Private Money Lenders And Sales.
In keeping with my promise to let you all ride shotgun with me on my quest to find Private Money Lenders, I thought I’d write a quick update for you. As many of you know, I currently have two private money guys at my disposal, but I’m looking for more. Strangely enough, I’ve never had to go looking for people with extra gobs of money, so this feels a little weird. Let’s talk about why I feel weird.
THIS IS A LONG POST – BUT I WOULD LOVE YOUR COMMENTS AFTER YOU’RE DONE READING!
We are all in the sales business. Never forget that. If you are an entrepreneur, it doesn’t matter what you do, get used to the fact NOW that you are also in the sales business. You could be the greatest dog-crap collector ever, but guess what – without clients who love dog-crap, you’re NOTHING! So, finding clients or people who believe in you; that of course is where you’ll need to tap into your inner sales-person. Now, most people who know me, think that “sales” is just a DNA-level instinct for me. Most people see me as a gregarious, self-confident, and a darn good communicator. And to a large extent, that is all true.
But there is the “self-doubting,” very introverted side of me that most people never see, but those horrible qualities do lurk just under the surface ready to sabotage my success. Fact is, I’m quite comfortable speaking to anyone about what I do, but I’m not comfortable “selling people” or making small-talk. God, do I despise, “small talk.” By the way, if you’re lucky enough to work at your passion (like me) – when talking with others, your love and passion will naturally shine through. That is yet another kick-ass benefit to finding and working at your passion.
But what if you’re truly NOT a sales person. Well, you better change that, but until you do – lemme’ hit you with a super-sweet tip!
If you HATE feeling like you’re selling someone something, the easiest way to NOT feel that way, is to turn the tables and let the other person sell you. Its Sales 101 peeple, and it really works well when you are especially good at what you do, and when your potential target finds you rather than vice versa. Let me stop here and restate that very important tip.
PRIVATE MONEY LENDER TIP: You will be far more successful in getting people to lend you gobs of money when they find you rather than you finding them.
Get that? Let it sink in! And, let me further explain.
I’ve been successfully flipping houses now for 7 years. That alone is remarkable because I’ve proven that I can weather a storm or two. In 2010 when most were fleeing from the market, I had my best year yet! In 2010, I also made a very conscious decision to tell the world about what I do via this blog and my FaceBook Page. That’s sales, right? My blog is like an ongoing sales piece on my progress and my success. Remarkably, a family member and an old buddy from high school found me, got real excited about, and contacted me as a direct result of my sales piece known as CraigFuhr.com. Its crazy, but its true.
Now – ask yourself… How hard do you think I had to sell these guys when we actually met in person? The answer….I didn’t “sell” them at all. In fact, I really made them sell me. You see, I didn’t have to prove myself or my ability to find great deals. I didn’t have to wax-on about how I’m a top-notch rehabber. I didn’t have to go on-and-on about how much money I was making, or about my well-oiled rehabbing machine – because it was all there in the blog. All my success (and a few failures) are documented right here in my blog. And they found me (via the blog) – I didn’t find them.
So when we finally got down to meeting in person, getting them onboard was only a matter, speaking in greater detail about the actual numbers of all my deals, and really making understand that their money would be safe with me. This took about 5 minutes. Following that, I used my Sales 101 tactic and turned the tables and interview on them. I asked, what they were looking for in terms of a return on their investment, what they were currently receiving on their money, how they felt about real estate, why real estate, how long they could see themselves in real estate….. My job was to simply listen and know that this was not an interview of me, as much as it was an interview of them.
Stop selling your potential Private Money Lenders. Make them sell you!
Aside: This tactic works best when you can prove a track record of success. But don’t fret my little newbies – you CAN get money from Private Lenders even if you have never done a deal. More on that next.
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