(NOTE: What it's like to write a $1,000,000 check for a sweet piece of undervalued real estate … even if your bank account is overdrawn and you owe the local lawn boy $20? This special report shows you step-by-step.)
Hey Moguls, Patrick Riddle here…
I’ve had unsuccessful meetings and very successful ones… and I’ve learned some simple things to avoid that can drastically increase your results.
Check out the tips below to make your meetings as effective as possible to land those deals and awesome paydays.
1) Having an Attitude Problem
There is no substitute for a good attitude. I love Henry Ford’s quote:
“If you think you can do a thing or think you can’t do a thing, you’re right.”
If you think you can get private money for your deals, you’ll get it! Start off the right way, right from the beginning – with a positive, ‘I can do this,’ attitude.
2) Wrong Location
Here are few thoughts about the various locations for the meeting…
If you have an office, that’s probably the most appropriate place to present. But if not, no big deal. you could also use a conference room in one of your team member’s offices – your title company, attorney, accountant, etc.
Remember, there are always options.
I’m not a big fan of doing presentations over lunch or dinner at restaurants. I think it detracts from the purpose of the meeting. However, other investors have been very successful presenting over a meal… just try it out and see if it works great for you… if it does keep doing it!
I have found that coffee shops are actually a great place to do presentations. I’ve done countless presentations at Starbucks. A coffee shop is a “neutral” place so the private lender prospect doesn’t feel threatened that they’re on your turf (aka – your office). And if you meet at a coffee shop, definitely offer to buy your prospect a drink or snack. A little show of generosity can go a long way.
The prospect’s home is another good alternative. Why? Having it at their home could not only make it easier on your prospect, which may help you get the appointment, but the prospect will also feel more comfortable being on their own space.
3) Not Dressing the Part
Like Mama always said… clean cut, well groomed and professionally dressed is best.
I always seek to dress at or above the level at which my prospect will be dressed.
Also, I definitely don’t think a suit is necessary, but if that’s what you feel comfortable wearing, go for it. It definitely can’t hurt the situation looking all dapper and put togeter. AmIright?
4) Being Late (Do NOT Be Late. Ever.)
I can’t even believe I actually have to include this one, but you’d be surprised at how many people have problems being on time. And by on time…I mean at least 10 minutes early. You want to have a few minutes once you get to the meeting location to breathe deep and gather your thoughts.
Being late is not something that you want private money prospects to associate with you. And really, that’s the last thing you want them thinking especially at this early stage in the relationship.
5) Presenting When Not All Decision Makers Are Present
You do NOT want to give your presentation unless all decision makers are there.
Typically when someone is married, this means both spouses. If you get to the meeting and one of the people couldn’t make it, reschedule it.
Why?
You’ll jeopardize signing them up as a private money lender otherwise because second-hand information doesn’t cut it.
6) Not Being Respectful of Their Time
The best way to be respectful of someone’s time is to ask:
“Are you on any certain time schedule today that I should be aware of?”
Your prospect may have to pick up kids from school or be at another meeting across town in half an hour or have a doctor’s appointment...
If your prospect has another commitment that doesn’t give you sufficient time for the appointment, it’s best to reschedule.
Being on time (10 minutes early) is also being respectful for their time. (aka – tip #4)
7) Answering Questions You’re Not 100% On
You don’t need to worry about coming across as an expert know-it-all when you’re getting started with private money. If someone asks you a question that you’re unsure about, do not even try to answer it.
Simply say:
“Great question. You know what, I want to make sure that I’m 100% right before I answer that. I’ll make a note of it and get back to you soon.”
Your prospects will respect and appreciate you more for wanting to provide the correct information – even a later date – over you rambling off some info that they later learn wasn’t true. This technique also builds their trust in you, which as you know, is huge for building rapport and establishing relationships.
Talk to Me
Got another tip? Tell us about it in the comments section below.
Know these 7 mistakes – and avoid them at all costs.
Be on time (early), with the right positive attitude, at a neutral location… and good things will likely happen.
Respect everyone’s time and reschedule if necessary.
Resist the urge to answer every question thrown your way – it’s better to respond later with correct info, then now with incorrect info.
Patrick Riddle
has been investing in real estate ever since he got the bug in college at Clemson University and - to his parents dismay - dropped out of college to dive full-time into real estate at the age of 22 with a couple friends/partners from school.
The first few deals were rough for them, mainly using their own cash, credit, and hard money loans. But, soon he found out that was a rough and unsustainable way to build a real estate business.
After "on the job" learning through the school of hard knocks at first, he found the key that helped their company get deals done more quickly, with higher profit, less risk, without having to go to banks or use their own cash.
Fast forward to today, their company has closed over 130 real estate transactions and has put over $6 million in private money into their own transactions.