Real Estate Wholesaling Syndicate

How To Overcome Objections and Close More Deals

June 27, 2024 Ky Logue Season 1 Episode 54
How To Overcome Objections and Close More Deals
Real Estate Wholesaling Syndicate
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Real Estate Wholesaling Syndicate
How To Overcome Objections and Close More Deals
Jun 27, 2024 Season 1 Episode 54
Ky Logue

Welcome to another episode of the Wholesaling Syndicate podcast! In this solo episode, Ky Logue delves into one of the most critical aspects of sales: handling objections. Many new wholesalers cross their fingers, hoping to avoid objections altogether, but Ky teaches that facing and mastering objections is essential for closing deals and achieving success.

Ky breaks down the common objections wholesalers encounter, such as "I need to think about it," "Your offer is too low," and "I need to talk to my spouse." He shares strategies to confidently address these objections, emphasizing the importance of the discovery process in sales and how asking the right questions upfront can make handling objections much easier.

Throughout the episode, Ky offers practical tips, including specific scripts and word tracks to use, how to employ silence effectively in sales, and the significance of constantly improving your sales skills. Ky also touches on the value of reviewing your sales calls and learning from each interaction to become a more effective closer.

Whether you're a seasoned wholesaler or just starting out, this episode is packed with actionable insights to help you close more deals and grow your business. Tune in and take your objection-handling skills to the next level with Ky Logue's expert advice.

Key Takeaways:

  • Understanding the common objections in real estate wholesaling
  • Strategies for addressing objections effectively
  • Importance of the discovery process in sales
  • Using silence as a powerful tool in closing deals
  • Continuous improvement through call reviews and practice

Listen now to transform your approach to handling objections and boost your closing rate!

Free Wholesaling Scripts
https://scripts.wholesalingsyndicate.com/

Connect with Ky:

Wholesaling Syndicate

Join The Syndicate Mastermind

Youtube

Investor Plug

Show Notes Transcript

Welcome to another episode of the Wholesaling Syndicate podcast! In this solo episode, Ky Logue delves into one of the most critical aspects of sales: handling objections. Many new wholesalers cross their fingers, hoping to avoid objections altogether, but Ky teaches that facing and mastering objections is essential for closing deals and achieving success.

Ky breaks down the common objections wholesalers encounter, such as "I need to think about it," "Your offer is too low," and "I need to talk to my spouse." He shares strategies to confidently address these objections, emphasizing the importance of the discovery process in sales and how asking the right questions upfront can make handling objections much easier.

Throughout the episode, Ky offers practical tips, including specific scripts and word tracks to use, how to employ silence effectively in sales, and the significance of constantly improving your sales skills. Ky also touches on the value of reviewing your sales calls and learning from each interaction to become a more effective closer.

Whether you're a seasoned wholesaler or just starting out, this episode is packed with actionable insights to help you close more deals and grow your business. Tune in and take your objection-handling skills to the next level with Ky Logue's expert advice.

Key Takeaways:

  • Understanding the common objections in real estate wholesaling
  • Strategies for addressing objections effectively
  • Importance of the discovery process in sales
  • Using silence as a powerful tool in closing deals
  • Continuous improvement through call reviews and practice

Listen now to transform your approach to handling objections and boost your closing rate!

Free Wholesaling Scripts
https://scripts.wholesalingsyndicate.com/

Connect with Ky:

