Cold Call Breakdown – The 4 Minute Call that Led to a $200k+ Wholesale Deal
Do you want to know what it sounds like to make over $200,000 on one phone call? This cold-call breakdown is so wonderfully exciting. This is from one of my students. Every Friday, students come in from all over the country. They spend time with my team. My student Satch brought this in and he said, “Brent, you have to listen to this call. It’s 4 minutes and 15 seconds, but I’m going to make over $200,000 from just this one call.”
This is going to be incredible. This is not magic, rocket science or a mystery. If you pick up the phone and every single day, you look to have quality conversations with distressed property owners, even if you don’t do it perfectly. There are many mistakes in this conversation, but it doesn’t matter at the end of the day. It still is going to turn out to be an incredible deal. It is very difficult to screw up a truly distressed and motivated seller. You are going to win huge. Let me show you what that sounds like right now. Read this.
“Is this Michael?”
“Yes, it is.”
“Hi, Michael. I was calling just to see if you were interested…”
This is incredible. My student that is in the TTP Program in the TTP family is out of Florida. He has got phone prospectors that he has hired and this is his phone prospector calling. She gets right to the point. I don’t know what it is about some phone prospectors, but after so much rejection and so many reps, they get straight to the point so that they can see if they can get these deals quickly or move on. You are going to see what she does right here because instead of opening it up, explaining who she is a little bit and why she is calling, she was going straight at Michael, the seller here, with this question.
“…were interested in selling your property here?”
Remember, when you call somebody and you ask them, “Would you consider an offer? Have you thought about selling your property?” There are only six responses, “Yes, no, maybe.” Here’s the maybe and I’ll explain why he said maybe instead of a flat-out yes. The fourth is, “How much will you give me?” The fifth is, “How did you get my number?” The sixth is, “Who are you?” There are only six responses when you ask somebody if they would consider an offer on their property, so learn how to respond. Let’s move on.
“Is it still running through your mind?”
All the sellers have this force field around them. The more you ask easy questions, the more they feel comfortable answering them.
“Do you mind telling me what kind of updates you’ve done to the kitchen or bath in the last five years or so?”
I like what she did here. You can see that she is experienced and going after the easiest questions for the seller to answer. As the seller answers more questions, they feel more comfortable. All the sellers have this force field around them that the more you ask questions that are easy for them to answer and they feel comfortable, the more they’re going to trust you, like you, open up to you, and tell you what’s going on with this property. She was going with questions about, “What repairs have you done to the property in the last five years?” I love asking specific questions on this, “What repairs have you done to the kitchen and bathrooms in the last five years?” It’s a great question.
Are you kidding me? I love that. That is the best, “Michael, what remodeling have you done to the kitchen and bathroom?” “None.” This is incredible. Now, you are feeling it. You understand that these are older properties. This property was built in 1958. You know that if there has been no remodeling done, then this is probably dated, which means that there’s a ton of potential in this property.
“Is it working okay or does it have central AC?”
“The central AC works fine.”
“What about the roof? Do you have any issues with the roof?”
“Are you living in the property or are you renting it out?”
“I’m living here.”
It’s a great question, “Are you living in the property or are you renting it out? That’s to find out what’s going on here. When you are calling on a property and it is owner-occupied, there are a lot more hurdles typically than if a property is vacant. They got to figure out where they’re going to move. They got to figure out, “Do they need to get their money out of the sale before they can move somewhere else?”
You are going to see this all unfold in this call. This is real life. If you are not excited about this, I don’t know. I get excited about this because this right here, in 4 minutes and 15 seconds, turns into a deal that gets locked up for a ridiculous price and now is on the market as is, nothing done to it, for over $200,000 more. It’s bananas.
“If we buy this property from you, do you have somewhere to go if we buy it?”
It’s a great question. Write it down, “If we buy this property from you.” You can also say, “When we buy this property.” I get it, “if” is nice. It still lets you pull away. It isn’t committing to the deal. It isn’t already assuming the close. It’s like, “Convince me to buy this property a little bit.” In this first dance that you are doing or this first conversation that you are having, “if” is okay. When we get further down in lead follow-up, that’s when we start saying when, “When we buy this house, when we close this deal, where are you going to move to next?” “If we buy this house, do you have somewhere you can go?” It’s a great question because it helps you understand the second pillar of prequalifying.
