Cold Calling - Finding phone numbers
Real Estate Investor · Louisville, KY · Member since 2010 · 20 posts · 1 vote
Well Im finally ready to start calling some motivated sellers. I have all the property information I need but no way to get a hold of the homeowner on the phone. What is the best way to get an unlisted phone number? What services have you found to be most helpful for this and the most inexpensive?
Thank you for your replies.
From a course I wrote
Okay, now let’s talk cold calling… Yuck! Don’t be so hasty here. It’s an acquired taste that you begin to enjoy more and more, especially once you begin to see the money you can make from it.
Before you can cold call effectively, set up your system. It is similar to the mailing system in some ways and different in others. Again, you’re going to need binders (I always use white binders) that are 2 inches thick this time, not 3 inches like the ones you used for the mail system.
And instead of dividers with alphabetical (A â€" Z) tabs, you will use dividers with numeric (1-9) tabs in all of the binders except for the “Hot Leads,†“NOD†and “Expired†binders. For the Expired, NOD and Hot Leads, keep them in chronological order; therefore, no dividers are necessary.
As your first step in cold calling, print out the classified ads for FSBO and For Rent prospects and put them in the cold calling binders by prefix and in numerical order. For example, if you had two telephone numbers: “321-1234†and “321-1235,†you would place them both within the “3†tab with first one (321-1234) in front of number “321-1235.†Thus, file them by their first number (“3†in this case) and their sequential order.
Print out Monday through Sunday’s ads and cross-reference them against the numbers already in the binder, if you have any. You will be calling new numbers first.
The telephone book is your main source for finding the telephone numbers of NOD and Expired prospects. And if needed, 411-directory assistance will give you up to three numbers at a time. Just be sure to tell the DA (directory assistant) person that you need three numbers, or you may get transferred to an automated system for the first number and lose your chance at the other two numbers.
To determine the property owner’s name, search public records by address. You will not cross-reference with NOD and Expired prospects, so simply place them in the binders in numerical order by prefix.
Print out the NOD and Expired listings daily and call all HOT leads first.
Cold Calling Information
That Goes Into Your Binders
The data that you store in these cold calling binders is as follows:
A. NOD and TS
• Copy of Property profile front page
• Copy of Public Record notice
• Record sheet of conversation log
B. FSBO
• Copy of property profile
• Copy of advertisement
• Record sheet of conversation log
C. For Rent
• Copy of property profile
• Copy of advertisement
• Record sheet of conversation log
D. Expired
• Copy of property profile
• Copy of Realtor listing printout
• Record sheet of conversation log
This simple, yet effective, system will keep you on track.
Cold calling is an outstanding resource, especially for those with a limited advertising budget. It allows you to do three things:
• First, it puts you in front of prospects on a daily basis. Without prospects, you have no one to sell your services to.
• Secondly, it will tell you if prospects have sold, listed, or, in the case of foreclosure, stopped the process so you can remove them from your mailing campaign.
• Thirdly, it will give you more confidence than you can imagine. This type of confidence is important, as you will be negotiating to buy properties at $50,000 less than value.
Cold calling is the most important task you can do to create wealth as you begin your career. Therefore, it’s important to treat it as your most important promotional activity when scheduling your day. There are two optimum windows of opportunity for cold calling: from 9:00 am to 11:00 am and 4:00 pm to 6:00 pm Monday through Friday.
Two hours a day is sufficient for cold calling when you’re doing everything yourself in your business. So, you could set a religious schedule that looks something like this:
Monday - 9:00 am – 11:00 am
Tuesday - 4:00 pm – 6:00 pm
Wednesday - 9:00 am – 11:00 am
Thursday - 4:00 pm – 6:00 pm
Friday - 9:00 am – 11:00 am
The reason you mix your days up is to reach those people who may not be home in the morning but will be home in the evening, and visa versa.
On a side note, I understand that you may have a full time job and that cold calling during these times may interfere with your work schedule. If this is the case, the two days a week that you are not working at your full time job should be the two days you will call between 9:00 am and 11:00 am and use the early evening of three other days in place of the afternoon schedule. The most important thing is to put in the time necessary to meet your prospective goals.