Wholesaling Syndicate

Join The Syndicate Mastermind

Youtube

Investor Plug

Syndicate Podcast
 Yeah, I'll show you how to get it. But you have to be willing to do the work for the syndicate. It's a motherfucking movement. It's just a circuit. You ain't gotta be perfect as long as you gotta put the work in. If when it comes to the bullshit, you will learn, you will love. You just might be my kind of person. Welcome to the syndicate. Where real estate wholesaling is what the business is. Ain't gotta talk about it when you're out here living. If you want to get in there. And welcome to the. Are. Well, welcome to the syndicate. Let's go, let's go, let's go. Welcome to the syndicate. All right, so you were listening to another episode of the Wholesaling Syndicate podcast. Today. I want to talk about one of my favorite things to talk about, and it's something so many people struggle with, and that's how to handle objections. Now, a lot of people that kind of cross their fingers and they hope they won't get any objections, they kind of sit and hope that it's not going to happen, or they can just avoid it. And, you know, the person's just going to sign and you will get that. Sometimes people will just go ahead and sign up, but a lot of times they won't. A lot of times you will have to handle objections in order for you to close and get the sale. So it's vital for you to know what you're going to say before you do. And one of my favorite things about sales is that you have a limited time to prep, and a lot of people feel like there's an unlimited amount of rejection. Yeah. A lot of people feel like there's an unlimited amount of objections that you can get. But when you really boil it down, there's only a few, and there's only a couple that are really common. And I think when you start to think of it differently, it's a talk for another one. But I think they all basically just boil down to trust and just know what's important to the seller is they want to be able to trust that they're getting a fair deal. They're going to want to trust that you're going to get the deal to the finish line. And they want to be able to trust that, you know, you're the best person for them to do business with. So when you know those things and just start to think of objections almost as smokescreens or just really, for lack of a better word, is bullshit, and just a lot of people just do it. They're just innate reactions. Don't take it personally. You don't feel like, oh, they're lying to you. It's just something people do. I like to relate it to. If you ever walking around a retail store, you know, for example, I was in BestBuy the other day. Some guy's like, hey, do you need help? And no, no, no, I'm good. And funny thing was, I actually didn't need help and I had to go back and say it later. But a lot of people won't want to do that. So it's your job to uncover that and just kind of go past the surface level bullshit and, you know, get the deal to the finish line and get that close. Now your job when handling objections, it becomes infinitely harder if you didn't do a good job when you, um, were doing the discovery process. So if you didn't do a good job asking questions, if you didn't do a good job, you know, trying to really figure out what their motivation is, what their situation is, it's going to be way harder in the back end for you to turn that into a deal. So that's why when my sales process, I like to take 80% of the time I'm on the discovery. If you look at my script, um, and again, you guys can get that for free at scripts that wholesaling syndicate.com if you don't have it already. But if you look at my scripts, you'll see most of the script is just questions. And we'll get into that in a different episode. Um, about going to the scripts, but today we're just talking about objections. But if you do the script well, your job becomes a lot easier when it comes time to handle objections. So let's talk about some of the most common objections we get. And like I said, there's only a handful. Um, today we're going to go over you know, I want to think about it. Uh, your offer is too low. It's another big one, you know? So it's. Think about it. Price, uh, and spousal, which is, you know, I talk to my wife or want to talk to my husband, or I talked to my business partner or my lawyer or whatever. So it's important to know those, because if you can just get those three and know exactly what you're going to say, you're it's going to make your life a whole lot easier and you're going to close a lot more deals. And again, having that mindset shift of knowing, hey, these objections are probably going to come up. I'm probably going to have to have these and even haven't written down and scripted out and practice and rehearsed and just not getting thrown off. When you get an objection, it makes it that much more likely. You're more able to handle it and get the clothes and get the deal to the finish line. And again, that's what it's all about. So let's do the first one. I just want to think about it now. Rookie salespeople they fuck up here because a lot of times they believe them. You know in sales and the car dealership game, we call it the back bus, you know, waiting on the back bus. I'll be back. You know, I just want to think about it. I'll be back. And 99 out of 100 times, those people never come back. It's probably more than that. And so you just can't let them go with that. You just need to dig deeper because that's I want to think about it just real easy, you know? I just want to think about it. So does it again, know what you want to say. So customer says I want to think about it. Say absolutely. You know, you always agree. First thing you do is you always, always agree no matter what they say. So of course, you know, I definitely understand you want to think about it. It's a big decision. But let me ask you, what is it exactly that you want to think about? In that right there. They might give you a deeper objection. Um, but just having that quick word tracks that's going to buy you some more time just knowing that. Let me ask, what is it exactly that you'd like to think about? And then if they give you another objection, let's call objection hopping. We're going to go into that too much today. Um, but if they give you something else after that, they're like, oh no, I just want to think about it or they stick to it. You say, uh, seller. Uh, Mr. Seller, I