Remember, if you’ve never heard me before, the four pillars of prequalifying every investment at any time that you are lead generating. I don’t care if you are wholesaling. You are looking to flip or rent. Whatever your strategy is, you need to understand four things about this property and about that property owner so that you can make the decision if you are going to follow up with them and whether or not they are going to do business with you. That is the condition of the property, timeline to sell that property, motivation to sell that property, what their problem is, and what price do they want.
She was already getting that conditioned and filling it out a little bit, “What remodeling have you done?” “None.” She was looking at Google Maps, aerial and Street View. She was like, “It looks like it needs some love here and some updating there. It looks like the roof is okay but maybe it needs to be replaced. Give me some info about the inside.” “Nothing has been done.” “What about mechanical with the air conditioning unit? That sounds like it’s in decent shape. What about the timeline?” What she is asking now is, “Do you have somewhere else to go? Do you have plans or are you going to need some time?”
“You would need time to find other property then, right?”
“You would need some time to find other property?”
One thing that I don’t necessarily like that Natalie was doing here is she was pushing assumptions on him instead of asking and letting him answer. She was controlling the pace of the conversation and leading the dance but she was pushing a little bit too much. I want her to ask these questions a little bit more, “Would you need time to find a new place? How much time do you think it would need?” She gets into it a little bit, but she was making some assumptions off the bat early. It sounds like she has an aggressive personality. She was looking to get to the bottom line and I like that in my callers. I find that these people get to the core of what’s going on or they get hung up on. If they get hung up on, typically, we’re not going to do business with those people anyway.
When sellers trust you, the more that they’re going to open up to you and tell you what’s going on with their property.
“Do you have somewhere to stay?”
“Let me ask you this. What time frame do you have in mind that you would be wanting to sell? Do you think it’s more around 2 to 3 months or probably more than 6 months?”
“A month or two.”
Now, we’ve got the condition and timeline. Not only that, I already sense it. Do you sense it? Are you feeling that he is like, “A month or two?” You are like, “I bet he would move quickly if I could solve this little riddle or this problem, find him the next place to go, help coordinate, and make sure that he gets there. I bet he would go faster?” That’s what’s going through my head. I don’t know if it’s going through yours.
“I need a sum of money upfront for relocation in moving. Would your company be able to do that or no?”
He needs some money upfront to be able to move. Right now, the answer is yes to whatever their problem is unless it’s something ridiculous and you can feel like they’re messing with you. If it is something reasonable like this request, the answer is yes. I don’t care if you are brand new or you’ve never done a deal before. You can figure this out. Don’t let this be the hurdle that you can’t get over and get this opportunity.
We are in the business of solving their problems, “I want to move, but I need the money out of this property to move to the next one. I don’t know what to do.” “We can help you out. No problem. I completely understand. Let me talk to my partner. This is something that we can definitely handle.” She goes into that a little bit, “I don’t know but let me check. Don’t even go. It’s not a problem. We can handle that.” You can. You are creative enough to be able to handle that.
“Do you mean you need money before buying the property so you can find somewhere else to go?”
“I can definitely talk to my partner about it. We have a mom-and-pop thing in the area. I can talk to him about that. He does the numbers and I do the calling. We can give it a shot.”
Give your phone prospectors permission to say yes. My lead manager, Jackie, trains them every single week, “Say yes. Confirm and approve everything that they’re saying.” That totally makes sense that he needs some money, “I know that we can figure something out here. Don’t even worry about that. We can handle it. It’s not a problem. Yes, sure.“
“Are you looking to stay?”
“I want to tell you a little bit about what we do.”
The only other thing that I would critique Natalie is more active listening, “Uh-huh, yes, sure, yeah, got it, I understand.” It’s some of that affirming language. Don’t let it be silent on the other end because you can see she is literally just jabbing. She is going after and peppering him with questions. Sometimes that makes sellers uncomfortable and makes them go back into their force field or into their shell. Watch out for that.
“We purchase properties as-is. We don’t need you to put any other cent into the properties because we are looking for properties to give them some TLC. We don’t ask you to pay for any closing costs. There are no real estate commissions.”
Those are benefits, fantastic.
