5 Best Cold Calling Tips for Real Estate Investing
By GoForClose teamFirst published Updated 3 min readCold calling still works for real estate investors when you call a targeted list of owners with a reason to sell, not the phone book. A short, human opening, good software, skip traced numbers and calls during working hours make each hour on the phone count.
Cold calling is an essential part of your overall marketing strategy. It may seem outdated, but this old fashioned approach still works and changes as technology progresses.
True, most people, real estate investors included, do not enjoy cold calls. Most end in rejection and leave you feeling discouraged. Cold calling is still lucrative though, if you keep at it and do it right.
1. Build a "Targeted" Calling List
Do not pull out the phone book and start dialing. You will get rejected a lot less if you build a targeted calling list. This list includes prospects who own foreclosure, probate, or tax-delinquent properties. You can search bank listings and public records, or do drive-bys, to find them.
2. Have a Real Estate Investing Script, but Be Human
Have you been cold called before? How long into the call did it take you to know the person calling was not someone you want to talk to? Less than a second?
Most times, when a person identifies as a cold caller, the receiver plans a shutdown answer or hangs up. You can avoid this with a simple opening:
- Right away, identify who you are and why you're calling;
- Do not volunteer intelligence (where you got their information);
- End with a question, so the receiver knows the next step to take; and
- Keep it conversational.
A script for wholesaling real estate keeps you from fumbling over answers to questions, and helps you leave an effective voicemail if the prospect is not available. Practice your script, so that when you call, you do not sound like you’re reading. You want to sound warm and natural, like a professional, not a robot.
3. Use Technology to Eliminate Tedious Tasks
Leverage digital technology to transform your cold calling experiences and improve efficiency. There are so many tools available to you to modernize and facilitate the cold calling process, tools like:
- ConnectAndSell;
- Outreach; and
- Toky
4. Skip Trace to Reach the Right Person
If you are driving-for-dollars, how do you reach a homeowner with a vacant, neglected, or For Sale By Owner (FSBO) property? Knocking on the door is not really an option after recent 2020 events. You could search public records to find those names and numbers, or run the address through a skip tracing service to find the owner’s contact information.
5. Don't Waste Your Time
Prospects are more likely to answer the phone from 9am to 5pm. If you focus your efforts during those hours, you can make a big impact. The only issue with this is, the time you spend cold calling might be better spent focusing on sales and closing deals.
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