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?

July 1-21 KPI's with MojoDialer

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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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Aron Trav
Member since 2023 · 7 posts · 3 votes
3y
Quote from @Joe Villeneuve:

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.

Don’t call. Send a letter with a cash offer.

I got a call in the middle of my work and I had to discard 30 minutes of work and leave it to answer the phone because I was waiting for an important call. It was a wholesaler call. I would call after 5 pm.

1 Reply
Henry ClarkPro Member
Developer · Member since 2020 · 4k+ posts · 4k+ votes
3y
Ok. Are you ready to look at new REI strategies? New funnels?
Make a new post in the commercial section. Call it. I want to be a millionaire. Put @my name so I find it. And post.
Or
Take the 5,000 years of experience above and take another shot at wholesaling.
5 years from now where do you want to have lunch? And will it be lobster on a beach? Key is pick a life target or REI metric and build a path to it.

Start small and Make Your Big Mistakes Early.
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Account Closed
Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
3y
Quote from @Jay Hinrichs:

Quote from @Account Closed:

Quote from @Mark Weins:

@Chris Seveney
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.

Very, very similar process.

I'd get the list from the Daily Journal of Commerce, where almost all foreclosures were posted with all the details including arrears and Northwest Trustee in Bellevue would sell me a copy of their foreclosure Prelim for $20.

Once at someone's house, I would collect all the letters and postcards people got and sometimes they saved them and it filled a shoe box. I could figure out when each investor sent out their mailer from the postage date, what type of mailer they sent, some were pretty poorly designed, and how many times they sent it. And yet the people sold to me. I was in their house, in person at the right time. A real person.

They could have all their questions answered and I didn't rush. It's a big decision for them and you have to have everybody that is on title there. I had been a loan officer focusing on foreclosure refinances (using Washington Mutual, New Century, Option One, One Stop and so on) so I knew loss mit and who to talk to, to get a postponement if needed, so we could close. Theose banks all would do bailout loans, @ 14% interest, until they all went bust) :-) and voila, enter the great recession. I bought 2 expensive houses (Subject To) in Seattle just a few days before 911. Yeah, 9/11/2001 that 911. Boy did that turn the market crazy really fast for a while.

These were all bought Subject To. I always set up my purchases as a split payment. I'd take care of the arrears and pay the seller enough of their equity for them to get into another place and the second payment was for 30 days later. If they got out of the property as agreed, they got the second payment. If I had to evict, they would forfeit that second payment. They always wanted that second amount and I never had to evict.

Things are very different now and I would have to make several adjustments to stay compliant with the changes they made to the laws. Plus currently, there are far fewer foreclosures. It should grow back into big numbers eventually, but I think most banks are being fairly lenient doing loan mods. In the day, banks lost on average about $50,000 on each house they took back as REO.
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Mark Weins
OP
Member since 2023 · 60 posts · 28 votes
3y
Thank you for your responses @Account Closed, I greatly appreciate them.
@Mike Hern I want to focus on pre-foreclosures for my lists because I think they are the most highly motivated list available for me to prospect. I agree with you that door knocking and mailing would be the most effective when targeting pre-foreclosures but that is not possible for me right now and I can only rely on cold calling. I cannot come in last minute and save a pre-foreclosure before it's auctioned as I can't buy the property myself yet and I need 3-4 weeks to wholesale it. What I can make up for in this is following a good process and trying to solve my seller's problem more then other wholesalers and be more persistent in cold calling. I know that this may not be ideal but do you have any recommendations for me in this situation where I am only able to cold call pre-foreclosures? I am 100% focused on getting my first wholesale deal and i'm fine with spending 200+ hours getting it but I can only invest 3k right now into my marketing and i can only cold call.

