Your ability to raise finance is crucial for your property investing business.
But a word of warning: most investors spend their time ‘selling’ based on their own beliefs and reality.
If everyone is pitching each other’s pants off you have no point of difference. Big mistake.
Like Bruce Lee who believed in ‘fighting without fighting’- use this one question to find out exactly what they want from a JV, or from an investment.
I [Rob] was taught this strategy by a $20Million a year US salesman
“Raaaaaaab. aaah never ever sell anything to anyone until aaah’ve got all the information aaah need first. Aaah don’t talk, aaah shut right up listen, and aaah just keep aaaskin the same killer question over and over until aaah got what aaah need: by then the deal is done Raaaaaab and the sale is maaaane.”
He was a great guy and taught me a lot about sales. And yes, he did talk like that
So, here it is:
“Mrs JV partner, what is most important to You in a JV?”
Simple yet supremely powerful.
Whatever is most important to them will be elicited, and you will have all the information you need to then feedback your JV proposal in the way they want.
Of course this works best naturally and conversationally.
If you script it you will sound like a plonker!
Simply roll this question elegantly into a natural conversation. I find it is best used many times:
"What is most important to you about investing?"
"What is most important to you about getting a return?"
"What is most important to you about security?"
You can ‘chunk down’ and get more details about what needs they have, and they will unconsciously and easily hand over to you all the information and power you need to negotiate a JV deal with any JV partner you meet...
Let me explain...
When we run our Progressive VIP Property Millionaire’s Club & JV open days, where we have been teaching this content live, I ask people in the room what they want from a JV.
Everyone assumes that what they want, everyone wants, yet the answers vary significantly:
“Trust. Got to be trust. Security is vital. It’s all about the returns. I’ve got to get on with the person. It has to feel right. I want control. Leverage. It’s all about the money, honey. Risk reduction. Fairness. Adding value and helping people.”
Each one of these, though you will read in your own way, is totally different. If you’re building a case based on your needs, unless you are just plain lucky, you’ll be un-selling your potential partner.
They won’t care.
If you are looking for trust and so you’re trying to connect with your JV partner, but all they are interested in is the money: no deal. If you keep showing them figures and proof but they are looking for a feeling about you as a person, no deal. Ever. WIFM.
You need to build your whole proposition around what will make the JV partner go into the deal, and at the same time meet your own needs, and there’s only one, very simple, totally secret, very nifty elegant way to do it... (if you missed it earlier)
“Mrs JV partner, what is most important to you in a JV?”
Always, remember, you are asking the investor to give you two things, one of them is their most precious resources, time, and the other is their money.
To accomplish both, you need to present the deal in the right way.
Not what the masses do: Wear T-shirts with ‘I need your cash’ written on it.
Push vista print biz cards under your nose before they talk to you.
Hand you bags full of brochures and flyers that you don’t want to carry.
Try to sell you network marketing/MLM/something that has already been pitched to you 10 times, want your money want your money want your money.
So you get the picture. Please don’t get me wrong, I’m not knocking people who get out there and give it a shot. Attrition will get you there, and I was one of those to the tee a few years ago. But I want you to be elegant, smart, under the radar. Your investment strategy is based on contrarian investing, ‘observe the masses, do the opposite”
I want people to buy from you and partner with you and fight for the right to, and for you to influence them and have them believe it was their decision.
That is the power I want you to have
But a note of caution...
You have great power with this. With great power comes 2 things; great responsibility.
Please use this ethically and don’t share it. And the second thing: you have to actually use it!
“To know and not to do is not to know.”