As you cold call, call prospects in the following prospect-type order:
1. Hot Leads
2. Expired
3. NOD
4. FSBO
5. For Rent
Probate, Farm, and Absentee Owners are not prospects for cold calling.
Use the following schedule for calling these prospects:
• Hot Leads – 3 days in a row, then put them back into their binders
• Expired – daily until they list, sell or decide not to sell
• NOD – daily until they list, sell or stop foreclosure
• FSBO – daily until they list, sell or decide not to sell
• For Rent – day 1 and day 5, then monthly
Scripts should be used for all prospects. Always have a script in front of you when you do your calling. These scripts also contain the five most common objections you hear from prospects, and the most effective responses that handle (fix, make go away) these objections.
Rehearse your script aloud before you begin calling each and every time. Do the same for the objection responses. The goal is to become comfortable with what you are saying and to make it your own, meaning that you should sound natural, not like you’re reading from a script. The scripts should serve as a guide for remembering what to say and not leaving out something important; a guideline to follow while you speak with passion from your heart.
This brings up a very important point that can make the difference between success and failure. You have to really believe in what you’re doing. The way someone feels about something is revealed in their voice. If you truly believe that you have something of value, something that your prospects need - whether it’s finding them a financially qualified buyer, helping them out of a foreclosure, and so on – it will come across the telephone. And you will close a lot more sales this way.
It is important that you only let the telephone ring three times before hanging up. Letting it ring more than three times will frustrate the receiver of the call—they may be running to get the telephone just to learn that a telemarketer is calling. And yes, you are now a telemarketer. Letting it ring more than three times will also slow the process for you.
In addition, stand up when making your calls. Standing up will give you much more energy, which will be conveyed through your voice over the telephone. Get a tall desk to work from and use a quality headset.
Track the outcome of your calls next to your prospect’s name/phone number. Record the time and date you called. If no one answers, write, “no answer;†do not leave a message, if you speak to someone, briefly note what was said/happened; and so forth.
A secret to cold calling that improves results is to learn to “mirror†(mimic) the person you’re speaking to on the other end of the line. If they speak softly, you should too. If they speak quickly, adjust your speech pattern accordingly. If they have an accent, develop a similar one. You will be more successful if you use this technique. You want people to feel like they know you, and a surprisingly simple way to accomplish this goal, in just a few seconds, is to mirror their speech patterns.
Never speak in a passive voice, such as: “If you were to choose me to buy your house,†and “I would…†or “I could…â€). This sets a negative tone and allows the prospect to be in control of your destiny. You must speak in a commanding, “This is mine†sort of voice. This has nothing to do with speaking forcefully and everything to do with setting the right tone and influencing the prospect. Use statements like "When I buy your house" or “When you sell me your house," and “Then I’m going to…†and so on. These types of statements are called embedded commands. They’re statements that cause the seller to believe in an outcome – your outcome. Use them to much success.
Understand what "NO" means. Realize that being hung up on or told “no,†is a good thing. Every “no,†“not interested†and “no thanks†brings you that much closer to a qualified lead and qualified appointment and a definitive “YES!â€
Do not stop calling before your calling schedule time has expired, even to go on an appointment. Pre-set your appointment time around your telemarketing; never deviate from your promotional schedule.
Don’t ever consider giving up on cold calling. This is, by far, the least expensive form of advertising and you should take advantage of it.
Here is my foreclosure script
Foreclosure Script
Hi, I’m looking for _____ … Hi ______ … my name is _______ with I Buy Houses.
I hate making these types of telephone calls… And I’m sure you’ve aware that your house has showed up on the [your county] county website as a house in foreclosure.
1. Is the foreclosure a temporary situation…one where you will be able to…. come up with the… money… or are you going to …sell your house… before the bank takes it? (Sell) That’s exciting!
2. I was wondering… Are you aware of your rights… regarding these issues? (You are) Terrific! / Really!
3. Well I help people… in your situation… all of the time …and I can help you too… What time today would be better…. for me to come out… and discuss your options? ___________ or ______________? (___) Terrific
4. Before I come out… there are just a few more questions… I need to ask about your house, is that okay? (It is) outstanding
Good to meet you...
