Posted on: December 02, 2020
WI 571 | Cold Calling And Radio

 

If you have been wholesaling for quite some time, it is likely that you are aware there are countless marketing channels for you to pick from. However, there’s no denying two of the best marketing channels available are cold calling and radio. So which of the two is right for you? Tune in to find out!

No less than two of the best coaches in the real estate space are hosting this special episode—Brent Daniels and Chris Arnold. Together, they compared radio and cold calling side-by-side. From cost to scalability to benefits, Brent and Chris examined it all!

If you can’t pick between cold calling and radio, this episode should give you all the clarity you need!

Marketing Showdown – Cold Calling vs Radio – Which Channel Brings in the Best Deals

Episode Transcription

I’m your co-host, Chris Arnold. That means I have another co-host with me, the man, the myth, the legend, I like to call him Señor TTP. What’s happening, Brent Daniels? I’m glad to host the show with you.

I’m excited about this. I want to bring a ton of energy. This show is about clarity. That’s what is important here because you’ve got an incredible program. I don’t think you toot your horn enough. I don’t think people understand how many thousands of deals you’ve done, had been involved with, the network that you have, and the amount of real and true experience that you bring every time to the show. Maybe they do but I want to say that it’s incredible being on here with you. We’re going to fire this thing up, and we’re going to have a good time. We’re going to talk about the difference between radio, cold calling and TTP.

That’s exactly what we’re going for. This is going to be a side-by-side comparison of these two marketing channels. If you’re sizing up what you want to do or what’s the best fit for you, we’re going to do seven levels of comparison head-to-head, radio versus TTP. Before we jump into the meat, there are two principles that Brent and I want to give you.

Number one is that we both believe that every marketing channel works if you work it. We’re not saying that cold calling is the thing that’s going to solve the problem in your business. Radio is not a magic bolt. They all work if you work them. The second thing we both believe is the fact that it’s about what’s the best fit for you.

I always compare it to dating or marriage. There are a lot of different options out there. You just got to find what’s the best fit for you, your personality, your style and your values. I believe and I know you do that the more you find a marketing channel that you love and that you’re passionate about, not something that you hate doing, the more successful it’s going to be. It’s super obvious.

It’s one of those self-awareness things. Going back to the principle that you talked about, this business works if you do. This marketing channel will work if you do. You have to be able to set up in your life, in your schedule, and in your priorities when you are going to commit to responding, having communication, and having a quality conversation with distressed property owners. To put it very simply, what wholesaling is we find deals. We source real estate opportunities. There are a lot of different ways to be able to open up that conversation. It depends on what your schedule looks like, what your personality’s like, and how you want to structure and build the foundation of your business.

Comparison number one is cost. Let’s talk about cold calling. What is the short-term cost of setting it up? What is the longer-term cost? What can someone expect with cold calling around cost?

What your cost comes down to is the data. What you’re doing when you’re being proactive, you’re picking up the phone, and you’re calling somebody is you’re trading your time, efforts and skills for a lot of the upfront marketing cost that is typically involved in our business. What I always suggest is to get 1,000 addresses of properties either from driving for dollars or you pull a good distressed property list, whether it be pre-foreclosures, tired landlords, tired multifamily or vacant land. For any of these lists, I want you to get about 1,000.

It’s about $0.15 an address to skip trace. Right there, you’ve got $150. You have the choice right then to either hand-dial it which takes a lot of time or to get into some internet dialing system which typically costs anywhere from about $100 for the base cost of it, to about $150. All in, you’re about $300 depending on if you’re paying to buy those lists or if you’re sourcing the lists from a service that you already have like PropStream or something like that. We can talk about how to get access to that. Typically, what I would say is about $300 to $400 a month is what you need to budget to start building some momentum and start building up that pipeline of leads.

What about the long-term? If someone gets to the point where they are going to bring on somebody to do the cold calling, “I don’t want to do it anymore.” They’ll get more of a sophisticated system. What’s an average range you see down the road in a little bit more of a phase of growth like it’s running?

