Steve Trang joins Danny to discuss how to use active listening to get to the core reasons why a seller wants to sell a house.
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Show NotesBe sure to join Danny for his free online real estate investor workshop to learn how to turn more of your leads into deals at https://flippingjunkie.com/workshop.
If you feel your team could use some sales training by one of the top real estate investor sales masters, be sure to check out Steve Trang’s sales training at https://flippingjunkie.com/disruptors
Steve Trang joins Danny to discuss what active listening 2.0 is all about. If you’re looking to improve your close ratio, this episode is a must. The insights into how to dig deep into the true reason for selling for each motivated seller is priceless.
During this episode you’ll learn:
Danny and Steve engage in a role play where Steve is the real estate investor and Danny is the seller. You don’t want to miss this!
Recommended Books
For most of the twentieth century, salespeople were the gatekeepers of data. In order for a prospect to learn more about a product, they had to reach out to the company, and then the salesperson would reach out to the prospect. In modern times, prospects are more educated than ever. They can find out 90 percent or more about your product and industry before they ever have to talk to a salesperson. The best way to overcome this hurdle is to be a better listener than ever before. Your goal as a salesperson is to find out exactly what the prospect wants or needs and give them exactly that. You can’t do that if your listening skills are not on point. In this book, we give you the tools necessary to communicate even better with your prospects to figure out how you can serve your clients better than ever before.
links
Join Danny for his free online workshop showing the exact steps he took to eventually turn 1 out of every 5 qualified leads into a deal.
https://flippingjunkie.com/workshop
Learn the exact strategies top real estate investors use to close more deals through Steve Trang’s sales training.
https://flippingjunkie.com/disruptors
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Episode TranscriptionWEBVTT
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Danny Johnson: All right, everybody welcome back to the show today i’ve got Steve train welcome to the show Steve.
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Steve Trang: Thank you for having me i’m really excited to be here.
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Danny Johnson: Great yeah I i’ve been watching you from a distance from behind the bushes will actually online, not from the pushes outside of class but uh.
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Danny Johnson: Now i’ve been checking out your podcast because you know there’s a lot of people have been telling me about it so so checking it out.
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Danny Johnson: And that led me to a book that you’ve got called active listening and I listened to that got that audio and I listened to it and thought it was brilliant I love the idea and the focus behind it, but before we dig into so i’m hoping that we can talk about that, today, but.
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Steve Trang: Absolutely let’s do that.
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Danny Johnson: And before we dig into it, though let’s find out a little bit more about you, in case anybody listening hasn’t already heard of your podcast or about you.
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Steve Trang: Okay, so how far you want to go or how far how far back you want to go, or what do you want it, what what grounds recovery because it’s a there’s a ton of history right lots of failure so like where where do you want to start.
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Danny Johnson: let’s do that I always like to hear everybody’s story and so we’ll we’ll start from wherever you want to start.
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Steve Trang: Okay, so i’ll just start with just a real estate side, so you know when I when I decided to jump into real estate, like so many people write the purple book rich dad poor dad.
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Steve Trang: So I have a master’s degree in electrical engineering had a really good paying job.
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Steve Trang: Not that great compared to what we make in this industry, but you know with your eyes closed or with the blinders on like you know you’re living a pretty good life, making 70 80,000 a year, with benefits right so.
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Steve Trang: I was a you know so again with master’s degree electrical engineering work at Intel and I read this book, I was like oh there’s another way.
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Steve Trang: To create wealth that doesn’t involve working until i’m 55 or 65 let’s check that out, so you know started by rental properties and my best friends.
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Steve Trang: met a real estate broker got shiny object syndrome and became a real estate broker versus buying rental properties, because as an entrepreneur and as what we do we get distracted easily.
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Steve Trang: So I was realtor I still am a realtor but got my real estate license.
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Steve Trang: When I met him because, basically, I said, you know I like what you’re doing you get to basically just eat dinner with people and, like talk real estate.
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Steve Trang: And that’s like your life as like what do I gotta do right to do that is to go get your real estate license teach you everything I know so got this cushy job, this is 2007.
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Steve Trang: I got my real estate license two and half weeks submitted my two weeks notice and I went jumped in both feet in the real estate, not a good time 2007.
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Steve Trang: So I failed a lot kind of mentioned that earlier, so one thing I have to my advantage.
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Steve Trang: A weakness as well, but generally to my advantage is that I have irrational confidence i’m going to crush whatever objective a guy ahead of me and so.
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Steve Trang: That was not the right thing for 2007 2008 or 2009 so my very first full year in 2008 literally reported negative 50,000 to the irs on my 1040 you know my expenses exceeded my revenue by $50,000.
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Steve Trang: And this is around the same time that the D word is dropped a lot, because you know if there’s anything that your wife was its financial stability and the number one reason people get Divorce is because of finances so.
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Steve Trang: we’ve made it through you know we struggled We made it through as matter of fact, some point she actually got a second job to help me support my my dreams.
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Steve Trang: But that was probably the very first failure and then along the way right there so many times we think you got to figure it out.
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Steve Trang: I want to say, like it’s like that 910 times, the thing I had to figure it out like oh PPC works i’m going to crush your PPC.
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Steve Trang: And that starts working all you just build a team and built, and if you build a team, they do all the work he you know you’re not the cold call anymore.
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Steve Trang: that’s gonna be great until they leave and compete against you so like there’s been so many things as like Aha moments.
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Steve Trang: That turned out to not be what you thought it would be so so it’s real estate like licensee started brokerage everyone so don’t start a brokerage it doesn’t work like i’ll i’ll make it work didn’t work actually in the process of shutting it down.