What is your prospect group? There are really only 10 groups and now a days only 2 that make sense
1) Free and Clear
2) 60|90|120|NODs
3) Absentee
4) FSBO
5) Expireds
6) Active for rents
7) COI
8) Probate
9) Divorcées
10) Violations
Naturally the scripts are somewhat different however I have found the following script the best as anyone wanting to sell will bite..
Hi, my name is __________with I Buy Houses… We are looking for 3 and 4 bedroom homes in your neighborhood…And I was wondering…who do you know that is looking to move out of your area? (No one) Fantastic!
Thank you for taking the time to think about it.. By the way
1. Have you thought about selling? (Never) Terrific!
2. If you were to sell…where would you go next? (Back to LA) That’s Exciting!
3. And when would that be? (3 months) Fantastic!
If they do not want to sell say thank you and hang up
or
If they want to sell
4. Are you planning on selling this house? (Yes) That’s exciting!
5. Do you have your next home picked out already? (You do) Ouch!
6. What do you think it will take to get the houses sold? (The right offer) Really!
From here just go into your questions about the house..
To your question... regarding where to get telephone numbers...
You have to promise that if I tell you that you cant tell anyone else... OKAY?
When cold calling what you're wanting are adults to answer the telephone and who "Want" to answer the telephone...
So go get a newspaper and open it up to the classified section of Cars for Sale... Call car ads.... Yes for houses for sale... Guaranteed adults and people who want to answer. Just don't talk about their car...
Happy hunting
Michael
Thanks for the reply.
The group Im starting out with is recent Notice of Defaults or Lis Pendens. Ive found some scripts, but this helps.
What about a script when leaving a voice mail? Im sure I could throw something together, just curious what other people use.
So if you find a property somehow and have the address and the homeowners name, but no number, what do you do? Im sure Im going to come across properties that I dont want to leave up to mailing.
From a course I wrote
Okay, now let’s talk cold calling… Yuck! Don’t be so hasty here. It’s an acquired taste that you begin to enjoy more and more, especially once you begin to see the money you can make from it.
Before you can cold call effectively, set up your system. It is similar to the mailing system in some ways and different in others. Again, you’re going to need binders (I always use white binders) that are 2 inches thick this time, not 3 inches like the ones you used for the mail system.
And instead of dividers with alphabetical (A â€" Z) tabs, you will use dividers with numeric (1-9) tabs in all of the binders except for the “Hot Leads,†“NOD†and “Expired†binders. For the Expired, NOD and Hot Leads, keep them in chronological order; therefore, no dividers are necessary.
As your first step in cold calling, print out the classified ads for FSBO and For Rent prospects and put them in the cold calling binders by prefix and in numerical order. For example, if you had two telephone numbers: “321-1234†and “321-1235,†you would place them both within the “3†tab with first one (321-1234) in front of number “321-1235.†Thus, file them by their first number (“3†in this case) and their sequential order.
Print out Monday through Sunday’s ads and cross-reference them against the numbers already in the binder, if you have any. You will be calling new numbers first.
The telephone book is your main source for finding the telephone numbers of NOD and Expired prospects. And if needed, 411-directory assistance will give you up to three numbers at a time. Just be sure to tell the DA (directory assistant) person that you need three numbers, or you may get transferred to an automated system for the first number and lose your chance at the other two numbers.
To determine the property owner’s name, search public records by address. You will not cross-reference with NOD and Expired prospects, so simply place them in the binders in numerical order by prefix.
Print out the NOD and Expired listings daily and call all HOT leads first.
Cold Calling Information
That Goes Into Your Binders
The data that you store in these cold calling binders is as follows:
A. NOD and TS
• Copy of Property profile front page
• Copy of Public Record notice
• Record sheet of conversation log
B. FSBO
• Copy of property profile
• Copy of advertisement
• Record sheet of conversation log
C. For Rent
• Copy of property profile
• Copy of advertisement
• Record sheet of conversation log
D. Expired
• Copy of property profile
• Copy of Realtor listing printout
• Record sheet of conversation log
This simple, yet effective, system will keep you on track.
