“I've used this so many times to close deals.” - Mike Morris

Let me show you this one. You got a customer that's really hard, they're on the fence, you're struggling trying to figure out the last piece to get them over, to close them. I call this Pay the Interest.

The customer's like, "I'm a cash person. I want to pay cash and I don't have cash right now." And then I'll start saying, "So you really want to pay cash, you like the solar, it makes sense, and you want to pay cash, right? Okay, I've got a solution for you. Let's see if you like it. How long do you think it would take before you'd be ready to buy it? Like, are you talking two weeks or are you talking like four months? How long is it going to take you to be there?” Then they'll say, "Oh, six months, Mike. I will be ready to buy in six months." I'm like, “Okay, cool. It'll take me three months to get the solar on it. The solar won't start till the fourth month anyway for your payment. So here's what I'll do, I'll cover your interest payment.” I'll create some margin. “I'll just cover three months, but it takes three months to get there. I'll cover six months of interest for you. That way it's the same as cash. Would that be fair?” I say that, and all of a sudden they say, “Yeah,” then I fill out the application and move forward.

The two houses right down there in Salem, one's a doctor, the other one was a retired executive. Both made tremendous money, 500K a year. And both just bought these houses, they got put in the yard and had this question in their mind and they weren't gonna buy. They were holding on and holding on. And I'm like, “Hey, you know what? Let me figure this thing out. What if…” and I use this example. Then they're like, "Okay." And they bought solar.

Identify Concern

When I was in Hawaii, Brytt was sitting there, trying to close the deal and he exhausted every option. He's texting me like, "He told me that they don't want to pay interest. I've given him every discount." And he's just explaining this, right? “I've given him every discount and they didn't get it." I'm like, "Well, ask him this question. Go through this interest scenario." So Brytt says to them, "Well, what if I covered your payments for 12 months so it’s the same as cash?” They're like, “You would?” “Yeah.” “Okay.” So he took a grand off. He made 10 grand. I think that was $11 ,000 commission. You just give them cash back essentially. The customer couldn't click in their head a discount was the same as cash back to cover the interest and so he just bridged the gap in their mind. He identified the concern.

Tie Down

“Oh you don't want to pay interest?” Then, this is important. I call it the Tie Down. It’s to figure out how long it would take for them to get ready. Once you know that, then you know how to structure your offer so that they're happy and they can advance.

Close

I've used this so many times to close deals. People in Utah are like, “I'm all profit, I'm not gonna go in debt.” I’m like, “I don't disagree with you at all. You're just gonna trade this payment for this payment.” They don't get it so then I'm like, “Tell you what, I'll just pay the interest so it's the same as cash. Does that work for you?” “Yeah, okay.” “Cool, let's do it.” And all of a sudden they become a buyer.

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Case Studies

Tyson Stone

"I just knew if I didn't try something else, my life wouldn't change. I'm young, was working at Rocky Mountain ATV/MC at $17/hr. I've averaged $320/hr working with Mike."

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