Best cold call pitch?

Question

So I don't have a company name, LLC, or website for that matter(I am just starting out. I only have 1 property) and I want to cold call on a lead.

Side note: this house isn't listed for sale. It is listed for rent. lol I just figure the owner may be willing to sell if the price is right.

How should I go about the first phone call to the owner?

I haven't done many deals and am not sure how to go about it.

Do I simply say, "hello my name is Alex and I am a real estate investor interested in buying this home. would you be willing to meet with me?"

Jimmy Cantave · Answer

@Alex Witte

When I usually see a for rent sign I call them up and ask them how much is the rent..  once I get the rent amount  then I ask if they would be interested in selling...

Simple as that...

Will Barnard · Answer

Yep, ask for the rental amount, then lead into if they have interest in selling. If no, ask them if they know of anyone else in the area that could be interested in selling. Then you can ask them if they are interested in buying more rental properties! No matter if the answer is no or yes, lead them down a path that creates some type of lead for you.

Michael Hastings · Answer

Hi @Alex Witte, this is a "for rent by owner" call.  Some realtors would call owners like this, to try and gauge their interest in buying additional investment property, becoming a potential lead source.  The switch here, is that you are looking to buy the property that is for rent, and I believe this has been discussed thoroughly here on BP, sometimes referred to as "Driving for Dollars".

I don't think you need an LLC or a website or anything else for that matter, except the desire to try and make a deal and the cash available (or financing) to close the deal.  The likelihood is that the person will say "no", but that just means you need to call another person, and another person, and another person and so on, until you get a bite.

I would do exactly as you said.  Introduce yourself, offer information on why you are calling and ask them if they are interested in selling their property.  They may so no.  But they also may say "yeah".  So if that happens, then what will you do? (Rhetorical question, but I think you know what I mean).

Give it a try, nothing to lose here.

Chris Mason · Answer

It works with anything. Like, in life. To wit...

Thanks for that great post, Will. Great points. We're always looking to expand biggerpockets.com to include more great forum contributors like yourself. Is there anyone you can think of that would benefit from the content on biggerpockets.com that would also be able to provide intelligent contributions just like you do? Would you mind telling them something cool you learned on this website, and introducing them to it?

Thank you for taking the time to consider my requested pay raise, I really appreciate the feedback, and that you gave it due consideration. As you know, I'm always looking to grow as a whatever, and add more value to our company. Before we conclude the meeting, is there anyone you could refer me to that would have additional feedback on how I can grow as a whatever or add more value to this company? <-- Who knows, maybe Sally in XYZ Department is about to have an opening, and it's officially hush hush for now, but clearly it would be a great time to go introduce yourself to Sally even if you aren't (yet) sure why you are meeting with Sally.

Puppy, thank you for strongly considering the option of pooping outside, I really appreciate it, and I can tell that you truly considered the option of pooping outside. Maybe next time. But while we're on the subject, we're looking to include more awesome puppies just like you in our family, especially ones that actually poop outside. Are there any other great puppers you could refer our household to, that are in need of a loving home and that poop outside? <-- OK so this one doesn't seem as effective, I'm still doing more research on why, will be sure to post back with results.

Chapman Walsh · Answer

@Will Barnard

Lol. Ahhh shrewdly done.

Alex Witte · Answer

Thanks everyone! I contacted the owner and he is indeed willing to sell. We are negotiating. His current asking price makes the property not meet the 1% rule. He is using the cap rate as the way to analyze the deal.

Again I appreciate the input!

Will Barnard · Answer

Nice! Just mail me my % of the millions you will make off my sentence!

Lee Ripma · Answer

@Alex Witte

Nice work! You took action and you realized you don’t need business cards or a website to connect with potential sellers. They might want too much at first, they may always want too much. However, maybe there is a way you can make it work. Practice building rapport and if the subject of price comes up dodge it, see if you can get the seller to like you, get excited about selling, etc. Figure out the fair market value and keep the rapport, you never know what great things can come out of it.

Chapman Walsh · Answer

I like that. No matter what "lead them down a path that creats some type of lead for you". This is why I love biggerpockets. One sentence in this Forum can be a perspective tweaker to ones whole business model. Attacking FSBO's tommorrow with emphasis on positive lead conversion energy. The good morale that comes from turning a called number into some kind of lead is invaluable.

Kenneth Hunter · Answer

Your opening is simple and I think may be effective. Just make sure to stay out of that sales person's pitch/tone (you don't want to sound like another sales guy doing marketing stuff) You may want to be the reluctant guy who is just calling them wondering if they would sell their property. (at least how I do it)

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