Once you get to the point where you’re building that momentum, or maybe you have a budget where you can hire somebody right off the bat, which a lot of people don’t but some people do, a lot of people opt to test out the waters with a foreign cold caller. That can be somebody either from the Philippines, South America or Central America. Typically, that costs you between $8 and $10 an hour. You could get that for $4 or $5 but remember, quality is important. With $8 to $10 an hour, I would suggest a minimum of twenty hours a week. You’re now starting to scale this thing. You’re getting twenty hours of somebody else’s efforts for around $200 a week or $800 a month.

Would you say that most people are spending under $1,000 a month to run their campaign on average, removing the outliers? Would you say that’s about right?

It depends on where you’re at but I would say absolutely under $1,000. This is great, and I’m glad that we’re breaking it down like this because this is a question that I get a lot. Most people that come into the TTP family or into the program are going to be making the calls themselves initially, and I always encourage that. It is such an advantage in your life, not just in wholesaling or even as an entrepreneur or business person, to talk to 1,000 strangers and ask them a question. It’s a skill that stays with you forever.

One of the hurdles in a marketing campaign is determining how long we start seeing results.

I built my business on cold calling. You know I’m a believer. That’s where I started. It was picking up the phone.

Building up the skills yourself enables you to be able to hire the right person because you know what they are going through mentally. You understand that sometimes you get fatigued. Sometimes your endurance isn’t as strong. Sometimes you didn’t sleep the night before and you feel groggy the next day, but you still have to bring the energy to these conversations. It’s understanding the mentality of the repetitious boredom that happens. When you’re calling for hours and hours, you have to be comfortable with that repetitious boredom. It is very much different from REI Radio where you get a radio call-in and it’s a shot of adrenaline.

What are the costs for radio? This is one of the myths that you busted for me. I thought you had to have a voice actor and pay for 90 days or 6 months of ads in advance that were thousands of dollars. I thought that the barrier to entry for radio was so high. You had given me a realistic dose of what that costs and what can somebody start out with if they do decide to get into radio. We’ll break down what that looks like.

I can give you the exact date because we’ve helped so many students set this up from East Coast to West Coasts, small markets, big markets, you name it. When we come in, what we do is we start on a station and we begin with 100 spots per month. That is 25 spots per week, 5 spots per day. That’s a ton of frequency. We start at 100 and we finish at 100. We don’t go to 150. We go to the next radio station and do another 100.

The average in REI Radio when you look at what our students are paying monthly is between $500 to $2,000 a month, depending on the size of their market. That’s probably 80% of our students minus some outliers. Here’s the crazy piece. That means that their 60-second spots, if you’re doing 100, are between $5 to $20 per 60-second spot. This is what I knew that no one understood. This was the myth of, “It’s so expensive. I can’t afford it,” that kept people away for so long but it’s super simple. We’re talking about wholesaling. We’re talking about the art of finding things at a discount. We apply the same thing to the radio. We buy a radio at a wholesale rate. It’s no different. I tell everyone that the cost there is $500 to $2,000 a month to get started.

Maybe I’m skipping ahead on some of the seven things that we’re going to break down here, but one of the barriers and/or one of the hurdles to get over in a marketing campaign is, how long does it take to start seeing the results? How long does it take to record your ad, to get it on the radio, and to start getting calls? In that time, do you lose steam or momentum?

With cold calling, you can go out now, get an address, skip trace it instantly, and call them right now. Speed to execution is very quick. With the radio, there are a couple of other steps there. How do you see people when they commit to it and they are like, “I understand the expectation is it’s going to take a week or two to get going but then, all of a sudden, I got people calling me on a radio ad. They are not going to call me to yell at me, but they are going to call me because they probably want an offer on their property.”

We’ll jump around a little bit because that’s how Brent does. He shoots from the hip. That’s for another point but I’m going to move it up to the turnaround time on setup and leads. For us, if someone comes into REI Radio to get everything set up, negotiate it, go down, record your ad and everything, it’s about a 90-day setup on average. We have other students who do it faster but you’re going to be live in roughly about 90 days on average.

