To make money effectively and successfully in real estate, you need to go the extra mile. When it comes to marketing, this means learning the art of cold calling. Particularly the six cold calling techniques that will turn a prospect into a client. Host Brent Daniels is back in another jam-packed episode where he breaks down each of the techniques to help you with your cold calling game. He talks about how to deal with each of the responses you get when calling motivated sellers, helping you navigate possible conversations, all the while drilling down to the four pillars of pre-qualifying. Join Brent as he breaks down each technique so you can level up your cold calling game.
6 Cold Calling Techniques To Help You Crush Your Cold Calling Game
We’re back with another jam-packed episode where we share the tips, tricks, and strategies you can immediately implement to start making money in real estate…RIGHT NOW!
“Yes, I Would Consider An Offer”
When you ask somebody if they would consider an offer on their property, out of the millions of different responses that you think you can get, there are only six responses that they’re going to give you. We’re going to go over each one of these responses so that you feel comfortable and confident moving forward with that conversation, and whatever they respond, you know how to respond to that so that you can keep going, further that conversation and see if there’s somebody that will do business with you. The first, best and scariest response is, “Yes, I would consider an offer.” This is where you pile in the benefits of them considering, reviewing and looking at the offer that you’re going to give them. We purchase properties in cash and pay all the closing costs. There are no real estate commissions. The best part is we buy them completely as is so you don’t have to put another dime and cent into the property.
“How Much Will You Give Me?”
For an offer like that, how much would you take? I want to see what’s going on here, how thick their force field is around them, and if they’re going to give me any information. If they’ve got a price, you would be shocked. The deals that we get through typically, they’re giving us the price within the first 60 to 90 seconds. This is what you’re looking for. Let them respond to you. Maybe they have a price in mind and then you can move from there. The most common response, there are two that are tied is, “No.” If they ask you, the second response is like, “How much will you give me?” ‘How much will you give me’ and ‘No’ are the most common ones, but they throw it right out at you in some version of that. You’ve got ‘Yes’ and “How much will you give me?” There you want to try to pivot. Remember, you answer their question, but then you respond with a question. They’re trying to control the conversation and bulldog you as, “Sure. Everything is for sale at the right price.” That is a version of, “How much will you give me?”
There are a couple of different strategies that I want you to consider here, depending on who you are talking to. As you’re calling and if you’re using a dialer, you can press a button on any of these dialers and it’s going to take you to Zillow. Zillow is going to give you the information on these properties. You want to dig in, show credibility and say, “It looks like your home is about 1,200 square feet. Is that right?” Remember, you’re answering their question, but you’re finishing with the question, so it puts it back on them. You say, “The condition of this property is important. Have you done any major remodeling to the kitchen and bathrooms in the last five years?” This is going to be a great indication if they are fixing up this property because where is the money spent on the property? They’re spent in the kitchen and bathrooms. You need plumbing, electrical and things so that you don’t get shocked by the plumbing and electrical. That’s typically where people are putting their cabinetry. That’s where you’re getting countertops. That’s where a lot of the expenses and properties are going to be is in the kitchen and bathroom. It’s a phenomenal question to ask to see what is the condition of this property.
The other thing that you can do here is you can pivot the timeline. If they say, “How much will you give me?” You say, “That’s a great question. Let me ask you this. Typically, we close properties in about 2 weeks to 30 days. Does that timeline work with you if we can give you an offer that makes sense?” I want to see, “Are they lookie-loos or are these people considering selling their property?” If you can get their timeline out of them, you’re halfway there. You’re understanding, “These people are serious about selling their house. I caught them at the right time. This is phenomenal.” That’s the pivot there. You’ve got a couple of different. Go to the condition of the property or their timeline on there. All this script and every conversation that you’re having with the property owner is drilling down to the four pillars of pre-qualifying, which are condition, timeline, motivation and price. That’s how you move that, “How much will you give me?”
The third way is to qualify their price. Sometimes I like doing this with driver-type, A-type and aggressive personalities. I don’t care if it’s a guy or a gal. They come out and they’re like, “How much will you give me?” You’re like, “Just looking it up on the computer right now, it looks like homes in the area similar to yours are selling for.” If Zillow’s estimate is above $250,000, I want you to throw out 66%. If it’s below $250,000, I want you to throw out 50%. This is to take a shot across the bow. They’ll be like, “I would never. You’re crazy.” Move on to the next one or they’re like, “That’s in the ballpark.” That’s what you’re listening for. The alarms in your head should be going off like, “This is incredible. This is somebody that has the potential to sell this property to me quickly. That’s what we’re looking for.”
That’s to get an idea. That’s not perfect and what you’re going to offer, but you’re saying, “Homes similar to yours in the area are selling for around this. Is that what you were thinking?” We maneuver that we can move and shake with our price, given the information that they’re giving us. This is typically 15 to 20 seconds into a conversation. You want to see, “Is this somebody that is serious or somebody that is hoping that I’m going to tell him that I’m going to give him double what it’s worth and they’re going to go for it?”
The next step there is qualifying their price a little bit. You can say, “My partner runs all the numbers.” If you have a partner, you can say, “I take this seriously. It takes me some time to run the numbers. First, I want to reach out and see if you would consider an offer. I can call you back quickly, but could you tell me what remodeling have you done to the kitchen and bathrooms in the last five years? That’s going to affect the price that I can offer you.” The condition is important and that’s pulling it back. You’re controlling that conversation now a little bit more because the more questions you ask and actively listen, the better opportunity and shot you’re going to have at pre-qualifying them, knowing if they’re a legit lead and understanding if the timing is right, like how to respond and do the lead follow-up with them. They might not be able to sell this for 30 or 90 days a year. You need to know these things and that’s what you’re trying to pull out.
