How to Own the Sales Process from Prospect to Client. i.e How to meet a prospect and walk out with a client!
In this episode, Coach Myrna Young interviews Elizabeth Gifford Maffei. Elizabeth was a multi-million dollar sales producer as a Real Estate agent, she is now a health and spiritual advocate and business coach.
Show notes Sales Process
* What is a Challenge that entrepreneurs and business owners experience when trying to close a sale?
6 tips to close a sale quickly and effectively
Identify the decision-maker and start a conversation. …
Accurately qualify your prospects. …
Pitch your solution (not just the product)
Create a sense of urgency. …
Overcome their objections. …
Ask for the sale.
* What is the difference between making a sale and creating a loyal client?
* What is the first step in having a successful meeting with a prospect?
How to Prepare for a Sales Meeting As a Real Estate Agent
To be fully prepared for a successful customer meeting, you need to answer these questions:
Who are you meeting with?
Why are the two parties meeting?
What is the objective of the meeting?
When and where will it take place?
What is the agenda for the meeting (How)?
* How should you prepare before meeting with your prospect?
* How should a successful meeting be conducted?
Using Body Language during the Sales Process
How does the use of, body language, help, close a sale?
While it’s important to know what you should do in meetings and negotiations, knowing what you shouldn’t do is often just as important – and it begins with bad, body language.
The best sales managers know that while you may have a polished sales presentation, tasteful attire, and a product that practically sells itself, you can still miss out on, closing a sale, if your, body language, is out of sync with your words. While it’s true that first impressions make a lasting impact, cumulative, body language, is important. If you are in the habit of demonstrating any of the following, body language, in the, sales process, it could be enough to hurt your sales performance, turning a potential yes into definite no.
* What is the most important step that many business owners leave out?
* An example of a successful prospect meeting that resulted in a closed sale.
The four Stages of the Sale:
1: Qualify – Your, prospects, must have the money, the time, the need and the want to contract your services.
2: Build Rapport – People buy from people they like!
When you meet a, prospect, for the first time, it is important to find common ground. Look for similar interests or experiences and chat about them before getting into your, sales pitch.
3: Tell a story – Showcase how your product or service helped another client. It could also be a personal story of your journey to your current vocation.
4: Closing the Sale, – If you followed the first 3 stages then you don’t even need to close, just ask them to sign!
If you get to the end and you get objections, then you missed the qualify or selling the benefits.
Mobile home parks, are a great, real estate investment, because of their low maintenance, high returns and overall affordability. There’s a strong argument for, mobile home investing. Listen to this interview with Jefferson Lilly, mobile home park, investment expert and educator and learn why and how you should be investing in one of the, real estate, industry’s hidden gems.
Jefferson Lilly is the founder of Park Avenue Partners, a private equity real estate fund that acquires and operates, mobile home parks, nationwide. His investment funds are currently returning 8% – 15% cash annually to Limited Partners. Both personally and through his partnerships, Jefferson has acquired 25, mobile home parks, in 13 states since 2007 totaling over $56mm in value.
He also started the industry’s first, mobile home park podcast, and the largest group on LinkedIn dedicated to, investing in mobile home parks. Jefferson has been featured in The New York Times,Bloomberg Magazine, and on the Real Money television show. He holds a B.A. from the University of Pennsylvania and an MBA from the Wharton School of Business.
Listen to the full interview here:
Warren Buffett advises that we should stay within our circle of competence, so I figured that I had always lived in a house or apartment so that was within my circle of competence. I started looking for traditional apartment buildings; but kind of stumbled into, mobile home parks,. I began researching it, in then realized why, mobile home parks, was really the best niche in, real estate.
How to Get Started investing in, Mobile Home Parks,
I started out by buying my first, mobile home park, it was a little under $500,000. I put down a little less than $100,000 and I borrowed almost $400,000 from a bank. I still had some other reserves and I still had my day job. Just to be clear, at no point you can say like hey, mobile home park, next stop actions is silicon valley. I was looking for passive income, I had two streams of income the, mobile home park, and my regular W2 income for about a year. It’s now just coming up on 12 years later and I haven’t looked back.
The first, mobile home park, I purchased, I just bought the land, I didn’t actually buy any of the homes at that time. My tenants owned all the, mobile homes. There were about 45, mobile homes, in the park. I purchased the land and the, mobile home, owners paid me rent to park their homes in the park. Think of it as a parking lot. You own the lot, not the cars parked on the lot. The cars pay you to park there. Same concept in a, mobile home park.
