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(00:43): Hi guys. Welcome to the show. Today I want to talk to you guys about cold calling. I'm going to get right into it. Cold calling. A very powerful tool in your arsenal. As you know guys, when you start to get into this business, there's a myriad of different marketing strategies. There's a million ways you can skin the cat as the saying goes, but the fact of the matter is, cold calling is one of the most impactful. It's one of the most direct. It's one of the best ways to generate leads by volume and it tends to work out right if you work at, right? So I want to break down what a cold calling script looks like today. I'm going to break down what it is that we say on the call, how we handle the seller on the call. What's the purpose of the call, how you set up your team, and what you guys should be looking for as far as roadblocks, pitfalls, hurdles that you've got to come across in order to get things done on the cold calling side.
(01:33): So without further ado, here we go. A couple of pieces. Make sure, again, as always on this podcast, guys, we're here for educational purposes and we don't ask for money. We don't have advertisers, we don't want anything out of you except to pay the price. And what the price is is share this episode, share this podcast, share this training. I'm doing this across multiple platforms right now. So depending on where you're at right now, if you guys find value in what I'm about to teach you after the fact, all I asked you to do is find a friend in the real estate game or somebody who wants to learn this wholesale business and share with them. Again, the advice is free. Everything that we're going after here is free giveaway. A piece of this might be part of one of our paid packages, but it's an additional training in there that we're offering as well.
(02:17): So guys, cold calling. Let's break it down real quick. First of all, I like to think about breakdown. What's my approach when I'm cold calling? Well, you have to think about the prospect, you have to think about their wants and needs and that starts with understanding your list. Great. Can you cold call out of the yellow pages? Absolutely. If somebody gave you just a huge list of phone numbers and said call these, could you call them and inevitably get some wins out of it? Absolutely. But, well, we want to start out with is figuring out as professionals who we're going to cold call now our teams use the same list that we use to market direct mail, the same ones we do RVM and SMS. Cold calling is a separate approach. So those other approaches, and we have to know the list of the people we're calling now generally, and you guys will find peace and another part of our training, but we're going to break down exactly who it is that we're calling.
(03:03): And most of the time it's not on her occupants with equity, single family, the whole thing, right? But knowing your niche before you call them, now understand my cold callers are calling a non owner occupant list with equities. So that means we know two things about these guys. We know that Hey, they have equity in a property. So there's the ability for motivation to occur. And that's not the say that when you don't have equity in a property, there's no motivation. I saw this as an untrue statement. However, especially in, you know, recording this right now and this coven time and stuff is weird and the economy is shifting and yeah, look, the bottom line is when there's cash sitting in an asset, people may have motivation to want to access that capital, right? So I know two things. I know that they don't live there and I know that they have some equity.
(03:46): So when I'm going to approach them the first time on the call, I want to have that avatar. When I have that vision in my mind that I'm calling somebody who has a property with equity, now I understand the cold calling game. You guys go to do a skip trace on the data. Again, there's a whole section on data. We'll teach that in a separate section. But when you get that data from your data source, whatever it looks like, you're gonna skip trace that data. So for every address, you're probably gonna get five, seven, 10 phone numbers for that address. Understand some of those people may not currently be associated with that property. It might not be something they still own or they still have a part of or they still live there, right? So cold calling is going to go through a whole slew of different people and that's just the name of the game.
(04:28): Any good call or any good cold call or anything confident sales person on the phone is going to know that there's going to be duds along with the diamonds. Right? So we know as we go through this thing, we're on a list, the phone is ringing. Look, we know we're gonna be talking to a good majority of people have equity in a property somewhere. Some people have no ownership in a property whatsoever. Keep it casual and understand. But that's okay. That's part of the game, right? Figuring out what type of property they have and what type of access they need as far as their property statistics. Right. And the avatar that we're talking to. Hey, no, you know you're going to have some wins. You're gonna have some losses when you're on the phone. Right? But the cold calling piece specifically, I like to break down into two pieces.
