Need some tips for cold calling

[Abraham Cisneros]

What are some key points I should cover when cold calling? 

[Cornelius Garland]

@Abraham Cisneros Congratulations on starting. Many new wholesalers feel uncomfortable starting. Having a script to follow is important so you have a flow to follow. You don't want to sound like a robot, but it's a good starting point so you're not saying "uhh" or have awkward pauses on the phone.

Here are a few points I'd emphasize:
Start by asking the seller if this is a good time to talk after a brief introduction. You don't want to sound too formal but you want to sound pleasant.
Then you can transition to asking them about the property condition. It's important to ask them about this because you can use this as negotiating power to ask for a discount without seeming like it's coming out of nowhere.

Get them to talk about the roof, the flooring, the paint, the carpet, the HVAC - ask when the last time these things were updated.

It's also important to control the direction of the conversation by asking questions, but the seller should do the majority of the talking.

I'd also take time to get good at generating comps / cash offers. This is one thing that many new wholesalers struggle with. In order to identify if the seller is motivated or a tire kicker, it's important to know what distressed properties are going for in your area. You can do this by practicing comping out each lead you generate, even if the seller is cold. It may take you 30 minutes to an hour to generate a cash offer for one property, You want to get so good at this that you'll know instantly if you've got a deal or not. The seller's asking price determines if you have a deal or not - they can say they just had a hip replacement and all these other seemingly-motivated reasons why they're selling. In actuality, the only thing that matters that comes out of their mouth is if they want to sell for 50 cents on a dollar.

Also, do not be afraid to ask the seller questions that might seem inappropriate. For instance, "Do you have a loan payoff". Or "What are the tenants paying for rent?" I use these questions to gauge the seller's cooperation. If they're apprehensive about answering these questions then you know their motivation is lower than a seller that freely provides that information to you.

I wish you much success with calling. Orlando is a good market. Also, if you're finding those sellers to be too stubborn, Jacksonville and Tampa are also both great markets in Florida.