏾: “Okay, well we can do that in one or 2 ways…. (present the first creative deal offer)

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7
Q

After you explain to the seller that if he wants his price it will have to be a structured deal, what option do you present first?

A

Tell him about the structured purchase agreement:

• You say 🥷🏾: “We can do a 50-50 purchase. You put up 20LTV of the AV and get it back immediately at closing plus 50LTV. I keep 10LTV for renovations and value adds and you carry a 5 year note for what’s left of the price and the 10 LTV I took out for property improvements. I pay back the note within 2 years and if I miss a payment you can recoup the property and make 2-3x more from all the value I put in.

👨🏾‍💼 Seller either likes it or doesn’t. If he does you continue to get a general soft term agreement to get an LOI signed and if he’s not into it…

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8
Q

If he doesn’t like the structured purchase agreement what do you do next?

A

Close on the structured refi

• You say 🥷🏾: “Okay well we can do a structured refi with our lenders and close in 2 weeks. You get 80 LTV cash at close, keep 70, and kick me back 10 for renovations and improvements. I make the payments on the mortgage. You carry a 5 year note for what’s left of the price and the 10 LTV I took out for property improvements. I pay it all off ideally within 2 years and if I miss a payment you can recoup the property and make 2-3x more from all the value I put in.

👨🏾‍💼 if he’s interested you’ll get a soft LOI agreement from him and move on to the next step. If not…

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9
Q

If he doesn’t like either of your core deals what do you do?

A

• You say 🥷🏾: “The only other way we could possibly do this is if I round up bunch of investors for the next 3 months doing marketing and sales presentations wasting your time and mine and we both lose. ORRR you can cash out now with more than anyone in this market will pay you in less than 2 weeks…

(Pause)

Do you want the money or not? Or do you like waiting 3-4 months for somebody’s underwriter to deny their loan?

👨🏾‍💼 if it clicks for him you’ll get a soft LOI agreement from him and move on to the next step. If not…

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10
Q

If he doesn’t go for the investor option or revert to any of your main deals what do you do?

A

• You say 🥷🏾: “Alright well call me when you’re ready to make a deal.”
HANG UP

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11
Q

What is the root of your energetic intent and attitude going into this call? And what is your highest leverage of influence from an action oriented perspective?

A

Your intent:
Get a soft agreement to one of your creative offerings… (this is not the real deal, you’re using general numbers and don’t actually know the real deal yet you just want to see if he’s a cooperative component)

Your attitude:
What I have is so good and will enhance you experience so much that when you’re ready I’ll be ready to help and until then I wish you well on anything you’ve got going on.

Your action/focus:
You hold the vision or image of him benefiting from what you’re offering throughout the call. Knowing it’s positive impact and resonance with his strongest desires. “This is a come to Jesus meeting”

Always speaking to his core desires. That is your highest leverage of “action oriented” influence.

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12
Q

When he’s interested in a refi or purchase, what do you use to negotiate?

A

Increase or decrease the:
• Purchase Price
• Interest on the not (max 8%, 1 yr)
• Closing costs
• Appraisal cost
• Note Term (if DSCR low - term = 12 months)
- less cash out

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13
Q

Anytime a realtor calls you about an LOI you sent, what do you say:

A

What time is the seller available for a joint call?

(…if he doesn’t respond or asks for POF)

Say:
I’m not doing all that without m even knowing if it’s a doable deal. Get me in touch with the seller so I can get the real picture of the property and we can close in a week. I’ll give you an extra percent for connecting me with him. If not then I don’t think we’re a match.

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14
Q

What do you do as soon as you pick up the phone?

A

Hit *7 to record the call

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15
Q

If the seller seems like he’s on the fence saying things like: “Ehhh idk” Etc What do you say?

A

ZINGERS
* I mean… do you want to wait for another 3-4 months for someone to MAYBE pay you less than I’m paying you now in 1 week?

  • Do you have time to wait for the next wave of Covid to hit?
  • Who else will give you your price in only 1 weeks time? (Nobody)
  • Don’t you want to… (why they’re selling) ?

*I mean… you do want to close, don’t you?

