Conner Marketing's online newsletter for June 2018
NOTES with Jay Conner Success
JUNE 2018
How to Host a Successful Private-Lender Luncheon
I f you’ve been with me for a while, you’ve heard me talk about the importance of holding a private-lender luncheon as part of your strategy to attract more money to fund your deals. On more than one occasion, I presented private-lender luncheons and received $1 million in Private Lender Funding. These numbers aren’t out of the ordinary, and you need to have the right plan in place in order for your luncheon to be a success.
“On more than one occasion, I presented private- lender luncheons and received $1 million in Private Lender Funding.”
Planning the Luncheon
• Step 1: Set the date. This is your deadline, and it should be no more than 30 days from today. I know you don’t even
• Step 5: Pick up the phone and call your list. This is not a task you should delegate out or automate with fancy, printed invitations. Two weeks before your event, pick up the phone and start calling people yourself. Don’t discuss private lending or private lenders, your conversation should be similar to the opening scripts I teach for offering the 16-minute CD. “Hey, this is [your name]. How are you doing? Great! Well, I’m putting on a very nice luncheon at the [name of venue] on [date]. I’d love for you to attend if you can. I’ll be putting on a presentation about how people can get higher rates of return on investment for IRAmoney than they can get anywhere else, safely and securely. There’s absolutely no obligation for you to engage after the luncheon, but I would really like for you to attend and support me in this effort. I promise to have you in and out within one hour and 15 minutes. It would be great to get your feedback on my approach and hear how I can do it better in the future.” If you think of someone a week before the luncheon or run into a prospective lender the day before the luncheon, you should definitely invite them. I have received pledges from people I invited to an event at the last minute. But the best strategy for inviting people is to give them two weeks’ notice. Keep inviting people until you have 20–25 yeses. • Step 6: Invite your teammembers. In addition to prospective lenders, you should also invite your teammembers. This includes your assistant, accountant, business partner, real estate attorney, Realtors, the sellers of a property you purchased, buyers, and private lenders who pledged you money Continued on page 3 ...
know where you’re going to have the luncheon, but setting the date should always be your first step. I do this with everything in my business. I might not know how I’m going to pull it off, but I have a self-imposed deadline, and that drives me to start planning. The best time to hold your luncheon is a Tuesday, Wednesday, Thursday, or Saturday at noon. I know you may have a day job, but 30 days out is plenty of time to notify your employer that you will be taking that day off. • Step 2: Choose the place. You want the nicest venue you can find. The best place is a country club. If you’re not a member of a country club, perhaps you have a friend or a relative who is a member and can help you. If you cannot book a country club, the next best venue is a nice hotel. I don’t mean a Motel 6. Look for a Marriott, Hilton, or some other classy hotel that can feed you and your guests. Very nice restaurants also work well. Be sure to book a private room so there are no distractions. • Step 3: Plan a preset meal. You need to work with your venue to have a preset meal arranged. You can include options, like a vegetarian plate, but your guests will not be ordering off a menu. • Step 4: Put your guest list together. You will invite people from your warm market. A private-lender luncheon isn’t effective for a cold market or people you don’t know. Now, the people you invite can bring guests who you haven’t met yet, but these are referrals, which isn’t the same as a cold market. Make a list of 40 people in your area who you can invite. If you joined Business Networking International or Rotary Club, they should be on your list.
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Business Networking in 2018 Are Business Cards Still Relevant?
Business cards don’t have the same presence they once did. These little pieces of card stock were once a vital part of professional networking, but they’ve become more of a niche item these days. So, should we consider the business card dead? Not so fast! There was a time when it seemed that the business card was legitimately on its way out and social media was poised to take over as the business-connection solution. While some websites, such as LinkedIn and
to convey key information in a simple, professional way while also standing out. That’s no easy task. Here are a few things to keep in mind when designing a business card: Have purpose. Before you order cards, decide how you will use them. Don’t invest in cards that are going to sit in a desk drawer for the next five years. Keep the design clean. The idea is to capture the attention of the recipient, not overwhelm them. If the information on your card isn’t clear, the card is useless. Only say what is necessary — name, profession, contact info, and a brief description of the service you provide — and leave it at that.
Facebook, have become popular networking tools, they certainly haven’t rendered the business card obsolete. The business card provides a snapshot of your business to someone you may want to work with in the future. It’s an easy way to instantly hand someone your contact info — no fumbling around to find your smartphone or a relevant app. And that person will have a physical reminder of your name.
