This is the continuation of the Flip2Freedom podcast transcription. In this episode, Sean interviews the nation’s #1 wholesaler, Kent Clothier, and finds out how he created a wholesaling empire – averaging over 50 deals a month.
Sean: So, give us an idea of what this challenge letter says.
Kent: The basic idea here is that we learned a long time ago that we were having a lot more success when it came to cash buyers by using a technique that we refer to as “pushing versus pulling.” So, in other words, what the challenge letter does is it–I know this sounds crazy and a lot of brand-new real estate investors, and certainly brand-new marketers may not believe it, but it is absolutely true. Take it from a professional here that when you push them away and act like your business is important enough, and you place a high enough value on it that you just don’t allow just anybody to do business with you, then you will attract the kinds of people that you want to do business with.
I know that sounds crazy, but what the challenge letter literally does is it says, “Listen Sean I know you just purchased a property at 1234 Main St. in Phoenix Arizona,” which by the way just as a side note here guys. When Sean gets that letter and it says, I know Sean that you have just purchased a property at 1234 Main St., the credibility with Sean is already off the charts. Because, he now knows that you know something that most people don’t.
Sean: That is a very good point.
Kent: And, then you tell him, “Sean, I have access to other properties in the area, if you would like for me to consider putting you on my buyers list, please give me a call and we will conduct an interview.”
Sean: So, now you have instant credibility, you personalize it with their property, and now they’ve got to interview to be on your buyers’ list.
Kent: You got it.
Sean: That is crazy.
Kent: So, you’ve got somebody that just paid cash for a house and you told them, by the way, I know you did business in this market, and I’m the best in the market. I have access to other properties in the market, and if you want me to think about adding you to my buyers’ list, give me a call.
Sean: I hear that and the first thing that comes to mind is I would pick up the phone just to see who this guy is.
Sean: Who is this guy? And then call him up and say. . . especially if you have, for a guy who doesn’t have a huge staff, but if you’re the guy who is picking up that phone, you can build that instant credibility in that relationship, find out exactly what they want and tee properties to them. So, that is an awesome letter.
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