Hey Moguls, It’s me again… your most awesome Mogul faculty advisor, Patrick Riddle. We’re back in action. Today (I kid you not), is the exciting conclusion of this epic journey we’ve taken together on hacking into credibility. We’re about to indulge in hacks #11-21 – but first, if you have missed any episodes in this thrilling series, grab some popcorn and do it marathon style…
Okay, not we can dive into the remaining hacks…
Hack 11: Learn how to Leverage Better than a Seesaw
This is basically the principle of association. You may not have that much experience, but as you build your power team you gain leverage.
For example, let’s take your closing attorney. When I moved to Charleston, I made sure my closing attorney had plenty of experience so I could leverage it. When I was talking to different people about the business, I let them know my closing attorney has been doing this for 20 plus years.
So I kind of leveraged the principle of association and my attorney’s principle of association as if it was my own. Building a real power team can include:
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Accountants
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Brokers
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Real estate agents
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Bankers
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Appraisers
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Insurance agents
…and more; really, all kinds of people.
In your presentation, go ahead and build in the information and experience details about your team. Beat them to the chase. You can build so much credibility leveraging through others. Industry experts, coaches, mentors…you could even use us.
After you close with XYZ title company a couple of times, ask them if they would be willing to write a short testimonial letter that states they do business with you and are proud to be associated with you. Take a picture at closing of you two doing business together at the closing table. Make it part of your presentation.
Little things like that sprinkled into your PowerPoint presentation are what really make an impression on people and make the difference. Plus, they are so easy to accomplish.
Hack #12: Don’t be one of them Stupid People
Who wants to lend money or buy a house from someone who comes across as stupid or ignorant?
Um, NO ONE. First off, I know some of you are thinking that “stupid” and “ignorant” mean the same thing – but not so fast…
Stupid means you lack intelligence, while ignorant means you lack knowledge or information. You could be really smart, but if a lender asks you a question you’re not prepared to answer, then you’re just ignorant.
It is crucial that during any form of communication (this includes any advertisement, initial contact, emails, meeting in person, text messaging, talking on the phone; anything) that you don’t give them the impression that you are stupid or ignorant, or your credibility is screwed.
Think about it. Even the smallest grammatical errors effect your impression on someone. I get a ton of emails and some of them I can’t even decipher. It is amazing how much a short message influences your opinion of someone – until you really know them.
So, don’t make stupid mistakes and know what you are talking about.
Hack #13:Don’t Be Tardy
Don’t be tardy, ever. EVER. It’s like self-destructing. And whether you were raised in a family where everyone was late all the time, or you're from a culture of notoriious lateness, or whatever -- in the professional world of North American business, being late even a little is flat-out disrespectful of the other person's time. Your credibility is maimed from the get-go.
So no excuses, just be on time. Enough said.
Hack #14: Trigger the Artist in Their Head
If you can get someone to picture doing the deal with you, then you’ve pretty much got the deal. It creates a “visualizing the future” affect. You can do this by carefully choosing your words.
Phrases like:
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Imagine what it would be like to…
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Wouldn’t it be amazing if…
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Can you see how…
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Can you picture…
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Can you see that…
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If I were to….
All these simple phrases get your prospect imagining doing whatever follows those statements there. Whether it’s selling their property or buying a deal. The more you can do this, the more they are likely to say “yes” to whatever it is you are asking.
Hack #15: Be the Poplar Kid in School
This just means people associate you with whomever you hang out with, starting with your friends and family, then your REI team, title company, buyers, sellers, tenants, lenders, etc. It’s credibility through proof.
You can supply this credibility with proof in your initial meeting. Whether it’s when you sell a house or buy a house, use this as an opportunity to document social proof. After that contract (or whatever) is signed and everybody’s feeling good and full of positive energy, say something like:
“Hey, one final thing. Could I get a picture with you? It’s kind of a ritual when I sign a contract. I take a picture to commemorate it.”