definitely understand. Um, and if I can be straightforward and honest with you, you know, I've been doing this for quite a while, and there's usually only three reasons. People tell me that they want to think about it. Can I share them with you as they are? Yeah, sure. Perfect. Well, the first reason would be, you know, they don't like the price. They don't like the offer that we made. And they just, you know, don't they don't want to say it. So they don't want hurt my feelings. Uh, two, you know, is that they, you know, don't want to do business with us or that they're worried that, you know, we're not going to get the deal to the finish line. And the third reason you can be honest with me, you're not going to hurt my feelings. Uh, and, you know, it's just they just don't like me, and they don't want to do business with me. So can I ask you, which one is it? And then from there they're usually tell you what the real objection is. So just again, no, that one I want to think about it. It's bullshit. And, you know, just try to uncover what it really is and say, hey, it's the price, it's this. So then we'll go into price. So if they say price, hey, I definitely understand. I know you were hoping for a bit more, but let me share with you how we came up with our offer. Now again, this is an all cash offer. We're going to cover all the closing costs. There's no hidden fees, no real estate commissions, anything like that. The number I gave you is exactly what you're going to walk away with. And again, that wouldn't be minus. And if there's any mortgages or anything minus, you know, any mortgages or liens that you have, but this is going to be the exact number you walk away with. Um, unlike, you know, you might have dealt with in other transactions. And what really separates our offer apart is it's all cash, you know, we're guaranteed to close. We're going to get to the finish line. Um, and it's going to save you time so you can move on and do XYZ, and XYZ is going to be whatever they told you is the reason they wanted to sell. So so you can go forward. It's gonna be quick. It's going to be easy. And then you can go forward and move closer to your family, or you can go and reinvest it into other property you want, whatever that is. You just want to come back and then bring up what you discovered. Uh, as far as their motivation. So go over it again. Hey, price. Yeah, I just, uh, the price is too low. No, no, no, I can't do that. I was hoping for more. Or, you know, I was really. It's not the price I wanted, Michelle, I definitely understand. I know when we talked earlier, you're hoping for a bit more. Um, and you can also do here. You can say, you know, what were you hoping I'd come back with? Um, I do that after if they give you the price objection again. But first time. But okay. This is why our offer is what it's at. Again, this is an all cash offer. It's a quick guarantee. Clothes. We're going to cover all the closing costs. There's no hidden fees, no real estate commissions. And it's going to make the whole process as easy and painless as possible. And the best part about this is we can close on your time frame. You said you want to close in two weeks. We're going to get that done so you can move forward and do XYZ, which again is whatever their motivation is. So does that make sense to you? Then you always want to end on a closing question like, hey, does that you know, does that sound fair to you? Fair enough. Sound good? Um, big thing I always do is I like to make sure they pull up that contract. So if you're in person, you have the contract there. You can just hand it back over to them. You know, if everything looks good, you can just sign there. But same thing. We do it virtually. So you know we have like a E sign service. We use hello sign or it's a drop box sign. Now all you got to do is say, hey, you know, if everything looks good, you can sign right on the bottom and hit submit. And then a big mistake people make here when they're closing is they don't use silence. A lot of people, it's a natural human thing is they don't like silence because it's awkward as fuck. You know, I have a buddy, um, I've been coaching, and he. He hates silence. It's his least favorite thing. There's any silence we've been working on. He's getting a lot better. But it's. You can hear it. There's any silence. You just wants to fill that space. Uh, but silence is like your best tool as a closure. It's really one of the best things you can do. Because if you can learn to live in that awkwardness because it's awkward, I got a couple of seconds. Can feel like eternity. Um, a couple minutes even worse. Uh, but if you can learn to do it, just know it's awkward for them, too. And then when you end on a closing question and then you use that silence, remember, whoever speaks first loses. So you know everything's good. You can just sign there and then shut the fuck up, say nothing else. And then I've had calls, literally. They've gone on for minutes like close to ten minutes plus where they didn't say anything, you know, like I literally won't say anything and I'll wait for them to say, hey, are you still there? Like, oh yeah, yeah. I was just waiting for you to sign. And let them do it. Let them break the awkwardness. As most people want, most people will just do it. And again, some people like, oh, it was that ethical, whatever. It is ethical because you know that you're giving them a fair offer. You're helping them get what they want, and you know, you're going to get your deal to the finish line as opposed to them wasting time and, you know, not getting closer to that end result they want. So your job as a salesman, I like to think of it, your job as a closer is helping them make a decision, whether that's yes or whether that's no. And you can't turn a no into a yes, but you can turn a maybes or let me think about it, or I wanted more or any other thing, as long as it's not dead. No. Fuck you. I don't want to sell. You can turn that around into a yes. It might not be on that call, but you're going to have to go through these objections so you can get this done. All right. So we went over the first one. We went over um let me think about it. We went over price. Let's go over the spousal objection there. You know I talked to my wife. Now you get this one a lot. Again, it's basically the same as let me think about it. You know, when you