Multifamily Cold Calling

[Matthew Barnett]

Let's be honest we all dread cold calling, my goal is to outsource this ASAP. What are some ways you guys have gone about this for multifamily? Should I hire someone local and give them a percent of the acquisition fee once we close? or hire a VA overseas and pay them a low hourly rate? What are some pros and cons you guys have experienced? Anything helps! I am going into this very open minded and wiling to try new strategies.

The goal is to have an office with someone on acquisitions 24/7 in house but we are a few deals away form that still.

[Brian Adams]

@Matthew Barnett I bought a 1000 unit apartment deal by a combined strategy of cold calling and direct mail (DM).

It does work and the process took 2 years to close the deal. 

After you make the initial call, you need to implement a process to continuously follow up.

I remember hearing about a study that went like this:

• 2% of closing the sale occurs on the 1st call
• 3% of closing the sale occurs on the 2nd call
• 4% of closing the sale occurs on the 3rd call
• 10% of closing the sale occurs on the 4th call
• 81% of closing the sale occurs on the 5th call

Most people give up after the 1st or 2nd call. 

A DM or cold calling strategy is the long game.