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Steve Trang: Guy we do wholesaling flipping.
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Steve Trang: Sales training, as well as our core focus at the moment.
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Steve Trang: But I mean there’s a lot of history 15 years of failures, but pretty happy with with where we are at the moment.
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Danny Johnson: nice man thanks for sharing you know the failure part of that because that’s usually skipped over and it makes it look like yeah decided to flip houses and wholesale and I just started making all this money was too easy but.
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Danny Johnson: yeah yeah usually.
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Steve Trang: Really easy it’s all really easy, except for the people component and it’s business doesn’t work.
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Steve Trang: Without people, you can automate this so like the systems work usually right you got to CRM helps reduce the brain damage.
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Steve Trang: Right until like the one day the API is don’t work in zip here doesn’t work, for whatever reason today but Besides that, like technology has a pretty good 9598 99% of time, but people to not have a 90% uptime.
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Danny Johnson: yeah I had my share of that.
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Danny Johnson: Today, too, so.
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Danny Johnson: yeah I almost wanted to postpone the the interview here because I was so frustrated like oh man I don’t know if I can switch gears but yeah that does happen so i’m glad i’m not the only one.
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Danny Johnson: I wanted to spend most of the time digging into the idea that you had with active listing because I think that.
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Danny Johnson: You know this whole interaction like you said, with the people right, and even if you’re talking about who our customers are as real estate investors and that’s a lot of times the motivated sellers or you know sellers looking to sell a property quickly without hassle so.
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Danny Johnson: Would you mind sharing what brought you to write that book like What was it that made you think you know what I should write the book about active listening.
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Steve Trang: yeah so the reason why is because I really was awful at sales for the longest time and so like once I learned that there’s an actual sales process like what we should teach the sales process.
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Steve Trang: So the first thing is like I mentioned very beginning, you know, I was an engineer and there’s one thing that happens is that we all sell the way we like to buy and for me with an engineering background I sold how I want to buy, which is basically give me.
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Steve Trang: All the information.
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Steve Trang: And i’ll make the best decision for myself, and that is not how people buy, that is the exact opposite of how people buy it’s a reason why we don’t like selling engineers right and so.
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Steve Trang: That process worked, but it was awful and God knows if i’d be retired, by now, if I knew as far as sales goes back then, what I know now and so.
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Steve Trang: I wrote the book because I thought that you know there’s a lot of people that are selling the wrong way and they’re selling how they want to buy and.
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Steve Trang: The people that we attract in this industry are very aggressive not to their own fault just, generally speaking, you know.
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Steve Trang: Very independent very driven and move pretty fast, and so we want to get results right away and that might work if you’re selling to an Avatar like yourself but most avatars are not us, and so that’s the reason why I wrote the book.
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Danny Johnson: Well i’m glad that you explained it that way, because at first, I was like well, what does he mean you know for people that want to.
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Danny Johnson: buy, like us, or how we want to buy and then but but that throwing in the whole thing with the industry attracts people that are really you know wanting results quickly and all that kind of stuff so that that doesn’t make sense.
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Steve Trang: A little less patient but there’s a reason why right a lot of the people in our industry are very fast decision makers are by so many things is because we’re very.
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Steve Trang: it’s not impulsive it’s just that we’re very quick decision makers, and we expect everyone to be very quick decision makers like look you’re in foreclosure like what other options, you have like you just sell your House to me and.
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Steve Trang: Homeowners don’t really like that model.
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Danny Johnson: Did you ever did you ever approach, a seller like that.
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Steve Trang: i’m i’m sure there was a some point where I approached a client that way but usually I was the opposite in that I was to understanding and to patient because, again I sold the way I wanted to buy.
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Steve Trang: And so I have an hour and a half, two hours educating them, given all the information everything they wanted to know answered every single question because.
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Steve Trang: Man if they, like me, and they trust me for sure they’ll do business with me and all the end up happening was they needed to think about it, and then they get closed by somebody else that is like pretty much the history of the first 910 years of my career.
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Danny Johnson: Now that’s awesome so well, I mean not awesome that that happened.
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Danny Johnson: For so long, but yeah but the idea is awesome because I think it is a balance right it’s not one or the other it’s not you know, being a salesperson and closing that always be closing you know, there is some aspect of.
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Danny Johnson: You know, building that trust and that rapport and all of that, and I think it’s the combination of both of them, but, but when you say that at the end of the day, it’s it’s more about where they are and it’s not kind of convincing them to be in a place that they’re not ready.
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Steve Trang: Absolutely, I mean, I think the biggest thing that I learned, one of the biggest things I learned in sales through you know some of the.
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Steve Trang: Training with nlp neuro linguistic programming is that it took me a long time to figure out like people I need to sell the people, the way they want to be sold, you know and like.
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Steve Trang: The golden rule we all learn in school is treat others how you want to be treated and I honestly believe if, as a society we act this way we’d be a lot better as a society.
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Steve Trang: But at the moment as salespeople or as people in general we sell how we want to be sold in reality we just treat others how they want to be treated and figure out what is important to them.
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Steve Trang: Then we start getting success and kind of goes back to Ziegler, you know you can have anything in life, you want, so long as you give helping other people achieve what they want.
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Steve Trang: it’s the same mindset it’s just applied and sales.
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Danny Johnson: yeah it’s really I love that I think that also explains why.
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Danny Johnson: You know, it seems to be half of the people that I talked to you don’t use follow up and don’t like it like automated follow up and things like that.
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Danny Johnson: With their their lead nurturing and whenever ask them about it it’s usually because all so salesy and pushy.
