Do you know the exact 5-stage process that every single seller goes through when making their decision about whether they're going to work with you or someone else?
You must know these stages, how to continue to move the customer/client down your marketing funnel, and how to work each stage to your advantage.
It's the same seller process, regardless if they're deciding to sell to an investor or list with an agent.
So, if you're flipping houses, or any kind of real estate investor and/or real estate agent (or if you're in any client-getting business!), tune in to see exactly:
...and much more. Tune in now!
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What is up you guys. I hope that whatever you're up to today, I hope you're having an awesome one and thank you for tuning into today's episode. So whether you're a real estate agent or a real estate investor or both, you need to know your customer's journey or whatever you do. Frankly, whatever kind of business you own, you need to know your customer's journey with you, what their journey with you looks like. And what we're specifically talking about today is the five stage process that all how sellers go through as they sell their house. So stay tuned.
You're listening to the flip houses like a girl podcast where we educate, empower, and celebrate everyday women who are facing their fears, juggling family and business, embracing their awesomeness and wholeheartedly chasing their dream of flipping houses. Each episode delivers honest to goodness tools, tips, and strategies you can implement today to get closer to your first or next successful house flip. Here's your spiky haired breakfast taco loving host, house flipping coach, Debbie DeBerry.
I happened to super geek out over marketing stuff because I think it takes into account a lot of psychological things if you're doing it right, like what people are thinking at what stage of their journey. And that just totally fascinates me. So we are going to talk all about how a, how seller decides who they're going to work with. Okay? So whether it's a motivated seller and you're a real estate investor or you're a real estate agent and it's just a, a seller, right? Somebody who wants to sell their house, they all go through these five stages. Now this is basically, this is your funnel, okay? So a funnel is just like I said in the Intro, it's just your customer's journey with you, okay? So think of an inverted triangle. Oh, and don't worry, I'm going to have a download for you in the show notes because look, we're in real estate. We're obviously very visual people. So I'm going to have a pdf download for you so that you can have a visual and you can see what the heck I'm talking about. alright? So imagine an inverted triangle. Okay, so you've got your funnel and at the top is stage one and that's where the seller is. Problem aware. Okay. They either want or need to sell their house and at this point they're open to marketing messages. Right. Because if they aren't in the space of wanting or needing to sell their house, then they aren't really open to messages about selling their house, which is one reason why you have to commit to a marketing plan and do it consistently for several months before deciding it doesn't work. Okay. That's just an aside. Just a quick tip for you there. Okay. Back to stage one of them being problem aware they want or need to sell, they're open to marketing messages and they're actively looking for solutions. Okay. Stage two, and we're going to go into these into more depth, but this is just an overview. Okay. Stage two, they're solution aware. alright. Meaning they know that there are different solutions available. There are different options for them in this is when they start to research more information about each one and they're comparing the differences and they're starting to ask questions. Okay. Now, stage three is the screening stage. So this is where they're questioning which investor or agent they're going to go with. Stage four is the decision stage, alright? This is where they're making the decision and it's usually the one that is the best option for them and also has the least amount of risk. Okay? And then finally, stage five, you've got a happy client or customer. alright? Their problem was solved and everyone's happy. Okay? So that's all fine and good. That's the overview. Let's dig in deeper to each stage. And before we do, so let's talk about the pink elephant in the room. Right at the time of recording it is, let's see, August of 2019 and we're all pretty much in a seller's market. Everyone in the u s is in a hot sellers market. Everyone says that their market is saturated with investors. There aren't any deals to be found. Why would I ever do marketing? I'm never going to stand out. Okay? So can we please just cut through all of that bs and all of those limiting beliefs and just pause for a minute because yes, you absolutely can cut through the noise. And the way to do that is by really understanding your target audience. Really understanding their pain points, their needs, their feelings, their thoughts, and the way you cut through all of the marketing noise is by using conversational marketing and the way you use conversational marketing is by listening. That's it. Ask a question and then shut your mouth and listen. Meaning when you have a prospect who reaches out to you, you're going to ask them questions like, hey, how did you find me? How did you get to my website? Where did you hear about me? Why did you call me versus one of those investors or agents on all those postcards? I know you're getting, you've got to be asking questions and you've got to understand where your prospect is at mentally and emotionally at each stage of the journey. Meaning where their mind is, what they're thinking about, the exact words they're using to describe their situation, their pain points. Again the exact words they're