@Henry Clark I chose wholesaling after researching Real Estate and realizing REI is the absolute key to financial freedom and it's what I want to dedicate my life to. I picked wholesaling as my first buisness because there was so much online education available, it seemed like a proven buisness model with good margins, and I feel like if i spent 1-2 years building a wholesale buisness I could make money every year from it and use it as a future source of leads for house flipping once I have capital. My thinking is wholesaling is an automatable business where I learn to build systems for future REI businesses and I can re-invest all my earnings from my first deal into hiring VA's for cold calling and eventually an acquisition manager into creating a wholesaling buisness that can generate 1-2 deals a month so I can earn enough to re-invest in flips.
My goal in life is to have a 7-8 figure net worth when I retire, and I would love to learn about REI strategy's and new funnels from you. I created the post in commercial and I would love to learn from you.
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Jordan Woolf
Flipper/Rehabber · Huntsville, AL · Member since 2019 · 117 posts · 57 votes
3y
@Mark Weins change up your list. You are using the same list as everyone else and you are wasting your time.
Do the stuff that others are not doing like driving for dollars. Even something as simple as not using mainstream data providers could help. Just try changing it up because everyone else is going to propstream, pulling a list, and calling just like you are.
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Account Closed
Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
3y
Quote from @Mark Weins:

Thank you for your responses @Account Closed, @Henry Clark, I greatly appreciate them.
@Mike Hern I want to focus on pre-foreclosures for my lists because I think they are the most highly motivated list available for me to prospect. I agree with you that door knocking and mailing would be the most effective when targeting pre-foreclosures but that is not possible for me right now and I can only rely on cold calling. I cannot come in last minute and save a pre-foreclosure before it's auctioned as I can't buy the property myself yet and I need 3-4 weeks to wholesale it. What I can make up for in this is following a good process and trying to solve my seller's problem more then other wholesalers and be more persistent in cold calling. I know that this may not be ideal but do you have any recommendations for me in this situation where I am only able to cold call pre-foreclosures? I am 100% focused on getting my first wholesale deal and i'm fine with spending 200+ hours getting it but I can only invest 3k right now into my marketing and i can only cold call.

@Henry Clark I chose wholesaling after researching Real Estate and realizing REI is the absolute key to financial freedom and it's what I want to dedicate my life to. I picked wholesaling as my first buisness because there was so much online education available, it seemed like a proven buisness model with good margins, and I feel like if i spent 1-2 years building a wholesale buisness I could make money every year from it and use it as a future source of leads for house flipping once I have capital. My thinking is wholesaling is an automatable business where I learn to build systems for future REI businesses and I can re-invest all my earnings from my first deal into hiring VA's for cold calling and eventually an acquisition manager into creating a wholesaling buisness that can generate 1-2 deals a month so I can earn enough to re-invest in flips.
My goal in life is to have a 7-8 figure net worth when I retire, and I would love to learn about REI strategy's and new funnels from you. I created the post in commercial and I would love to learn from you.
I can't add any more than what I previously posted in the 3rd or 4th post of this thread.
1 Reply
Mark Weins
OP
Member since 2023 · 60 posts · 28 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.

Thank you for your responses and helping me out.

@Todd Jones your first point is exactly what i'm experiencing with many of my calls right now, most of my pickups go straight to an automatic voicemail and i'm using Mojodialer and calling 200+ number per hour. I think you are 100% correct that my number might be flagged for spam risk right now and I am double checking it and and switching to using fresh numbers so that it will improve my contact % and not go to voicemail all the time. For my approach I am currently trying out different scripts and tonalities so it's still a work in progress. I generally have a nice attitude but my delivery isn't very consistent right now and I think I need a bit more practice to get better at it. For your last point I need to double check my propstream filters to see if I am calling the owner of primary residence's but my line of thinking is that even if it's a divorcee's primary residence, most people only own 1 house and that house needs to be liquidated so money can be split between 2 divorcees evenly hence the motivation to sell the property.

@Kerry Noble Jr For July my list is 600 high equity/vacant's in Birmingham and Dayton, the other 400 is a divorcee list. For August i'm planning on calling a list of 2000 high equity/notice of default pulled from propstream skiptraced through batchleads

@Erik Estrada I agree with that being empowered, guiding the seller through your process, and having confidence in delivery is all key to success for us. I am slowly getting more confidence on the phone after every call and I think it will take me a while to learn and become consistently good when i talk to sellers

@Wale Lawal Do you have any recommendations for the most motivated niche list to cold call?