Here’s the difference and it’s a question I’m curious about for you. It takes 90 days roughly to get up and going. Again, we have students who’ll come in and do it under 30 but once they go live, here’s what I see. Most of our students are executing one to several contracts within the first 30 to 60 days of going live. It’s a little bit longer to set it up but calls are coming in.

I get this from my students all the time, “I went live two days ago and I’ve already had eight calls. I went live and in three weeks, I’ve got my first contract.” You’re seeing a little bit more time to set up but fast and here’s why. These people have never heard this ad before. They are not list-dependent so they’re probably not getting texted, cold-called or RVM. This is the first time that they’re receiving a call to action to help them for the position they’re in, so we see a quick turnaround on that side. What about cold calling? It sounds like you’re up in a couple of days and hitting the phones. What’s the reverse side of that on what you tell students, “Here’s how long it’s going to take to start seeing some momentum?

There are a couple of different things to unpack there. Number one is it’s about 92 days from the first time you call somebody to the time when we get closed. That’s the average in my company, and that’s the average that I’ve pooled out there with all of the TTP family members. You can do it in a couple of days. It just depends. We’re putting out there the averages so that people can have the right expectations.

There’s a difference between prospecting for business and marketing for business. When you’re calling somebody, most of the time, you’re catching them before they are ready to make the decision. There is a lot more lead follow-up, more nurturing, and more building the relationship over time. We do different things to shorten the timeline because time kills all deals. The biggest deals that you get is when you’re negotiating with the seller themselves.

WI 571 | Cold Calling And Radio

Cold Calling And Radio: When you are being proactive, picking up the phone, and calling somebody, you are trading your time, efforts, and skills for upfront marketing costs that are typically involved in our business.

 

That’s why I like the radio because a lot of times, we’re the only people.

You said that we’re not list-dependent. For the most part, everybody has the same lists, except for driving for dollars. If you can download a list for pennies or you’re paying $97 and you can download 10,000, anybody can do it. If you can download a list online, anybody can go after those properties. Whether or not they will is the difference. Whether or not they’re going to be able to build a relationship like you can is the difference.

You’re right. If you’re not list-dependent and it is marketing, and they’re calling you, they’re not calling typically every mailer that they have or filling out every website that they have and talking to multiple investors. If you get those leads coming into you, which is strong for marketing, those are amazing opportunities because you’re only negotiating with the seller. When you’re being proactive, you’re going out there, you’re picking up the phone, you’re calling and you’re prospecting, you’re going to run into some competition. You’re going to have to sharpen your skills as a presenter. You’re going to have to sharpen your skills with your prequalifying and your lead follow-up.

To answer that question specifically, if you start cold calling with TTP, how long is it going to take you to execute on average?

Ninety-two days on average.

Let’s go to maintenance. This is number three. It’s the difficulty of the launch that is the front side of setting it up maintenance-wise and work-wise, and then long-term maintenance. Let’s pick on direct mail a little bit. That is high maintenance. Tweaking postcards, tweaking lists, dealing with mail companies, and all of the hate calls that come in, that’s a high maintenance system. Where does cold calling fall on the maintenance spectrum from low maintenance to high maintenance both on set up in the frontend, and then the backend long-term management?

Once you pull enough addresses that you want to go after or the most distressed properties in your market, you’re up and running. Now, it’s just doing it. In a sense, that is maintenance. It’s effort. You’ve got to invest the time, you need to be going after it, and you have to be consistent. The train never stops. Once the momentum gets going down the tracks, you got to keep up that momentum. You’ve got to keep consistent with your calls.

From a maintenance standpoint and from a cost standpoint, it’s not that much because you’ve got your dialer. You’ve got the lists, and you’re off and running. There are not a lot of things that you have to tweak. A lot of people ask me, “Do I have to change the scripts depending on which lists I’m calling?” The answer is absolutely no. You are going and you’re asking them if they would consider an offer on their property.

You’re responding to 1 of 6 responses that they give you when you ask somebody if they would consider an offer on their property. From a maintenance standpoint, from having to pull lists all the time and everything, you could set it up and have a good pool of properties that you’re going after. The maintenance comes from your endurance of being on the phone and having all these conversations.

