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jtlab

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Because I only have a few months expierience in this business, how do you answer people who ask about the length of time you been in business. Any suggestions would be appreciated.

 

Jacin L.

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Because I only have a few months expierience in this business, how do you answer people who ask about the length of time you been in business. Any suggestions would be appreciated.

 

Jacin L.

 

I have only been doing this for 1 month but I have never been asked that... You must come off them like you don't know what you are doing. No Pun intended.

 

- Darvinm

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Because I only have a few months expierience in this business, how do you answer people who ask about the length of time you been in business. Any suggestions would be appreciated.

 

Jacin L.

 

I have only been doing this for 1 month but I have never been asked that... You must come off them like you don't know what you are doing. No Pun intended.

 

- Darvinm

 

Darvin, there were times when I did come off exactly like that. Specifically on my second day of cold calling, one lady indeed asked me how long I been in business. Today, however , I feel more confident then ever in my abilities, so I do not feel that is the problem. I have experience with both t/b and homeowners, so I know it can be done. And that is exactly how I pitch it to them over the phone, with 0 hesitation.

In this one instance, I already provided the homeowner via email(I tried phone but hes never around to answer) his market analysis. He loved the way it sounded but naturally had questions. One of those questions was "how long I been in business?" I think it is a legit question, and I would not be surprised if it is a common question. But my question is, in the event it comes up again, what is the best way to answer it if you only have a couple of months under your belt.

Edited by jtlab

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Because I only have a few months expierience in this business, how do you answer people who ask about the length of time you been in business. Any suggestions would be appreciated.

 

Jacin L.

 

Jacin,

You need to be educated when you talk to sellers, but you also need to be sincere. I didn't advertise that I was new, but I didn't lie about it either. You need to remember this business is about leverage. If you can offer a good and valuable solution you will have your leverage. I have written about my first Cooperative Assignment and how I didn't know what I was doing. The seller knew it and the buyer knew it. But you know what? I still managed to get $3K for doing the deal. How you ask? Because I knew enough to get a contract signed. The seller knew they had nothing to lose and the buyer knew they had a good deal.

 

So now if someone asks you how long have you been in the business I would ask them why they're asking. This will help you understand what you're doing (or not doing) to create such an inquiry. But again there's nothing wrong with them asking. Some sellers will ask just to ask. This will help you to learn your pitch and what to say.

 

And to answer such a question simply point to the leverage that you have created. If they don't like what you're doing, then time to move on. But if they believe you can do what you say you can do, then you'll probably get the deal.

Hope that helps,

Adam

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Because I only have a few months expierience in this business, how do you answer people who ask about the length of time you been in business. Any suggestions would be appreciated.

 

Jacin L.

 

Jacin,

You need to be educated when you talk to sellers, but you also need to be sincere. I didn't advertise that I was new, but I didn't lie about it either. You need to remember this business is about leverage. If you can offer a good and valuable solution you will have your leverage. I have written about my first Cooperative Assignment and how I didn't know what I was doing. The seller knew it and the buyer knew it. But you know what? I still managed to get $3K for doing the deal. How you ask? Because I knew enough to get a contract signed. The seller knew they had nothing to lose and the buyer knew they had a good deal.

 

So now if someone asks you how long have you been in the business I would ask them why they're asking. This will help you understand what you're doing (or not doing) to create such an inquiry. But again there's nothing wrong with them asking. Some sellers will ask just to ask. This will help you to learn your pitch and what to say.

 

And to answer such a question simply point to the leverage that you have created. If they don't like what you're doing, then time to move on. But if they believe you can do what you say you can do, then you'll probably get the deal.

Hope that helps,

Adam

 

 

Thanks adam and darwin for replying. In this instance I think it was the seller asking the question just to ask. He was happy with everything I pitched to him over the phone, in fact he even told me he wish he saw my signs before he signed up with a Realtor. He went to talk to his lawyer about breaking the contracts with his Realtor so he can sign with me. I emailed him his market analysis and the lease purchase advantage flyer and he responded w/ the typical questions. I tried to get in touch with him on the phone to answer those questions but 2 days passed and he did not return the phone call. So I emailed him the answers and he responded that he liked what he heard and is still waiting for his lawyer to get back to him. He also said he wanted to ask his lawyer for his opinion on RTO(deal killer?). Then finally he asked about my experience. I think he was asking it because of how new RTO was to him. He was still skeptical . In NY people are not as trusting. In fact nobody trust anyone. :unsure: It is a different atmosphere over here.