@Account Closed I 100% believe that your strategy of using direct mail and door knocking for pre-foreclosures that already have an auction date set is extremely effective. However for my marketing and capital situation, I can only cold call pre-foreclosures and can't physically door-knock pre-foreclosures addresses. The other thing is that i'm unable to buy pre-foreclosure properties myself on short notice as I do not have the capital currently myself and need to find a buyer which takes 3-4 weeks. Right now I feel that I would need to rely on volume and a high number of follow ups for cold calling pre-foreclosures to be successful, I know both of you are not recommending me to rely on cold calling but my marketing is only cold calling and I think it's either pre-foreclosures or pre-probates are the absolute most motivated sellers I can reach. I do not care about how many hours I need to spend but my marketing is only cold calling right now and my budget is 3k. Do you have any recommendations for me in my situation? I believe that pre-foreclosure's are currently the absolute best in terms of motivated sellers and high converting prospects.

1 Reply
Brandon Eshleman
Wholesaler · Vancouver Wa · Member since 2023 · 1 post · 0 votes
3y
Quote from @Bob S.:

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

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?

How are you able to do those 500 without cold calling or realtors? What kind of network does someone need?
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Eliott Elias
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
3y
Your issue is the quality of your caller and scripts. Get your systems and processes down. Someone with more experience would be able to generate more leads from the same list you called.
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Charles East
Rental Property Investor · Augusta, GA · Member since 2018 · 58 posts · 51 votes
3y
I wholeheartedly endorse all wholesalers continue to call random phone numbers for 10-12 hours a day. Keep calling day after day after day, even after the owner has told you they don’t want to sell.
Additionally, wholesaler should spend all of their time calling people that have no reason to sell. I suggest all wholesalers do zero research on properties spend all their time calling owner off of some list they paid for.
I don’t get enough phone calls from wholesalers that don’t know **** about my properties, **** about my market or **** about real estate. But please piss away a few thousand more dollars on a some course or list of numbers to dial. It’s all entertainment to me.

2 Reply
Charles East
Rental Property Investor · Augusta, GA · Member since 2018 · 58 posts · 51 votes
3y
Quote from @Eliott Elias:

Your issue is the quality of your caller and scripts. Get your systems and processes down. Someone with more experience would be able to generate more leads from the same list you called.
It’s totally the script. I’ll hire Francis Ford Coppola to write me a script and Basil Rathbon to call and cha-ching wholesaling millions. Keep calling the same owners over and over and over, eventually they’ll break down and want to sell for below market value for no reason.

/sarc
1 Reply
Tyrone Green
Investor · Boise, ID · Member since 2020 · 11 posts · 6 votes
3y
@Mark Weins
#1- Stop wasting money on lists
So you bought a list off of Propstream. That’s great, so did thousands of other folks.
Put yourself in the homeowner’s shoes- if you were getting spammed on the daily with real estate calls wouldn’t you be kind of..annoyed?
You have screenshots of your metrics but it’s difficult to peel back the layers to your questions without knowing what your scripting is like, offer template, etc.
Also, what kind of value are you looking to add to a homeowner? Wholesaling is not dead as some other folks here are saying however your methods are just outdated.
1 Reply
Todd Jones
Member since 2023 · 243 posts · 199 votes
3y
Me: “Telco companies use an algorithm to catch spammers such as if they call +100 times in spike or consistently.”
Reply: “Good point… I’ll get new fresh numbers then. I’m calling 200/hr now.”
Whoa. I kinda didn’t see that response coming.
The algorithm will just stop your new numbers as well. What others are trying to say is being more sophisticated in spamming isn’t the right approach.