  • You like money, don’t you?
  • This is a win-win, isn’t it?
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16
Q

What do you say if he asks why would he put up the down payment?

A

Because I’m agreeing to over pay for the property and giving you your full ask when no one in this market will. You get it back immediately at closing and plus cash and we close in 1 week!

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17
Q

What do you say if they ask what you’re using for collateral?

A

Say their property

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18
Q

What do you say if the seller asks: What if you don’t pay? (refi deal)

A

Then you get the property back plus all the improvements I put into it.

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19
Q

What do you say if the seller asks:
What if you fail and I’m stuck with a big loan? (refi deal)

A

It’s non recourse so you can just walk away with all the cash!

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20
Q

How is this like poker?

A

Because you don’t know what cards the seller is really holding (you can gage an idea by analyzing the deal in terms of what they are “presenting” or the tax info from the state in NYC) because ultimately they usually completely lie on their posters/OM so there’s now way to get the “real picture” until they send you the official financial documents through their taxes and other state registered financials…

And you have your cards and what you’re willing to play or show in order to close the deal….

You don’t tell them you’re not going to pay all cash you “show” them you can pay cash by offering a “cash lowball” and you use that to knock them down for a creative structured deal that requires no cash from you but still gets them all the money they want and all the money you want as well…

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21
Q

Why is it important to fight on price/go lower than he’s asking even if he says what will close the deal?

A

Because you need some leverage going in to the conversation to get more of what you want…

Just because you can give him what he wants, if you give it to him too easy and you appear to cooperative that will take advantage of that as opposed to you fighting to give them on a low offer and ultimately giving them what they want when they agree to give you want YOU want.

And it give you the ability to give him one last thing so he feels like HE won… (ex. Extra $500k to do the deal or full ask etc.)

3:33

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22
Q

How long will it take to close?

A

A week after we get a current appraisal.

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23
Q

What’s your approach and intention with realtors?

A

Send them a “general” LOI that includes your offer (1-2 Million below ask) Let them know you can close within 2 weeks and will pay them and extra point for connecting them directly on a call with the seller to negotiate.

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24
Q

What is BOTTOM LINE mutual intent between you, the seller, and the realtor?