Let’s do it easy. On a scale of 1 to 10, in comparison to all other marketing channels, 10 being heavy maintenance and 1 being set it and forget it. Where would you rank cold calling on that spectrum?

I would say 5, right in the middle. The beautiful thing that I love about prospecting and making calls is one, you can start having conversations and getting leads from the seconds that you start. You can have that conversation and you’re one conversation away from going on an appointment. Appointments are interviewing for the opportunity to make $10,000, $15,000, $50,000, $100,000, so we should probably know what to do on these appointments. You get the opportunity to get in front of people.

A lot of people that are in distress are not going to take care of these problems themselves until it gets to the very end and they have to. I like catching them in the process. I like starting a relationship and doing it. It’s building up your endurance, staying consistent with it, and making sure that you understand that this is going to take work. You’ve got to be consistent. It’s not getting too analytical with your postcards and your response rates. Did you miss a call and you have to call them back? It’s all this other stuff because you’re catching people on your schedule. You’re making the calls to them. They’re not making the calls to you.

In cold calling, you can literally go out today, get an address, skip, trace it instantly, and call them right now.

My mentality is I outsource. I try to fire myself from positions as quickly as possible in my organization. What I love with TTP though is you can build a team to run this thing without you. It’s not like you’re stuck picking up a phone and calling for the rest of your real estate investment career. There is an exit strategy that’s built-in and through that exit. That’s why I view cold calling as becoming potentially less maintenance over time if you treat it like a business, and outsource it internally within your company.

I get 100 hours of calls that I don’t do a week. We have a $1.3 million business from making these calls. I like keeping it at that level. I like keeping a lot of those profits because the cost involved versus what we make on our deals is fantastic, and the spread between that. We’ll get into that because I know that one of the questions is ROI on here. Let me ask you this, Chris. On a scale of 1 to 10, what is the maintenance like for radio? Are you doing new ads all the time? Are you redoing these things? Are you doing different creative voices or whatever else? Is it a set it and forget it?

This is probably one of the things I hear students say they enjoy most about radio. In setting it up, we talked about that conservative 90-day window. On the front end, there is some work to set up the radio. You got to negotiate the ad. You got to get your ad recorded. You got to make sure your systems are set up. I like to say that on the front end, there’s an average amount of lift to get it up and going. Once it’s up, the radio station does absolutely everything. From that standpoint, it’s a 1 or a 2 because all you have to do is pay your bill and answer the phone when it rings. That’s it because as a station, the radio is the one managing everything for you.

We’re not coming in and tweaking ads all the time. We’ve been running the same two ads forever now. During COVID, we got in and changed it up a little bit but that was circumstantial. We’re not constantly going back, recording, changing, tweaking and so forth. It’s fundamentally something you put in motion with the way that we show you how to do it, and you just let it go. That’s why our students refer to it as, “Set it and forget it.

Let me ask you this because the schedule has to come into the conversation of maintenance. I’m genuinely curious, what times of the day do people get calls typically from the radio? I would assume it’s not 1:00 in the morning.

It’s pigeonholed in because this is a direct response, call to action, hear the ad, and call you. We focus on the window of prime time, which is during work hours. That means that roughly about 80% of the calls are going to come in when you’re in your office working. Some people will write the number down and maybe call you later on. Evening and weekend calls are minimal because most people are driving down the road, hear the ad, and call you right then. This is what’s cool about radio. They will give you a pre-log. They will let you know when the spot is going to air the next day. You already know when your phone is going to ring because as soon as it plays, you’ll get 1, 2, 3 calls within that time. It’s completely predictable on the actual call volume coming in.

That’s huge because most people are starting their wholesaling business either having a job, they are in the military or maybe they are stay-at-home parents, and they have different schedules. You’re saying that you can put it on your schedule. You can fit it into your schedule and figure it out. Do you have any play or sway on when they are playing your ads or do you just know when to expect it?