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Danny Johnson: You know it’s because they they feel like they’re they’re imagining themselves getting these messages and they’re not in that position that that sellers in or in that state of mind, or even that person at all, so how can you assume that that’s what they would all feel.
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Steve Trang: Or you know it’s fascinating.
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Steve Trang: Two points here is a we hate to get cold called I know I do, but when they survey people.
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Steve Trang: More than half the people don’t mind being don’t mind being cold cold and you find that when you call people and you’ll have a normal conversation with them.
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Steve Trang: So we keep putting ourselves in that position and second thing was we used to be really bad a follow up even as recently as I want to say two three years ago, and then we had a third party identity actually audit or data.
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Steve Trang: And we found out that a lot of people we marked as dead.
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Steve Trang: Eventually, sold to a different investor and that was the wake up call, we needed, that was the punch in the gut that we needed that people we marked as dead weren’t really dead.
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Danny Johnson: yeah and not like literally dead, but.
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Danny Johnson: yeah dead dead leads right.
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Steve Trang: That leads yeah.
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Danny Johnson: turns out, they weren’t dead they came back from the grave and sold to somebody else was very disappointing.
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Danny Johnson: Absolutely, but yeah that’s.
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Danny Johnson: About that yeah that’s eye opening and.
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Danny Johnson: Going back and look yeah because you might expect that well they weren’t ready to sell and they won’t ever sell or they were pissed off and they yelled at me so they’re never going to sell to an investor.
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Danny Johnson: I don’t know how many times i’ve heard stories of of investors, my friend don is one of them who he will get yelled at and asked to take them off the list and he says, I don’t do it.
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Danny Johnson: Because a lot of times they’ll come back and you know it’s like they’re so angry because of their situation that a lot of times they’re even more motivated than the ones.
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Danny Johnson: That will, but now i’m actually thinking, since you said that that maybe that’s just a half of the people I get pissed off, no matter what.
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Danny Johnson: Right, they still need your service but they just got pissed off anyway.
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Steve Trang: yeah absolutely and that’s something that we harp on you know a lot and it might sound weird in our sales process, you know because I try to teach everyone have a big heart, while they’re going through this and sales does not have the.
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Steve Trang: reputation of having a big heart but you gotta remember that the people we’re talking to if we’re calling them is because they’re going through rough times.
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Steve Trang: And when they answer their phone and they’re pissed off at us there’s one or two things going on either they’re having the worst day of their life right didn’t plan to be in this situation.
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Steve Trang: or be because they’re having such a tough time everyone is literally calling them and so they’re irritated with that so either they’re irritated because they’re getting too many phone calls or the irritated.
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Steve Trang: And you call them when they’re having a an emotional moment because life is happening to them right, and so, for us, that is not a reason take them off the list because they might be having a bad moment today.
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Steve Trang: doesn’t mean they could have a bad moment tomorrow or next week or two weeks, and that was again very eye opening for us as business owners.
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yeah.
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Danny Johnson: And I you know it is that’s the thing it’s right, you have to look at the data and if you’re not measuring.
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Danny Johnson: What is occurring in your business and how can you really know what is actually happening right, you can have you can have this gut feeling of well, I think.
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Danny Johnson: You know we’re all these leads suck all right, all these people never want to sell, but the fact of the matter is that they end up selling somebody else it’s just that you didn’t approach it in the right way or.
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Danny Johnson: See.
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Steve Trang: Where the system right again like you have a CRM for a reason right like either either you’re not using the system correctly or your approach is off or you know you just need to touch them more often, because that they just wasn’t the day.
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Danny Johnson: Right right.
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Danny Johnson: yeah so use the data to pinpoint where you should be looking at improving your business right and.
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Danny Johnson: I don’t know about you, but I spent probably.
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Danny Johnson: Seven years in the business just cranking you know it was it was I want to do more deals my goals for deals got bigger every year, and the only way I knew to make that happen, was to do more, marketing and generate more leads.
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Danny Johnson: And that was my entire focus, I never I probably did once in a while, but got bored with it, and like just went back to trying to create you know generate more leads.
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Danny Johnson: But it was never stopping slowing down and looking at what happened to the leads that actually came in like what What did we do with them and how did we How did the interaction go and you know, did we close this means is, we could have and the answer was absolutely not.
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Steve Trang: ever do and other thing too, though, is just not not just that, but you also got the law of diminishing returns is that.
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Steve Trang: As revenue increases profit doesn’t match and it took a long time to figure that out, probably took seven eight years in the business before I realized wait a minute.
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Steve Trang: I profits not increasing with revenue what the hell, am I doing Why am I killing myself took a long time to figure that one out.
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Danny Johnson: yeah you see that a lot of the mastermind groups with people talking about big ones, and then you ask well what’s your your profit.
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Danny Johnson: At the end of the day after all of that and it’s some most of the times smaller than than the people running the smaller operations, not all the time, but, but sometimes and that’s kind of yeah that’s scary right because it’s a it’s a quick way to burn out to.
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Danny Johnson: let’s let’s dig into the active listening it’s actually 2.0 so it’s the improved version, the first version yeah i’m not sure what happened with 1.0.
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Steve Trang: But first version is what they taught other people right like it’s every corporate training that comes in, is like you need to you need to actively listen, you need to be proactive right like they say these things, but then.
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Steve Trang: I think it’s not really done well to explain what it means to actively listening so that’s, the reason I got the bug was to actually maybe help.
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Steve Trang: emphasize or clarify what it means to actively listen.