using to describe their pain and what they ultimately want. Again, the exact words they're using to describe what they ultimately want because what you're going to do then is you're going to use those same phrases, those exact same words in your marketing, and then when somebody reads that postcard or that letter or visit your website and they see those words that they're thinking in their head, instantly they think, oh my gosh, she gets me. She totally gets what I'm going through. Of course, I'd reach out to her. She gets it. She understands me. That's the secret. That's how you cut through all the noise. It doesn't mean that you're going to have instant results. I'm sorry. That's not, that's not how marketing works. Marketing works with consistency and repetition. Those are the secret weapons, consistency and repetition. Now, if you're just starting out or if you've been in business a while and you just haven't been asking the right questions of your prospects, where do you find this information? How are you going to know what words to use? I've got a couple of sleuth ways that I used to get this kind of info. First of all, you're going to want to hang out where your prospects are likely to spend time. So maybe there are local groups or Facebook groups around inheriting properties or avoiding foreclosure or something similar, and then you're just going to hang out in those groups and listen to what people say. Now another way to find this information is by looking at Amazon book reviews. I know that might sound weird, but it's actually a really clever way to get feedback from people. So look at books around avoiding foreclosure and see what people wrote in the reviews. You may be, they say, yeah, this book didn't really talk about x, Y, Z, and that's where I'm really struggling, or whatever it is. Look at different book reviews. I have gotten some really great audience information by looking at Amazon book reviews. Okay, so those are two different routes you can go. You can go hang out in groups, either physically or online, where your prospects are likely to be and listen or check out Amazon book reviews. Okay? Do anything you need to to get inside the head of your prospect because along their entire journey with you, you've got to be nurturing relationships with them and show them all along that you understand them, you care about them, and you can actually solve their problem. Okay, let's talk about the problem aware stage a little bit more. So remember that's the very first stage. So something has happened and a property owner has decided that they either need to sell or they want to sell, okay? And now when they see your marketing messages, whether they're on Facebook ads or Instagram ads or direct mail or a flyer hanging up at the local coffee shop, whatever it is, now they will actually see your marketing. It's kind of like when you go buy a new car. Let's say you go buy a new red car and you drive off the dealership lot and all of a sudden all you see everywhere are red cars. You didn't have that awareness before you bought the red car. That right there is the power of awareness. Now that means though, that they're not just seeing your marketing, they're seeing anyone else's marketing that's talking to them about that same problem, okay? So the way you're going to differentiate yourself, remember we just talked about it, is you're going to actually understand them better than they understand themselves. Okay? So then we get to stage two and remember stage two is solution aware. alright? So now they know they've got some options. They can either sell it to a real estate investor or potentially list it on the mls. And what they'll do now is start researching those options and comparing the differences. They also might start to ask other people questions during this phase, hey, how did you handle this? Or have you ever been in this position? What did you do? What would you do? Okay? And that takes us into stage three and stage three is the screening phase, okay? So this is where they are vetting all of their potential real estate investors that they might work with or real estate agents, alright? And the important things here are your credibility, your testimonials, and then other people's opinions about you. Now hold on because some beginners are going to hear this as you know what? I'm obviously not credible because I'm brand new and I don't have any of these things so I can't do any marketing wrong. Okay? First of all, do not confine yourself to just using testimonials of you as an investor. If you haven't purchased a house directly from a seller, that's okay . Do you have any testimonials of you being a good human, maybe from another job or career or business? They are all relevant. People just want to know that you're a decent human being and that you're trustworthy. Anytime you are dealing with any potential customer or client or other agents or investors or anyone, please remember what I refer to as the golden rule and this one happens to be by Maya Angelo and she says, people will forget what you said. People will forget what you did, but people will never forget how you made them feel. If the way you show up when you're having any sort of dealings with a seller is by being confident and owning your power and worth and being honest and trustworthy and transparent and leaving them feeling better than when you found them. That will take you so much farther than being the opposite because I guarantee you that nobody wants to do business with a confident jerk, but they do want to do business with a confident kind person. The key there being confidence, so do what you have to do to feel confident. Another way that you'll be showing these sellers that you are the best choice because you know them the best you understand them, the best you can solve their problem with the least amount of risk and frustration is through your nurturing because