They are within a window. They’re between this time and this time. They can play anytime in between there but fundamentally, this time is working hours that they play. It’s super low maintenance on the back end. It’s set it and forget it. Let’s go to number four, ROI. I like to simplify this as a dollar per dollar return. For every dollar you spend or whatever that is, it sounds like it’s under $1,000 a month with cold calling. On average, removing outliers conservatively, what type of dollar per dollar they should see? For every dollar they spend, how many dollars are they getting back? What are you seeing community-wise?

When you’re making the calls yourself, this depends on how much you’re selling these deals for. It depends on which market you’re in. Are you in a market that is under $100,000 for wholesale deals or is it over $300,000 for wholesale deals? That affects the ROI but in our business, we are about 1 to 8.

That’s so inexpensive. That’s one of the things that I do love about cold calling. You are pulling in a high ROI which creates more profit spread with your overall business because it’s not an expensive marketing channel.

The beautiful thing is we get so many leads that it keeps my acquisition managers fed. They are constantly warming them up, following them up, and keeping them in the pipeline. We move them from they’re not ready but now we’re getting them, and now they’re warm, now they’re hot, now we lock them up. Because of that, we constantly have so many leads coming in because we have a lot of horsepowers. We have 100 hours a week of calls and having those conversations. We’re averaging anywhere from 50 to 75 leads a week for our acquisition managers.

A lot of those will never do business with us, let’s be honest, but it gives them the opportunity to see if maybe they have other properties. Because we’re licensed, maybe we can refer it to an agent to list these properties. That’s been phenomenal. There are a lot of opportunities coming in because we are going out there and reaching out to all these distressed properties.

WI 571 | Cold Calling And Radio

Cold Calling And Radio: If you have a budget, hire somebody to do the cold calling for you.

 

It’s a great return. With radio, it is nice and conservative. A lot of our students come back and go, “I’m doing a little bit better.” I tell people to expect a $3 to $4 return. For every dollar you spend, you’re going to get $3 to $4 back. What I see that potentially breaks that is if someone comes in and they stay on one station, and their budget is $750 or $1,200 for that station. Their returns are between $5 to $10 because the Law of Average is working in their favor. If they close one deal, they just pay for the radio for the whole year.

If you’re coming in planning to scale and build this thing at a bigger level, and you spend several thousands of dollars, you’re going to land right between $3 to $4. You’re going to be there consistently. You’re not going to get the fluctuations that you do with some of these other marketing channels. It’s tried and true consistent $3 to $4 return, which makes it dependable.

If you do it long enough, and I firmly believe this without a doubt, if you were consistent with your marketing channel, every 90 days, you should get a massive deal. It should pop in there every 90 days. If you are staying consistent, you should be getting a deal that is $25,000-plus, $50,000-plus in some markets if you’re being consistent. That’s where the ROI jumps through the roof.

With us, it’s not so much spending money as it is spending the time. You’re putting in a lot of time. What I look at it is how much are you making per hour? That’s what I look at. It’s a different mindset. It’s not so much of, “You’re incredible in setting the systems, and being a business owner, and doing it all.” I look at it like, “How much am I getting paid per hour?” It’s almost like an attorney. Attorneys get paid $3,000 to $4,000 an hour. I always tell everybody, “Imagine that I’m standing there next to you when you’re making your calls. Every hour that you make calls, I give you $1,000 an hour. I would have to tear people off the phone.”

It’s a great way to reframe that because you’re right, and that’s why I know that cold calling is a valuable piece. Let’s go to scalability. What I hate is doing a marketing channel that I hit a low ceiling, and then it’s like, “I can’t do any more on there. I tapped out at $3,000. Now, I got to go find something else.” How scalable is cold calling, and also from a virtual standpoint? Can I take this into other markets? What’s the overall scalability?

That’s the best part because I could pull a list in your market DFW of 2,000 addresses. I can get the phone numbers and I can start calling them now and be able to test and see which lists are performing the best. Am I having good conversations here? Am I getting good-quality leads? Because you can test out different markets, it gives you the availability to test out.