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Investing in, mobile home parks, instead of mobile homes
Then about 5 years ago, I formed my first partnership to start acquiring, mobile home parks, Nationwide. Now sometimes I buy, mobile home parks, with the homes as well as the lot.
We call those a horizontal apartment building of sort, our colloquial term for that. Most of the, mobile home parks, the owner of the park does not own the, mobile homes, and the owner is paying rent to the park owner.
Whenever we buy a, mobile home park, with the homes, we tell the tenants, hey you can now own your own house for the same monthly payment as renting. Depending on the value of the house they can own after about thirty six months or less then 60 months. When they become homeowners they have to actually maintain the houses. It’s just like real home ownership, they’ve got to put on big-boy pants, there now a homeowner. So when that proverbial toilet leaks, they don’t call me. They have to go to Lowe’s or Home Depot and spend $12 for the part instead of the $200.00 it would cost me to send in a plumber to fix.
The optimal way to own these, mobile home parks is to not own the home but just home the park. You don’t want to be responsible for fixing leaky toilets and such.
If you don’t have the money to buy, mobile home parks, for $500,000 as most of you will not, then buying individual homes and fixing them up or something and selling them or even renting them would be a good start. I know one gentleman who started with just a couple thousand dollars and now owns over 50 mobile homes.
How to talk to the owner of the, mobile home park, to get a deal
If you don’t have a lot of money to start, investing in mobile home parks, what you can do is you can go to a, mobile home park, owner and say. Hey do you have any individual, mobile homes, in your park that are just sitting there vacant? Maybe they need some renovation so you you can hopefully find a win-win scenario.
That Park owner may even give you the house for free or maybe just for a couple thousand dollars. You then put some sweat equity into it. You paint, put in new flooring etc. Your agreement with the park owner is that maybe you’ve got a couple months to get the house fixed up. Hopefully you can do it in one month and then indeed you’ll begin paying the lot rent. Because that house is just sitting there un-renovated and obviously the, mobile home park, owner is getting no cash flow off it because it’s sitting there vacant.
So you get a month or two abated lot rent, you fix up the house and then rent it or sell it. You might then get an extra two to three four hundred dollars a month for the house depending on the market. You put that additional money in your pocket, and that is how you get started.
The average income of a, mobile home, owner is around $35,000 annually. That’s about three thousand a month. So their housing budget is around a thousand dollars a month. Most folks that make thirty five thousand a year aren’t going to be able to save up twenty thousand for a down payment on a single family home, so that is the target market for the mobile home buyer. Our, mobile home, a 3 bedroom, 2 bath rents for about $800.00 per month. We offer a rent to own package and in 3 to 5 years, they can own their own home. Beats a 30 year mortgage any day.
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If you visit my website https://parkstreetpartners.com , on the homepage you’ll see our phone number and information on our, mobile home parks, nationwide. There is also information on investing in our private equity fund. You can also email us at Park Avenue partners. com. You will find other information on the web site as well. Articles and webinars on investing in, mobile home parks, on the upper right corner of that web page they’ll see a button that simply says “Invest” they will find and again they can find summary information on the fund and also the PPM, the private placement memorandum which is a very long and dry legal agreement.
You want to invest in, turnkey real estate investing, near in or in bigger cities, near big employers, and near downtown areas.
Jeff Schechter, CEO and co-founder of High Return Real Estate teaches, how to build wealth, through, turnkey real estate investing, Jeff has been helping his clients build wealth through, turnkey real estate investing, for close to 40 years.
As a Realtor, real estate investor, as well as Life coach. I myself have been in the, real estate, business for some time 19 years. So I can lend a lot to this conversation. In fact if you google, Realtor Life coach, I am at the top of the list! .
CEO & CO-FOUNDER Jeff Schechter, aka “Shecky” has had the entrepreneurial bug his entire life. He started his first business right out of college, and over the years been involved in numerous businesses ventures. His love for, real estate investing, began in the 1980’s, when he rehabbed 5 of his own residences, before the term, house hacking, even existed.
Since those early days of torn up kitchens and bathrooms, he’s bought and sold many properties, and is an active investor to this day. In addition to investing, he operate a private consulting practice. He thrives on helping people realize their full potential…not just in business and investing, but in all aspects of life.
Turnkey Real Estate
What was the fire starter that got you into, turnkey real estate investing?
