5 Tips For Cold Calling To Find Real Estate Deals

TL;DR

Sterling White shares five essential cold calling tips for real estate success.

Transcript

hello everyone sterling why here your favourite investor those of you who own the YouTube you know the next steps hit that subscribe button so you can get notified on the absolute bombs and gems that are drop moving forward and in today's topic we'll be going over the five tips to cold calling all right so the first one as simple as it sounds is ju... Read More

Key Insights

• Making the call is crucial; if you're unable to, consider hiring someone through platforms like Fiverr or Upwork to do it for you.
• Having a structured script is essential, including a greeting, reason for the call, qualifying questions, and a closing statement.
• Follow-ups are a game changer, often requiring six to eight touches to get a response and convert interest.
• Agreeing with sellers, even when faced with criticism, helps maintain rapport and keeps the door open for future opportunities.
• Rejection is part of the process; overcoming it requires a large pipeline to ensure you can move on to the next potential deal.
• Role-playing before calls can prepare you for potential rejections and improve your delivery.
• Cold calling can be more personal and effective than other channels like direct mail or bandit signs.
• The timing of follow-ups can be crucial, as sellers' situations may change, making them more open to offers.

Questions & Answers

Q: Why is making the call considered crucial in cold calling?

Making the call is crucial because it initiates the personal connection needed to build rapport with potential sellers. Even if you're unable to make the call yourself, hiring someone through platforms like Fiverr or Upwork ensures that this essential step is not skipped, increasing your chances of success.

Q: What should a structured script for cold calling include?

A structured script should include a greeting, the reason for the call, qualifying questions, and a closing statement. This structure helps in maintaining a professional approach and ensures that you cover all necessary points during the call, ultimately increasing the chances of a successful interaction.

Q: How important are follow-ups in the cold calling process?

Follow-ups are extremely important as it often takes multiple attempts, typically six to eight touches, to get a response from potential sellers. Follow-ups help in converting initial disinterest into interest, as sellers' circumstances may change over time, making them more open to offers.

Q: Why should you always agree with sellers during cold calls?

Agreeing with sellers, even when faced with criticism, helps in maintaining rapport and keeps the communication channel open for future opportunities. Disagreeing can cause friction and potentially ruin your chances of securing a deal, so taking the agreement route is more strategic.

Q: How can one overcome the fear of rejection in cold calling?

Overcoming the fear of rejection involves understanding that rejection is a natural part of the process. Building a large pipeline of potential deals allows you to move on quickly from rejections, focusing on finding the one 'yes' that can lead to a successful deal.

Q: What role does role-playing have in preparing for cold calls?

Role-playing before making cold calls can prepare you to handle potential rejections and improve your delivery. It simulates real scenarios, helping you to refine your script and approach, making you more confident and effective during actual calls.

Q: Why might cold calling be more effective than other channels?

Cold calling can be more effective than channels like direct mail or bandit signs because it allows for direct, personal interaction. This personal touch helps in building rapport and trust with potential sellers, which can be more persuasive than impersonal communication methods.

Q: How can timing affect the success of follow-ups?

Timing is crucial in follow-ups because sellers' situations can change, making them more open to offers. Consistent follow-ups ensure that you are top-of-mind when they are ready to consider selling, increasing the likelihood of securing a deal.

Summary & Key Takeaways

• Sterling White emphasizes the importance of making the call, even if it requires hiring someone else. He suggests using platforms like Fiverr or Upwork to find affordable help. Cold calling can be more effective than other methods like direct mail because it allows for personal rapport building.

• A well-structured script is vital for cold calling success. White recommends including a greeting, the reason for the call, qualifying questions, and a closing statement. Role-playing can help prepare for potential rejections and improve overall delivery.

• Follow-ups are crucial, often requiring multiple touches to get a response. White shares a personal success story where persistence and timing led to a deal. He advises agreeing with sellers to maintain rapport and overcome rejection by having a large enough pipeline.