A
  • here to make money
  • here to close deals
  • here to close sooner than later
  • here to have a win-win deal
  • here to close with cash out
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25
If the realtor calls you about a property from seeing that you viewed it on a website, what do you say?
Okay, send the financials to my email: brandon@ohm.vision
26
If the realtor calls you following up about the LOI email you sent, what do you say?
Hey yeah, so the bottom line is I’m in prepared to pay “x” price for it and close within a week of getting a current appraisal. But for me to really know if this is a doable deal I have to talk to the seller directly about the property. I can pay you an extra point to make that happen, just let me know when he’s available to get on a call and we’ll go from there. - If yes: okay great, talk soon - If no: Okay well if that changes give me a call
27
When you call a realtor to follow up on a LOI you sent to them, what do you say?
**If they do answer:** Hey [realtors name], this is Brandon Gilliam. I’m following up about an LOI I sent for “xyz property” did you get a chance to look it over? - If no: re-send it and tell them to call you back when they get it - If yes: (he may ask questions etc.) you say: “Hey yeah so, the bottom line is I’m prepared to offer “x” to close within a week of a current appraisal. But I have to talk to the seller directly to really see if this is a doable deal. I can offer you an extra point for making it happen, just let me know when he’s available for a call and we’ll go from there. - If they say yes: okay talk soon - If they say no: okay well if that changes let me know. **If they don’t answer:** Leave a voicemail saying: Hey, this is Brandon Gilliam calling about the LOI I sent for “xyz property” you can give me a call back at 332-334-5097, that’s 332-334-5097
28
If the realtor or the seller ask for proof of funds what do you say?
Yeah I can get you an approval letter from my lender within 24 hours all they need is a signed LOI and tax records since the loan is based on the financials of the property. We can write it up based on what you think the property will appraise for, sign it send the docs and we can go from there.
29
When you’re fighting on the low ball offer how do you justify it?
Use whatever their weaknesses are to back up your offer (this is already to be filled out in your inter office communication) so just know this before hand so that when you do talk you’re ready.
30
When a seller pushes back and tries to gain control of this conversation what do you do?
Ask him questions right back about what he’s hiding or any documents of transparency he hasn’t yet provided or weak points in general: Example: What’s the real numbers? where’s your schedule e? Look, you want to close this thing don’t you? You like money, don’t you? Do you really want to play this game in a market like this?
31
What’s the 4 yeses and give an example of how you would use it?
The four yeses is the strategy is if you ask someone 3 questions that they say yes to or agree to then they will most likely agree to the 4th. Example: 1. You want to get your price right? (Yes) 2. And you want to have cash out at closing right? (Yes) 3. And wouldn’t you like to close in 2 weeks or less than waiting around for another 90 to 120 days to MAYBE sell? (Yes) 4. So let’s do this structured refi… you get paid, the realtor gets paid, I get paid we close in 1 week and everybody wins. (Okay 🤑)
32
What if the seller asks for interest on the note?
I’m already overpaying for the property and the debt service to make the deal is only doable “as is” with the ballon note.
33
Why are these calls no big deal?
Because you don’t even have the real numbers, he could be lying about everything and the deal not even be doable…. You know they’re motivated to sell because they’ve been sitting on the market for months! Also you don’t even have to do the deal you can just do it as far as it makes sense at the end of the day just for practice!
34
What are your “cards” in terms of negotiating terms? In order of use and significance that you’re willing to “play” them?
🃏 Your main cards in terms of deal offers are: 1. Cash low ball (bluff - that shows you have cash) 2. Structured Purchase 3. Structured Refi (target close) 4. Investor option (bluff to close on 3) 🃏 Your main cards on the deal specifics: 1. Your base deal offering AS IS 2. Offering $300k extra to close the deal… max $500k 3. Offer a shortened term on the note max 2 years. 4. Offer interest on the 2nd start at 3% but no more than 8% and NO LONGER THAN 1 YEAR (double check the DSCR to see the real limits for what works) 5. Lastly you can offer to cover closing costs and appraisal but this is last resort and shouldn’t need to get here because you’re doing him a favor buying at full ask and cash out in 2 weeks.
35
What are the core “bottom line”, “unconditional” FACTS that make what you’re offering “undeniable” and something they should want no matter what the deal is?
1. Market Conditions - you don’t have time to be plying the waiting game in a economy that’s on the brink of a recession and a crashing CRE market… if you’re struggling to sell now what do you think it will be like when the recession is in full swing? That’s not even including if the Covid resurgence continues again. 2. Lack of quality offers on the property and has been available for an extended period of time. - it’s been sitting on the market for months and hasn’t had any solid offers… 3. No one else closing as fast and with as much money than I am with a 2 week close at full ask and cash out. Most buyers are taking 90-120 days to get rejected by their underwriter and waist your time. 4. The seller is most likely lying about the numbers and who’s paying from the occupancy until you get solid schedule E tax financials
36
If seller asks why you can’t put up your own cash, what do you say?
Because unlike other investors I’m actually utilizing my cash strategically. If you get the cash you want, who cares “how” it happened or where it came from if it’s all compliant. I call that being an intelligent investor, wouldn’t you?
