Jake Young is a member of my mastermind group and a real estate investor. http://collaborativeco.com/
I admire Jake for many reasons.
- His business acumen.
- The advice he has given me.
- How he lives his life.
Recently, a seller called Jake on a Thursday. They wanted to sell their property and for Jake’s company to make them an offer. Jake told them he was interested.
However, Thursday was also Jake’s wife’s birthday. That evening he had planned to cook dinner and celebrate with their children.
Jake’s Dilemma:
To put together a feasibility-offer is time-consuming. Jake had three options:
- Cancel the celebration, Stay late at work, and order take-out.
- Partially celebrate and spend the rest of the evening working on the offer.
- Celebrate as planned.
What would you do?
Did I mention it was a $500,000 opportunity?
What would you do now?
Jake chose to celebrate with his family as planned.
They had a great time and created memorable moments.
The next day, he called the seller and was told she had accepted another offer.
Jake was bummed. He beat himself up all weekend, not because he decided to spend time with his family. Instead, he did not tell the prospect when they could expect an offer or ask them what their timing was.
Pleasantly Persistent
The following Monday, Jake checked in with the prospect:
“I’m still interested, and we would love to make you an offer. If anything changes, let me know.”
Jake did something extraordinary. He offered to be of assistance on her current deal. In other words, he offered to coach her, to be a sounding board, and help close the deal with his competitor!
“If you need any assistance on your current deal, I’d be more than happy to answer any questions to make sure it is a great deal for you.”
About a week later, Jake got a call:
“Are you still interested in making an offer?”
“Yes!”
The initial buyer had ghosted and dropped out during the feasibility phase.
In Jake’s words, “We inked the deal, found $500,000, and are moving forward on the purchase!”
Lessons Learned:
1. Choose memorable moments over money.
Jake chooses to spend time with his family. He recognized he could not recreate memorable moments with his wife and kids on her birthday.
You can always find another deal and make more money.
2. Pleasantly Persistent
Sometimes a no is not a no. Sometimes a no means not now. A deal is not done until it is “inked.”
3. Treat your prospect like your best customer.
When Jake offered to assist the prospect on her deal with the competitor, this assistance was a genuine offer. It was not a technique to sabotage the competition. Jake is an authentic person. People are smart, and they can see through bullshit. And they can sense when you are real.
Because Jake is the real deal, he got the deal.
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