Real Estate Investor · Houston, TX · Member since 2014 · 6 posts · 3 votes
I'm just getting started wholesaling and while I am going the direct mail route, my budget is very limited. I was wondering if anyone was finding success through cold calling?
Austin, TX · Member since 2015 · 223 posts · 185 votes
9y
Most real estate investors and realtors fear the hang up or are not able to locate correct phone numbers for the sellers they are looking for. This leads to them paying crazy amounts of money in direct mail just to get a deal. When i first started investing in real estate this was a huge problem dumping money into direct mail and not seeing a great return on my investment. That’s when my business partner and I began skip tracing phone numbers for potential sellers that were on our direct mail list and calling them directly. I then set followup sequences inside of my CRM which notifies me when it's time to give a cold lead a ring again.I've seen my response rate go from a 1-2% to around a 4-7% increase when i added cold calling.The beautiful thing is this entire process is now outsourced and it makes my business more profitable and gives me more time during the day. Let's keep ringing potential sellers directly it works wonders. Feel free to comment and tell any crazy cold call stories i tend to get a good laugh out of them and any questions you may have i’d love to help.
Real Estate Broker · MA · Member since 2013 · 361 posts · 297 votes
11y
Be sure to check to make sure you're not calling numbers registered on the FTC Do Not Call list. Here's a link to information about downloading the listed numbers:
agreed, cold calling is great! <y numbers are a little better than what Michael said but, that is probably because I have called a LOT less people than he has and he has a larger pool of data to look over. In addition to these lists, I also cold call my drive for dollars vacant properties that I can skip trace.
Cold calling is a great free way of generating leads and getting deals. Just make sure they are not on the do not call list.
Austin, TX · Member since 2015 · 223 posts · 185 votes
9y
Most real estate investors and realtors fear the hang up or are not able to locate correct phone numbers for the sellers they are looking for. This leads to them paying crazy amounts of money in direct mail just to get a deal. When i first started investing in real estate this was a huge problem dumping money into direct mail and not seeing a great return on my investment. That’s when my business partner and I began skip tracing phone numbers for potential sellers that were on our direct mail list and calling them directly. I then set followup sequences inside of my CRM which notifies me when it's time to give a cold lead a ring again.I've seen my response rate go from a 1-2% to around a 4-7% increase when i added cold calling.The beautiful thing is this entire process is now outsourced and it makes my business more profitable and gives me more time during the day. Let's keep ringing potential sellers directly it works wonders. Feel free to comment and tell any crazy cold call stories i tend to get a good laugh out of them and any questions you may have i’d love to help.
Real Estate Entrepreneur / Investor · Chicago, IL · Member since 2016 · 688 posts · 367 votes
9y
I had a decent ratio at cold calling. I believe that's one of those "hidden gems" every wholesaler does the same thing. So there must be different ways to address these people. I'm still trying to think of ways to reach out to more people but the deals right now in Illinois is so tight. Add in the addition that there are so many wholesalers I would put having buyers as the trump card. I noticed a lot of investors don't have buyers and that could make you a "go to guy" in your area. But still the hardest part is getting buyers. Then buyers will dictate the areas they want to invest in. I'm personally trying to find investors out of state to invest with.
Austin, TX · Member since 2015 · 223 posts · 185 votes
9y
@Elbert D. most sales people dont keep in mind that roughly 90% of ALL sales are closed after the 5th point of contact! Im huge on repetition and getting the message out on multiple mediums. For example email funnels, PPC, social media, Direct mail and cold calling to name a few!
Austin, TX · Member since 2015 · 223 posts · 185 votes
9y
Yes i have met buyers and colleagues via social media my business partner and I are currently working with a social media content strategist in order to provide content for our pages throughout the year! @Elbert D.
Real Estate Entrepreneur / Investor · Chicago, IL · Member since 2016 · 688 posts · 367 votes
9y
Interesting!......I wouldnt think social media would be useful in that instance since Social media for the most part is consumed for entertainment. I guess I can try something new.....@Ethan Summers
Lender · Frederick/ Falls Church DC, Maryland & Virginia · Member since 2014 · 794 posts · 612 votes
9y
@Elbert D. team up with a local hard money lender and leverage their past clients as your buyers list. Tell them about your deals and get it prequalified for their funding. They should be able to get you a buyer within minutes. I literally have my deals sold in a matter of hours using this technique.
@Ethan Summers and a lot of others have mentioned using skip tracing. @Michael Quarles also mentioned to Pick a prefix of the area you want to buy in. There are 10,000 number for each prefix. I also noticed in other posts that a lot of people call FSBO owners since they are in the market to sell and their phone number is readily available.
Round Rock, TX · Member since 2017 · 14 posts · 9 votes
9y
@Michael Quarles if we do the pre-fixes for example and do a lot of random numbers, how can we quickly weed out the owners that say they would consider selling but are not distressed sellers? Thanks!