If you’re virtual, test out a couple of different markets. The suggestion I give to anybody that is doing virtual is to test it out. Don’t assume that an area is dead. Don’t assume that there’s no business there because somebody told you that. Test it out for yourself. The beautiful thing is you’re on the phone having conversations with these property owners. In fifteen minutes, you can start feeling out whether or not you want to be in that market before you commit all of your resources to that market. It’s huge because it’s very flexible and nimble. You’re able to pick and choose where you want to go.

For example, Phoenix is huge and we love Phoenix, but we started testing out Sedona, Prescott and Flagstaff. All of a sudden, within the week, we’ve got data and we’re getting leads here. We’re going full force into these markets, and it’s been a huge benefit for us. From your ability to expand and understand what is a deal in a new market, you need to get in front of sellers.

That’s the beauty of cold calling. You can get in front of them, start having those conversations now and start building up your deals. Trying to get those sold to your cash buyers is a whole different thing in a virtual market, but it gives you the shot to get the real-life and the real nitty-gritty experience that you need, which is being in front of those property owners.

With the radio on scalability, it’s looked at a couple of ways. Most markets are mid-size to large markets, which means in your market, if there are 25, 30 radio stations, you can spend tens of thousands of dollars in that market. There are some small markets out there where I’ll say it’s not as scalable. You might have a handful of stations because you’re in a more remote area. I would say in that scenario, it’s not as scalable. From a virtual standpoint, it’s completely scalable.

With radio, here’s what’s interesting. You can go into a new market and most people are going to go into a market that’s not competitive, which means they are going to go into a smaller mid-size market where nobody is in that sandbox. That’s where everyone wants to be. You can throw up radio ads for $500, $1,000, $1,500. You’ll know within a short period of time, based on the call volume and even within 90 days, how hot that market is.

We have students doing this. They are coming in understanding how scalable radio is and they are going into other markets. This blows my mind. We have students that come in. I love our students. I love the ones that you give them the ball, and within the first 60 to 90 days, they will go up to seven stations. We have one student at fifteen stations. They get in, they see the value of it, and they snowball it. My answer to that is yes, it’s scalable. The only caveat is if you’re in a small market, you’ll hit a ceiling. You’ll need to maybe look at another market to keep the scalability going.

If you do it long enough and if you are consistent with your marketing channel, every 90 days, you should get a massive deal.

Something that I find interesting is the difference between the leads that you get from marketing versus the leads that you get from prospecting. I want to make this point clear, and I touched on it a little bit. When you are reaching out to people, remember that you still have to build credibility with them. That comes down to your ability to prequalify and what you do on your presentation, whether it’s over the phone, face-to-face, knee-to-knee, belly-to-belly. Your presentation and your ability to communicate with them, and explain to them the process, what your offer is, what the terms are, and who you are, you have to do a lot better job.

You have to build up your skills of prequalifying, lead follow-up, and your presentation more with the prospecting than with the marketing because, with marketing, they think that you’re a celebrity almost. You get that status where they’re not questioning what your website is, where your business card is, how long you’ve been in business or some of these things that we run into when you’re prospecting. They already are convinced that you’re a professional company and that you buy houses.

That’s going to be one of the benefits we’ll hit on at the end when I ask that last question. I want to go to longevity. This one is going to be easier to answer on both sides. Is cold calling and is radio going anywhere? Is it going to be disrupted or is it going to get regulated to a point where it no longer works, let’s say texting or RVMing? We can both probably quickly agree that we both have longevity with what we’re teaching because cold calling has been around forever. Radio has been around forever, and they’re not going anywhere. Do you agree with that?

100%. When we talk about TTP or when we talk about cold calling, I’m not just talking about calling distressed property owners. Let’s say that the world crashes tomorrow and every cell phone carrier blocks any number that’s not saved in your phone. It goes crazy and something bananas like that. They have some algorithm that figures out how to totally disrupt calling distressed property owners. You’ve got a couple of options.