The more questions you ask and actively listen to, the better opportunity and the better shot you’re going to have.
“Maybe In The Future”
The next one is, “Yes, but maybe in the future.” Some responses, “We’re thinking about it. We’ve got a tenant in there for the next six months. We’re going to sell it in the future.” They’re saying, “Once my daughter graduates school, we’re going to sell this property because we need the money for her college or we’re not going to be in town. This property is in a different state. We bought it as an investment property and now we want to sell it, but not until we can get there, clean up some things and make sure that we understand the condition of the property so that we know what we can get it for.”
They’re kicking the can down the road. You want to get in there and say, “Should I call you back in a month? I’m looking for something.” Tell them what you’re looking for. See if this is a property that would fit the criteria that you’re looking for, which is typically a property that is ugly, needs some rehab and renovation, or a small property that can be added on to. Maybe it’s a duplex, but it’s better as a single-family, or it’s a single-family better as a duplex. It depends on where you’re at in the country. You want to ask them, “I’m looking for something that needs some love.” I like saying “needs some love” as opposed to, “I’m looking for something that is totally destroyed or a fix-and-flip,” or any of these terms that us, investors, use that the normal population gets.
You want to make it digestible. The words that you use have to be a common language, “I’m looking for something that needs some love or major remodeling. Do you think that that would fit what we’re looking for this property?” “Yes. This property is destroyed and needs a lot of rehabs.” A pro tip here is to make sure they save your number in their phone as, “Brent Home Buyer, Jesse Home Buyer, Matt Home Buyer or Alejandro Home Buyer.” Whatever it is, put your first name and home buyer next to it and they know, “Save my number so that when I reach out to you, follow up with you, text you and call you, you know that it’s me and not just some stranger that you’ve never talked to before. You know that I’m reaching out and serious, and I do want to get you an offer.” Have them save your number. Will they? Maybe, but at least you’re asking them to, maybe it’s a 50/50 shot.
Getting A “No”
This one is great because we have pulled so many deals when people say, “No. I have raised my kids here. They are going to bury me in the backyard. I’m never selling this property. I love it. It’s the best.” “I completely understand. Do you happen to have any other properties you would consider selling? Maybe something that needs to be fully remodeled or a little love?” That’s what you’re asking for because you’re calling about a specific property. I want you to put them in a position where they remember that they have other properties. Maybe it’s a rental, they’re inheriting something or it’s a piece of land. You can even hit them with that, “Do you have any properties that need some love or even a piece of land that you would consider an offer on?” When people shut you down for the house that they live in, they like the rental or they don’t want to sell, open it up and see if they would consider an offer on any other properties that they have.
My company and TTP family members in the program have made a fortune from this question. When people tell you no, there is still life in there. Ask about other properties that they have. This is what some people do because they get a little bit nervous when people tell them no. They go, “Did you know anybody or any friends, family or neighbors that want to sell?” It’s a rabbit hole. You can try it if you want. The problem is every blue moon, somebody gets a deal that way, but I don’t like it. I’ve tried it. I thought that it was genius and super smart to ask. You’re chasing your tail at that point because now they have to think, they’ve got to talk to somebody and you’re following up with them to try to get the referral, and it usually doesn’t turn into anything. Ask them specifically if they have other properties that they would consider an offer on.
“How’d You Get My Number?”
We’ve got, “Yes, I would consider an offer. How much will you give me? Maybe in the future. No, I’ll never sell this.” The fifth one is, “How did you get my number?” “I’ve got an internet provider.” You can use LexisNexis. They’re a big company. “I send over the addresses that I’m interested in. If they have the phone number, they send it back and sometimes I get lucky.” Tell them, “The data is provided by data companies.” They’re usually fine with that. They’re like, “I get it. This is 2021. People are calling them. My number is out there. It’s on the internet somewhere.” Whether they signed up for a club card at their grocery store or Best Buy or they put their phone number anytime on the internet, it’s going to be found by these data companies and sold.
“Who Are You?”
The sixth response that you’re going to get is, “Who are you?” “I’m a local real estate buyer looking to do tasteful remodels in the area. I’m a local real estate buyer looking for properties to buy in your area.” When you say investor, the first thing that comes to the general public is, “They’re going to low-ball me. This is somebody that knows more than me. This is somebody that’s looking for a deal.” If you’re a local home buyer, “I’m a local real estate home buyer. I’m looking for opportunities and properties in this area that we can do something special with,” that sounds a lot better and goes down a lot easier. Those are the six responses, “Yes, I would consider an offer. How much will you give me? Maybe in the future. No, I’ll never sell. How did you get my number? Who are you?”
If you’re interested in joining the most proactive group in real estate investing, it is the TTP program. Go to WholesalingInc.com/TTP. I’ll personally mentor you. You get my cell phone. We text and call. It’s crazy, it’s bananas, but it’s the truth because I want you to be as successful as possible. I want to work with you and I love you. If you’re interested in that, check it out, scroll down and keep scrolling. The little scroll thing is tiny because there are many testimonials. Nobody has more testimonials. If it feels good in your gut, sign up for a call. Until next time, you’re the best, TTP.
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!