
How To Use Commitment Psychology To Start Closing Deals Faster Right Now! | Wholesaling Real Estate
One of the biggest hurdles wholesalers face in a busy world is capturing their buyers' attention in a shifting economy. Ever had a buyer say, "I'll check out the property and get back to you later"? Most wholesalers say "sure," and later never comes, but why? I can tell you why; they did not get a commitment! Later as a moment in time never comes, they fall victim to an endless cycle of follow-up calls to buyers and run the risk as coming off as just plain annoying, which can be awkward. In today's blog post, I will show you how to avoid this "time trap," become less annoying, and gain more commitments!
The Science of Commitment Psychology
Ever had a buyer say, “I’ll check out the property and get back with you later”? Running a real estate wholesale investment company we come across this response all the time and before I share with you how to handle this situation, I'll go ahead and share how most people handle it so you can see the difference between using not using commitment psychology and using it.
The Wrong Way
Buyer: I’m out and about but will check the property out later.
You: Ok, no problem! Talk with you soon.
You: *Thinking* shoot, I wonder when I should follow up with him/her? In 30 minutes? An hour? Let me call him back.
Buyer: *Voicemail*
You: Hmm he didn't pick up. I'll reach out to him later.
Do you see the problem with this approach? There was no commitment. No time to follow up and the buyer is not expecting the call, because the wholesaler didn't tell him that he would be calling back. Big mistake. Let's dive into the right way below.
The RIGHT Way
Any time someone gives you a vague response, like “I'll review it later” or any other non-committal type of answer with a delay, the next step is to turn that into a deadline and a commitment.
Buyer: I’m out and about but will check the property out later.
You: No problem. When do you think you’ll be in front of your computer
Buyer: 3:00
You: Great. If don’t hear back from you by 3:00, cool if I follow up?”
Buyer: That’s fine.
See what we did there? You just set the stage for one of two things to happen. Either 1.) The buyer is going to call you back or 2.) He will already be expecting your call, so he will be more likely to pick up the phone when you do call. Where most wholesalers turn these types of calls into an awkward situations, you will be turning vague responses into deadlines and commitments. The next step of course, is to set a reminder on your calendar and remember to follow up!
Getting Commitment Is Key To Getting The Sale
Without commitments you can't sell properties! You can use this approach with Agents, contractors, heck even in your personal life as well. Commitment Psychology is best used whenever you need an answer for anything within a defined time frame. As wholesalers we are always "under the gun" when it comes to time and this is one of many ways that we can tip the scales more into our favor. I believe that people have the best intentions in the world and if a buyer says he will call you back, then he genuinely wants to (most of the time). However, the reality is that distractions are everywhere and with this strategy, you will cut through the clutter, gain more commitments and sell more properties.