Posted on: September 15, 2020
WI 515 | Motivated Seller

 

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, but 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!

How Many Cold Calls Does It Take To Find A Motivated Seller?

Episode Transcription

I’m excited to share this with you because this is the difference between being an amateur and a pro when it comes to picking up the phone and talking to distressed property owners, and that one thing is tracking your number. Remember, when you start out, maybe you don’t have a budget. Maybe you don’t have a lot to throw at these things or the only budget you have is to get the phone numbers for the addresses that you’re trying to get ahold of and you have to pick up the phone and hand dial.

I don’t care what you need to do. I’m going to show you and prove to you that if you use a dialer, it is like putting rocket fuel on your efforts. If you’re hand dialing the most that you can typically get is about 30 calls an hour. This means about ten addresses an hour that you can call because when you skip trace, if you’re getting good data, you get good phone numbers. I hope you’re using BatchSkipTracing.com because it’s the absolute best data. Don’t mess around with the other stuff.

They typically come back with 5 or 6 phone numbers, but I only want you to use the first three because the way that it stacks up and 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 ahold of that property owner. The first number, the other two, might be a home line. It might be a spouse’s number. It’s good to go through three but don’t go through all 6 or 10 numbers. You’re going to totally waste your time.

With that being said, if you could only make 30 calls in an hour, that means you’re only getting ten addresses. 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. This is 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 2 to 3 times. We’re going to determine how many addresses you need to skip trace and I’m going to break that down as well here.

Make your decisions based on facts, not hope.

The context per hour, if your hand dialing is only 3 versus 15. It’s almost five times the amount. These are facts. This isn’t made up. This is from millions and millions of calls. I don’t care if you need to sell blood, plasma, your TV, shoes, or whatever. Get the money for the dialer because it’s going to make your life so much easier. 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. It’s frustrating if you were making calls for an hour and you barely talked to anyone.

That’s why I only suggest you go through the list 2 to 3 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. If you were making ten hours of calls on a dialer a week, you need one thousand addresses a month. If you’re hand dialing much less. It’s 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. It’s breaking down the actual numbers because there’s no drama to this. It’s 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 9:00 to 5:00. 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. Let’s break this down. Calls per contact, this is a beautiful indication of whether or not you have solid data. 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.

WI 515 | Motivated Seller

Motivated Seller: Track all your data so that you can understand the consistency in your business. Once you’ve done that, your business is going to start getting predictable and that’s when it gets exciting.

 

Get the quality for the cost. It is worth the value of a thousandfold. Get great data, and your contact rate here, you should be shooting for 10%. You want to have a 10% contact rate. That means how many times did you dial and how many people did you talk to. A little pro tip here is if your caller ID number is coming up as spam likely, 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, a Sideline number, a Google number or something like that. Make sure that those numbers are clean and fresh. That is going to clog you up more than you know.

Let’s look at contacts per lead. This is an indication of how quality your distressed list is. Your tax defaults, your probates, your driving for dollars, your retired landlords and your retired 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.”

You know that list is chewed up. Move around. Maybe change which city, area or list 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 or 20th person to call me, switch up your list. You want to get 1 to 15. Out of fifteen conversations, you want to get one lead.

Have a minimum standard so strong that it is unbreakable.

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. Condition of the property, their timeline to get paid or the timeline to sell that property, their motivation or what their problem is and their price. The more that you get pre-qualified leads before your appointments, the number is going to go up. What I want you to shoot for is 1 out of 10 leads end up as a signed agreement.

I didn’t say contract or paperwork. It’s an agreement. That sounds good and comfortable. I’m not scared of an agreement, a contract may be. That sounds like you’re trying to sign me up for something that I don’t understand. Maybe I should take more time, should have an attorney review, should have a real estate agent review or have every family member review. No. An agreement and comes down to your presentation.

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 and that’s low, but that’s somewhere to start, if you’re 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 or belly-to-belly with these distressed property owners, I want 1 out of 2. I want you to leave with that signed agreement. 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 that you do and this, my friends, comes down to your cash buyer database. The more buyers you have, the more money you make. You need to be diligent in adding cash buyers to your database every single week. Because the more that you have, this number could go double or triple. Our average is $27,000 a deal, but it used to be twelve 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 sending it to the same 2 or 3 in the market that low balls every time. Don’t be a cash buyer employee.

WI 515 | Motivated Seller

Motivated Seller: When the data comes back to you, you only want to use the first three numbers. The first number is typically 80% of the time, the right number that you want to call.

 

If you took all the notes from all of this data and you boiled it down, here’s what you’re looking for, 20 hours to 1 deal. That’s you earning $500 an hour. Twenty hours, Brent? I’ve never done anything for twenty hours. Twenty hours of making phone calls.” 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, 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, hour after hour.

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. If you do it consistently for 90 days, I don’t know a single person that has not been successful. Not a single person has spent three months, twenty hours every single week, going and going and building up their pipeline. They are successful.

I’m telling you, you have those twenty 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 to change your life. This is not quick. It is not easy. This is tough and challenging. We weren’t trained for this. We didn’t go to school for this, but if you follow this path, you will be successful.

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, problems and issues out there, and we can solve them.

We need to get in front of people. 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’s about. Check out all the testimonials and everything. If it feels good in your gut, sign up for a call. I look forward to working with you. I love you.

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About Brent Daniels

WI 747 | Real Estate CoachBrent Daniels is a multi-million dollar wholesaler in Phoenix, Arizona… and the creator of “Talk To People” — a simple, low cost, and incredibly effective telephone marketing program…

Also known as “TTP”… it helps wholesalers do more, bigger, and more profitable deals by replacing traditional paid advertising (postcards, yellow letters, bandit signs, and PPC) with being proactive and taking action every single day!

Brent has personally coached over 1,000 wholesalers enrolled in his “Cold Calling Mastery” training, and helped 10,000’s of others who listen to him host the Wholesaling Inc. podcast, watch his YouTube channel, and attend his live events…

A natural leader, Brent combines his passion for helping others with his high energy, “don’t-wait-around-for-business” attitude to help you CRUSH your wholesaling goals as quickly and easily as possible!

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