Accelerator: 3.4 Sales Structure

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3.4 Sales Structure
Cheat Sheet

1. Sales mindset
  1. In order to make a deal, you must be able to determine who is an SQL (Sales Qualified Lead), meaning:
    • Is the seller qualified to actually do a wholesale deal?
      1. There’s equity in the property but the seller isn’t interested. 
    •  Is the seller actually interested in doing a wholesale deal?
      1. The seller is interested but there isn’t any equity in the property.
  2. To confirm the seller is an SQL, this person qualifies and has interest.
    • If the seller doesn’t have both, don’t entertain the deal any longer and add them to the waiting room until the circumstances change.
  3. It’s imperative that you develop sales skills in order to make money.
    • Spend an hour a week learning sales techniques.
    • Your ultimate goal is to take the money you make from wholesaling and use it to build your multi-unit portfolio.
    • You must get on the phone and talk the seller’s asking price down by 15%.
    • Block off time in your schedule to spend an hour a day cold calling sellers.
    • Attend the Live Q&A Calls to gain confidence by receiving support.
    • Use the Closed Facebook Group to partner with other people in the group so you can practice the sales process together, and get some repetition in until you get fluent with the Seller’s Lead Script:
      1. One of you can be the seller and the other can be the wholesaler.
    • Set a KPI in place, so that out of every set number of calls to sellers, you’ll secure a set number of deals. Example:
      1. For every 25 meaningful calls with sellers, you’ll get one deal. 
  4. Use Google Voice, Gmail, Streak (CRM), to manage your leads and capture the seller’s email for calendar invites and be able to email them.
  5. Return sellers calls within 4 hours of them calling you.
  6. Time block your schedule for calls preferably between the hours of 2pm and 6pm.
  7. Always conduct yourself in a professional manner.
    • Your goal is not to make friends, or empathize with people, but to be personable.
      1. Call the seller by his or her first name.
      2. Use Sir, Miss, or Ma’am, do not use slang: (Hey dog, what’s up, etc.)
  8. Honor your promises to yourself and to others by keeping to your schedule.
2. Meaningful conversations
  1. It’s best to have 2-3 conversations per day discussing the script. Each call should last approximately 20 minutes each.
    • Meaningful conversations should take place 5 days a week, one hour a day minimum will bring you success.
    • Out of 50 calls made, 1-2 deals should take place averaging $5,000 per deal.
    • There are 5 important things you should do while on the call with a seller:
      1. Do your research before making any calls to sellers:
        • Review the sales script.
        • Look at the comps to get an idea of the ARV (After repair value). Find out what other properties sold for in the area to get an idea of what the property could be worth.
        • Ask a fellow wholesaler or a buyer for info on what’s going on in that particular area you plan to wholesale in to get a feel of the market:
          1. Any new construction in the area?
          2. Any big businesses moving to the area?
          3. Any new job opportunities coming to the area?
          4. Is the landscape being remodeled? 
  2. Establish rapport with the seller as soon as the seller answers the phone. This builds trust:
    • Ask the seller common questions:
      1. Do you have kids?
      2. What’s the weather like there?
    • Keep small talk light and to a minimum.
    • Maintain professionalism and establish likeability. 
    • If the seller starts talking off topic, you can comment but steer the conversation back to the topic at hand.
  3. Gather information to make an offer:
    • Determine the right price.
    • Make it a friendly conversation.
  4. Ask tough questions that relate to money:
    • How much do you owe on the property?
    • What repairs are needed on the property?
    • What’s your motivation for selling?
    • What’s your bottom line?
  5. Determine what’s next after you’ve confirmed it’s a deal:
    • Let the seller know what is the next thing to do to move forward:
      1. You’ll want to see the property.
      2. You’ll need photos.
      3. Your contractors need to come see the property.
3. The script
  1. Build your Seller’s Lead Script via the Google form and fill it in during your call with the seller.
  2. Only work with motivated sellers who need to sell and not just want to sell.
  3. If the seller is under duress, let them know their current situation and how you have the solution to their problem. 
  4. Don’t over talk the seller. Listen to what the seller is saying and have empathy for the seller, but stick to your goal of reducing the asking price by 20% and getting the property under contract. 
  5. If the seller refuses to cooperate by answering your questions, and continues to talk about everything else but the solution, then end the call. 
  6. If you come to an agreement with the seller for the purchase price, immediately set an appointment to view the property and mark it in your OP Calendar.
  7. At your convenience, read the following recommended books:
  8. Continue to the next lesson.
Words of advice
  • As an entrepreneur, you need to be able to sell and to raise capital.
  • When asking the “tough” questions about money, be mindful that you may have to dig deep, meaning you may have to continue to probe until you get the answer you need.
  • The answers to these “tough” questions will help you determine if this is a deal you should proceed with.
  • The lower you talk the seller down on the price, the more you can buy the property at a discount, which means the more money you’ll make with your spread.

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