They’ve either won in life
so that they can afford that high-ticket item or
they’ve won that product because they’ve got the cash and they’re gonna go show everybody. Ryan, quick tip when it comes to closing, let’s say, high-ticket,
high-end real estate, right? What’s the difference between closing high-end real estate versus
like a simple smaller deal, what’s the difference in
terms of closing skill? I mean, I’ve only ever sold real estate but, I think for me the
difference between selling high real estate and low real estate or selling high-ticket
items and low-ticket items is that on the low-ticket
items it’s about the money. And on the high-ticket items it’s about the relationship to the money. Money meaning the price. Yeah, about the price. Well yeah, the price. The price for the product
or the price of money that they’re going to lose, right? It’s about the dollar. If someone’s buying
something for $10, $200 or they’re buying a house
for half a million dollars versus $10 million, it’s
really about the money. You’re negotiating with their wallet. You’re negotiating with their mortgage. You’re negotiating with
their ability to afford it. So you’re saying they can nickel and dime you a bit, right?
Yeah, I mean that’s what it comes
down to, because it’s, especially for a low-ticket item for kinda anybody, it’s really just about kind of is it a want or is it a need and it’s about that dollar, right. The high-ticket item for someone’s, let’s say, their first
real estate purchase or their 10th real estate purchase and it’s something massive. The money they’ve kind
of already figured out so it really comes down to how they feel about the cash that
they’re about to spend. If they’re willing to take a loss on the product because
it’s gonna be so expensive. What are they’re feelings about– More emotional.
That home. Yeah exactly, so you’re
negotiating with their emotions. Which for me, the reason I’ve really tried to build my real estate
team and focus around selling high-end real estate is because it is really hard to negotiate
with someone’s wallet. I can’t change how much money
you have in your pocket. I can’t change what you can
get approved for on a loan. But I can negotiate with
your feelings all day long. I can make you want something so much you feel like it’s a need, alright. And how do you turn a want into a need, is really how you
convince someone to spend more money on something that
they might not otherwise want. Like right now literally,
you have a show called Boss In The Bentley, right
which we are renaming to Bosses In The Bentley. We’re in a Bentley right,
that is a high-ticket item if I’ve ever heard of one. If someone saw a Bentley go by they’re like wow, that’s expensive. How you get someone to believe in the fact that they need this car instead of just want it.
And nobody needs it. No one needs this.
No one needs it. Yeah man, we could take a taxi. You could do, boss in the taxi. Boss in the taxi Boss on Uber, how is that?
(laughing) Yeah, well there’s no Uber in Vancouver. No uber, not yet. Not yet, soon though.
(laughing) Not yet, boss in the taxi. If someone’s watching this right now and you’re like, man I
can’t do what Dan Lok does, I would have–
Boss on a bike. Yeah, boss on the bike!
Boss on a bicycle! Yeah, do the tandem bike with two seats. Boss on a bicycle, Pro right in front. Yeah, just do a bunch of GoPros right. That’s right. Boss on the bike, just
answering questions. Maybe you might get sideswiped by a taxi or by Dan’s Bentley here and there and that’ll make for great content. Do that, someone do that. That video would go viral.
(laughing) Yeah, just answering
questions on your bike. On your bike. No, but seriously with
the, ’cause one thing people believe in is this, let’s say you sell something for this much money versus that much money. They think it’s gonna take
two, three, five-times more effort because of two, three, five-times the price point. I find that that’s actually not the case. No.
In some cases it’s actually easier to sell something, to sell at 10-times the price. Like I’m sure you’ve closed your $10 million deal versus $1 million deal. The $1 million deal
verse $10 million deal, the $10 million deal didn’t take 10-times more time, right?
