Mastering the sales cycle can help your business thrive. Not only does it keep you organized, but it ensures that you are making the best use of your time, meaning more contacts and in turn, more deals closed. I am providing you with an outline of the sales cycle that I use in our Foreclosure Investing Mastery course, that I have perfected over the years so that you can get an idea of what an effective sales cycle looks like. Here are the steps:
The first conversation you have with a prospect will likely be on the phone. If all goes well, you can do the prospecting and interview on this call together. This first exposure will be a screening where you ask the seller basic questions to see if there is a possibility of a lucrative transaction that will benefit both of you. You will also begin building credibility.
You can begin by asking some simple interview questions to see if you should set up an in-person appointment. I have many examples of scripts for phone interviews, but some of the main questions to ask will include:
- Why are you selling?
- How much is owed on the property?
- What do you think the property is worth?
- What amount do they want for the property?
- What is the condition of the home?
It is at this step that you will want to set up an in-person appointment to go over your presentation and discuss the deal in more detail if the answers they give indicate it may be a lucrative deal.
I have many strategies for successful cold calling. This is a skill you will want to practice and master because the first phone call is integral in getting a seller interested in doing business with you. Once you get going in your business, this task can be given to an assistant, so you can spend your time focusing on the hot leads.
This is where you will sit down with the seller for the first time. They will likely have an idea of the service you offer, and how you can help them, but this is the time where you can do a presentation with more details and numbers talk. This is the time to discuss the reality of the situation with the buyer, especially if they have unrealistic expectations.
Giving a professional presentation and maintaining a comfortable conversation can go a long way in this appointment. If all goes well, you can discuss the basic information like a potential closing date, move-out dates and price and move towards closing the deal.
Closing the Sale
The last step of the process is the closing. Ultimately, this is when you will get a Purchase & Sale Agreement signed, outlining everything you have discussed with the seller. After this agreement is signed is when you will want to move on to due diligence before officially closing the deal.
Following these steps can help you streamline the process of cold calling and prospecting leads, helping you find more deals to close over a shorter period of time. Foreclosure Investing Mastery covers this subject in more detail, and my live trainings give even more insight into developing a successful sales cycle strategy for your business.