How to Handle: “How Many Deals Have You Done?”

Hey guys, Patrick here. Today, I’m comin at ya with a question I hear all the frickin time, which certainly qualifies it for a blog post. Newbies, who haven’t done a deal yet, but are trying to source prospects for good, private money, want to know,,,

“How do you handle it when you’re new/inexperienced in REI, but your private lender prospect asks you how many deals you’ve done?”

This question comes up all the time from private money lenders and you should definitely have an answer prepared. I mean, the worst thing you could do is not be prepared to answer that question and then you find yourself in a very awkward moment kinda fumbling through your answer. Eek!

In this situation, I definitely do not think you should take the ‘Fake It til You Make It’ approach and imply or say something that you are not. Don’t ever lie or say you have experience when you don’t. I always recommend honesty and integrity as a way to do business.

But that’s not to say that you shouldn’t carry yourself confidently. Confidence is infectious. Private investors want to feel your confidence.

So, here’s what I suggest to my students…

The credibility package is your friend

You’ve got to build credibility and a kit is one of the best ways to do just that…

Put together a kit that includes, among other things, the players on your power team. Maybe your Realtor or builder or closing agent has tons of awesome experience…well, that translates to:

“Our partners have done XXX deals.”

You’re not lying or being deceitful by saying that because these people are on your team and you can consider them partners. (Just make sure it’s okay with them before you do that.)

So, you gotta get going…network and build your power team so you can then build your credibility through them so you’re not stuck on deals you have (or haven’t) done.

By the way, one of the things we tell our Insider coaching students is that you can borrow our credibility. If you’re part of the Strategic Investor Insiders Circle with us, then we are mentoring you, and you can say,

“My mentor has done hundreds and hundreds of deals and everything I do is following his blueprint.”

But you can really only say that if you’re a part of our SIIC group. 😉

A great way to respond

If you do have a power team in place, you’re off to a good start.

But how’s about saying this when that question comes up from a private money lender:

“Great question. I am a little newer to all of this and I also have a mentor who has been doing this for many years and is very successful, and he’s helping guide me through the process, and it’s really a team effort.”

So, you can see, their question is answered, but no specifics are given. You let them know the truth – ‘I’m new’ – and you confidently tell them you are in good hands with a successful mentor.

Then, you quickly transition to your next question for them because, really, you want to be the person who’s asking the questions. You are leading this meeting.

If someone does start asking a bunch of questions, just politely say:

“Those are great questions and I appreciate that you’re interested, but you’re a bit ahead of me, I’m not even sure if we’re a good match yet, do you mind if I continue so I can see where we’re at?”

And just like that, you’ve immediately put the ball back in your court. And they’ll probably say, ‘Oh, yes, please carry on.’

If they bring up the question, again, later, answer it…

But at the end of the day, that’s not what’s important.

The important thing, which you’ll impart to the prospect, is finding out if your opportunity is of value to them and guiding them past their mental roadblocks so they’ll realize that you’re presenting them with a terrific opportunity and they should go ahead and take part in it.

You can do it, good luck!

Talk to me

Got any other ways for responding to that tricky question? Tell us about it below.

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