5000 calls - only 1 lead?

Member since 2023 · 60 posts · 28 votes

Hi, I am regularly cold calling to get a wholesale deal but I am experiencing extremely low conversion rates and I do not know where I am going wrong at for this to be happening right now. For this month I have worked with a list of 1,000 people, dialed 5000 numbers, and cold called for 20 hours in total and have only gotten 1 lead out of this. The list I used was 600 high equity/vacant's and 400 divorcee's from propstream.

I think the biggest issue is that I am getting so few contacts with the correct property owner that after cold calling for 20 hours and 5000 calls the correct person only picks up 1% of the time. 90% of calls picked up go straight to automated voicemail and even when I connect with the right number, it goes to the owner's voicemail 80% of the time. For my data I use propstream for my lists and early on I also used propstream for my skiptracing for the first 600 people on my list, since then I have used batch skip tracing and i've been getting more contact but the numbers are still low. I call out of state with a Florida number, and call between 9-6pm EST.

The second issue is that for the owners that do pickup very few of them are even willing to sell their house and even hear a cash offer. Only 3 people in 5000 dials were even willing to hear a cash offer and 2 of them just hung up on me and said they weren't interested when I did not give them an offer on the spot.

Can somebody give me some advice on what I should do?

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Eric Gerakos

Investor · Costa Mesa, CA · Member since 2016 · 1k+ posts · 1k+ votes

With all due respect, wholesaling for most people is a huge waste of time and energy. Save your money and buy something. Best of luck to you.

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Eric Gerakos
Investor · Costa Mesa, CA · Member since 2016 · 1k+ posts · 1k+ votes
3y
With all due respect, wholesaling for most people is a huge waste of time and energy. Save your money and buy something. Best of luck to you.
11 Reply
Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
3y
Quote from @Eric Gerakos:

With all due respect, wholesaling for most people is a huge waste of time and energy. Save your money and buy something. Best of luck to you.
I wouldn't say that. The problem is most likely that he is approaching people as a wholesaler. That's not the way to do it. Make an offer as a buyer, then sell the contract. I can't think of any reason why any seller would consider using a wholesaler to sell their property. They would just use an agent.
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Account Closed
Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
3y
Quote from @Mark Weins:

Hi, I am regularly cold calling to get a wholesale deal but I am experiencing extremely low conversion rates

One of the biggest wholesalers in the country, out of Phoenix AZ (where no fewer than 7 extremely large wholesalers are located, who each spend between $50,000 to $100,000 a month on advertising nationally) said that of training 1,000 wholesalers only 200 will ever do a deal (800 never will) and out of the 200 that do a deal only 20 will do more than one deal. (the 180 that did one deal will consider the little income they earn is to cover their training costs and then move on to something else).
It's no different than real estate agents. You're doing basically the same job.

That's just the numbers & reality, I'm not saying whether it's worth it for you or the other thousands of wholesalers who haven't closed a deal to give it a try. But, it's something to take into account.

They report it's about 90 days, full time, before you get the first real deal.

According to many Bigger Pockets Posts from those who have paid the fees, they tend to charge $8,800 for training that makes you feel good and makes you part of a "community". A broke community, but a community nonetheless. A few do a couple of big deals and everyone gets excited, but the money only winds up in the pockets of the very few that do the deals. It's just the way it is.

With that kind of advertising budget they are saying they are spending, the big guys are doing 4 - 6 deals a month nationally with a staff of 8. That's a lot of overhead.

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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
3y
@Mark Weins
20 hours is nothing. I would bet to get your sirst deal it will take around 200+ hours. Even then if you make $10,000 on that deal it’s $50/hr
I agree with other comments about wholesaling, as too many bigger players taking that same list you have and spending 5-6 figures a month
I guarantee the we buy ugly houses has probably called that same list multiple times and marketed to them.
Not saying don’t do wholesaling but having no success after 20 hours I was curious what your expectation was? If you were making $1,000 from a list on Propstream don’t you think everyone would do it?
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Bob S.
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
3y
Quote from @Mark Weins:

Hi, I am regularly cold calling to get a wholesale deal but I am experiencing extremely low conversion rates and I do not know where I am going wrong at for this to be happening right now. For this month I have worked with a list of 1,000 people, dialed 5000 numbers, and cold called for 20 hours in total and have only gotten 1 lead out of this. The list I used was 600 high equity/vacant's and 400 divorcee's from propstream.