One is you can go to their doors. It doesn’t sound as fun and it’s not as scalable, and I get it. Number two is you can build up an unbelievable referral network with real estate agents, with other investors, with people that you know. You can build a reputation for being the guy or gal in your market that buys ugly houses. It is about being proactive.

That’s what I mean by talking to people. Talking to people means going out there and not waiting for the business but going out and earning it. You can do that by reaching out to a ton of different people. We’ve been fortunate since the dawn of the telephone, we’ve been able to pick it up and call strangers and see if they would consider an offer on their property. It’s been strong in real estate.

In every industry, I don’t care if it’s insurance, hotels or realtors, all prospects, they all cold call and go for it with the financial adviser or everybody. Look at how many calls we got for the political campaigns. It’s absolutely bananas. This is something that is not going away and being proactive. There’s always going to be an avenue to be able to do that.

Let’s go to number seven. Let’s give three quick benefits of each one. You asked me, “Chris, what do you think are three of the best or your favorite benefits of radio?” Number one, virtually no competition. I believe in doing marketing where you’re playing at a poker table that’s not oversaturated. There’s virtually no competition on the radio. Number two, authority or call it celebrity status or instant credibility. I love the fact that radio builds your brand and makes you a celebrity in your local market.

The third is the quality of the call because they feel like they are calling a celebrity. When you talk to them, you’ll weigh down the know you, like you and trust you path with them already. They don’t feel like you’ve spammed them. They feel like, “I like this person. They’re professional. They’re on the radio. They must know what they’re doing,” and that’s where the conversation begins with them. Those are what I consider three of my favorite benefits. What about cold calling, three of your favorite benefits?

Number one, you’re on the offense. You’re trading the costs that you typically have to spend for marketing and waiting around for calls. You got to wait for these calls. There is an anxiety that I felt when you put out a bunch of money for marketing, and you hope and pray that you get a return on your investment. When you are on offense, you are in control. You are having these conversations on your schedule. You’re able to fit it into your life. It’s not negotiating all the things you already have in your life to be able to drop everything to answer a marketing call.

Number two is the cost. There are ugly houses down the street from you. You can go and find these ugly houses. You now have the technology to get those phone numbers and to call them now for $0.15. You don’t know if that call could be your first deal and now, you’re off and running. You’re building up your whole business, your confidence and your experience, and it’s incredible.

The third one is the schedule and experience. When you can get experience in this business quickly, you are going to be more confident. You’re going to be more competent. If you’re having conversations every single day with multiple property owners about their property, you’re going to get better. Your skills are going to get sharper. You’re going to understand the things that you’re doing wrong. You’re going to understand that there are only a certain number of objections that you’re going to get from a property owner since the beginning of time.

WI 571 | Cold Calling And Radio

Cold Calling And Radio: The train never stops. Once the momentum gets going down the tracks, you have to keep the consistency with your calls from a maintenance standpoint.

 

Since the beginning of time, there’s only been a certain number of objections that motivated sellers are going to give you, so learn those. You get that by being in the trenches. It’s not theory. It’s an experience. You go from faith to fact, and that is so powerful. You can do that right now. Those are my top three when it comes to being proactive in cold calling and TTP.

There you have it, a side-by-side comparison of cold calling versus radio. I know this was valuable. It’s one thing to look at one thing and another. What’s super valuable is to put those two things side-by-side. What we want to do is add value by allowing people to choose marketing channels that they feel are the best fit for them. The one thing I know that you and I agree on, it’s important to be proactive and on the offense with things that are prospecting-based. It’s also important to set up marketing that’s inbound. We both believe in outbound-inbound approaches. It creates an overall healthier marketing model. If they want to go, “I like this TTP thing,” how do they get in the family? Where do they go?

WholesalingInc.com/TTP. Scroll down. Check what it’s about. There are so many testimonials. If it feels good in your gut, sign up for a call. I’d love to work with you personally. How about you, Chris? People are like, “I don’t want to interrupt people’s day. I don’t want to be on the phone for hours and hours. I want people calling me who want to sell their property. They understand that I want to buy houses that need some renovation and that have some problems.” If people are feeling that and understanding the vibe that you’re putting out with your REI Radio, how do they find out more about it?

