3 Things About Closing Deals You Never Thought Of
When you hear phrases like, “close the deal” or “closing deals”, what kind of images pop into your head? What about when you think of “the hard sell”, has Mahatma Gandhi ever come to mind? When was the last time you heard “timeshare presentation” and felt good about that?
This is why “closing” gets weird. This is also why closing deserves to get demystified. Grant Cardone is a master of the close. He’s been in deals ranging from $40 to $167,000,000 His real estate portfolio is closing in on a billion dollars and he’s been directly involved in every deal. 30 years of consistent deep study into the art a science of the close.
Here’s three reminders from the master that will help you when you’re in the close and also help you shed the stereotypes so you can get on with building your business.
ONE: The close isn’t for you, it’s for the customer
The reason I had a hard time when I started selling (and the reason you hear amateurs justifying their poor production by calling sales a numbers game) is because I was waiting for the customer to come out and say, “I’ll take it!” Unfortunately, that is not happening. And after of few years of doing this, when that does happen, I learned it’s a bad sign, not a good one. 1-2% of all buyers are going just do it. The rest will need to get closed. Why?
Here’s the deal. You’re price isn’t too high, they know they want it, they know they need it, they know the time is right and they are ready. They don’t need to think about it and they don’t need their spouse to make a decision. People just say this stuff because they are trying to hide the fact that they’re afraid of making another mistake or another poor decision.
Right now, they’re stuck in some past situation where they took a chance or did something impulsive and it backfired. They’re thinking about the BowFlex they used ONCE or the Yoga classes they prepaid and never went. It’s a virtual laundry list of oops. And now they need your help so they don’t make another mistake. Not getting your service. That would be a HUGE mistake.
TWO: The close is >20% of your time and 100% of your money
While the close is less than twenty percent of the entire transaction, it is the one thing responsible for 100% of your money. The close is happening either way. The question now becomes how much control do you want to have in this most important part of the transaction? Who’s getting closed right now? The close is happening either way means that it’s either you closing them on your service or them closing you on why their fear of making a mistake is legit.
In Grant Cardone’s book Sell Or Be Sold, Grant observes that the #1 reason a business fails is NOT being under capitalized. That the #1 reason a business fails is because it doesn’t sell enough at quantities great enough and profits high enough to make the business solvent and ultimately thrive. This then leads into the third point…
THREE: It’s the first time the patient actually benefits
Until there is an actual exchange, you have not helped them. Sure, you may have sold them and you may have done an amazing presentation but no amount of value added follow up and sharing of information actually helps the buyer unless they receive your service.
[EXERCISE: Google “etymology of nice’]
The close is when you finally benefit your buyer. Closing allows you and your company to expand. All the things that took place prior to the close were necessary to get to the close. But they will not allow for expansion and survival. Close the deal. Be willing to do whatever it takes to close the deal. And know that only when you close do you provide any real value to the customer. The close is ultimately for the buyer not for you or your company. Until the customer closes they can not benefit from your service or offer.
And for info on closing more deals with Grant Cardone and our team of coaches with free access to Cardone U visit https://cardonesolutions.com/coaching.