Multifamily Cold Calls

[William F.]

Help!! I've made almost 1000 cold calls in the past 2-3 months, all to unlisted multifamily owners. Finding numbers is time-consuming - it's a real job. Most folks just aren't interested in talking. I've put in more than a few offers, and nothing is working out. It seems the guys willing to sell are under some illusion that their property is worth far more than it is. I feel like I need to inspire a little more interest and increase my pool of owners who respond positively at the same time. Do you guys have any tips or phrases that pique some interest?

[Brian Adams]

@William F., I have bought over 1000+ apartment units and get calls from people asking me to sell my assets all the time.

Within 5 seconds I can tell that the person is a wholesaler, inexperienced or they have no clue. (Please know that since we don't know each other I don't mean to lump you into this category).

Before you cold call, you need to do more research on the owner, property type, location, etc. 

You need to create a connection piece with me.

You need to know why I would want to sell to you.

You need to know in advance what my "pain" points are or what my problems might be.

You need to know what would motivate me to sell NOW.

You need to have a follow-up system to contact me at a later time as I probably am very guarded with my information. Why would I share financial information to a complete stranger?

You need to know that before you can get me to sell, you need to create a relationship with me.

Most people don't do cold calling, DM or any follow-up. So don't give up, just get really clear on what you want your outcome to be on each call. 

Example, maybe the first call is a welcome or introductory call. Your close or call to action is to ask me to provide my mailing or email address so we can keep in touch. Within 1 to 2 days you send a handwritten thank you note or send an email to begin a relationship. 

10 days later you call again to see how I am doing and how my property is performing. If you are targeting large assets like I am, deals like this do not get done with one phone call, it takes time to build a relationship.

Although I didn't buy the deal via a cold call, instead Direct Mail, the principles are still the same, here is a link for you that you mind find helpful.

Bought 200+ Unit Apartment Complex, Increased Value Over $4 Mill

Good luck!!