If you’re like most new wholesalers, it is likely that you’re wondering how many cold calls you need to do before you can find a motivated seller. Wonder no more. In this episode, no less than Mr. TTP himself will tell you all you need to know. And then some!
If there’s someone who knows cold calling like the back of his hand, it’s Brent Daniels. Brent is the genius behind TTP, an advanced wholesaling training program that has helped him and countless others generate millions of dollars in revenue.
In this episode, Brent shared some of the tips and techniques that separate amateur cold callers from the pros. Not only that, he also generously shared some of the tools and mindset that can put rocket fuel on your efforts. If you’re a cold caller looking for that first deal, this is one episode you shouldn’t miss!
- The most number of calls you can do when you’re dialling manually
- Best tool to use when skip tracing
- Best dialler you can use and the number of calls you can do
- Number of addresses you need so you can get the highest contact rate possible
- Importance of getting good data
- Ideal contact rate you should be shooting for
- What a signed agreement is
- Minimum amount of assignment fee to aim for per deal
- Importance of building a huge buyer’s list
- Why most people quit
- Number of days it will take for you to change your life
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Hey, everybody. It is Brent Daniels, Mr. TTP. I’m excited to share this with you because this is the difference between being an amateur and being a pro when it comes to picking up the phone and talking to distressed property owners. And that one thing is tracking your numbers. So remember, when you start out, maybe you don’t have a budget. Maybe you don’t have a lot to throw at this things. Maybe the only budget you have is to get the phone numbers for the addresses that you’re trying to get a hold of, and you have to literally pick up the phone and hand dial.
Now listen, I don’t care what you need to do. I’m going to show you, I’m going to prove it to you that if you use a dialer, it is like putting rocket fuel on your efforts. If your hand dialing, the most, the most that you can typically get is about 30 calls an hour, okay? 30 calls an hour, which means about 10 addresses an hour that you can call. Because when you skip trace, if you’re getting really good data, I hope you’re using batchskiptrace.com, because it’s the absolute best data. Don’t mess around with the other stuff. Trust me, you get really good phone numbers. And they typically come back with five or six phone numbers, but I only want you to use the first three.
Because the way that it stacks up, the way that the data comes back to you is the first number is typically 80% of the time the right number that you want to call to get a hold of that property owner. Okay, the first number, the other two might be a home line, it might be a spouse’s number, so it’s good to go through three. But don’t go through all six or 10 numbers, you’re going to totally waste your time. But with that being said, if you could only make 30 calls in an hour, that means you’re only getting 10 addresses. Now, if you put it into a dialer, we use Mojo, mojosells.com. You can make up to 150 calls an hour, which equals about 50 addresses.
Now this is really, really, really important because what I want you to do is I want you to understand that when you call these addresses, I only want you to call the addresses two to three times. So we’re going to really determine how many addresses you need to skip trace, and I’m going to break that down as well here. But the contacts per hour, if you’re hand dialing is only three versus 15. It’s almost five times the amount. This is facts. This isn’t just made up. This is from millions and millions and millions of calls, okay? So this is really important. I don’t care if you need to sell blood, or plasma, or your TV, or shoes, or whatever, get the money for the dialer because it’s going to make your life so much easier.
So let’s look at how many addresses you need, so that you can get the highest contact rate possible as you’re making your calls. Because remember, the more people you talk to, the more money you make. So it’s really, really frustrating if you are making calls for an hour and you barely talk to anyone, right? That’s why I only suggest you go through the list two to three times. Two, preferably. The first time you go through the list is going to be the most likely that you’re going to contact that distressed property owner. So if you are making 10 hours of calls on a dialer a week, you need a thousand addresses a month, okay? Not crazy, a thousand addresses.
Now, if you’re hand dialing much, much, much less. 200 addresses, you should be able to get through that if you’re hand dialing. But you can see, you’re going to get a lot more opportunity if you can call a thousand people over 200. This is when it gets exciting, breaking down the actual numbers. Because remember, there’s no drama to this. It’s just data, but you have to track all of these, so that you can understand the consistency in your business. Not only that, once you have enough results, your business is going to start getting predictable. When it starts getting predictable, that’s when it’s exciting, because that’s when you make those big business decisions. That’s when you decide to go to wholesaling full-time and get out of your nine to five.
This is when you decide to hire people or cherry-pick deals that you want to keep. But I always want you to make these decisions based on the facts, not based on hope. Okay, so let’s break this down, calls per contact. This is a beautiful indication of whether or not you have solid data, okay? If you are skip tracing or getting data from different sources, and it’s cheaper or whatever, but you’re not talking to the right people, you understand you have bad data. Get the quality. I am telling you for the cost, it is worth the value, a thousand fold, okay? Get great data and your contact rate here, you should be shooting for 10%, okay? You want to have a 10% contact rate, okay? So that means how many times did you dial and how many people did you talk to?