I kind of sucked at school. I was not very focused. I came from an incredibly traditional Background, where I just reversed a lot of expectations placed on me. As a result it was very difficult for me to follow through with stuff in college. So entrepreneurialism and starting my own businesses were really a form of necessity, because I didn’t really have any terrific formal training. It was also a form of establishing my own, freedom Lifestyle.
What made you choose, real estate, as your business?
I just always kind of have this entrepreneurial bend and would look for ways to increase my income. Eventually I started seeing that high ticket items like homes, had lots more opportunity for profit. I figured out back in the 80’s, I could buy them in not as good a condition and be able to buy them for a whole lot cheaper than what the pretty ones were, and I could fix them up and add a whole lot of value to them, because people were willing to pay a premium for the really nice homes.
So what I would do is, I would just live in them for a year or two while I was fixing them up and then I would sell them and move on to the next one. It was a way to make some really nice extra profits and live for free for many years.
That was kind of the initial seeds of my, real estate investing, career before I started, turnkey real estate investment,
That’s also a good model as well, because you know the government helps you with the capital gains tax breaks. If you live in a house that’s your primary residence for two years and sell that home, then you can earn up to $250,000 in tax free income if single and $500,000 if married.
I actually didn’t know that at the beginning, but learned it very early on. I would figure out that I wanted to live in most places exactly two years and one day!
I was listening to the audio book “The Automatic Millionaire Homeowner” and the author was interviewing a lot of homeowners who started off with purchasing small homes, like buying a $30,000 home and then selling it to buy a bigger home and so on and so on. One homeowner couple who started off with like $3,000 or something like that to buy their first home ended up making $500,000 on a $750,000 property. All tax free!
What is your advice for someone who is starting out today, Real Estate Investing, in 2019?
Someone starting with a small house or a condo or something and trying to build wealth?
There is a bit of a downturn going on in the current Real Estate market, but you know, Real Estate, is cyclical and there’s a natural cycle. When we look back at what happened in 2009, the banks were doing some really stupid stuff. Anybody could get a loan, even if they didn’t have a job. It had to crash. Fast-forward to today, there’s been a lot of laws and regulations that has been put into place to prevent that situation from happening again.
But playing the appreciation game is dicey. It’s not the way that we invest anymore in our, turnkey real estate investment, model; appreciation is not our primary concern. What I mean by that is the only thing that we know for sure is that people need basic things. They need food and they need shelter, and so from a shelter standpoint, we know that owning a basic property whether you call it a house, duplex, apartment, whatever it is, always going to be something that’s in demand, because people will always need a place to live.
You want to invest in, turnkey real estate investing, near in or in bigger cities, near big employers, and near downtown areas. Rental properties are always going to be in demand in those areas. So what we look for from a standpoint of, turnkey real estate investment, are properties that we can buy inexpensively and sell as, turnkey real estate investing, that we don’t have to put a lot of money into rehab. The price to rent ratio is everything to us. In other words, can want to get a really good return on our money when we put that property out there into the rental pool.
So cash flow is more important to us than appreciation. We start by getting that thing rented and cash flowing. Even after we take out all kinds of money for taxes, insurance, property management, repairs all that other kind of stuff, can we still make a really attractive and in most cases, a double-digit return on our, turnkey real estate investing,.
If we can do that, we don’t really give a crap about appreciation. We don’t even really care if we have a little bit of depreciation, because we always have the demand for the rental properties, and as such we will always have cash flow. If we always have cash flow, we always have a great asset and the investors are happy.
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What is the, turnkey real estate investment, services you offer?
We offer fully finished performing properties that we have inspected, warranted, and professionally managed. The benefit of this service to a new or an investor or even an investor who already has a portfolio is we just know that we can do it better than they can.
We buy properties in bulk, so the properties are acquired for the right price, rehabbed correctly so that it’s in great condition. It doesn’t need a lot of repairs moving forward and most importantly it has to be managed correctly for cash flow.
My business partner and myself are buying properties in the Midwest and Indianapolis and neither one of us lived in Indianapolis, but we wanted to invest where it made sense. In the last two and a half to three years, we’ve just really dialed everything back and built a better mouse trap.
We now have an amazing acquisition team, amazing rehab teams and a full property management division that really does everything. We married the combination of this great city for investing where prices are low and price to rent ratios are really like the best in the country and we’re also in a state that has incredibly friendly landlord laws.