I think the biggest issue is that I am getting so few contacts with the correct property owner that after cold calling for 20 hours and 5000 calls the correct person only picks up 1% of the time. 90% of calls picked up go straight to automated voicemail and even when I connect with the right number, it goes to the owner's voicemail 80% of the time. For my data I use propstream for my lists and early on I also used propstream for my skiptracing for the first 600 people on my list, since then I have used batch skip tracing and i've been getting more contact but the numbers are still low. I call out of state with a Florida number, and call between 9-6pm EST.

The second issue is that for the owners that do pickup very few of them are even willing to sell their house and even hear a cash offer. Only 3 people in 5000 dials were even willing to hear a cash offer and 2 of them just hung up on me and said they weren't interested when I did not give them an offer on the spot.

Can somebody give me some advice on what I should do?
July 1-21 KPI's with MojoDialer

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Stop wasting your time. I have done about 500, yes 500 deals in my market, NEVER ONCE cold calling or using a realtor. Its all about your network. I can get as many as I want, I still get 20 a week sent to me. Let others do the work.
All the best,
BTW are YOU offering to buy it OR well I will find you a cash buyer?
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Henry ClarkPro Member
Developer · Member since 2020 · 4k+ posts · 4k+ votes
3y
1. So you're the guy. Pissed off 4,999 people. Stop calling. Why is wholesaling even a REI strategy?
2. Have you looked at different “funnels”?
3. Door to door sales at 17 years old. 1/2is my take. $40 first week, $600 second week, $1,600 third week. This is money to go to college on in three months. Plus to cover rent and food while on the road selling.
Week 1- the reason I was not selling was because people didn’t love me.
Week 2- I was starting to learn my product.
Week 3- was starting to learn people and how to sell in 30 seconds. As I was walking up the front before I knocked on the door, I knew which buttons to push.
Week 4- I learned to love a good “NO”. I prefer people to curse me out and slam the door in my face. I love those people. Learned I was making a sale 1 out of 10 doors. The faster I got a solid “heck NO”, the closer I was to my 1 out of 10 sales. I got tired of being picked up by the police. I’m a nice guy. Construction job was waiting back home.
These few weeks were some of the greatest moments in my life.
Don’t offer to buy their house. Offer them solutions.
Get several sales funnels.
We are in self storage. Get calls, mailers and emails all the time. What pisses me off is not the call. It’s them not knowing anything about me or my site. The laziness of their effort. The waste of my time because they don’t invest their time.
If I was in the buy mode. I would make an offer up front, good for 3 days. Subject to. I would call them again in 6 months and keep calling and preferably stopping by personally.

Don’t make 5,000 calls. Make 20 specific calls per day. Mainly on the weekend.

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Mark Weins
OP
Member since 2023 · 60 posts · 28 votes
3y
@Chris Seveney
I know 20 hours is not much, but I am using the 5000 dials as baseline data and I feel like it's enough calls to know if I am doing something wrong which seems to be the current issue with contacts.
I don't mind if it takes me 3 months or 200+ hours to get my first deal. All that matters to me is that I get it no matter how long it takes and that I am doing things properly. I also agree with you that the list I use seems to have been called multiple times by big players but i'm not sure if that's something I can change as I can only do virtual wholesaling in the US.
I guess my expectation is to have similar kpi's that I have researched online for cold calling but I just don't know why my contact rate specifically is so low, I am not connecting with the owner of the property when I am cold calling at the moment and it is killing my ability to generate leads if I cannot talk to the owners at all. The KPI for connects should be 7-10% for me it's 1% currently. My other expectation is to just have an idea of how much I need to spend on a list and what size it should be to get my first deal, I don't mind putting in 200+ hours but for me skiptracing is the most expensive part of the business and I am aiming to get my first deal in 3 months by using a list of 6000 foreclosures. This is my current budget and I want to know if a list of 6000 foreclosures would be enough to get me my first deal