If the divorced couple sell the home, where will they live? Could they both afford a new home after a costly divorce w/a higher home price+higher interest rates? One spouse takes the home and the other rents out an apartment.
1 Reply
John MorganPro Member
Rental Property Investor · Grand Prairie, TX · Member since 2018 · 2k+ posts · 2k+ votes
3y
@Mark Weins
I get on average 20 calls or texts per week from wholesalers. It used to be only 10 calls a week a couple years ago. And it was only a few calls per week not long ago. I think every guru in America tells people they will get rich off wholesaling and sell them their $399 course on how to do it. So everyone is doing it and every landlord gets bombarded every day multiple times from wholesalers bugging them about buying their house for 50% of its value. My wife and daughter get calls and texts all the time from them. My 90 year old dad who lives in another state and can hardly hear keeps getting calls from these people wanting to buy my rentals for peanuts. It gets old. I’d look into buying and holding. But be prepared for 10,000 wholesalers calling you about it when you own a rental. Lol
1 Reply
Corby GoadeBusiness Member
Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
3y
Quote from @Jay Hinrichs:

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.

This is excellent advice. If you have the grit to be an excellent wholesaler, you'd probably make more money faster as an agent anyhow. There are billion dollar industries set up just to help agents market and be successful- marketing agencies, RE brokerages, education, title companies, etc, etc, there's barely anything like that for wholesalers.
1 Reply
Bob S.
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
3y
Quote from @Brandon Eshleman:

Quote from @Bob S.:

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

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?

How are you able to do those 500 without cold calling or realtors? What kind of network does someone need?

Realtors do not have the deals I find them useless/ My network is full of dozens of wholesalers, attorneys, and title companies. I woke up this morning to two 4 units that will have about 20% net caps..... Going to see them this morning. Everyone is looking for MF in ,my market, there is just little to zero inventory, yet I woke up to two. Again just go to the local forums.
All the best
0 Reply
Kyler B.
Member since 2020 · 38 posts · 9 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

Two things that pop out to me:
1. You need to look at finding a differentiated list - try propspector.ai. You're likely calling a list that has already been targeted by people who have more experience and $$ than you.
2. You need to automate as much of your work as possible. Really think about your process, and see what can be automated. Some of the best wholesalers I know, have automated a so much of their processes to run their businesses that they only speak to qualified sellers.
0 Reply
Josh Milewski
New to Real Estate · Jonesboro, AR · Member since 2023 · 61 posts · 13 votes
3y
Considering all the advice from people with much more experience than me I won't try to critique your current process, simply offer an alternative. It seems you know the strategy you want to do, and have limited ability to try other strategies, but your experience is hindering your ability to be successful. Your posts suggest you're willing to do the work you just don't have the Capitol. In many of the podcast episodes they talk about the value of finding a mentor but you need to bring value to the table don't just pick a random person and say surprise you're my mentor. So my suggestion would be to find someone in your area that's doing what you want to do. Find a way to add value to their business (possibly by cold calling for them?) In exchange for learning how to do it. How you get compensated for your time is up to you but if you go into it demandingly I doubt anyone would take your offer.
0 Reply
Crystal SmithPro Member
Moderator
Real Estate Broker · Chicago, IL · Member since 2014 · 2k+ posts · 1k+ 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

I'm reticent to jump into this thread with advice but...... I'm an investor, a realtor & have done a few wholesale deals in my career. My first reaction- I never answer a call from an unknown number unless they are calling my business line and my regular number is set up to automatically send "SPAM" calls to voice mail. I suspect 99% of the US population is like me, which is the answer to your statistic: "the correct person only picks up 1% of the time". Also whether you know it or not your phone has most likely been flagged by the phone company as a spammer and if you called either my business or regular phone my phone would not ring and your call would go right to voice mail. (I may be wrong but...)

My advice. Right now you are totally dependent on one marketing strategy for your leads, and while you say you can't afford to do more than cold calling, you may need to figure out how to incorporate other strategies. For example, while you may not want to invest in direct mail to 5000, for the 3 people that did pick up, we would have sent them a direct mail with multiple options to purchase their property. They would then be in our system for a monthly follow-up via voice mail. Keyword- System. Relying on only one strategy and you'll be out of the business very soon