Take a selfie of you both giving a thumbs-up with big grins. Save all these pictures and testimonials to whip out in your presentation and say:
“Hey, look at all these happy people I have bought houses from.”
Be seen and known in the industry.
Take your local REA group, for example. Even if you’re a newcomer, you can volunteer to do the check-ins at the door. This way, people see you and get to know you. They associate you with real estate investing. Any kind of networking is extremely important when it comes to credibility, so put yourself out there.
Hack #16: Reciprocation is in the Code of Ethics
When you’re interacting with someone you want a relationship with, find out how to be the one to give value first by offering insightful information. Tell them something they didn’t know and will value knowing. When you do this, you create a sense or indebtedness. They subconsciously want to repay you by reciprocating.
This could be a marketing or deal-getting tip, a connection to do business with, a new strategy… the possibilities are endless.
Hack #17: Master Aikido
Do you know Aikido is? It’s a non-offensive form of Japanese martial arts that uses movements, momentum, energy, and force against an attacker. Aikido uses methods to subdue, rather than maim or kill as in Karate, but many of its movements can nevertheless be deadly. Aikido especially emphasizes the importance of achieving complete mental calm and control of one's own body to master an opponent's attack.
So a tactical example of how to utilize this in REI would be…
When you’re meeting with a private lender, but you have little to no experience yet of closing private money deals. And Mr. Private Lender just asked you, straight-up, if you actively closing deals.
An Aikido master would redirect that prospect by reinforcing momentum back to the property which is the true asset in securing the money for the private money lender. So I would answer that with something like:
“While my experience is [fill in the blank]… the investment isn’t really me, it’s the property. The property is what secures the return on the investment. This property is a great deal because…”
Hack #18: Mirror Them in a Non-Creepy Way
When I say “mirror” them, I don’t mean be creepy or annoying. I mean stay on their level.
Position yourself as their equal…
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If they stand = you stand.
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If they sit = you sit.
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If they are eating = you eat.
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If they are not wearing a lanyard = take yours off.
Never gape over them like you are better than them and never position yourself lower than them like you are beneath them. It’s all about that vibe you subconsciously give off. Control your thoughts and be positive so you give off a positive vibe, or else they will sense it or it will be given off in your body language.
The easiest way to give off a positive vibe is to be positive and look positive.
Hack #19: Don’t Fix What's Not Broken
I know you have heard the sayings, “Don’t reinvent the wheel” and “Don’t fix it if it ain’t broken.” These sayings can apply when it comes to your credibility.
What I mean is, back yourself up with proven success…
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If your strategy is proven to be successful, then back it up with examples.
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If your market has a high success rate, show them stats.
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If you have a fabulous niche that has been working for others, tell them how.
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If what you have been doing is working, prove it.
Hack #20:Don’t Be Clingy
Remember high school? There was always that needy, easy girl or clingy guy that was too nice that no one ever dated.
It’s the same in the real estate investing world...
If you are too needy and come off as desperate for anyone who will have you, then no one will want you.
Hack #21 Be Like You Like Your Mexican Food – Authentic
I can’t tell you how much I value this when it comes to credibility. I know not everyone is perfect, so admit your mistakes and that you are human – this lets me know you’re an honest person and that I can trust you. Hit all the high points, but know that it’s okay to let yourself be caught with your pants down just a tiny bit.
Okay, I think it’s time to wrap this puppy up. Until next time, peeps…
Holla
What do you guys think? Have any of these hacks been helpful in your REI business? We’d love to hear your questions and comments below.
Create leverage through the power of association.
Apply your noggin when communicating and don’t come across as stupid or ignorant.
Arrive early and never be late.
Choose words that will paint a picture of the prospect doing business with you.
Make them feel indebted to you for valuable tidbits.
Prove yourself through social proof.
Back yourself up with proven examples.
Master the Aikido defense and gain momentum.
Mirror the prospect and stay on their level – physically and mentally.
Don’t be desperate or needy and they will want you more.
Stay authentic and real.