“Your house, we’re interested in it because it does need a little bit of some TLC and we’re looking for some properties like that. Do you have, Michael, a rough number in mind of what you would like for the property?”
To make this feel more exciting and create more attention, the Zillow on this property is $449,000. Check this out.
“$230,000, you said?”
You can do it, but you have to be proactive. You have to go out there, and you have to make a difference.
“Okay. Got you.”
Watch her tone of voice. She is looking at her computer right now. She sees what Zillow says on this thing. He says $230,000. Zillow is at $449,000 on this thing. She was like, “Oh, yeah.” Watch how her tone goes up here in the last minute of this.
“Have you started… I’m sorry.”
She was stumbling. She was like, “Don’t lose this.” Let’s see if he has thought about listing. Let’s see if there are any other options out there or if this could be the hottest deal of all time.
“Are you putting out tenants to represent it?”
“Have you thought of putting tenants in the property or you just don’t want to deal with tenants? I know they can be a real pain.”
“No, I haven’t.”
“Michael, I know you told me you would like some money upfront to move. I’m going to talk to my partner. We got to talk about it because we do have this business together. We have to talk about everything that we find out about this property that we’re interested in.”
It’s throwing her off. She was like, “I don’t know what to do.” In her mind, every alarm in her brain is going off right now. She was like, “I don’t even know what to say. I’m just throwing stuff out.” Sometimes it gets like that. Have you ever experienced that? Honestly, sometimes you get a little bit. Remember, deep breath, relax, keep going, and finish this thing up. Make sure that there’s a next action item or next point of contact that is going to be following up or schedule the next call or something that makes sure that you get connected with this person and help them out of this situation.
“Let me talk to him for a little bit and then I’m going to have him give you a callback if that’s okay. When are you available so he could give you a callback?”
“I’m going to have my partner Satch or Levi. They’re going to give you a callback after I talk to them to gather up all this information with them. Probably, look forward to the call tomorrow. Can I go? Hopefully, we can catch you.”
See how happy she is. Her speed started going faster. It has got some more enthusiasm and energy to it. It’s incredible. You are one call away from an amazing deal. A couple of different pro tips here. Number one, if you want to get big deals, you have to go into these areas where the properties, once they’re fixed up for that $300,000, $400,000, $500,000, or $600,000 typically. If you want to get over $200,000 on a deal, that’s the economics of it. Make sure that you keep that in mind.
If you are in a smaller market, think, “Maybe I want to work in my backyard mostly, but then I got this sweet, little elite pocket that I go after in a different market,” and hit it hard. By the way, Satch lived in this market but moved to Iowa because his wife is a helicopter pilot and then is going to be moving back, but the moral of this is he is virtual. Everything that he did was virtual.”
I want to give you inspiration and an example that says, “You can do this from anywhere in any market. You’ve got this.” There are more opportunities than there are people like us going after it. I don’t care if every single wholesaler in the entire country did 1,000 deals a year. There would still be way too many properties. There are over eleven million vacant houses in the United States based on the 2020 census that had been vacant for over a year. You can do it if you are going out there and being proactive.
To Natalie, who made these calls, I applaud you. You did a fantastic job. A little bit more active listening, confirming and approving. Beyond that, it’s absolutely fantastic. This is real. This is how exciting this business is. It can change your life like that. Once you do a deal over $50,000 or when you get that receipt for the value that you provided to the community of $50,000 or more, whether it’s wired into your account or you get a cashier’s check from the title company or closing attorney, when you look at that for the first time, it enters in through your eyes into your brain.
Your brain chemicals and chemistry changes forever. Everything is broken. All of a sudden, you are like, “$50,000, $75,000, $100,000, $200,000, or $1 million sounds reasonable. That’s what I want. That’s what’s exciting.” It has happened to me and countless others. You can do it but you have to be proactive. You have to go out there and make a difference.
I encourage you as always to go out there, talk to people, and have quality conversations with distressed property owners. If you are interested in joining the most proactive group in real estate investing like Satch and so many others, please go to WholesalingInc.com/TTP. Check out what it’s about and the absolute best of the best that is in this group and community. I would love for you to join and work with you personally. Until next time, I love you. See you.
About Brent Daniels
Brent 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!