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! (laughing)