Cold calling is an outstanding resource, especially for those with a limited advertising budget. It allows you to do three things:
• First, it puts you in front of prospects on a daily basis. Without prospects, you have no one to sell your services to.
• Secondly, it will tell you if prospects have sold, listed, or, in the case of foreclosure, stopped the process so you can remove them from your mailing campaign.
• Thirdly, it will give you more confidence than you can imagine. This type of confidence is important, as you will be negotiating to buy properties at $50,000 less than value.
Cold calling is the most important task you can do to create wealth as you begin your career. Therefore, it’s important to treat it as your most important promotional activity when scheduling your day. There are two optimum windows of opportunity for cold calling: from 9:00 am to 11:00 am and 4:00 pm to 6:00 pm Monday through Friday.
Two hours a day is sufficient for cold calling when you’re doing everything yourself in your business. So, you could set a religious schedule that looks something like this:
Monday - 9:00 am – 11:00 am
Tuesday - 4:00 pm – 6:00 pm
Wednesday - 9:00 am – 11:00 am
Thursday - 4:00 pm – 6:00 pm
Friday - 9:00 am – 11:00 am
The reason you mix your days up is to reach those people who may not be home in the morning but will be home in the evening, and visa versa.
On a side note, I understand that you may have a full time job and that cold calling during these times may interfere with your work schedule. If this is the case, the two days a week that you are not working at your full time job should be the two days you will call between 9:00 am and 11:00 am and use the early evening of three other days in place of the afternoon schedule. The most important thing is to put in the time necessary to meet your prospective goals.
As you cold call, call prospects in the following prospect-type order:
1. Hot Leads
2. Expired
3. NOD
4. FSBO
5. For Rent
Probate, Farm, and Absentee Owners are not prospects for cold calling.
Use the following schedule for calling these prospects:
• Hot Leads – 3 days in a row, then put them back into their binders
• Expired – daily until they list, sell or decide not to sell
• NOD – daily until they list, sell or stop foreclosure
• FSBO – daily until they list, sell or decide not to sell
• For Rent – day 1 and day 5, then monthly
Scripts should be used for all prospects. Always have a script in front of you when you do your calling. These scripts also contain the five most common objections you hear from prospects, and the most effective responses that handle (fix, make go away) these objections.
Rehearse your script aloud before you begin calling each and every time. Do the same for the objection responses. The goal is to become comfortable with what you are saying and to make it your own, meaning that you should sound natural, not like you’re reading from a script. The scripts should serve as a guide for remembering what to say and not leaving out something important; a guideline to follow while you speak with passion from your heart.
This brings up a very important point that can make the difference between success and failure. You have to really believe in what you’re doing. The way someone feels about something is revealed in their voice. If you truly believe that you have something of value, something that your prospects need - whether it’s finding them a financially qualified buyer, helping them out of a foreclosure, and so on – it will come across the telephone. And you will close a lot more sales this way.
It is important that you only let the telephone ring three times before hanging up. Letting it ring more than three times will frustrate the receiver of the call—they may be running to get the telephone just to learn that a telemarketer is calling. And yes, you are now a telemarketer. Letting it ring more than three times will also slow the process for you.
In addition, stand up when making your calls. Standing up will give you much more energy, which will be conveyed through your voice over the telephone. Get a tall desk to work from and use a quality headset.
Track the outcome of your calls next to your prospect’s name/phone number. Record the time and date you called. If no one answers, write, “no answer;†do not leave a message, if you speak to someone, briefly note what was said/happened; and so forth.
A secret to cold calling that improves results is to learn to “mirror†(mimic) the person you’re speaking to on the other end of the line. If they speak softly, you should too. If they speak quickly, adjust your speech pattern accordingly. If they have an accent, develop a similar one. You will be more successful if you use this technique. You want people to feel like they know you, and a surprisingly simple way to accomplish this goal, in just a few seconds, is to mirror their speech patterns.