Let your creativity shine. When you hand someone a well- designed business card — one that goes beyond a boring white rectangle — they keep it. Let your card reflect you and your business. Don’t be afraid to step out of the 2-by-3.5-inch box. Need inspiration? Head over to YouTube and search “Tim’s Novelty Business Cards” or go directly to youtube.com/ watch?v=r4IDLvwgDbU. You’ll be inspired in no time!
But in 2018, your business card can’t be boring if you want to catch someone’s attention. It needs
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Because once you answer, you’ve given them control of the conversation, given up your power, and lowered your status. And that’s not good. Furthermore, once you answer their question, what do they always do right after that? Right! Ask you another question! Remember: Whoever is asking the questions is the one who is in control of the conversation. Here’s a better idea ... Sometimes, the Best Answer to a Question Is ... Another Question! It’s called the “Hot Potato” (Remember that game when you were a kid?), and it’s absolutely awesome! Let me show you an example of how powerful this is. Suppose a seller asks you, “Howmuch time do you need to pay us off?” Rather than you replying with, “Well, it all depends on how long our buyer takes to go through the process of qualifying for his bank loan, and ...” If you answer like that, YOU’RE DONE before you’ve even begun with most people. Here’s a better answer: “What’s the longest you could give us?” Brilliant, right? Why? Because the pressure is back on THEM, not you . Just like catching a hot potato, you want to throw it right back at them . And that’s why it works. The ‘Redirection for Clarification’ Trick Ooohhhh ... this is a good one! Can’t believe I’m sharing this here. Okay, suppose your prospect asks you a question that you DO need to answer (It could happen!). With your new training in place from this article, let me ask you something: Should you just answer their question and leave it at that? NO! The better thing to do is to briefly answer their question, and then ... ASK THEMA QUESTION OF YOUR OWN! Example time: A seller asks you, “How much are you going to pay for our house?” Instead of just giving them an answer, why not say something
like this: “I don’t know! I haven’t had the chance to see your house and do my due diligence yet. But let me ask you this: Suppose we can work out a price that works for you and for me so that we both get what we want, is it possible we could do business together today?” Just try that out the next time a seller asks you that question, and watch the magic happen! Can you see why this is golden material, here? Do you think this will help you to feel more positive and more confident when you’re talking with your various prospects on the phone or in person? So let’s wrap this up by completing the title of this article with a personal quote I’ve been saying for years. This is such a powerful idea, so please put it to good use: “You don’t have to have all the answers; you’ve just got to ask the right questions!”
Until next time, Tony Pearl
2 • www.JayConner.com • PO Box 1276, Morehead City, NC 28557
in the past — even if you haven’t used those funds yet. All of these team members can add credibility to you in the eyes of your prospective lenders. ... Cover article continued • Step 7: Call the “yeses” 48 hours prior to the luncheon. You or your assistant need to call and confirm your guests are attending. Tell your guests that you need to know if they are coming and if they have any dietary restrictions. That way, you can give a count to the venue and pay for the meal. • Step 8: Practice the presentation. I have a PowerPoint Presentation entitled "The Private Lender Presentation," which is a PowerPoint available to download frommy student area at JayConner.com. A few days before the event, make time to practice the presentation with a small audience of family or friends who can give you feedback. Get the flow down because it’s best if you are the one who gives the presentation. • Step 9: Get your resources together. Have extra copies of your 16-minute CD, the private-lender brochure, and the interest-level form. The interest-level form is one guests fill out with their information before they leave. If you don’t have this form, call my office and we’ll email a copy to you.
• 12:15–12:45 p.m.: Lunch. Have your guests sit down as the venue staff brings out lunch. Give your guests 30 minutes to eat their food and talk with one another. • 12:45 p.m.: Presentation begins. Not everyone will be done eating, but that’s okay. Start the presentation and use the Private-Lender Presentation PowerPoint provided on my website. In 20–25 minutes, go through the whole presentation with no interruptions. Before you begin, tell guests to write down their questions because you’ll answer them at the end. • 1:05 p.m.: Ask your team questions. After the presentation, go around the room and ask your team questions. For example, I like to ask my real estate attorney, “Are there any concerns a private lender should have?” At which point, my real estate attorney is able to say there shouldn't be any concerns because private lenders are getting the mortgage, deed of trust, promissory note, and all the documents are recorded. Or I ask my CPA accountant, “Are there any concerns a private lender should have from a tax standpoint?” and my other private lenders, “What has your experience been like working with me?” This is how you have third-party endorsements reinforcing the information that your guests have already heard in the presentation. • 1:10 p.m.: Pass out resources. Have your assistant pass out the private-lender brochure and the interest level form. Instruct them to fill out the form and leave it upside down on the table or hand it to you as they leave. • 1:15 p.m.: End the event. You don’t want to field questions in front of an audience. Instead, let everyone know that you want to make sure they get out on time like you promised and offer to stick around and answer questions one-on-one.