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Danny Johnson: All right, let’s dig into that what does it mean to actively listen.
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Steve Trang: yeah I think if we could.
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Steve Trang: In a way, articulate what is keeping the homeowner up at night, what is causing the distress so what’s causing it how’s it going on what are they going to fix it How has it been going on, has it showing up the rest of our lives, we can articulate back to them.
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Steve Trang: What is going on in their lives through listening, I think a you’ll build way more rapport than talking about the weather or their car or the local sports scene, you know I think that’s building rapport.
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Steve Trang: But then also identifying by asking them what the ideal outcome is for them what the ideal scenario where they’re going after they get the money.
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Steve Trang: What.
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Steve Trang: what’s going to feel like after they’re out of this hole that they’re in.
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Steve Trang: And and be able to articulate back to them, so a articulate by actively listening so, then you can so you can repeat back to them.
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Steve Trang: What is keeping them up in that was causing the stress and then articulate back to them what an ideal outcome is, and it was going to be like once they achieve it.
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Steve Trang: I think if you can do those two things there’s no way you haven’t earned the right to do to get their business and that’s I think the key here.
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Steve Trang: An.
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Active listening.
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Danny Johnson: yeah that that’s interesting because it’s the the the repeating part back.
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Danny Johnson: The repeating back part.
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Danny Johnson: Of that whole scenario of listening and then repeating it back to them.
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Steve Trang: Multiple times.
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Danny Johnson: Multiple times so you imagine that that that.
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Danny Johnson: You know, makes it to where they actually feel more of where they’re at because of that, you know it’s like because you’re kind of painting the picture of where they are and where they want to be.
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Danny Johnson: And what things could be like without the problem and so you’re kind of drawing that emotion back in right to the to the situation.
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Steve Trang: Absolutely, and like.
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Steve Trang: You call people there in foreclosure and it’s like ah it’s not a big deal it’s like really like 15 years ago.
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Steve Trang: It was a shameful event to be in foreclosure now is you know commonplace, but you talk to someone as good as no big deal is like really like.
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Steve Trang: it’s not affecting things at home, your wife’s not freaking out you’re not figuring out what you can try to do with your kids in school it’s not affecting your car right because you can’t make a mortgage like how’s it affecting your car is it affecting your credit cards.
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Steve Trang: You know, does it, are you losing your appetite are you losing sleep like there are a lot of things that are happening when you’re going through foreclosure it’s just a foreclosure notice is just one it’s just like a surface level thing.
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Steve Trang: So we dive deep and we asked him about it, and as we asked him about it, we again mirror back in particular it back to them with what.
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Steve Trang: They told us, but now that we’ve gone through all this right again being able to repeat back to the situation they’re in what’s keeping them up at night, if you can do all those things skillfully.
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Steve Trang: Then you understand their world better than anybody else everywhere, I was going through this process with somebody.
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Steve Trang: and ask them like you know, do you feel like I understand what’s going on your world and their answer to me was I feel like you understand me better than anybody else I know.
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Steve Trang: Do you think I got that business right, because then, at this point it’s not about ARV is not about like well zilla says my house is worth 300,000 like none of those things matter.
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Steve Trang: Right at that point i’ve got what’s keeping you up at night what’s causing you to lose sleep, causing you to fight with your wife right, that is, that is way more important as a as a human being, that has no matter, far more than like well zillow says mouse works in 2000 what’s your offer.
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Danny Johnson: yeah it’s it’s it’s moving away from just a transaction and a quick decision, yes or no right more into this this idea of this person gets me and I want to do business with them, I mean that’s what it was like it becomes something where they want to do business with you.
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Steve Trang: Exactly and I the way I always teach is now you’ve earned the privilege to do business with them.
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Steve Trang: You cannot earn that privilege until you’ve gone through this exercise, and we don’t want to it’s uncomfortable.
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Steve Trang: Right, but once you go through it right again, you understand their world better than anybody else.
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Danny Johnson: yeah and you know there’s there’s so many people.
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Danny Johnson: including myself, and mainly myself in the beginning, when it was like what are the benefits that I can come up with you know what are these benefits that I can spout at them all the time.
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Danny Johnson: and convince them that we’re the best option, you know how can I beat the competition.
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Danny Johnson: By saying that we offer more or we close faster or any of those things and, at the end of the day, none of that stuff you know just in one ear and out the other it’s like hearing how long somebody has been in business, I don’t care.
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Steve Trang: that’s all great stuff for marketing.
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Steve Trang: Right like that’s what we get the phone to ring we get the phone to ring by making these promises right and hopefully you’re you’re keeping those promises, but we get the phone to ring by making all these promises and as marketing.
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Steve Trang: But once they call three postcards and all three of the guys come in, is like we pay more, we close faster we close on time.
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Steve Trang: Close whenever you want.
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Steve Trang: Like we pitch all these features of benefits and a problem with pitching features and benefits, which is you know something that makes sense right, logically, but the problem with that is there’s no way for the homeowner to discern who’s telling the truth.
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Steve Trang: Right it’s like every realtor is number one.
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Steve Trang: Like look at every realtor marketing material i’m number one by what standard right like maybe like it we’re going through like according to your mom your number one.
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Steve Trang: Right like outside of that like, how do we measure this and there’s no way for her a homeowner to really discern that to really validate that.
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Steve Trang: And so, then all they can really do is is go based off of gut and feel, and if you can connect with them emotionally then to want to work with you.
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Steve Trang: But if you’re trying to connect with them intellectually like this is bidding game is this dog and pony dance.
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Steve Trang: And like what do you get out of that what are they getting out of that they’re just your commodity.