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You could say something like:

"I'm off to a strong start! In 3 months I've prequalified 15 buyers, so if you'll just sign here we can get one of them into your home right away!"

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Thanks adam and darwin for replying. In this instance I think it was the seller asking the question just to ask. He was happy with everything I pitched to him over the phone, in fact he even told me he wish he saw my signs before he signed up with a Realtor. He went to talk to his lawyer about breaking the contracts with his Realtor so he can sign with me. I emailed him his market analysis and the lease purchase advantage flyer and he responded w/ the typical questions. I tried to get in touch with him on the phone to answer those questions but 2 days passed and he did not return the phone call. So I emailed him the answers and he responded that he liked what he heard and is still waiting for his lawyer to get back to him. He also said he wanted to ask his lawyer for his opinion on RTO(deal killer?). Then finally he asked about my experience. I think he was asking it because of how new RTO was to him. He was still skeptical . In NY people are not as trusting. In fact nobody trust anyone. It is a different atmosphere over here.

 

Keep up with the seller. It seems as though you're doing pretty good even if you don't get the deal. Also remember that lawyer isn't a four letter word. DO NOT BE INTIMIDATED BY AN ATTORNEY! Most of them don't even make close the amount of money we make and they will NEVER pay for their client's bills. Let the seller know that.

 

On the flip side, this is perfect example of when I talk about having a mentor or seasoned investor to work with. Most new investors always think that having someone experienced means they have to give the deal away for a birdog fee. Quite the contrary. Working with a seasoned investor could have closed this deal for you. Not to say you're not doing well on your own, but paying someone a consulting or partnering fee of say, $500.00 to negotiate and close may have made the difference. I hope everyone new to the business gets a chance to read and absorb this powerful lesson.

Keep us posted.

Adam

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Jacin, I know just how you feel been there done that and the seller who asked me was just curious because know one had approched her with the concept of a CA before. I had another seller tell me how many years he was in business and he never heard of doing a CA and he was a real estate agent, appraiser and home builder, only to have this same seller call me to months later so that I could put together a CA.

 

So to answer your question what do you say when a seller asks you how long you been in business?

 

I say I have been in this business since (date I got MC manual finished reading it and about three months of reading posts on the board) about 4 months but I have a network of over 400 investors that are doing this all over the country and will assits me if I happen to need them.

 

Now wasn't that simple and true to this date. The investor here have never let me down and have taught me everything I know abouth this business. So there you have it from someone who's knows what you are talking about.

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A little white lie will never hurt your clients. I agree with the previous post, "We've been doing RTO's in this area since XXX date, or for XXX years" That's it. They are not expecting you to pull out the exact number of deals you do or have done. That's the line I used. Because what they are really asking is "Do you know what you are doing and will this work for me!!!" As long as you sound confident then they will feel OK. Rob

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Hi People

 

In this situation I just said that I've been in business about a year but my mentor who has taught me about this business has been doing this for around 6 years.

 

Gordon Holtner

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To add to what has already been well said, speak the truth and you will generally receive a positive response. That doesn't mean you answer by saying, "Shucks! I'm brand new, I've never done a deal before, and I'm going to try some new concepts out on you". That'll get you pointed to the exit in a New York minute.

Instead, saying something like, "Well, I am actually fairly new at this. But I'm working with a partner/associate/another investor who has been at this for ___ years. What I don't know I can always find out in a heartbeat, Mr. Homeowner."

Then, come back here and give us a call. I'll help, as will any other number of experienced folks on board here. You're not alone. . . ;)

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To add to what has already been well said, speak the truth and you will generally receive a positive response. That doesn't mean you answer by saying, "Shucks! I'm brand new, I've never done a deal before, and I'm going to try some new concepts out on you". That'll get you pointed to the exit in a New York minute.

Instead, saying something like, "Well, I am actually fairly new at this. But I'm working with a partner/associate/another investor who has been at this for ___ years. What I don't know I can always find out in a heartbeat, Mr. Homeowner."

Then, come back here and give us a call. I'll help, as will any other number of experienced folks on board here. You're not alone. . . ;)

 

 

MC, for the record, that is exactly how I answered the question. :) I told him we been in business for about 4 months under the guidance of our associates (enter MC;p) who has been specializing in rent to owns for over 15 years. Hows that? :)

Edited by jtlab

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MC, for the record, that is exactly how I answered the question. :) I told him we been in business for about 4 months under the guidance of our associates (enter MC;p) who has been specializing in rent to owns for over 15 years. Hows that? :)
Pure genius, man. Pure genius! ;)

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