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Updated about 2 years ago, 10/01/2022
- Agent Sales Representative at BiggerPockets
- Fort Collins, CO
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Does Cold Calling Still Work in Real Estate? - The Real Secret
I only posted this in general REI because most wholesalers pursue business by cold calling, looking for a homeowner who wants to sell a distressed house. One thing I've noticed most salespeople don't mention is you're not in control as much as you think you are.
What if saying the right words, having a script, the perfect voice or the right headset were all an illusion? Well, they are an illusion. The only thing you're in control of is hitting any goal or task you want to accomplish. If you want to ask 100 people if they'd like to sell their house, well that's all you can control is the singular task. Everything else it out of your control because truly you're just waiting on perfect timing.
Alright, most of your egos are going to explode at what I'm about to say next, but your ego is the problem in the first place. Your ego seeks comfort more than anything else and avoids danger at all costs. This is why it costs your health to stress over someone saying they're "not interested". Your ego will play games all day long saying, "Go back and listen to 20 Tom Ferry YouTube videos because clearly that homeowner rejected you because you did something wrong."
No, you didn't do anything wrong. People not wanting to sell their house is the norm. Without the polarity of wins and losses, there's no game to play. With no game to play it's no fun anyway.
So what matters most? Obviously getting a deal under contract you can buy or wholesale for a profit. That's the ultimate win. But since this requires a process, your attitude about cold calling is more important. Again, your ego are going to explode and freak out because you'll never hear this concept from Grant Cardone, so here we go.
There's a concept in ancient Chinese spirituality called Wu Wei. In short it means "effortless action". It's being relaxed, without force and most importantly intuitive in everything you do based on the timing of your actions. Your ego is freaking out right now because there's discomfort in the truth. Fine, go ahead and stress, suffer and make things harder than it needs to be.
The reason this is so vital is because chemistry on the call is all you're seeking. If the homeowner wants to have a conversation with you, there's a game to play. If there's resistance, anger, combativeness or anything negative I sense in the first minute of the call I kindly and quickly say, "Sorry, I can't help you. Have a good day." and hang up. Usually it's when a homeowner says, "What's your address and full company name so I can research everything you ever did in your life" or "What is it that you want I'm too busy and in the middle of something, everyone wants my house" You're not trying to create a sale, you're looking for prospects who already have the intention to sell.
This is why the method of "effortless action" in trusting the timing to be right, using your intuition and understanding that without chemistry, you have nothing.
Think about when you go into the doctor's office. You have a pain you need solved and most would rather want that pain or problem to go away quickly. Are you combative with your doctor? No. Sure you have concerns and ask quite a few questions but your energy with the doctor is being the patient because you have true intention of speaking with that doctor. Even if you speak to 50 other doctors, which is very unlikely just how most sellers only speak to a few buyers at a time, you still wanted to speak to those doctors.
Not once are you telling them, "Idk you tell me what problem I have". Which is how most homeowners talk to you if they don't have a need to sell.
Same with prospecting in cold calling. You're just looking to speak with someone who already has the thought of selling in their mind and because you made the call you caught them in perfect timing.
Those who have a need to sell will answers your questions, want to follow up with you, won't ask you millions of questions that are irrelevant to the common sense of the buying and selling of real estate and won't tell you, "I'll call you if I need you." Most will consider that leaving money on the table or an objection. You missed the most important part, they didn't need you.
I've made thousands and thousands of cold calls and have done at least a few dozen deals from this one strategy. Just thought I'd share my thoughts.
That is all.