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Steve Trang: The one thing we push a lot is you don’t become commodities, because if you’re just pitching numbers, then, like my greatest fear is we’re playing based off of numbers and I when.
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Steve Trang: I mean, I was the highest bidder, which means i’m probably not making money on this deal.
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Steve Trang: right if i’m the highest bidder our business will be in trouble in the long run, we cannot win being the highest but now we’re a hedge fund, we can win and being highest better but, for you know people like you and me that actually have to live off of profits, we cannot.
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Steve Trang: be the highest bidder.
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Steve Trang: So.
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Steve Trang: We have to win.
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Steve Trang: By connecting better than anybody else.
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Danny Johnson: And I want everybody listening to really let that sink in because.
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Danny Johnson: You know there’s a mindset that you can get into where you’re really thinking i’ve got a you know if if someone else comes in, after me and they offer more i’m going to lose this deal.
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Danny Johnson: And i’ve been in spots where I started thinking that way and it’s not a good way to think at all.
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Danny Johnson: Because then you’re itching to like call back and try to you know what did they offer you and try to finagle and do all these things and it’s it’s a bad thing to do, because you seem desperate and you know the the whole thing, just as a horrible situation.
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Danny Johnson: yeah I just last the last Monday I went to a house.
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Danny Johnson: Actually, was a week before that, but.
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Danny Johnson: They were selling their we’re going to move out of town we’re in Texas and San Antonio there we’re going to move to somewhere new Mexico, the House.
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Danny Johnson: it’s the first time i’ve seen this they were they were hoarders but they hadn’t filled the House up, yet they were in the process of doing that, I mean it was.
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Danny Johnson: it’s probably a half to three quarters full, but the thing I hadn’t seen before, is they have younger children, and it was interesting because usually.
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Danny Johnson: it’s an older couple or something that I see this, but it was a it was an old House before.
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Steve Trang: what’s that only Adam i’ve ever seen a horror house the kids only what animals.
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Danny Johnson: yeah yeah and then the on the kids rooms was they were stacked with stuff too and not kid stuff but just random stuff but they had the path to their bed, and everything.
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Danny Johnson: But anyway, you know, speaking with the the father, you know about the situation you could tell that his biggest thing that he was struggling with was you know what are we going to do with all this stuff.
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Danny Johnson: You know they’re moving out of town and it’s a lot of stuff, and so the whole thing became you know if if we could move out of here easily and just worry about moving the family and not worry about all this stuff that’s here.
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Danny Johnson: Like that would just be everything to me it would just make my life so much easier because so she had so many other things to deal with.
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Danny Johnson: And that became the whole thing that was the whole you know, the whole issue with them was this right, this was in their mind the big problem, and I could tell he was also embarrassed by it, you know, so it was a.
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Danny Johnson: big thing, and he wanted to shed that you know he wanted to is my assumption on it, and after talking with him that’s what it was like so.
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Danny Johnson: The main the whole thing was I can offer you this much makes sense, but the bigger thing is leave whatever you want.
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Danny Johnson: Right i’ll donate to Salvation Army i’ll take care of what needs to be taken care of and and that that was the thing that sold and, of course, he said, people offered more than you, but I want to sell the you.
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Steve Trang: Know on the key here to write is like you offered a benefit and i’m not opposed to offering benefits.
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Steve Trang: I think you can only offer benefits after you’ve diagnosed right so part of your prescription.
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Steve Trang: was like.
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Steve Trang: Oh, it seems like this harder, not harder home, but like you know this part about what to leave behind what to bring with you is causing a lot of stress.
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Steve Trang: What if I could take that stress away right now you’ve diagnosed and you’ve prescribed effectively, because you hitting a target that you uncovered but, most people would like I close fast and.
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Steve Trang: I pay more, I pay cash whatever like you’re you’re you’re throwing targets you’re throwing darts on a target you haven’t even seen because you don’t know what’s important though right like.
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Steve Trang: You know there’s a story of someone in town, who like they this Homeowners like well you know, like when are we going to close, he says Oh, I can have this done in seven days.
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Steve Trang: And you know they call the next day like what you do is like one with the other guys like one of the other guy I was 5000 higher he’s uh yeah but other guy let me do a six day close.
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Steve Trang: Like you think you’re trying to hit this target, but you can’t hit a target that you haven’t seen, and I think that’s part of you know you talk about like.
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Steve Trang: You are able to uncover you know, through your experience asking questions like this was something that was a burden on them and then you’re able to prescribe.
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Steve Trang: Based off your diagnosis versus everyone else’s like throwing all sorts of prescriptions, without even understanding what’s going through what’s going on in their world what’s going on in their head.
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Danny Johnson: You know what actually makes the the the whole process of going through the House and talking with the seller, a lot more enjoyable I think when there’s a goal of digging into what is the real situation, what is the real issue.
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Danny Johnson: Behind this decision to even have somebody come out and make an offer.
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Danny Johnson: yeah what what’s, what are the steps that you take to start peeling back that onion you know if somebody is really tight lipped they’re not wanting to share anything keeping the cards close to their chest, you know what.
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Danny Johnson: What what are some of the things that you do to help people to loosen up and open up.
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Steve Trang: So the first thing before we can do anything else, is that we need to set the proper expectations we call this establishing the rules and the reason why this is important is that.
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Steve Trang: What we found in phoenix and I think is true the rest of the country is that most Homeowners have this idea is like Oh, why don’t you walk through my house.
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Steve Trang: take as many pictures, as you need make me an offer and i’ll give you a call if you’re the highest offer right like that’s kind of.