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Mark Weins
OP
Member since 2023 · 60 posts · 28 votes
3y
@Henry Clark
Thanks for responding I greatly appreciate the advice. I'm definitely using cold calling to hone my abilities as a salesman and closer and I hope I get better with every cold call. I think it's amazing it took you only 4 weeks to learn sales like that at 17. I think I need at least 1-2 months to become fully competent at both cold calling and closing.
The problem I have right now is despite 5000 calls I have only been able to talk to the owners of property 50 times. This means it's taking me 100 calls to talk to one correct number on my list and it's completely killing me if I have to "door knock" 100 times to talk to one correct person. I am using propstream for all the lists I am pulling and batch skip tracing for my leads and I have no idea why my contact rate is so low. And even with the 4-5 people that did want to sell their house it was either they were renovating it, were an agent themself, lived with someone else who did not want to sell the house, and 2 were tire kickers. I think I can seriously improve my # of leads by focusing on pre-foreclosures but for some reason I am only able to contact the correct property owner 1% of the time. It's driving me crazy!
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
3y
Quote from @Mark Weins:

@Chris Seveney
I know 20 hours is not much, but I am using the 5000 dials as baseline data and I feel like it's enough calls to know if I am doing something wrong which seems to be the current issue with contacts.
I don't mind if it takes me 3 months or 200+ hours to get my first deal. All that matters to me is that I get it no matter how long it takes and that I am doing things properly. I also agree with you that the list I use seems to have been called multiple times by big players but i'm not sure if that's something I can change as I can only do virtual wholesaling in the US.
I guess my expectation is to have similar kpi's that I have researched online for cold calling but I just don't know why my contact rate specifically is so low, I am not connecting with the owner of the property when I am cold calling at the moment and it is killing my ability to generate leads if I cannot talk to the owners at all. The KPI for connects should be 7-10% for me it's 1% currently. My other expectation is to just have an idea of how much I need to spend on a list and what size it should be to get my first deal, I don't mind putting in 200+ hours but for me skiptracing is the most expensive part of the business and I am aiming to get my first deal in 3 months by using a list of 6000 foreclosures. This is my current budget and I want to know if a list of 6000 foreclosures would be enough to get me my first deal

ya know if you were a commercial or even a retail RE agent that amount of work would have landed you a listing or two and that's a career you could build on. if your willing to make the calls you can make bank in as a commercial broker far more than you ever will trying to hit such a small market IE fsbo distressed asset purchases.. Just sayin I see so many people think wholesaling is the way to earn fast bucks etc.. and just skip over 90% of what really happens in real estate transactions.
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Account Closed
Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
3y
Quote from @Mark Weins:

@Chris Seveney
I know 20 hours is not much, but I am using the 5000 dials as baseline data and I feel like it's enough calls to know if I am doing something wrong which seems to be the current issue with contacts.
I don't mind if it takes me 3 months or 200+ hours to get my first deal. All that matters to me is that I get it no matter how long it takes and that I am doing things properly. I also agree with you that the list I use seems to have been called multiple times by big players but i'm not sure if that's something I can change as I can only do virtual wholesaling in the US.
I guess my expectation is to have similar kpi's that I have researched online for cold calling but I just don't know why my contact rate specifically is so low, I am not connecting with the owner of the property when I am cold calling at the moment and it is killing my ability to generate leads if I cannot talk to the owners at all. The KPI for connects should be 7-10% for me it's 1% currently. My other expectation is to just have an idea of how much I need to spend on a list and what size it should be to get my first deal, I don't mind putting in 200+ hours but for me skiptracing is the most expensive part of the business and I am aiming to get my first deal in 3 months by using a list of 6000 foreclosures. This is my current budget and I want to know if a list of 6000 foreclosures would be enough to get me my first deal

I got my start with foreclosures (a sale date had been advertised). I mailed and door knocked and made my first million doing that. It was work though. Phone calling didn't net me any business.

