Getting experience Cold Calling

12 Replies

I would like to add cold calling to my repertoire to find deals.

Problem is I do not really have any experience doing it, and frankly I don't love the phone so not something that comes naturally to me.  I can talk to sellers on the phone (when they call or returning their calls) so I know I can do it, I just want to get more practice. 

My thought was to see if I can get one of those flexible part time jobs with a telemarketing firm to get some hours logged in with the process before going after my own RE leads, and make a few bucks on the side.

Thoughts on that plan?  Anyone work for that type of company and felt it helped with those skills?  If so any recommendations on companies to check out?

Medium rre logo web rgb w motoShaun Reilly MBA, Reilly Real Estate, LLC | [email protected] | 1‑800‑774‑0737 | http://www.MassHomeSale.com | Podcast Guest on Show #43

I started a mortgage brokerage when I was in undergrad and managed a call center with 10 of my friends and b-school buddies working the phones. The one thing I observed is it takes very little skill or confidence to give a 30 second pitch when someone answers the phone. For example, "Hi this is mark d calling from blank capital group. I was calling about your mortgage with XYZ bank that is set to expire and begin floating in December (researched ARMs for leads at county register of deeds). Have you thought about refinancing ...interest rates are at about 6 percent?".

Pretty simple! Managing objections and being persuasive is clearly a skill developed with practice, but isn't a 30 second pitch sufficient to start calling your leads? You can practice the rest as you progress! If after your quick pitch you determine interest the rest can happen naturally.

My advice - jump in and get your feet wet.

Originally posted by @Curt Davis:

I think you just need to practice and dont need to get a part time job. 

Well part of my thought process is that I do a lot of work in the evenings and have more quite time like after 8PM EST.  Not much opportunity to use that time to practice on my local leads.  However I could do 1-2 hours calling people west of here especially those in the Mountain and Pacific time zones pretty easy.

Medium rre logo web rgb w motoShaun Reilly MBA, Reilly Real Estate, LLC | [email protected] | 1‑800‑774‑0737 | http://www.MassHomeSale.com | Podcast Guest on Show #43

I had the same resistance to cold calling as well.   I have done it for others in the mortgage business and I think taking a telemarketing job is the highway to the slow lane imho.  

I recommend just pull up zillow or FSBO sites and you WILL talk to people. This is a transcript from my latest call and the worst it has been in 3 months of my cold calling strategy:

Ring

A: Hello

Douglas: Hello I was calling about the home on zillow

A: What (older lady)

Douglas: I was calling about the home on zillow

A: Oh Zillow....are you a reator

Douglas: No,..I am a real estate investor

A: We are experienced real estate investors and we dont need any lowball cash offers is that what you were about to do

Douglas: I was....but I also do rent to owns

A:: Well we have done this for a long time

Douglas: I see...nothing new under the sun

A: Of course we can all learn something new WE DONT NEED ANY SARCASTIC investors though

Click.

Come on in...@Shaun Reilly  ...the water is not as cold as you imagine.

I had the same experience, being a natural introvert I dreaded talking to sellers.  So I just said screw it and started with 250 yellow letters, got 30ish calls and was on my way.  The last mailer I did myself was 3,000 postcards and got about 80 calls.  I could do it in my sleep now, luckily I don't have to anymore :)

Practice makes perfect.  You're going to sound awkward at first no matter what, the only way to get better is keep doing it.  I think Michael Quarles suggests saying your script 10 times in the morning and 10 times at night as fast as you can and you'll sound natural in no time.  Never done it just heard it helps.

Medium logo 5545John Horner, Core Developments LLC | [email protected] | 614‑664‑3174 | http://johnbuyshousesohio.com/

Cold calling or what I called Bold calling because I about had a nervous break down when I was supposed to use the phone to call someone I didn't know. It was not my thing.

Finally one day in the early years I entered the office of a wheeler dealer and he was making a cold call, He said Hello Is this Bob Smith, Hi this is John Jones, I'm returning your call, what can I do for you today? He continued doing that for 9 more calls and got 2 leads. When I saw him the next week I asked how the 2 leads went and he said one is now a customer and the other wants me to call him back in a month.

So I came up with my super secret script. Hi, Mr Jones, I'm so and so, and I was told you folks were thinking of selling your property at 123 Main St is that true? It produced results and I couldn't believe how simple it was to continue with a good response that was received well.  First call was great, they said no, who told you that? I don't know his name but he overheard me talking to my friend at lunch and volunteered the information. Well I invest in real estate and I was hoping you were selling because your property is in an area I want to invest in, so it's a disappointment but that's the way it goes I guess the guy had a little fun giving me a bum steer, sorry to have disturbed you this evening, please accept my apologies, Oh, by the way you don't know of anyone around you that maybe mentioned selling in the future do you? No, Well thanks for taking a moment to think about that for me. Well, maybe I can do something for your area, you haven't noticed any run down or poorly maintained  homes that might be dragging down property values in your area have you? I struck gold on my first shot, His answer was there is a house, it really isn't really run down but it has been vacant for well over a year in the next block, it is the  cream colored one in the middle of the block.

@Brian P.  I like the coin Bold Calling... 

I like using a third person script..

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!     

Thanks for the responses everyone.

While I'm not surprised by the "just start calling" advice I am surprised that nobody seemed to think there was any merit to getting some experience on someone else's dime and not flubbing over my own prospects.

Certainly rethinking this strategy.

As always thank you BP Universe for good advice and making me think.

Medium rre logo web rgb w motoShaun Reilly MBA, Reilly Real Estate, LLC | [email protected] | 1‑800‑774‑0737 | http://www.MassHomeSale.com | Podcast Guest on Show #43

Try Mike Ferry Organization.. This is more geared to Realtors but the coaching can tweak your audience. I paid $3900 for 6 months of coaching once a week. It definitely helped in my real estate career. You need thick skin to accept all the "F" bombs and phone slams from the follow ups. Cold Call is certainly not for everyone.

In my opinion it would be better to get a Realtor license and do cold calling vs wholesale cold calling. Especially in markets like Toronto where average housing price is $550,000 and commission checks are normally 5 figures. Not saying you can't make that much wholesaling. 

Hope this helps

Agreed @Hai Loc  Cold Calling can be very tough,,, And Wholesaling in Toronto is a hard way to make a living. 

Mike Ferry's scripts are great many of them can be downloaded for free here. 

http://www.mikeferry.com/main/content/complimentary

@Shaun Reilly  , I've had some experience with cold calling, but for a different startup I was involved in.  The best way to make cold calling easier is to have a script written out, almost like a FAQ sheet.  Practice the script, run over the different questions you or your callers will be asking, and that way you can sound prepared and on top of your game.  As awkward as it sounds, as well, see if you can practice on a friend or family member.

Hope this helps!

Originally posted by @Shaun Reilly :

Thanks for the responses everyone.

While I'm not surprised by the "just start calling" advice I am surprised that nobody seemed to think there was any merit to getting some experience on someone else's dime and not flubbing over my own prospects.

Certainly rethinking this strategy.

As always thank you BP Universe for good advice and making me think.

 Lots of people agree that the phone can be a great place to get cheap business.  I agree with the previous person who stated that the Mike Ferry Organization is good for Real Estate Sales (I was trained by them in their One on One program for 8 years).

However, for the topic of Real Estate Investing, it helps to have some scripts!  You can find Complimentary scripts on the BP Marketplace by clicking here. Those scripts are specifically for wholesalers, by wholesalers and ABOUT wholesaling! FSBO, FRBO, Expired listings, and more! Check it out!

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