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Steve Trang: how they treat us and what do we want, we want to be able to walk out of the House with a signed contract and so, for us, we need to set the proper expectations.
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Steve Trang: and saying you know Danny can I share with you how these appointments normally go.
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Steve Trang: Generally meet takes an hour hour and a half, so good amount of time for you, typically Homeowners want to want to know how the process works, how much money they’re going to get when they can get that money.
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Steve Trang: and, obviously, for me, figure this out i’m going to buy i’m gonna have to ask you some questions and these questions may come across as personal right and that’s the key part here for me figure out this House i’m gonna buy.
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Steve Trang: and ask you some questions so these questions may come across as person Would I be okay, so that part i’m just adding this part here because it goes.
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Steve Trang: into like uncovering pulling back the layers and then we followed that up with.
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Danny Johnson: At the end.
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Steve Trang: hey Danny you know if the offering make doesn’t work for you, could you tell me know.
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Steve Trang: If I don’t tend to buy this House or you can be okay with that maybe it makes sense for us to work together.
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Steve Trang: Well, that means we can take everything we talked about today, we can put in writing is that fair right so that’s us first five to 15 minutes at some point we’re having that conversation, whereas a yes, no, you know how to think about it, because.
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Steve Trang: we’re going to say some really weird uncomfortable things to peel back the layers so that sets us up to later on, you and I are having a conversation and you’re like you know Steve I just don’t feel.
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Steve Trang: comfortable answering these questions right so earlier, we got permission ask personal questions at this point, say hey Danny know what.
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Steve Trang: It sounds like some of these questions you’re uncomfortable answering like yeah okay well here’s the thing.
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Steve Trang: We only have enough funds to buy just a couple houses, a month, so for us as important as these questions, because we want to figure out that when we buy someone’s house we’re actually helping them out of a tough spot.
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Steve Trang: So if you feel uncomfortable these questions like you’re not sure this is a good fit that’s Okay, it just means that this is that one of the House we’re going to buy.
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Steve Trang: So they can play this game where they’re going to keep their cards close to the chest, because if they’re going to keep their cards close to the chest.
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Steve Trang: And they’re not going to have this conversation with us about what’s going on in their world.
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Steve Trang: Then we cannot get them emotional and we can’t get them emotional then it’s less likely significant significantly less likely.
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Steve Trang: That we’re gonna be doing business together that’s just the reality right now is an intellectual conversation now it’s a bidding war and we don’t play that game, because, again, even winning a bidding war i’m genuinely concerned.
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Danny Johnson: hmm yeah that’s huge I like that a lot.
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Danny Johnson: um so if if.
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Danny Johnson: yeah so you might mean do you find that most people will start to open up then and say Okay, you know.
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Steve Trang: Absolutely, so what we found is by asking for people for permission to ask personal questions in the very first five to 15 minutes.
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Steve Trang: It makes a lot easier to ask all these other questions, because now they know why we’re asked, or at least they’re consistent with us right, I was at Robert cialdini talks about laws of influence.
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Steve Trang: Right you gotta lock consistency in that they agree to it once they’ll agree to the rest of the time, so we have not found as much challenge still challenge.
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Steve Trang: Right.
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Steve Trang: There are people in there we’re still dealing with human beings.
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Steve Trang: A rational creatures, by nature, but generally, generally speaking, like they’re a lot less.
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Steve Trang: difficult and we asked for permission in the very beginning to ask personal questions.
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Danny Johnson: You know, it can be kind of hard with without that to to turn a conversation in that direction.
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Danny Johnson: You know, like.
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Danny Johnson: You know how did you guys install these tiles.
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Danny Johnson: Why do you have a black guy, no, no, not that one, but you know you know what’s what what.
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Danny Johnson: That was a weird I don’t know where that came from so um what What are those questions that start to get into that like, how do you approach it when you have no idea.
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Danny Johnson: What it could go.
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Danny Johnson: Like, how do you.
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Steve Trang: So the first thing i’ll start off right and we could do a role play you want, you know, like hey Danny you know.
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Steve Trang: I saw the notes and CRM but you know what I found in my experience is that what I read in the CRM and what’s coming across from you are sometimes different things get lost in translation, so it was a rabbit just ask you questions directly.
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Steve Trang: Right and this this kind of takes care that probably like I already talked to your team they’re already told them everything right so that deals that issue.
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Danny Johnson: And then.
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Steve Trang: Alright, so Danny I guess my first question for you, is why Why am I here.
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Danny Johnson: To make an offer on the House.
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Steve Trang: got it so you’re looking for an offer, yes okay.
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Steve Trang: Are you looking for an offer, just to get like find out what your House is worth are you looking to potentially move.
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Danny Johnson: No, I would like to move i’d like to sell the House.
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Steve Trang: Okay, and where, would you move to.
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Danny Johnson: milwaukee.
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Steve Trang: milwaukee got it Okay, and why are you selling.
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Danny Johnson: You know if i’ve had some some problems in the past i’d rather not really talk about that it’s.
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Danny Johnson: really hard for me right now.
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Steve Trang: Okay got it really hard for you Okay, and I get that a lot of the people we talked to you know are going through some tough times it’s really hard for them have the conversation.
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Steve Trang: So earlier when words I was saying, you know, like, I have to ask you some personal questions and you’re okay with that.
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Steve Trang: Has that changed.
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Danny Johnson: Now you’re right you’re right, I am yeah it’s just it’s hard to talk about because you know my.
