Private Money Partnering

Presenting The Deal

Chapter K. (continued)

What You Say Makes A Difference
Words To The Wise

Forms:
Flip chart Presentation
Flip chart Presentation With Script

Just like any selling situation, assume they'll say yes, and figure out a way to make it happen. If it doesn't happen, it hasn't happened yet because you haven't given them what they needed, or you haven't adapted it to make it meet their needs, or you haven't figured out what their needs are. When you've found out what they want and you review the deal from their perspective, ask yourself whether the deal works with their needs. If it doesn't, that’s okay, because then you find somebody for whom the deal does work, given their needs.

“Ask for the order”, or their involvement, and ask for it explicitly. Give them the “Earnest Money Deposit Form,” and ask them to complete it. When they give you money it will act as a retainer for your time. This protects your time, because then you'll know what their commitment level it. This process provides you credibility, because the client knows that you have procedures for everything. It will also provide you a cash flow. It costs money to look for properties, the car, the computer, the modem and on-line services. If you spend your time and your money, nothing is free. As stated on the form, if you don't find two properties within the specified time, they'll receive their money back.

Give the Money Momma/Money Man a timetable for making their decision. Most people need to think about something, so you can ask them if there is any additional information they'll need for making the decision. Don't give them a very long time period to give you their answer on a specific deal. You have a contract and you
need answers. For instance, you might say, “I need to have an answer within 48 hours to a week. Will you be able to let me know by then? Because you value your time, they will value your time as well. In real estate with a good deal, “if you snooze, you lose”, and it may be a good partner training for them to realize that they lost the opportunity because they didn't act quickly.

Then do follow-up on a timely basis. Get back to the Money Momma/Money Man when you said you would. They'll respect you because you’re building credibility in what you need.

Words To The Wise

If You’re Just Starting Out, Include:

1. Your prior business accomplishments
2. Houses under review
3. Endorsement about a deal from other experienced investors
4. List of special or pertinent real estate courses you've taken
5. And emphasize your willingness to be there for the project

long-term or whatever is needed your desire for long-term
relationships, and this is the first of many to come your own
personal experience elsewhere and your desire to do a great job

If You’re Experienced In Real Estate, Review For A New Partner:

1. List of results
2. Written references or recommendations
3. List of number of deals

Presenting The Deal - Chapter K (continued)