No. Honestly the smaller
the deal the more time. Right, because you’re, always, because you’re dealing with somebody who, like I said, is really
concerned about the money. And they can’t make the decisions. Yeah, and it’s the transaction that actually ends up taking longer because there’s just so
much more that goes into it. For the bigger ticket
items you are negotiating with their emotions, which might take more time during the negotiation because they’re gonna drag it out. Then they’re gonna go on vacation. They’re gonna think about
it for a week, right? They’ve got egos involved. If anyone’s spending a lot of money, whether it’s on a Bentley, a hot tub– Status, status.
Yeah, it’s about their ego their status, how they feel
about spending that money and how they feel about winning, alright. Like even if it’s like,
they’ve either won in life so that they can afford
that high-ticket purchase or they’ve won that product
because they’ve got the cash and they’re gonna go
share everybody, right. That’s like why you get a car like this. When you drive down the street, Georgia Street in Vancouver,
you’re making a statement. You could have driven a
Hyundai, but you didn’t, right? Yes, that’s true.
You went the extra mile and you got the Bentley because
you’re making a statement and so, the ego’s involved. It’s that kind of–
Status is involved, there’s pride’s involved, right. Do you find that, but once
they make the decision though, it’s easy for
them to pull the trigger. Yeah, once they make the
decision then it’s just about just kind of closing the
transaction, for the most part. Listen, there are always gonna be people who are really, really slow and difficult at the high-end, the same way there’s gonna be super easy people at the low-end who just, no
I’ll buy it because I need it. You know like, it’s fine. How do you train you comfort, when you first close your big deal? You must be nervous too, right? Yeah, of course. Like ooh, that’s a lot
of money, the commission, this home and you’re dealing
with affluent people. How do you train yourself to
get comfortable with that? Honestly, you try to
check your ego at the door and you try to check any
fear you have at the door. And you just try to be
the client’s friend. Focus on the client. Focus on the client and
focus on the confidence. Right, like the two Cs, the
client and the confidence. If you put everything with them, you have great customer
service, do whatever they need, but then have confidence in the fact that you know what you’re doing. There’s a great quote
that I love, Tiger Woods, I think when he was playing
in his first Masters or something like that,
he was gonna lose it but oh, he had to make one final putt. Right, and everything was
down to that final putt, okay. And he made it and he won, it was huge. And it was for, like it
was an extra $5 million I think in the purse if
he made that one putt. That’s one expensive putt right there. And so they asked him, they’re like, “Man how did you stay calm,
how were you not nervous? “How did you make that putt?” And he said, “I played like I already had “the money in my pocket.” Oh, I love that. So, when I meet with big clients, even when I first started off– Assumptive close. Yeah, I went into the negotiation like the deal was already done. Think about it like dating. The first date you’re nervous. What are they gonna look
like, are they gonna like me? Maybe they won’t like my breathe. Maybe they won’t like my, you’re
nervous, nervous, nervous. My tie or my hair.
Yeah, but the second date you’re relaxed, but you
went through all that stuff. So, go on all your first dates and assume that they’re
the second date, right. Be relaxed, be confident. And I know it’s much
easier said then done, but just mentally prepare. Sit in the car, listen to Jay-Z, listen to music something and meditate. Go wherever you need to go
and get to a point where you’re going in there like you
already have it in the bag. I love it.
Dealing with high-end clients, dealing with dating,
it’s all the same thing. Right, it’s that confidence level but, its also you gotta, like I said, check the ego at the door, stay calm– So we’re talking about
confidence not arrogance. We’re going in with the certainty that the conviction that,
okay it’s a done deal. Yeah, yeah, yeah.
I love it. Like you already have it. When you go to a closing
you’re not nervous ’cause you know it’s
just transferring checks. And we’re trained enough,
you have enough practice you’re just doing what you do right. Exactly.
Awesome. Make sure you click the link below and follow Ryan’s channel,
awesome YouTube channel. Lots of good stuff, not
just on real estate. Just on how to be a
high performance person. How to be a happy person. Yeah man.
Right. Thank you Ryan, appreciate it.
Thank you. Thank you, Boss In The Bentley. Boss in the Bentley. Bosses on the bike!