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Danny Johnson: You know we’re in the middle of a divorce and it’s it’s really tough and we got to sell the House because you know, we need to split up our assets and stuff like that, so I just didn’t want to really get into that too much because it’s it’s pretty painful.
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Steve Trang: yeah I imagine it’s really painful.
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Steve Trang: boy.
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Steve Trang: And I don’t want to do too much.
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Steve Trang: I guess.
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Steve Trang: How long like has this been going on, where like.
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Steve Trang: You had to you know.
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Steve Trang: have to sell and move.
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Danny Johnson: yeah it’s probably probably been six months it’s it’s been rough.
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Steve Trang: got it and then along the way, what have you tried to do to to get your home sold.
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Danny Johnson: You know honestly i’ve been so drained and exhausted there’s not much I can do, and the House needs need to work i’m afraid that it’s not going to really sell with with the amount of work that it has.
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Steve Trang: is not unusual I mean a lot of times we found this to be the case as well, so.
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Steve Trang: I guess, let me ask you like what what is like an ideal outcome for you here.
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Danny Johnson: Well, we just need to get an amount that makes it to where we can split up everything evenly and be able to for me to be able to move back up till to milwaukee.
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Danny Johnson: Okay that’s that’s really what i’m.
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Danny Johnson: Let me mentor here.
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Steve Trang: Okay, and you know where you’re going to in milwaukee.
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Danny Johnson: No, not really no I don’t.
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Steve Trang: Okay, so are you potentially buying a property, you can be renting.
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Danny Johnson: i’ll be renting.
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Steve Trang: renting okay.
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Steve Trang: Then I don’t suppose that you’ve you know thought about how much you’re going to need from the sell this property, so you can so you can you know start over in milwaukee.
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Danny Johnson: yeah my my half that I need to really get out of this I have thought, some about it because I want to have you know at least six months of rent and the rents i’m looking at about 1500 dollars a month and and I got to pay for that move and everything so.
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Danny Johnson: You know i’m looking at at meeting at least about $20,000 1000.
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Steve Trang: Okay, so six months of rent so I bought 10,000 and then moving expenses.
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Danny Johnson: mm hmm.
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Steve Trang: Okay, so if you had 20,000 that be, that would make sense for you.
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Danny Johnson: yeah I think so yeah okay.
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Steve Trang: And then.
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Steve Trang: I suppose that your your wife has figured that out that number as well.
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Danny Johnson: Now we’re not speaking and.
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Steve Trang: Speaking got it, so I guess what happens if you and I agree on a price today how’s that conversation go with her, or what would be next with her.
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Danny Johnson: Now she’s she’s ready to be done to and so i’m sure if she got that amount, she would be willing to have it be over with and i’m sure she would take that okay.
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Steve Trang: So you got 20,000 if she and she got 20,000 you think that would work for her.
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Danny Johnson: I think so okay.
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Steve Trang: And then I apologize, what do you guys again.
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Danny Johnson: we’ll 150 still.
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Steve Trang: hundred 50.
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Steve Trang: And at this point I would kind of start doing the math in my head right like is 190 more or less than I wanted to pay.
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Steve Trang: But Divorce is tricky right because that’s about as far as want to go as far as far as divorce, but it was like foreclosure will bring a lot deeper if it’s like a.
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Steve Trang: Hoa violation code violation let’s talk about why you don’t have money to make use of Paris and then we’re going to uncover some more stuff but a divorce, I think we’ve uncovered pretty much the reason why you need to sell.
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Steve Trang: yeah and right and pretty and the fact that you don’t want to talk about it, I think we found pain.
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Danny Johnson: yeah yeah yeah.
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Danny Johnson: yeah no, it was it was nice and and.
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Danny Johnson: yeah throwing one out that maybe it’s not as common as saying oh i’m facing foreclosure or something.
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Steve Trang: No, but it’s common right we deal with it it’s just there’s not as much necessarily digging of his voice, because there’s a lot of emotional pain right there.
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Steve Trang: Well, you can kind of see like how you know Tom like uncovering is just right like Oh, but earlier we just talked about how you gave me permission to ask personal questions what changed and literally 15 seconds, he said yes.
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Steve Trang: Yes, in seconds ago.
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Steve Trang: Right so that’s kind of how we would have that conversation and then.
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Steve Trang: The other thing too we we push a lot is like so many people are trying to find out like well, what do you need right from the cell like what.
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Steve Trang: Unless you’re looking to sell your home for which, if we’re arguing from that position we’re kind of shooting ourselves in the foot right because this goes back to visit us at my house is worth X or y.
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Steve Trang: Whatever, but we can figure out what you really need, then, at that point, you can figure out whether that.
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Steve Trang: is enough or that is a number that we can hit.
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Danny Johnson: yeah what are you going to do with the money right.
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Steve Trang: Right and again this goes back to articulate it back to them what the ideal outcome is for them right, and if we can figure out what the ideal outcome is for them.
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Steve Trang: Then that’s something that we can work with and most people don’t need much more than 20 $30,000 right, and so, if they don’t know that much, then this is a situation where we can do really well.
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Danny Johnson: And there’s times, where you know, unless I didn’t dig enough or active listen well enough but.
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Danny Johnson: It seems, you know, sometimes there were people that don’t even haven’t even really considered that you know it’s trying to get as much as I can but whenever the question is posed.
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Danny Johnson: Oh wait a minute, this is kind of what I need and then maybe the numbers not so high anymore, because they realized they don’t even need that much and they’re willing to do it because they’re seeing the transformation right where they could be if they did that.
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Danny Johnson: yeah and it’s it’s worth it to them right because it’s more about that, and it is about the number.