At the Luncheon
• 12–12:15 p.m.: Network. As guests arrive, give them the first 10–15 minutes to mingle. Provide a cheese plate or soft drinks for them to enjoy as they mill around.
Have You Heard the Good News ... As It Relates to “Eating Together”?
After the Luncheon
Follow up. Within 24–48 hours of the luncheon, call every prospective lender who attended the event, regardless of the level of interest they expressed on their forms. This call has to be from you, not your assistant. There are three things you need to do on this call:
1. Thank them for attending and supporting you at the luncheon.
Revelation 3:20 Behold, I stand at the door and knock; if anyone hears My voice and opens the door, I will come in to him and will dine with him, and he with Me. John 6:35 Jesus said to them, “I am the bread of life; he who comes to Me will not hunger, and he who believes in Me will never thirst. 1 Corinthians 10:31 Whether, then, you eat or drink or whatever you do, do all to the glory of God.
2. Ask for their feedback: “How do you think I did? Was the information clear? Do you have any suggestions about what I could do better?”
3. Get the form and say, “I see here your level of interest is [what they indicated on their form]. What questions can I answer for you about my program? Are there any clarifications I can give you? Would you like to go to lunch and talk more about it one-on-one?” That’s the overview of hosting your first private-lender luncheon. The best way to become good at something is to jump in, be as prepared as possible, and just do it. I recommend videotaping your luncheon so you can look back to see how you did from the audience’s perspective and look for things to do better next time.
Now here’s your homework: Set a date on your calendar for when you’ll host your private-lender luncheon. And once you have your deadline set, jump right in to make your private-lender luncheon a success.
–Jay Conner
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INSIDE THIS ISSUE
How to Host a Private-Lender Luncheon page 1 Are Business Cards Still Relevant? page 2 You Don’t Have to Have All the Answers page 4
You Don’t Have to Have All the Answers
As a mentor of real estate investing, I hear it all the time. A new investor/student asks, “What if a seller or buyer asks me a question that I don’t know how to answer?” or “What if I don’t know what to say or how to answer someone’s question?” The subtext of what they’re really saying is, “I don’t want to look bad or stupid or lose a really hot deal, so I’m just not going to make that phone call or talk to anyone until I know all there is to know, all the stars are aligned, and everything is perfect.” Look, I get it. No one wants to look bad. No one wants to feel stupid. And, certainly, no one wants to lose a truly hot and profitable deal that could turn your life around. But when you let FEAR hold you back from taking the action you KNOW you need to take (making calls, etc.), then Houston ... we’ve got a problem. In this article, we’re going to briefly explore what’s really going on here, why it happens with so many people, AND—more importantly — I’m going to give you a little secret that will make everything easier, more fun, and ultimately, a LOT more profitable for you! Ready? Keep reading ... Everyone has to start somewhere . We’re all new at something at some point. Because of this, there are a lot of skills that need to be acquired and mastered. There’s a lot of information to digest, and many times, there’s
a LOT of information overload that needs to be dealt with. When most people are confused and overwhelmed, they’ll simply shut down or go hide in the corner to “figure this stuff out” before they feel like taking action. Or, if they do take action, they’re so afraid of making a mistake that they feel and act totally awkward when speaking to people. They’re flipping from this script to that script, trying to find the perfect answer to whatever question might come up. And the end result is often pretty bad. But what if there was a different, better way of thinking? An easier way of talking with people? Imagine for a moment the feeling of confidence you’d have if you knew that no matter what question someone asked you, you’d have a way of handling that question in a way that was not only easy and FUN, but also got you MUCH better results? Would that be of value to you? I assume your answer can only be “Yes,” so let’s go ahead and dive right in! Here’s the first lesson ... You Don’t Always Have to Answer Their Questions For some strange reason, we’re conditioned by society to feel compelled to answer someone’s question. But the last time I checked, there’s no law that says you have to! Listen, sometimes the WORST thing you can do is actually answer someone’s question with a long, fully detailed response.
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4 • www.JayConner.com • PO Box 1276, Morehead City, NC 28557
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