Have you found your first deal, but feel like it might have just been a fluke? Some of you may have closed several sales already but haven’t been consistent. How can you consistently be on the tail of your leads? Mike Cowper, owner of Return on Investments and founder of The Inner Circle Elite Mastermind, shows us the system he developed to make his real estate career more sustainable, consistent, and efficient. From his discovery process to acquisitions, he provides the tips and tricks to keep you in the minds of the sellers or leads you find.

These tips are from the fourth episode of the Real Estate JAM. In that episode, Mike also talks about how he works with a business partner, the value of empathy to real estate investors, the significance of learning in the industry, what you can get from masterminds, and much more! If you’re interested, you can listen to it on YouTube, Spotify, or Apple Podcasts.

The First Phase: The Discovery Process
The first step to Mike’s system is the discovery process. Once you’ve contacted your leads, or if they called you up, you can’t just talk numbers straight away (for the most part, at least). The following questions below can guide you to get the answers you’re looking for. As you engage in conversation with your lead, you might want to keep them in mind.

Why are you looking to sell the house? Get the big picture of why they’re trying to sell their properties. Some might be facing tax foreclosures, transferring to another state, needing to pay for medical bills, or getting rid of an unused house!

How much are you hoping to get from the property? This question is mainly a quick nudge to double-check if they’re ready to sell. Usually, if they can’t give an amount, they’re not prepared to sell just yet. That doesn’t mean you leave them be, as following up is still part of the game. Don’t worry if they’re asking for the world when they say a price since you could still bring them back to reality depending on how they take the last question.

How quickly are you willing to sell and move out? It’s pretty much the same idea as the second one. If they haven’t thought about moving out, they’re not really in the right mindset to let go of the house. Mike says that having them answer that question “connects the dots” for them, making them realize that continuing this conversation means that they’re pretty much going to go through with the decision.

Remember that those engaging in this conversation have to ensure that the seller doesn’t feel like they’re being interrogated, but speaking to someone who can solve their problems. Always focus on building rapport.

Of course, the answers they provide aren’t for show, as each answer is a significant piece to the puzzle of whether or not you can help them or not. Their purpose for selling shows their motivation and how much they’re going to cooperate, the price tells you if this is within your reach, and knowing they’re ready to move out shows if it fits in with your timetable.

Once you’ve made up your mind, you can go to the next phase.

The Second Phase: Acquisitions
The first part has only seen the first few layers of the problem, but here, it’s time to get to the heart of the matter. You can reconfirm anything mentioned earlier and have them explain further. Mike does this by saying something like You told our intake team that you had this issue. Can you talk about that a little further? Because they can’t say the same things again, they’re most likely going to share more with you.

And at this point, Mike asks what some real estate investors are afraid to ask. Why don’t you just list with a real estate agent? Don’t be scared to ask that question. More often than not, they’ve already thought about it! By asking this, you get to know why they didn’t go for an agent and develop a deeper understanding of how this main problem impacts them individually. You can even ask them further how they might feel once the house gets sold.

Ask for a tour, take some pictures, and get an idea of what needs to be done around the property. Without calling the house ugly, give them an idea of how you would renovate the place a little to make a living out of this sale. Before giving them a price, try to check if there’s any reason that they wouldn’t be able to sign a contract immediately. If they have any objections, you try to find a solution and check with them again. You can let them think in silence as you ask them the hard-hitting questions.

Just remember, Mike suggests not leaving them with a contract. Want to learn why? Listen to the full episode on YouTube, Spotify, or Apple Podcasts.

About Mike Cowper:
Founder of The Inner Circle Elite Mastermind – A mastermind for real estate investors across the country focused on building a better business, not necessarily a bigger business. A community designed and ran by owner / operators.

Owner of Return on Investments – Mike Cowper does more than just buy your house. With years of experience assisting homeowners, he is passionate about finding solutions where others can’t – or won’t. No matter what situation someone is in, his goal is simple – to find winning solutions for everyone involved. If you’ve ever considered investing in real estate, you should reach out to discuss partnership opportunities!

Outline of the Episode:
[01:29] Because Mike surrounded himself with the right people, he grew from $300,000 to over a million!
[06:17] Protecting yourself in business partnership. Do you do things in writing or settle for verbal agreements?
[08:13] Delegating responsibilities in a partnership by doing what you’re best suited for at the moment and communicating honestly.
[09:46] Sales: the lifeblood of the business. Why is acquisitions the most difficult role to fill?
[11:32] The value of having empathy to convert leads. People love it if you genuinely care about them.
[13:53] Even if you’re a “Wild West Gunslinger” type of a salesperson, forcing yourself into the right habits can significantly improve your workflow!
[15:18] Questions to ask and information to get when figuring out why someone is selling their property.
[17:35] If things get to acquisitions, don’t be afraid to ask tough questions such as checking if they’ve considered working with a real estate agent!
[20:08] Mike Cowper’s tips on going on an appointment. Remember, don’t call their “baby” ugly!
[22:45] Secrets to anchoring a good price point and using the power of silence.
[25:36] You have to care, but not care too much! Cheating on your numbers to help one person can limit the amount of help you can provide.
[29:19] Think of your investing career as a business, You’ll be surprised to learn more about it.
[32:38] What can you expect from joining Mike’s Inner Circle Elite?

Resources Mentioned in the Episode:
Mike Cowper LinkedIn
Mike Cowper Instagram
Mike Cowper Twitter
Mike Cowper Facebook
Inner Circle Elite
Return on Investments
Mike Simmons

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