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Steve Trang: Right absolutely and like if we get to a point where you’re like no Steve I need 100,000 Okay, so you know hundred thousand that’s more important to you long 100,000 and.
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Steve Trang: Being in milwaukee and having this taken care of at this like today, like going to bed tonight, no, this is done hundred thousand more important and waiting next three to six months trying to get hundred thousand more important again it’s done right now.
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Danny Johnson: yeah this is that kind of like painting the picture of if you don’t sell what will it look like yeah.
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Steve Trang: Exactly what’s the alternative and the alternative if you’re okay with 100 of your OK, with waiting dealing with your wife that you’re not talking to for the next three to six months trying to get maximize market.
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Steve Trang: Value great i’m just not your guy.
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Danny Johnson: yeah that’s a good one, and then you know with like tons of repairs and stuff like that well you know if the issue is more of like a bunch of repairs and embarrassment of the situation of the House.
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Danny Johnson: You know what do you paint in those cases.
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Steve Trang: It was the embarrassment again is the relief, you know it’s the fact that, like you can go to bed at night, knowing that this is done, you can rest your head on your pillow asleep well.
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Steve Trang: you’d never have to worry about this guy right.
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Steve Trang: he’s a minus what we’re selling.
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Danny Johnson: yeah.
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Danny Johnson: Well, Nice yeah I think you know the book isn’t expensive, so you know I think we’ve peaked some interest, I hope, at least we did because it’s it’s gold, I mean there’s a lot of great stuff in there.
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Danny Johnson: So anybody that’s listening hopefully they’re actively listening, they can go check out active listening to point O from Steve trying I think it’s something all investors should should have in their audible or on their shelf so.
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Steve Trang: appreciate that.
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Danny Johnson: yeah so Steve you you’ve got some other things going on and i’d like for you to go ahead and share that with the audience as well if they want to take it a step further, you know what’s The next step there.
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Steve Trang: yeah so probably The next step is we do have a master class is basically 12 modules recorded going into much greater detail, you know I covered as much as I could and.
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Steve Trang: You know the half an hour we’re on this call, but I mean we literally spend like a whole day on this, you know when people learn from us and our live events, whatever so the masterclass you can learn this in your own pace, you should have a link for it, so that people can check it out.
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Danny Johnson: yeah, then the show notes.
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Steve Trang: yeah, but I think that’s The next step, because I, for me the single greatest travesty is we spent all this money finding the seller.
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Steve Trang: Right, whether pulling a list skip tracing and having a va direct mail, whatever it is, in finding a seller that’s willing to sell at a price that we’re willing to pay.
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Steve Trang: And then fumbling that football, like, for me, that is, like the greatest travesty that can that have that happen so.
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Steve Trang: it’s a lot easier to find motivated sellers today than ever before, because a lot harder to convince them to do business with us versus everybody else than ever before.
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Steve Trang: And so I think you know the sales is is is more important today, and you know that might just be drinking my own Kool aid, but I genuinely believe that sales is what separates us today like 10 years ago.
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Steve Trang: If you got to the homeowner first you had that contract right there was nobody else going after the homeowner.
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Steve Trang: But today it’s you versus an army of wholesalers in your town.
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Steve Trang: Right other flippers in your market.
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Steve Trang: So sells more points than ever before.
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Danny Johnson: yeah i’ve seen the transformation and our business going from about 2.2% you know lead conversion rate into deals to to about 20% typically on average.
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Danny Johnson: And so that that’s 10 X and I think most of that was the result of sales training and and doing the things that you talked about in the book and then also at the workshop and.
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Danny Johnson: I mean it’s just you know and it’s not just you, you know the the business owner or acquisitions person I think you know it lead intakes if you have a lead intake on your team it’s important for them to as well because it’s.
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Danny Johnson: You know, everybody on your team that is interacting with a seller, should you know understand these things.
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Steve Trang: Absolutely and that’s actually something that i’ve been kind of harping on i’ve been on this high horse for the last month and a half, two months.
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Steve Trang: Is that you know people have these vas to set appointments book upon whatever and again we spent all this money right so.
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Steve Trang: What i’ve been harping on to business owners, is that these are appointment sellers.
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Steve Trang: That appointment setters their appointments sellers are selling appointments you got to overcome rejection objections on the phone.
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Steve Trang: With Homeowners just like you have to overcome objections when you’re trying to buy their house and if you’re treating it like an administrative position, God knows how much money you’re leaving on the table.
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Danny Johnson: yeah absolutely yeah so i’ll put that link in the show notes and it’s also i’ll go ahead and say now i’ll just create a link called flipping junkie calm slash disruptors.
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Danny Johnson: So it’s flipping junkie calm slash disruptors and you’ll be able to get over to check that out from from Steve has a workshop, or is there anything else that you’d like to share with the audience before we we go and in the talk.
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Steve Trang: yeah I mean Thank you again for having me on your show you know, like I said I look at the stats you’re kicking my butt so.
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Steve Trang: You know much respect I appreciate you having me on.
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Steve Trang: And then, if you guys want to listen to a different podcast there’s also real estate disruptors where you know we get to have some of the best in industry talk about their business, so you know love to have you guys over there as well, but you know much respect to what you’ve done.
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Danny Johnson: With your show Thank you Steve yeah and everybody listening yeah go and check it out go ahead and subscribe to this podcast.
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Danny Johnson: will be a great thing that will keep paying paying you even though it’s free but to get those into your your podcast APP and listen to, as we drive around it’s just awesome so alright Steve thanks a lot.
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Steve Trang: Thank you very much.
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Danny Johnson: Take care.
