Real Estate Investing Basics

No. 1 Most Effective Way to Master the Art of Cold Calling

Expertise: Real Estate Investing Basics, Personal Development, Landlording & Rental Properties, Real Estate News & Commentary, Business Management, Flipping Houses, Real Estate Deal Analysis & Advice, Personal Finance, Real Estate Marketing
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Today we’re talking about cold calling.

Initially I was going to call this blog “Three Cold Calling Techniques That Everyone Should Do.” But I changed my mind because, to be honest with you, I don’t think a lot of you are going to do even one. Why? Because there are a lot of folks who are scared to pick up the phone and call a stranger.

I personally think that every real estate investor and business owner should have this tool under their belt. You need to break through that barrier of getting uncomfortable, because it’s very powerful.

I used to do cold call people, and I think that a lot of real estate agents need to do it. Also, a lot of real estate investors who are looking to buy distressed properties or are looking to get a great deal need to do it.

There are various lists that you can buy online with sellers’ address, name, and phone number. Then you just have to smile and dial, as they say. I think it’s very powerful if you want to pick up a great deal or if you’re a real estate agent and want to secure a listing.

Related: How to Start Investing In Real Estate Doing The Things Nobody Else Wants To Do

Pick Up the Phone and Do It—Daily

When I started my journey in real estate back home in Australia, I started working as an apprentice real estate agent. I was just kind of getting my license and what not. They put me on the phones and pretty much every single day I was going through a database. I had a list of a particular zip code, and I was just calling that list.

I think it’s very important that you have some sort of database. There are a lot of CRMs. If you don’t want to spend the money, get some paper and write the names and numbers down of everyone you spoke to. That’s what I did when I first started.

Guys, you need to get consistent, you need to do it daily, and you need to work very hard when you’re doing it every single day. It’s all about the numbers.

I’ll give you my spiel that I used when I started.

I used to pick up the phone and say:
“Hi, this is Engelo Rumora calling. I hope you’re doing well. I’m just giving you a quick courtesy call to let you know that we currently have a lot of buyers in the area, and we’re offering obligation-free market appraisals. Is this something that you would be interested in?”

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That was pretty much my spiel. I would do it hundreds and hundreds of times a day. Out of the 200 phone calls that I made every day, I got maybe one or two “yes” responses. That was a very high conversion rate, and all of the agents loved me in the office.

So it really comes down to figuring out your spiel, whatever the purpose is of your call, and sticking to it. Over time you will get better at your spiel and become very professional and polite.

Related: 5 Ways I’m Still Finding Deals in Today’s Real Estate Market

Bonus Tip: Don’t Try to Sell People

Do not sell a lot of folks. I hate it when someone sells someone over the phone. I’m not a believer in selling; I believe that people buy people. If they like you, they will buy from you. You’re not going to have to sell someone hardcore on it.

I think that the number one thing for you guys to take away from this blog is to get consistent, do it daily, and get out of your comfort zone. Pick up the phone, and make the call.

Once you make the call, make a notification in your database, whether on a piece of paper or CRM, and go to the next person. The more people who you can call on that particular day, the more chances you will have of converting a potential listing or buying that cheap property.

It’s as simple as that. You just have to do it. There are no magic recipes.

And I think the same goes for anything in real estate—you just have to do it. It’s not going to do itself. You have to do the work.

Do you cold call? Where do you get your list?

I’d love to hear some of your strategies in a comment below.

 

Engelo Rumora, a.k.a.”the Real Estate Dingo,” quit school at the age of 14 and played professional soccer at the age of 18. From there, he began to invest in real estate. He now owns real estate all over the world and has bought, renovated, and sold over 500 properties. He runs runs Ohio Cashflow, a turnkey real estate investment company in the country (Inc 5000 2017 & 2018) and is currently in the process of launching a real estate brokerage called List’n Sell Realty. He is also known for giving houses away to people in need and his crazy videos on YouTube. His mission in life is to be remembered as someone that gave it his all and gave it all away.

    Dalia D. from Bellingham, WA
    Replied about 2 months ago
    Hey Angelo, you are always right-on! Thank you for your altruistic sharing. In addition to “cold calling”, I would add getting out there and knocking on a few doors each day…
    Engelo Rumora Specialist from Toledo, OH
    Replied about 2 months ago
    Thanks for your kind words Dalia, I do my best 🙂 I agree on door knocking. Real estate is all about the numbers. Much success
    Engelo Rumora Specialist from Toledo, OH
    Replied about 2 months ago
    Thanks for your kind words Dalia, I do my best 🙂 I agree on door knocking. Real estate is all about the numbers. Much success
    Joseph Prather from Florida
    Replied about 1 month ago
    Hello Angelo, Great video I especially like the part where you spoke about consistency and 200 calls per day just to get one or two. I just got the okay to sit for my exam but wanted to try some cold calling. Is there a script you used or did you shoot from the hip? If you did use a script do you mind sharing?
    Daeshaun Dunn
    Replied 8 days ago
    great video with impactful tips look forward to implementing thank you!