20 Years Wholesale Experience Explained In 75 Minutes | Flipping Mastery

Jerry Norton (0:03)

Hey, it's Jerry Norton, welcome to the Wholesale Hotline Podcast and the Flipping Mastery Breakout. We want to know how we're doing, so please leave a comment and give us a rating.

SPEAKER_2 (0:18)

Can we give it up for the one and only, Mr. Jerry Norton?

Jerry Norton (0:32)

What I want to share with you now over the next hour is going to be very much on the technical side, which I love. I love really breaking down and getting to the steps and the processes of how we do things. So this is really my element. I love the high level mindset stuff. It's great too, but where I feel like I can really bring something to you is to take one component or one aspect of what we do and really deep dive it and really give you some value. So, sound good? I'm going to be talking about what I think is one of the most important skills you can acquire as a real estate investor, and that is the ability to close deals, negotiate and close deals. Now, that skill is not mandatory. You do not have to learn how to negotiate and close deals, and you can be a highly successful real estate investor. Somebody else can do all of that, and you can just get into the deals. You could be on the finance side. You could be buying those deals from somebody else who negotiated and close that deal. So, it does not have to be what you learn to get good at. But, having said that, this skill transfers over into every area of your life. It transfers over into everything. And I'm gonna show you this framework, I like to call it, of how to negotiate and close deals. I mean, I use this to convince my wife to have sex with me. I mean, you use it everywhere, it's great.

But I wanna break this down, and when it comes to sales, or I'm not gonna use it because that's pretty broad, I'm gonna use it as negotiate and close or just close deals. This framework or that ability to do that, that skill set to do that is very much an art and a science. And so what I'm gonna do is I'm gonna try to show you both. I'm gonna show you the science meaning how and also why. The why part of it is the art of it. It's understanding why are we following this process? Why is this step before that step? What is it that I'm trying to accomplish by doing and saying these certain things or following this certain order? Fair enough? But honestly, it's the art of this that is the most, it's the hardest thing to learn because it's the nuance of it.

But it's also, and it's hard because it takes time and practice to get good at it, okay? But first, if you don't have the right framework, if you don't have a sales process, we call this, then you're just floundering. You know, you're out there talking to sellers and you're trying to put deals together and there's no real congruency to what you're doing. Whereas when you have a framework, what does that allow you to do?

Consistency, predictability, yeah, you've got guardrails up, you know where you're going, you know what you're doing. It allows you to overcome objections more effectively. It just allows you to do the whole thing so much better. Okay. So let's get into this. I've broken this down after talking to over 10,000 sellers in 21 years of doing this. These are what I would call the eight steps to do this. I'm going to actually show the steps. I'm going to give you the exact language that I use. Now, you're going to need to what with this script, let's call it. What are you going to need to do? Adopt it into your own, right? But it will give you a really good baseline, I hope. You can copy it verbatim, but you've got to make it at least in your own way. Because here's the thing, guys. Closing deals is about asking the right questions at the right time and with the right tonality. That's sales, that's closing. Right questions, right time, and right tonality.

Okay, so let's go through these eight steps, and then I'm gonna hopefully have some time at the end to answer questions. We have to end at 12, right? Okay. All right, so step one.

Right out of the gate, and where I'm gonna take this, guys, is I'm gonna start from the initial conversation with the seller, and this is mostly with residential real estate, but I think very much this transfers over into commercial real estate. So, you guys that are doing RV parks or whatever, this transfers over, but it's very, very specific to direct the seller, residential property, and from the initial conversation that I have with a seller. Now, I'm gonna assume that there's been a pre-qualification, and the only pre-qualification I want you to assume is the seller said they're interested in selling. That's it. Okay. So, assume that the seller said, I'm interested in an offer, and that's where this is picking up. You with me? Hi, beautiful.