37
If they ask you something that you don’t know the answer to or don’t know how to respond to, what do you do?
Say hold on let me call you back and hang up immediately.
38
What do you say if they ask you about doing a walkthrough or in person due diligence?
Say: “I’ve seen all I need to see, I can take care of the property with the renovation credit”
39
What do you say if you’ve explained it a few times and the seller still doesn’t get the deal structure?
How about this, let me send you a more detailed LOI… you can look it over… and if you have any more questions or would like to move forward, give me a call back. 🙂
40
What’s the sequence/limit you will go through if they don’t yet fully understand?
1. State the offer plainly 2. You explain the “bottom line” benefits (Price, Speed, Certainty) in comparison to the competition. 3. You take them through the four step “YES” process 4. Lastly, if they still don’t get it say you’ll send them a detailed LOI and let them review it and if they have any questions or want to move forward give me a call 👍
41
How soon can he expect to get paid the money back in terms of your cash out refinance timeline?
First refinance within the first 6 months and payout the balloon note within the first 2 years.
42
Answer questions with…
Questions
43
When you encounter an objection what steps should you go through?
1. Clarify the concern 2. Discuss the concern 3. Diffuse any objections
44
These calls must feel like a _______
Fun game: asking the emotional questions, unearthing their pain points/problems, and negotiating the terms.
45
What happens when you don't lead or respond with a question?
You break the flow
46
How should you act and sound?
You should just be yourself and speak with then as if you're speaking to a friend.
47
What are the 2 things that can effect your tonality on the call?
1. Fear - Which comes from a lack of knowledge of your market, strategy, or yourself. (i.e. a lack of preparation) 2. Energy Level - lack of sleep, food, or bad food, or bad attitude.
48
When do you present your solution?
You save it for the end of the call first ask your qualifying questions and the spend the majority of the time identifying his problem and amplifying the severity and urgency of it in his mind through your questions AND ONLY ONCE YOU'VE DRAWN OUT SIGNIFICANT EMOTION should you "present" your solution and don't go into extreme detail... Keep it general and get him cooperative to sign a LOI for funding assessment.
49
You will have no fear of probing with emotional pain point questions when...
You know the game of CRE well and know the current market well, as well as know your clients situation...
50
Above all you should practice the energy of being calm and satisfied because...
That's what keeps you connected to source and empowered... If you feel fear they will feel it 10x more!
51
There are 3 state's in negotiations, what are they and why/when do you use them?
1. Equal - you and I are the same level... This will be used most often to gain trust and rapport. 2. Superior - you speak to them as the authority figure, mostly when presenting your solution and when asking your questions to highlight the severity and urgency of their problem/pain point 3. Inferior - use if you accidentally offend or are misunderstood by them to "diffuse" any tension or defensiveness through questions of course.
52
Why should you never say the word "okay"?
Because it breaks the flow.... INSTEAD, you say: - "that makes sense" - "that's not a problem" - "I could see why (xyz situation)... So (ask next question)" USE THESE TO CONTINUE THE FLOW INSTEAD OF USING THE WORD "okay"
53
What are generally the pain points of your prospects?
Lack of time, lack of money, lack of certainty, lack of freedom.
54
What stages do you go through in your phone calls in regards to question asking?
1.Qualifying/Connection Questions 2. Situation Questions 3. Problem Awareness Questions 4. Solution Awareness Questions 5. Consequence Questions 6. Transition Stage 7. Presentation 8.Negotiations/Commitment Questions
55
To effectively identify their core pain points you must be a good...
Listener and asker of questions
56
What attitude allows you to take the pressure and salesiness out of the process?
Instead of going into it strictly to make money go into it by genuinely just being interested in helping people. Instead of trying to "close" people you go in saying "hey let's go in and see how I might be able to help"
57
If they say they need to think about or talk with their partner/spouse, what do you say?
"Sure that's no problem. What's your timeframe on getting back to me in the next day or 2 to see if I'll be available for you?" This positions you as the trusted authority who’s time is valuable and holds your high status - you’re busy with other clients - you’re not needy - and you’re doing them a favor by rescheduling. IT MUST BE A SPECIFIC TIME WITHIN 48 HOURS OR ELSE THEY’LL NEVER CALL YOU BACK!
58
What “gap” are you looking to create on your call and why?
You want to create as big of awareness gap as possible between where they are now and what they want so that they can feel the impact and importance and urgency of their current situation so that they see it as something that needs to be resolved NOW and not something they need to think about or ask anyone else’s opinions about… USE THE MAJORITY OF THE CALL TO BUILD THIS GAP… and then you present your solution.
59
Don’t send them a specific LOI until you know, what?
What their problems/pain points are
60
Why should you never “talk down” to a prospect? And what should you do instead?
Talking down to them always breeds for animosity confrontation, and resistance… INSTEAD you should “challenge” them in their thinking that lead to the problems they have now. You do it with genuine concern and interest and they WILL respect you even if they don’t buy from you on that call they will trust you.
61
People don’t buy on facts, features, terms, or logic… they buy based on their…
EMOTIONS

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