King Closers Formula 2.0 Lecture Notes

Introduction

• RJ Bates II revisits the King Closers Formula.
• Reflects on the success of the initial video in October, nearing 20,000 views.
• Updates include new tactics learned from experiences at Titanium University.
• Goal: Help viewers close more deals in their wholesaling business.
• Emphasis on communication with sellers and avoiding manipulation.

Key Values and Philosophy

• Deal Finders, Not Deal Manufacturers: Focus on finding deals through genuine interaction rather than manipulation.
• No Scripts, Just Formulas: Listening and asking great questions to see if you are the right solution for the seller.
• Embrace 'No': Streamline the process by rejecting unsuitable deals quickly.
• Buyer’s Posture: Maintain the stance that you are the buyer and they are the seller.
• Simplification: Simplify processes and remove excuses for not succeeding.

Steps in the King Closers Formula

Step 1: Confirm Seller Wants to Sell

• Verify that the seller is genuinely interested in selling their property.
• Avoid conversations with those who are not truly interested in selling.

Step 2: Establish Price

• Ask for the seller's asking price early on.
• Avoid anchoring with misleading low offers; seek the seller's initial number.

Step 3: Discover Motivation

• Use open-ended questions to understand the seller’s motivation.
• Actively listen and ask follow-up questions to delve into their motivation.
• Use this information to understand their pain points and determine motivation.

Step 4: Analyze the Deal

• Simultaneous with Step 3.
• Assess the property: Check for deal killers like location issues.
• Use comping software to estimate the after-repair value.
• Classify the seller into one of four seller buckets:
  1. Right Price, No Motivation
  2. Wrong Price, No Motivation
  3. Great Price, Tons of Motivation
  4. High Motivation, Wrong Price (Most common)
• Choose a path based on the seller bucket.

Step 5: Close the Deal

• Build credibility and explain the process clearly.
• Set expectations for the post-inspection process.
• Use the killshot question to potentially lower the price.
• Aim to agree to the seller’s price without making an explicit offer.

Core Philosophies

• Embrace No: You are the buyer, say no to unsuitable deals.
• Awkward Silence & Open-Ended Questions: Use silence to think and prompt sellers to share more.
• Understand Seller’s Motivation: Ensure you understand their motivation before closing.

Practical Tips

• Be prepared with tools like contracts and electronic signature apps.
• Practice and build muscle memory in handling calls.
• Revisit seller buckets and use profit calculators to educate sellers on pricing.

Conclusion

• Simplification is key across all aspects of the business: lead generation, closing process, and transaction steps.
• Engage with additional content and tools like the King Closers Blueprint for more detailed guidance.

Viewer Interaction

• Encouraged feedback and engagement through comments.
• Gave away King Closers Blueprint to active participants during the live session.

Closing Remarks

• Reminder to like and engage with the video for broader visibility on platforms like YouTube.