It’s the same thing. WholesalingInc.com/reiradio. Most importantly, what we love is we are at an age and a place in our lives where we get more joy and satisfaction from teaching, adding value, and seeing other people become successful because it’s super fulfilling. One question to wrap this up, I asked you this question before we started because I was curious.

Looking back on 2021, we’re getting to reflection time and so forth. I asked you because people see us as responsible for researching and providing them with the best tools and technology. You go do your own research and I do mine. I asked you the question, “What tool did you present to the tribe in 2021 that you felt, based on your student’s response, was the most valuable to them?” I was curious because people want us to figure those things out for them. What was the best tool?

The number one tool is TTPData.com, which is PropStream. It allows you to get an incredible amount of details on every single property. How much equity do they have? Estimated value. What liens are on the property? They filter it by distress with probates, multifamily, vacant houses, divorces, and different little signals of distress. Most importantly, what I find that the TTP family members do is they go in, and it’s their tool that they use to find the valuations, and to make sure that they’re not going after properties that don’t have enough equity to be able to make it a wholesale deal.

To get started with cold calling, you have to get a thousand addresses.

They then can make the determination if they want to do something creative with it. Most of the time, they are going in there. They are using it to pull accurate comps because it pulls the MLS data around the entire country. It’s a tool that you need so that you understand, “Is this a deal or not a deal?” Chris, as you know as you’re starting out, that’s the biggest hurdle. What I’ve found is PropStream clears out all the clutter. It gives you all the information that you’re looking for so that you can have a good conversation with a seller that has the potential of doing business with you. How about you?

You always know because students come in and say, “Thank you.” I was even at an event and I had a guy walk up and go, “Thank you for this.” Everyone is tired of having ten different log-ins for ten different pieces of software. It’s an a la carte approach. I got to go into DocuSign for this. I got to utilize this as an auto-dialer. I got a separate KPI dashboard or driving for dollars.

What I love and our students have is Sharad with REsimpli. It stored everything in one place. The best way I can describe it is it’s a business in a box. It’s a one-stop shop for every piece of software that you need, but now it’s all in one place. It saved us $500 a month because we got rid of paying a la carte for every system, and getting frustrated because they break down on how they communicate with each other. We got rid of all that. We went directly to REsimpli, which in my opinion, is the future of a CRM for real estate. Our students are like, “This is what I was looking for.” I knew because I saw a lot of posts going, “Anyone got anything better than Podio?”

That’s the thing, Chris. You were talking about it. The more places that you have to go, the more distraction that’s going to happen and the more creative avoidance that’s going to creep in. Creative avoidance is that little thing that tells you, “I got to work on this, and I got to pull here, and I got to go here, and I got to do this.” All of a sudden, you spent the last hour fiddling around on websites instead of following up with leads and setting appointments.

It never stops. I have my COO half a day dealing with systems breaking down because they’re not talking to each other. Sharad has done a great job. It’s $100 a month, which I still don’t know how he gets away with that price because it’s so inexpensive. If you’re interested in that, you can go to REsimpli.com/Chris. It gets you that discount that you always expect us to find for you and make it happen.

I love this. You and I are close buddies. You’ll be down in Tulum in February of 2022. We have a great relationship and something happens when we get together. The energy collides because we always have a great time. Thanks for being on as a co-host with me. To the rest of you, thank you so much for tuning in. Until next time, we will talk to you soon when we add more value. Talk to you later.

I love you, guys.

 

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About Chris Arnold

Chris Arnold is a 15 year Real Estate veteran who has closed over 2500 single family real estate transactions in the DFW metroplex. Chris is the founder of multiple companies that are managed by a US virtual team, which allows Chris to run his organizations while living in Tulum, Mexico full time. His passion for leaders has led to the creation of Multipliers brotherhood which serves the top 5% of real estate entrepreneurs out of the US. Most recently Chris has launched his REI Radio coaching program. This program is designed to teach real estate investors the marketing stream that everyone knows about but NO ONE is doing!

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