really break it down, if they just want time or they don't want to tell you what it is, and your job again is to find out what the real objection is. And then once you handle that objection, make sure you come back and you know why it's worth it. And then it's called looping. Make sure you do the loop and we'll go over that more in another video. But yeah, do the loop. Come back, ask for the business every time. So hey, you know, sounds good. I just got to talk to my wife and behave absolutely, completely understand? You want to talk to your wife? You know, me and my wife, we're the same way. We want to make sure we're all on the same page. Uh, but let me ask you, John, what do you think your wife will say when you tell her about this offer? And then you shut up sometimes. Oh, what'd you say? I'm like, when you tell your wife about this offer I made you that we can close quickly for 150 K. What do you think she'll say? And whatever he says here is going to be his objection. Now, if they die hard on it. Oh, no no, no, I really got to talk to her. You should have discovered this in the discovery process. When you're asking questions or you, you know, you're the one handling everything. You know, your wife's on board to you. All right? And if we get this over, you know, you're you're good to sign for it. You know, everything's fine. Yep, yep. You get that like. No, no, she's the one doing it. She knows all the info. Then you like when you you hear that like in discovery, you get to actively listen. So if you're hearing that like she needs to be involved, she should be on this closing call too. But in this scenario we're going to say, hey, he said he's good to go, he's a decision maker, yada yada. Um, but then he gives you the wife because they'll do that. And, um, because again, they're mostly bullshit. But if they came back and they said, hey, you know, like I talked to my wife, you know, say, hey, what do you think she'll say? What do you think she'll say when you tell her about this? Like, oh, I don't know. It's probably it's the price or, you know, I don't know. You know, I just want to make sure, you know, it's good and you know, everything. Whatever. You know, like, okay, same thing, you know? Okay. So it's price, you know, because usually it's always what it is. It's price. Or they don't trust you or they're not. They're worried you won't get to the finish line. Um, it's one of those two things. So price. Same thing. Handle it. Hey, I completely understand, you know, if you're worried that she won't like the price, but, you know, you told me you've been trying to sell this again. Always bring back what you guys talked about before. You told me you've been trying to sell this for seven months. You've gotten multiple offers. They've been pretty close to ours as well. So, you know, we're not totally off base here. And again, let me explain and break down why our offer is what it is. You know, we need to pay. We're covering all the closing costs. We're doing this. Your house needs a new roof. You know that cost X. You know it needs this. It needs that. We're going to have to cover the title costs, the closing fees, the real estate commissions. And when you turn around and flip this, um, and that's how we turn it up to our number. And of course, we're business. We have to make a small profit. Um, and I know it was when you're hoping for. But we strive to make extremely fair, competitive offers, extremely fair competitive offers. And what separates our offers is we get them to the finish line. Yeah, I've been doing this for a number of years, and I have a strong track record of getting deals like this to the finish line. It's all I do, and I'm going to be here with you every step of the way so you know exactly what's going on. And you know, we can get this deal done and you can move on to do XYZ again there. Motivation. So John, again, I think it's going to be a great offer for you. We're doing everything you want. I need you to look at that agreement, make sure I got everything right. And then just if it does go ahead. Just sign the bottom, hit submit. Just like that same thing. And then the important part again of the contract. So we'll go over that to a big thing people struggle with is actually getting them onto that contract. Because if you're not in person, you can't just hand it. You get to make sure they open that email. So before I get into rebuttals or anything like that, the first little hurdle we have to overcome is to make sure they open the email and they have it up, and that they're in a position to sign. So if they say, hey, you know, like, oh, I can't, and we're going back, you know, they're saying I sent over the agreement. Hey, John just sent that agreement over to you. You know, I always do the assumptive close. I do two trial closes and the trial closed. If you don't know what it is, it's basically two easy things they can say yes to before you ask for the business. So, John, just to make sure I have it right. Um, the spelling of your last name, it's Smith. Yeah. Perfect. And, John, what's the best email address for you when they give you the email? Perfect. You got the two yeses. You got them to give you some info. Even better. And then you just come back and you got. Then you ask for it. So perfect. John, I just sent that over to you. Let me know when you get it. As soon as you do, there should be a button that says review and sign. Just click that and let me know when you have it up. And then again, silence is fucking nothing. Like, uh. Well, no, I can't, can't do now. I gotta run, you know? You know, I told you this is a good time. They're going to get real fucking squirrely. You can hear him start to make up some bullshit. Even the beginning of call, I see. Oh, I got plenty of time. It's a great time because I always ask. John, you got a minute to go over? This is a good time. Perfect. And then that's why you ask those questions, because you kind of preset it and frame it. So, you know, like, oh, okay. You, you know, you're bullshitting me. So it's like, hey, John, I completely understand, you know, hey, I promise this isn't going to take very long. I just want to make sure one that you got the email, because we all know emails can be kind of finicky sometimes. Um, and I just want to make sure we have all your information correct. So can you do me a favor? Can you just check your email and see if you