Your comment: "This is my current budget and I want to know if a list of 6000 foreclosures would be enough to get me my first deal"

How sure are you about how current the list is?
Each state has a different way that processes foreclosures. You need to know for each state you want to work in, what the borrower's and bank's options are in what timeframe. Most are handled through loan modifications with the bank. Some are able to bring their loan current. Some sell rather than go through foreclosure. Some simply hand the keys to the bank.

Here is the secret sauce: The borrower only responds when it's within a week or two of the sale. That's right. Right up at the end. That is when the pressure is greatest.

If they are in pre-foreclosure (before the sale date has been set) they usually believe they will find a way out. Also, keep in mind, they are behind on all of their other bills as well. They are tired of getting collection phone calls so they don't pick up the phone if they don't recognize the number.
2 Reply
Henry ClarkPro Member
Developer · Member since 2020 · 4k+ posts · 4k+ votes
3y
I don’t believe in wholesaling. I do like puzzles and success.
Your calling Divorcees versus deaths.
Have you talked with divorced people? Know your targets.
In a divorce who normally gets the house? Who normally gets the kids? The one with or without the house?

Who normally dies first? Husband or wife? Usually husband. Who normally takes care of the house physically? Husband. Des the wife really want to keep up the big house and yard?

Which target is better?
GIS property tax records. Are you calling everyone that is at least 3 months past due on their property taxes?

My point is review your funnels.
1 Reply
Adrian Pedraza
Los Angeles, CA · Member since 2023 · 6 posts · 4 votes
3y
Quote from @Mark Weins:

Hi, I am regularly cold calling to get a wholesale deal but I am experiencing extremely low conversion rates and I do not know where I am going wrong at for this to be happening right now. For this month I have worked with a list of 1,000 people, dialed 5000 numbers, and cold called for 20 hours in total and have only gotten 1 lead out of this. The list I used was 600 high equity/vacant's and 400 divorcee's from propstream.

I think the biggest issue is that I am getting so few contacts with the correct property owner that after cold calling for 20 hours and 5000 calls the correct person only picks up 1% of the time. 90% of calls picked up go straight to automated voicemail and even when I connect with the right number, it goes to the owner's voicemail 80% of the time. For my data I use propstream for my lists and early on I also used propstream for my skiptracing for the first 600 people on my list, since then I have used batch skip tracing and i've been getting more contact but the numbers are still low. I call out of state with a Florida number, and call between 9-6pm EST.

The second issue is that for the owners that do pickup very few of them are even willing to sell their house and even hear a cash offer. Only 3 people in 5000 dials were even willing to hear a cash offer and 2 of them just hung up on me and said they weren't interested when I did not give them an offer on the spot.

Can somebody give me some advice on what I should do?
July 1-21 KPI's with MojoDialer

Comparison KPI

You're better off making calls and building relationships with agents who are doing deals in the area you're looking to buy. Cold calling unmotivated sellers is a waste of time and just annoys people.
3 Reply
Henry ClarkPro Member
Developer · Member since 2020 · 4k+ posts · 4k+ votes
3y
I don’t believe in wholesaling.

I believe in making money.

I’m sure someone out there has made a $1mm wholesaling but they are the rarity.

Curious how did you pick wholesaling out of all the strategies?

2 Reply
Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
3y
Quote from @Mark Weins:

@Chris Seveney
I know 20 hours is not much, but I am using the 5000 dials as baseline data and I feel like it's enough calls to know if I am doing something wrong which seems to be the current issue with contacts.
I don't mind if it takes me 3 months or 200+ hours to get my first deal. All that matters to me is that I get it no matter how long it takes and that I am doing things properly. I also agree with you that the list I use seems to have been called multiple times by big players but i'm not sure if that's something I can change as I can only do virtual wholesaling in the US.
I guess my expectation is to have similar kpi's that I have researched online for cold calling but I just don't know why my contact rate specifically is so low, I am not connecting with the owner of the property when I am cold calling at the moment and it is killing my ability to generate leads if I cannot talk to the owners at all. The KPI for connects should be 7-10% for me it's 1% currently. My other expectation is to just have an idea of how much I need to spend on a list and what size it should be to get my first deal, I don't mind putting in 200+ hours but for me skiptracing is the most expensive part of the business and I am aiming to get my first deal in 3 months by using a list of 6000 foreclosures. This is my current budget and I want to know if a list of 6000 foreclosures would be enough to get me my first deal