Okay, this also goes in… A little pro tip here is if your caller ID number is coming up as spam likely, guess what? This is going to go way down. I don’t care if you have the best data ever, Google your number before you use it to make sure it hasn’t been chewed up by some other company, especially if you’re getting numbers from CallRail, or a side-lying number, or Google number, or something like that. Make sure that those numbers are clean and fresh, that is huge. I’m telling you that is going to clog you up more than you know, okay? Now, let’s look at contacts per lead. This is an indication of how quality your distressed list is. Your tax defaults, your probates, you’re driving for dollars, you’re tired landlords, you’re tired multifamily owners. This is going to be a huge indication.
Because if you’re talking to people all the time, and all of them are telling you no, no, no, no, no, no, no. You know that that list is chewed up, move around. Move around, maybe change which city you’re calling, which area you’re calling, which lists you’re calling. You can do that like that. That’s the beautiful thing. If you’re spending an hour and everybody’s telling me you’re the 15th person, you’re the 20th person to call me, switch up your list. You want to get one to 15, okay? Out of 15 conversations, you want to get one lead, okay? Now we go lead per appointment. This is where we talk about pre-qualifying our lead. Remember, we pre-qualify based on the four things. Do you remember them? Condition of the property, their timeline to get paid or their timeline to sell that property, their motivation or what is their problem, and their price.
The more that you get pre-qualified leads before your appointments, this number is going to go up. What I want you to shoot for is one out of 10 leads end up as a signed agreement. Signed agreement, I didn’t say contract. I didn’t say paperwork. Agreement, that sounds good. That sounds comfortable. I’m not scared of an agreement. A contract, maybe. That sounds like you’re trying to sign me up for something that I don’t understand. Maybe I should take more time. Maybe I should have an attorney review. Maybe I should have a real estate agent review. Maybe I should have every family member review. No, an agreement, and this comes down to your presentation. Remember, if you have pre-qualified these leads, and you’re going in, and they know, like, and trust you, they trust you to get the job done, they will sign the contract.
I want you to shoot for a 50% here. 50% and that’s low, but that’s somewhere to start. If you’re just starting out, half of the appointments that you go on, I don’t care if it’s a virtual appointment, over the phone, or if you’re face-to-face, knee-to-knee, belly-to-belly with these distressed property owners, I want one out of two. I want you to leave with that signed agreement, okay? And then here, this is the beautiful part. This is what I want you to shoot for. This is the goal that I want you to have. I want you to have a minimum standard so strong that it is unbreakable. And I want that to be a minimum of a $10,000 deal. $10,000 minimum every single deal that you do. And this, my friends comes down to your cash buyer database, okay?
The more buyers you have, the more money you make. You need to be diligent of adding cash buyers to your database every single week, okay? Because the more that you have, this number could go double, triple. Our average is $27,000 a deal, but it used to be 12, until we got our cash buyer database. We took real serious action to build it up. And we built that healthy tension with our cash buyers so that we’re not just sending it to the same two or three in the market that kind of low ball us every time. Don’t be a cash buyer employee. Let’s break this all down. Let’s wrap this all up. If you took all the notes from all this data and you boiled it down, here’s what you’re really looking for, 20 hours to one deal, okay? 20 hours to one deal. That’s you earning $500 an hour. “20 hours, Brent? I’ve never done anything for 20 hours. 20 hours of just making phone calls?” You’re making $500 an hour. You’re making $500 an hour.
But here’s the kicker. Here’s why people quit. Here’s why people when they get into that dip of making these calls over and over and over, this is what kills them. Because the average time it takes to get that deal from first contact to getting paid is 90 days. That means you have to go through that 90 days of fighting through, and making calls, and staying consistent. Call after call after call, hour after hour after hour. But if you realize that this is what you’re making during those times that you’re making those calls, it makes this a whole lot easier. It makes it a whole lot easier. And if you do it consistently for 90 days, I don’t know a single person that has not been successful. Not a single person that has spent three months, 20 hours every single weak, just going and going and going and building up their pipeline, they are successful.
And I’m telling you, you have those 20 hours. We have 168 hours in a week. How much are you willing to dedicate to make $500 an hour to change your financial future, to give you real estate opportunities like you’ve never seen before? That’s what it’s about. That’s what makes this exciting. It takes 90 days. It takes 90 days to change your life. I am telling you, this is not quick. It is not easy. This is tough. This is challenging. We weren’t trained for this. We didn’t go to school for this. But I am telling you, if you follow this path, you will be successful. And when you are, I am going to cheerlead you. I am going to applaud you. I love you.
We are a small group. We are a small niche of real estate maniacs that decide that we want to be proactive. We want to go into our community and we want to change our community one property at a time, because there are stress, there’s problems, there’s issues out there, and we can solve it. We need to get in front of people. And if you’re interested in joining the most proactive group in real estate investing, it is the TTP family. Go to wholesalinginc.com/TTP. Check out what the program is about. Check out all the testimonials. Check out everything. If it feels good in your gut, sign up for a call. I look forward to working with you. Love you.