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.
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?”
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.
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.