remember, you're going to be nurturing them this whole time. What do I mean by that? Well, you're going to have them in your CRM. You're going to be reaching out to them. You will have an email sequence that they're receiving. You're going to send a text to let them know you're thinking about them. You're going to pick up the phone and call them. All of these things are musts and these are the things that will set you apart because I would venture to guesstimate that 90% of investors are terrible at the nurturing and the follow up . What they like to do is they like to show up at that first appointment and get their offer to the seller and then they forget to follow up. They forget to reach out, they forget to show they care. Maybe they don't care. Maybe they really are just chasing the dollars. It's not unheard of. So you want to stand out. Don't chase the dollars. Actually care about building relationships with them. This is a long term business and you cannot build a longterm business with a short term mindset. Meaning if you're only thinking about how can I get them to sell right now, you're missing the point because what if they're not ready right now, but they'll be ready in four months. But guess what? You didn't nurture them that whole time because you got mad that they weren't ready to sell right now. So you just threw away the lead. It happens more times than not. So be different and actually care because I know you do. So along with the nurturing, when you get to step four, which is the decision stage, right? So this is when they're deciding, okay, it's you, I'm choosing. You've got to keep following up with them. You've got to stay in touch. You've got to have open communication, be transparent, be trustworthy, and be a person of integrity. Do what you say you're going to do. When you say you're going to do it, it's very simple. Again, a lot of people drop the ball here. Once they get a property under contract, they're like, I'm golden, I got what I wanted. And they basically forget that there's a human on the other side of the transaction. So be sure to follow up, okay? Because when you get to stage five, which is the next one, you'll have a really happy client or customer and their problem will have been solved by you. And guess when the best time to ask for a testimonial is right then and there. What are you going to do to stand out once the deal closes? And beyond because that's not the end of your relationship with this person. So at the closing table, did you bring them a gift? Did you send them a handwritten thank you card afterward? Did you follow up with them three to six months later just to check in and all along? Are you asking if they know someone that you can help? You guys have got to ask for the business and if you're doing the best job that you can do and you are treating people with incredible integrity and respect and giving the best service you possibly can, then asking for a referral isn't going to feel slimy because you are going to know deep down that you are the best solution for sellers. Stop thinking short term. Okay? If you want to stop the roller coaster income, you've got to start treating this like a business and like a long term one. alright? Just as you are a human being with real needs, real desires and real hopes and fears. So are these property owners that you're talking to, okay, they are humans. This is a relationship business. I cannot stress this enough. It's so important if you want to be different in differentiate yourself from other investors. It is so super simple. Build relationships. Treat these property owners as if they're human and actually care about them as people. That's it. alright, so those are the five phases that a property seller goes through when making a decision about who he or she is going to work with. Like I mentioned earlier, I'm going to have a visual pdf download for you in the show notes because yeah, we're visual people. alright, so how do you implement what you learned today? Well, you look at all of the marketing you're doing and you make sure you're using the words, the tone, the feelings, and the thoughts that your prospects are having. Because if not, then your messaging is not in alignment with where they are and with a disconnect comes no clients or customers. Okay? So look over what you're doing and make sure that it's all in alignment. Now, if you haven't started doing any marketing and you haven't created any funnels, then use this as part of your roadmap to do so. Plan out your emails. Just as I stress the importance of having a deep understanding about the neighborhoods that you're targeting. You've equally got to have that kind of deep understanding about your potential sellers, so take the time to really understand where they are, what their needs are, what their pain points are, and how you can best serve them. Okay. That's how you can implement what you've learned today and if you do that, you'll be ahead of the majority of other real estate investors and or real estate agents. Okay. You guys, we will obviously keep the conversation about marketing going because it's a big one. If you're getting any value out of any of these episodes, I hope you'll do me a huge favor so that I can reach more likeminded women like you if you would, whereever you listen to podcasts. If you would leave a rating and a review for this podcast, I would be so grateful because the more ratings and reviews this podcast has, the more visibility it gets. And if I can instill in just one more woman out there that she absolutely can have the house flipping business of her dreams, then that's my ultimate goal. Okay. So if you would please help me out there, I'd appreciate it. And also, don't forget every 50 reviews I get, I'm going to be doing a drawing for apple airpods alright, you guys, I will see you on the next episode. So go out there and flip houses like a girl. alright? Make it a great day.