Better to work smart than to work hard.
0 Reply
Erin ChurchPro Member
Real Estate Agent · North Augusta, SC · Member since 2017 · 254 posts · 233 votes
3y
@Joe Villeneuve
Plenty of reasons folks wholesale - house needs too much work, they don’t want to clean it out/it has bad memories, has tenants that aren’t ideal, they need cash fast, they need cash before sale to get moved… there are lots of reasons that a cash deal is the way a seller may need to go.
1 Reply
Scott Mac
Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
3y
Maybe you are not a skilled closer.
[OR] Maybe the list has a lot of dead wood.
0 Reply
Kerry Noble JrPro Member
Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
3y
What type of List are you calling?
0 Reply
Todd Jones
Member since 2023 · 243 posts · 199 votes
3y
I believe I know why this is occurring. It's about perspective.
1) Almost all are going to VM?
The number(s) used to call (especially if it's by a service) may have been marked as “Spam Risk” by the telephone company’s algorithm (e.g, 100s of calls in 1 hour either in spikes or consistently, recipients reporting it). Once it shows up as “Spam Risk” on their smart phone, folks will have it go to VM.

2) When they pick up, how is your approach? Do you introduce yourself and get to the point in a nice way? I have one property in a very hot flipper area. I used to receive multiple calls. The calls/texts I get are mostly ridiculously unprofessional with either no name given or a fake name just to grab my attention so I respond.

Seller 1st text: “how’s it going with the place. Going to be done?”
At this point, I ignore. I rarely text (rarely): “Who is this?”
Seller: “I’m a buyer from Capital Growth. Thinking of selling your property?”
Me: "Please remove this number from your list".

3) Like others said, other folks use Mojodialer and Propstream. Owners receive multiple calls from folks who aren't as nice, calling them out the blue while they're busy or under stress. They are basically asked if they want to sell their place for pennies and an Applebees coupon.
4) Got hang ups when they answer?
If you're filtering MojoDial / Propstream's data but does it indicate if its their primary residence? For divorcees, giving up on their home may be the last thing they want. They get a call out the blue saying "Hey interested in selling?" Dude, I'm going through a lot already, you think I want to be homeless?! Filtering on high equity? They're almost done. They're going to start over at these interest rates. However, filtering on vacants still makes sense.

Summary:
In the 90s/early 2000s, cold calling worked (e.g., Glengarry Glen Ross, Boiler Room). Then, we got brutal spammers who just don't care and robocalls. You may be a good person but your cold calling is basically viewed as one of them. Technology and regulations are trying to combat them. I know older bigger pockets videos pushed this but no...

Like others have said, go to the meetups not to get to know people but for people to get to know you. More and more, they will send deals your way.
1 Reply
Erik EstradaBusiness Member
Lender · Member since 2022 · 6k+ posts · 1k+ votes
3y
I think what happens, is you come from a disempowered state and you turn a lot of people off. Act like the buyer, ask the questions. This will get people to open up to you because you sound like a serious buyer.
It happened to me when I started my career as a mortgage broker. When you act from a disempowered state, people won't respect you as a professional. Now I set the tone, ask the questions, and see if this person is even qualified or not.
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Wale LawalBusiness Member
Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
3y
@Mark Weins
Wholesaling Real Estate is not for everyone.
Study and understand your DISC profile and emotional intelligence then act accordingly.
For some people, all they need to do is to start with Househacking but they always want to chase every single strategies out there without understanding themselves and personality type first.
If wholesaling business model suit your personality type then all you have to do is to refine your list and focus in a niche list...The money is in the niches.
Goodluck and keep us posted on your real estate investing journey.
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Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
3y
Quote from @Erin Church:

@Joe Villeneuve
Plenty of reasons folks wholesale - house needs too much work, they don’t want to clean it out/it has bad memories, has tenants that aren’t ideal, they need cash fast, they need cash before sale to get moved… there are lots of reasons that a cash deal is the way a seller may need to go.
Why did you direct this statement to me. Don't see what this has to do with anything I said. Sorry.
0 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
3y
Quote from @Account Closed:

Quote from @Mark Weins:

@Chris Seveney
I know 20 hours is not much, but I am using the 5000 dials as baseline data and I feel like it's enough calls to know if I am doing something wrong which seems to be the current issue with contacts.
I don't mind if it takes me 3 months or 200+ hours to get my first deal. All that matters to me is that I get it no matter how long it takes and that I am doing things properly. I also agree with you that the list I use seems to have been called multiple times by big players but i'm not sure if that's something I can change as I can only do virtual wholesaling in the US.
I guess my expectation is to have similar kpi's that I have researched online for cold calling but I just don't know why my contact rate specifically is so low, I am not connecting with the owner of the property when I am cold calling at the moment and it is killing my ability to generate leads if I cannot talk to the owners at all. The KPI for connects should be 7-10% for me it's 1% currently. My other expectation is to just have an idea of how much I need to spend on a list and what size it should be to get my first deal, I don't mind putting in 200+ hours but for me skiptracing is the most expensive part of the business and I am aiming to get my first deal in 3 months by using a list of 6000 foreclosures. This is my current budget and I want to know if a list of 6000 foreclosures would be enough to get me my first deal

I got my start with foreclosures (a sale date had been advertised). I mailed and door knocked and made my first million doing that. It was work though. Phone calling didn't net me any business.

Your comment: "This is my current budget and I want to know if a list of 6000 foreclosures would be enough to get me my first deal"

How sure are you about how current the list is?
Each state has a different way that processes foreclosures. You need to know for each state you want to work in, what the borrower's and bank's options are in what timeframe. Most are handled through loan modifications with the bank. Some are able to bring their loan current. Some sell rather than go through foreclosure. Some simply hand the keys to the bank.

Here is the secret sauce: The borrower only responds when it's within a week or two of the sale. That's right. Right up at the end. That is when the pressure is greatest.

If they are in pre-foreclosure (before the sale date has been set) they usually believe they will find a way out. Also, keep in mind, they are behind on all of their other bills as well. They are tired of getting collection phone calls so they don't pick up the phone if they don't recognize the number.

MIke your pre foreclosure work and mine are exactly the same.. We never contacted a pre forclosure until 2 weeks from the sale. It was ALL door knocking No calls no letters knock on the door. As you know this required a very particular set of skills to be successful. I think also since we worked in the same markets IE WA OR and some CA at least those were my markets. the foreclosure process allowed this type of last minute rescues to take place. There is absolutely no question someone in foreclosure is in a state of denial big time. They think something is going to happen to rescue them rich uncle sell the boat etc etc then the next thing you know its Monday and the sale is Friday thats when we would land our deals.

Those skills included being able to read title yourself. Or in my case and maybe yours title company customer service would do a verbal date down for us.. ( some risk in missing something but not a huge risk) you need cash no loans are going to work . You need to have the trustee's and who ever is handling the file on speed dial.. you need to get written permission from owner to contact their mortgage company so in person meeting is mandatory to walk them through the process. Then you need to be able to bring your cashiers check to the foreclosure trustee usually the day before the sale or make arrangements with the trustee that will allow you to hand it to the sale cryer but that can have some risks. Then you need to deal with the owners in a hold over situation because they are not going to leave in that short of time. For us being based out of PDX we have couriers that would drive the checks to the Seattle trustees ( many were based there ) . If you can do all that this is how you get the best deal and you see the disappointed faces at the trustee sale when the cryer announces that XYZ address has been removed from the sale. Post acquiring the asset you need not only the money to bring it current and what your going to pay the seller for equity but to make the payments with no income coming in ( unless your doing a rent back) and foreclosure rescue rent back became illegal in OR and WA around 2007 ish.. But those were the killer deals. In my experience rent backs lasted from first rent default to maybe 18 months then you were in eviction court. So you need funds to pay debt service while not getting any rent. Now multiply that by a lot of houses and you can see even sub too foreclosure rescue to do right you need minimum 100s of thousands to millions of dollars in cash to make it work.. can U do one or so sure.. but a ton of work just to capture some equity.. in our case it was either make a business out of it and do volume or just pass on it.. VERY hard work and I cant even imagine doing it would some staff.. I had a full time person following every NOD in our market and working with customer service literally daily, and I had 3 sets of two door knockers Male female there job was to set up final appointments for me to close the deal and hand over the equity check. But Hey for 5k I will gladly train anyone on how to do it LOL
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
3y
Quote from @Todd Jones:

I believe I know why this is occurring. It's about perspective.
1) Almost all are going to VM?
The number(s) used to call (especially if it's by a service) may have been marked as “Spam Risk” by the telephone company’s algorithm (e.g, 100s of calls in 1 hour either in spikes or consistently, recipients reporting it). Once it shows up as “Spam Risk” on their smart phone, folks will have it go to VM.

2) When they pick up, how is your approach? Do you introduce yourself and get to the point in a nice way? I have one property in a very hot flipper area. I used to receive multiple calls. The calls/texts I get are mostly ridiculously unprofessional with either no name given or a fake name just to grab my attention so I respond.

Seller 1st text: “how’s it going with the place. Going to be done?”
At this point, I ignore. I rarely text (rarely): “Who is this?”
Seller: “I’m a buyer from Capital Growth. Thinking of selling your property?”
Me: "Please remove this number from your list".

3) Like others said, other folks use Mojodialer and Propstream. Owners receive multiple calls from folks who aren't as nice, calling them out the blue while they're busy or under stress. They are basically asked if they want to sell their place for pennies and an Applebees coupon.
4) Got hang ups when they answer?
If you're filtering MojoDial / Propstream's data but does it indicate if its their primary residence? For divorcees, giving up on their home may be the last thing they want. They get a call out the blue saying "Hey interested in selling?" Dude, I'm going through a lot already, you think I want to be homeless?! Filtering on high equity? They're almost done. They're going to start over at these interest rates. However, filtering on vacants still makes sense.

Summary:
In the 90s/early 2000s, cold calling worked (e.g., Glengarry Glen Ross, Boiler Room). Then, we got brutal spammers who just don't care and robocalls. You may be a good person but your cold calling is basically viewed as one of them. Technology and regulations are trying to combat them. I know older bigger pockets videos pushed this but no...

Like others have said, go to the meetups not to get to know people but for people to get to know you. More and more, they will send deals your way.

I grew up in my early career selling land like my dad did it was all Glengarry Glen Ross highly recommend that movie as its exactly how the industry worked and still works in many ways.

When I started in the land and timber business in 92 in OR WA I created my own data base of every private land owner with 10acres of visible timber ( via county photo records). Between Oregon border and about half way to Seattle on the I 5 corridor. Then reverse directory them. Once that was done ( took about 8 months of having a person in every court house with a lap top) We then called them from my office I had 2 to 3 callers generally and we went through those 10k leads for about 7 plus years.. And frankly we did quite well with that very specific list. And folks in those days especially in rural areas were not trademarked like urban areas and were very amenable to the calls..

now a days its a stain.. between hotels the guys from India Bangladesh who say they are with the govmit and then the phillipino ladies working for the wholesalers its just too much. You need massive call volume to get any kind of lead production.
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Caroline Gerardo
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
3y
Twenty hours is no effort. Spreadsheet is worthless. Your targets are people all over the spectrum and each needs something different.

What do you offer in your first sentence? How is your voice? Do you connect like a person who cares? Have a sales expert listen to your first sentence with the ears of your target.

You are in a arena where you need to make 10000 calls where you speak to a live person to get good. Think about the persons who answered who are not even the owner how can you serve them?
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Matthew Irish-JonesBusiness Member
Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
3y
@Mark Weins you should trust the numbers. It’s a waste of time.
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