2. I'm not familiar with PropStream but if possible I'd establish an automated workflow

312-681-7487
0 Reply
Lewis Christman
Financial Advisor · Macungie, PA · Member since 2017 · 68 posts · 26 votes
3y
I have one property and I get some unsolicited texts (those really do bother me) and some letters in the mail. 1. I'm not interested in selling (so no response). 2 I'm really not interested in selling if they want to lowball me (I want market rates which means your cashflow will not be good (so no response)). 3 All the letters are written as if I'm a irresponsible owner and the property is in rough repair (granted it needs a paint job and that will be done soon). 4 If you're not programed into my phone as a contact you WILL go to voicemail (see 1 and 2 as to why there is no response). I would imagine wholesaling or trying to get that low price "great" deal is extremely tough in this market.
0 Reply
James Hamling
Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes
3y
Ok, look, I am gonna cut through all this BS with a Light-Saber....

The UNIVERSAL, FUNDAMENTAL, LAW of business is: Solve-A-Problem.

@Mark Weins, exactly what problem are you "solving"?
People who "need" to sell there home as-is? Really? Is there a "problem" to solve there? With the 4,827 other persons and companies offering "solutions" for that? With the Redfin's and Opendoors of the world chasing that pony? With Blackrock offering to buy those homes as-is top of market price.....
What PROBELM are you solving? With all your calls and lists, what VALUE are you delivering?
NONE....
That is the unfiltered, zero-BS, direct FACTS and TRUTH of it, and why your floundering. Because your business plan is manure. This is why countless THOUSANDS right at this exact same minute are doing the exact same thing, making a bunch of $ for a list seller, a guru program, a dialer, but DIDDLY-SQUAT for themselves.
Your the product Mark, you are the profit center, you drank the cool-aid to make yourself other's pay-check.
Do you know who the BEST wholesalers are in the world? They have a title, it's called REALTOR. They make more $ in 1-month than the entire "wholesaler" industry does in a year.
2 Reply
James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ 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?
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0 Reply
Todd Jones
Member since 2023 · 243 posts · 199 votes
3y
Quote from @James Hamling:

Ok, look, I am gonna cut through all this BS with a Light-Saber....

The UNIVERSAL, FUNDAMENTAL, LAW of business is: Solve-A-Problem.

@Mark Weins, exactly what problem are you "solving"?
People who "need" to sell there home as-is? Really? Is there a "problem" to solve there? With the 4,827 other persons and companies offering "solutions" for that? With the Redfin's and Opendoors of the world chasing that pony? With Blackrock offering to buy those homes as-is top of market price.....
What PROBELM are you solving? With all your calls and lists, what VALUE are you delivering?
NONE....
That is the unfiltered, zero-BS, direct FACTS and TRUTH of it, and why your floundering. Because your business plan is manure. This is why countless THOUSANDS right at this exact same minute are doing the exact same thing, making a bunch of $ for a list seller, a guru program, a dialer, but DIDDLY-SQUAT for themselves.
Your the product Mark, you are the profit center, you drank the cool-aid to make yourself other's pay-check.
Do you know who the BEST wholesalers are in the world? They have a title, it's called REALTOR. They make more $ in 1-month than the entire "wholesaler" industry does in a year.

So, tell us how you really feel.
Harsh but I agree with the 2nd part.
But my thought is let @Mark Weins see on his own. We said all we can say.
0 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
3y
Quote from @Charles East:

I wholeheartedly endorse all wholesalers continue to call random phone numbers for 10-12 hours a day. Keep calling day after day after day, even after the owner has told you they don’t want to sell.
Additionally, wholesaler should spend all of their time calling people that have no reason to sell. I suggest all wholesalers do zero research on properties spend all their time calling owner off of some list they paid for.
I don’t get enough phone calls from wholesalers that don’t know **** about my properties, **** about my market or **** about real estate. But please piss away a few thousand more dollars on a some course or list of numbers to dial. It’s all entertainment to me.

most of the calls I get these days are on properties I sold in the last 6 months.. same thing bad data waste of money time effort.
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0 Reply
Mike Gordon
San Jose, CA · Member since 2020 · 42 posts · 25 votes
3y
@Mark Weins if you’re seriously thinking about getting into the business as a professional it would help to fill out your profile. Tell us where you’re located. Where are you looking? What are you looking to do. Put a professional picture up.
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