Never speak in a passive voice, such as: “If you were to choose me to buy your house,†and “I would…†or “I could…â€). This sets a negative tone and allows the prospect to be in control of your destiny. You must speak in a commanding, “This is mine†sort of voice. This has nothing to do with speaking forcefully and everything to do with setting the right tone and influencing the prospect. Use statements like "When I buy your house" or “When you sell me your house," and “Then I’m going to…†and so on. These types of statements are called embedded commands. They’re statements that cause the seller to believe in an outcome – your outcome. Use them to much success.
Understand what "NO" means. Realize that being hung up on or told “no,†is a good thing. Every “no,†“not interested†and “no thanks†brings you that much closer to a qualified lead and qualified appointment and a definitive “YES!â€
Do not stop calling before your calling schedule time has expired, even to go on an appointment. Pre-set your appointment time around your telemarketing; never deviate from your promotional schedule.
Don’t ever consider giving up on cold calling. This is, by far, the least expensive form of advertising and you should take advantage of it.
Here is my foreclosure script
Foreclosure Script
Hi, I’m looking for _____ … Hi ______ … my name is _______ with I Buy Houses.
I hate making these types of telephone calls… And I’m sure you’ve aware that your house has showed up on the [your county] county website as a house in foreclosure.
1. Is the foreclosure a temporary situation…one where you will be able to…. come up with the… money… or are you going to …sell your house… before the bank takes it? (Sell) That’s exciting!
2. I was wondering… Are you aware of your rights… regarding these issues? (You are) Terrific! / Really!
3. Well I help people… in your situation… all of the time …and I can help you too… What time today would be better…. for me to come out… and discuss your options? ___________ or ______________? (___) Terrific
4. Before I come out… there are just a few more questions… I need to ask about your house, is that okay? (It is) outstanding
Are you using redx for your contacts?
No I have my own developed program...
Well that was a lot more than I was expecting Michael lol, but thank you.
One question: What do you mean by property profile? Is it something you make yourself that tells you square footage, number of bedrooms, etc.?
A property profile is information I receive from First American Title's "Fastweb" service.. Most large title companies have this kind of thing...
It gives the description of the property
Your guideline is a very thourough one!
I know this was over half a decade ago, but I was seeing if you still feel all this content holds true?
I notice you advised only letting it ring 3x and hanging up. Why not leave a voicemessage? I am looking to start a cold call campaign, and I expect most people to not pick up so I can leave a voice message explaining the whole "we buy houses, fast, no agents" spiel.
I see it as a way to reach a larger audience like a yellow letter, but using a different medium to deliver the message.
With the same context, why is absentee owners not a prospect for calling?
Your guideline is a very thourough one!
I know this was over half a decade ago, but I was seeing if you still feel all this content holds true?
I notice you advised only letting it ring 3x and hanging up. Why not leave a voicemessage? I am looking to start a cold call campaign, and I expect most people to not pick up so I can leave a voice message explaining the whole "we buy houses, fast, no agents" spiel.
I see it as a way to reach a larger audience like a yellow letter, but using a different medium to deliver the message.
With the same context, why is absentee owners not a prospect for calling?
Hi John,
You can let it ring until you get a voicemail/answering machine, but leaving a message really depends on your followup strategy. I did a lot of warm/hot lead calling for health insurance...I used a dialer that had the ability to call 2-3 people at once and leave an automated message. However, leaving a message was counterproductive. Most people never bothered listening to the message for one, so it was wasted time. Also, leaving a message limits how many times you can call a prospect without seeming rude. By leaving a message you've put the ball in their court...by not leaving it, you keep it in yours.
If you plan to keep calling back until you get someone on the phone, don't bother with the message. If you're just going to call once, I guess it really can't hurt, and then you're right, might as well leave the info just in case. With health insurance, I was calling people multiple times in a short period of time because I was in competition with a dozen other agents around the country trying to get a live person on the phone. With real estate, that hot competition isn't nearly as likely, so you can take a more polite approach and call less and/or leave messages, again depending on your followup strategy.
Unless it's the listing agent and they have written permission from the seller(s) stating that they do not want to see offers below a certain offer price , all offers have to go the seller(s) and then it is up to the seller(s) to refuse or counter the offer.