iDwan Episode 14

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Summary:

Dwan’s topic on this episode of The Most Dwanderful Real Estate Podcast Ever is recognizing the mindset of the homeowner. She provides examples of and ways to respond to the top 5 mindsets: denial, fear/embarrassment, depression, acceptance, and anger. By knowing your scripts and employing the repeat, approve, and respond protocol based on their emotional state, you can be prepared for any situation.

Time Stamped Show Notes:

  • 2:00 – Are you doing everything Dwan has asked you to do? Are you being successful?\
  • 3:04 – The topic this week is the mindset of the homeowner.
  • 4:01 – Last week, Dwan discussed building instant rapport with the homeowner by using neuro-linguistic programming and your script.
  • 5:20 – Dwan and her husband, Bill, run the website https://investorsedgeuniversity.com/ for their speaking engagements as well. The deals for this Podcast are always on Dwanderful.com, though.
  • 6:16 – Dwan introduces the importance of recognizing the mindset of the homeowner. They go through many of the same emotional states as people who are grieving because they are essentially grieving losing their house, which is so important to them.
  • 7:37 – 99% of the homeowners will be surprised you are knocking on their door, and only a small percentage will be mad at you. Put yourself in their shoes and try to imagine how they are feeling.
  • 9:47 – Knowing your scripts will save you thousands of hours of your valuable time because you won’t be worried about what to say next and you will be able to focus on connecting with the homeowner.
  • 10:39 – Dwan will discuss the top 5 mindsets that you will encounter.
  • 11:16 – The most frequent emotional state is denial. They will say things like “You have the wrong house.”, “We’ve taken care of that.”, or “That’s not me.” In this instance, just hand them the Fed Up with Foreclosure packet and ask for their phone number so you can follow up with them later.
  • 12:53 – The second most frequent mindset is fear or embarrassment. They will say things like “Who knows about this?”, “Why is my name on that list?”, or “What are we going to do?!” These people are likely willing to talk to you.
  • 14:11 – The third mindset is depression. These folks are feeling helpless about their situation and will probably say something like “I don’t know what I’m going to do!” They will also be willing to talk to you because they are desperate for a solution.
  • 14:48 – The fourth emotional state is acceptance. These people have been praying for an angel to get them out of their situation, and they see you as an answer to prayer. They will gladly welcome you in to hear how you can help them.
  • 15:36 – The last and least frequent mindset is anger. Even though this is the real estate investor’s biggest fear, people rarely say things like “Get off my porch!” The key to talking with someone who is angry is to get angry with them. They are angry at you, so if you get angry at yourself as well, they will immediately be disarmed and be willing to talk to you. You should say something like “I know! I can’t believe I am still doing this. What was I thinking! I’m so sick and tired of this job because it is the worst!”
  • 20:12 – Dwan’s husband, Bill, loves to disarm angry people.
  • 21:11 – The best way to talk with someone in denial is to give them the packet, get their phone number, and follow up with them later, when they may be ready to talk.
  • 21:53 – Always offer the packet to the homeowner, no matter their emotional state. They will take it.
  • 22:49 – When asking for their phone number, tell them that you need to check your records and you will call them back.
  • 23:59 – The #1 reason that real estate investors fail is because they do not follow up. You shouldn’t feel like you are bothering them by calling them back because they need to hear from you.
  • 24:48 – Some people have been so depressed about their foreclosure that they have become suicidal. You can give them hope.
  • 25:52 – Sometimes, people in acceptance will be ready to sign the contract on the spot.
  • 26:33 – You will notice in the packet that only 3/10 of the options make us any money. The others are just helpful to the homeowner as they try to handle this themselves.
  • 27:13 – Your assignment this week is to practice recognizing emotional states and hear the homeowner, rather than trying to think of what you are going to say next. Know your scripts and practice the repeat, approve, and respond process.
  • 28:20 – Next week, Dwan will talk about following up.

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