got it? And it sounds. That's it. Boom! Oh, yeah. Yeah. It's there. Okay, perfect. Just pull it up. And bam! You'll be surprised if you haven't in sales. You haven't the closing before. Just asking people the same way. Question different ways and just keep asking. Keep moving towards getting it to the end line, getting it to the the end zone where I want to call it. But getting to the closed transaction, um, it happens and it's just you staying committed to staying in the game, and it's whoever is more certain it gets the deal. So if they're more certain that they're going to think about it or whatever they're going to dick around, then you know, they're going to win or get you off the phone. So one person is getting closed. They're either closing you on why they're not going to do it, or you're closing them on making a decision, which again, is yes or no. Um, and the biggest thing, you know, people have a million things going on in their lives. You do. We all do. You know, people have as soon as they hang up with you, they're going to get bombarded with social media, notifications, emails. Their wife needs something. Their kids need something, something else hopped up. There's always something pressing. So your job is to help them make that decision like we talked about earlier. So, you know, it's just one thing that's not on their plate. One more thing they can move on and, you know, they can move forward with their life and just know that, just stay in, stay in the deal. You'll be surprised more times than not, you'll end up getting it, especially as you get these reps in, and especially as you practice and practice and practice and have these objections. You know them down flat and you can just say them real quick. Uh, it's they work. So it's just having them and just writing it down too. So if you get other objections that we didn't cover here today, make sure you write them down in practice and then go back and review your calls. See how you did. You know an investor plug? Uh, we have an option where, you know, to automatically records all of our calls. If you don't have a system or CRM or way to do that, pull out your phone, put it in a different cell phone, whatever. Find a way to record your shit. Whether it's a webcam is, one of the best ways to improve is to go back and listen to the game tape, go back, listen to the recordings and it's awkward as fuck. Nobody likes doing it. It's super cringey. You're literally your skin crawls as you hear yourself on, um, on calls, especially when you're first starting and you're making more mistakes than not. But it's the best way to get better is confronting that awkwardness and hearing how bad you suck or or, you know, sometimes it's the opposite. Sometimes they're like, oh, I fucked that call up. I didn't get it. You know, I should have done XYZ. And I get real in my head when I go back, I listen to those recordings. I'm like, oh, I did fucking what I was supposed to do. I, you know, I followed the script, I handled the objections. I asked for the business multiple times, you know, it's I didn't get it. You're not going to get them all. Most of the time. You're not going to get them. You know, it's part of sales. You know, if you're bad in 20%, you're fucking killer. Um, you get one out of ten, you're doing fucking great. Money's not an issue. Um, so it's really just just getting that constantly improving, constantly doing the work and constantly getting better. But write them down. Write down the objections you get. You find there's ones that you're struggling with. Let me know. I'll comment. I'll make another podcast about it. I will come make whatever you need to help you overcome those, um, or anything. Just post them in the Facebook group or the discord if you're in there against the wholesaling syndicate for both of them, uh, but just type, hey, I keep getting these objections. How would you handle it? And I'll record a video or, uh, you know, the video is probably better because you get to hear the tonality and the tonality, and these are huge. We'll do more videos about tonality and kind of deep diving how I think in sales. I think there's a lot of. I don't know what I want to call it. Misinformation or just ignorance or just, you know, people or, you know, not really having a deep understanding of sales. And if there's one thing I know I'm good at is sales and closing, because I've literally done it my entire life, and it's the first thing I was ever good at. So and it's something I'm everyday, I'm still trying to get better. You know, I might hear someone else say something, you know, watching someone's live or watching them make calls and like, oh, that's nice. I'm going to try it out and see if it works. So it's constantly adapting and growing. It's what I love about this game. It's all about sales. Well, about closing is that you can always get just a little bit better, and getting that a little bit better is going to make a huge difference on your bank account. But hopefully you guys got some value out of this. A bit different during the sell the episode. Um, let me know. Again, you should shoot something in the group. I'd love to hear your feedback. If you haven't, leave us a review, um, let us know. You know, it was good. If it sucked, that's fine. Just let me know so we can keep on improving, keep getting better. But I appreciate you guys. Thanks for coming. Hey, you probably already heard the news, but we just launched Investor plug, our all in one system for real estate wholesalers. It's something I've been working on for years. I'm super excited to start releasing it out to the public. We've had crazy results in our business. We've had crazy results in the businesses of some of the people in the syndicate. My mastermind, you really just been crushing it. It's literally an all in one system that gives you everything you need to be successful. Everything from a custom CRM designed around your business and how you work. AI chatbot that state of the art, a marketing funnel designed to generate leads and so much more. It's basically a business in the box that helps you do more in less time, so you can focus on what really matters closing deals and making money. Now some people, they need big teams, others they use investor plug. So check it out today. Investor plug io again investor plug.io. And let me show you how we can take your business to the next level.