(05:07): We have our cold callers, which we call junior advisors or junior reps. And then we have senior reps, which are our acquisitions managers, the people that know how to give the offer, the people that know how to turn up the heat, the people that know how to find the real problem and dig it open. So our approach to this thing and our technique is a two step phase, right? I want the cold callers to warm up the conversation, build rapport, talk about the property, get some details, make sure the seller is interested in an offer. And that's about it right now. I want them to connect that call to a senior advisor. Now we do a warm transfer, meaning we have senior advisors ready to accept those calls. So when a cold caller calls out or our junior advisor calls out and the seller says, yes, I'm raising my hand and I want an offer, my property will turn around and make sure that we get them connected directly to a senior advisor.
(05:54): And I see some people out there in the game that are to the seller, my manager or senior advisor will be in touch with you in the next 24 48 hours. Something like that. Fact of the matter is we want to make sure we have a quicker reaction time because the longer that handoff takes, the less likely you're going to get the seller to commit. So listening versus telling two ears, one mouth. Why is it so important for this piece especially? Well when you're a junior cold call or junior rep or someone who's new to the game, new to sales, you're nervous. Let's face it. Some of you guys are seasoned vets and you still get a little bit nervous when you hop on the phone with a seller. These guys are generally new. They're generally just barely trained or they're just getting into it.
(06:32): So they're going to have some nerves and nerves cause people to talk. Nerves cause people to tell nerves caused people to sell in bad ways. And so we want to create an environment of listening. Again, two ears, one mouth. I want to ask great questions and then I want to be quiet. Let the seller talk, let them describe the property. Let them tell you what they all want. Let them tell you that the condition of the on, let them tell you how they came across the property. Maybe it was inherited, maybe as a tenant issue. Maybe it was something where the house had damage to it. A fire or water flood, right? You know, maybe it's just the property you've owned for a very long time and they've paid it down. They're just tired of being landlords, right? So what your job as a cold caller is at the front end is to learn the situation, right?
(07:15): Situational awareness. Now, and we'll include a free script that we use with this episode of the be in the show notes. So we'll make sure we have a link directly to our script. But it's very simple guys. I want people to talk. I want them to ask questions. I want them to listen, right? So we're going to ask them simple questions like, Hey, mr. Seller, I was calling about your property. You know, why are you calling? Well, we're a local investor in the area and we'd love to buy one more property in your neighborhood here in the next couple of weeks. Would you be interested in an offer on that property? That's really all, that's where we're getting. That breaks the ice. It gets them across the first minute and then that seller says, well, sure. Why don't you just give me an offer?
(07:51): Right? Well, you know, let me get a little bit more information. If you have about seven minutes, I'll get some more information from you and then I'll be able to hand you off to my senior advisor or my manager or someone who can handle getting you an offer. Would that make sense? Is that okay with you? Now listen, when you're going through that script and you start to ask the seller or the cold car starts to ask the seller about the property, what we're looking to do the entire time is to wear the hat of the solution provider, right? You want to make sure that you're coming from a place of empathy. You're coming from a place of actually caring. You're coming from a place of wanting to learn and wanting to listen. So if you're trying to hire a cold caller or you're doing the cold calling yourself, it's very important that you have the right mindset before you even start smiling and dialing right before you even plug in the headphones and get to work, make sure your mind is right.
(08:37): Make sure your mindset is that you want to create a solution for their issues. Well, guess what? You go into a phone call knowing that you want to be a solution provider. Well then your brain and your voice are gonna be wired to look for the problem. See, we can't solve problems that we don't know about. We can't guess, and that we know what the seller's position is without them saying it. And the truth is for two purposes. Number one, that's assumption. It's making an ass out of you and me, right? We're making the assumption that we can help somebody with a problem. They don't even have a problem, right? You know, a good analogy would be like if you went to your doctor's office and after 10 minutes of talking to you, you know he gave you some foot cream and told you to rub it on and you'll call him back in two weeks and you were like, doc, I got a headache.
(09:18): He's not even listening. He's not even paying attention. He's just throwing some solution at you without knowing the problem. You guys want to know the problem. You want to solve the problem. You want to create an opportunity for you and the seller. The only way you can do that is to get them to admit the problem. Talk about the problem and listen. So you guys know the script, you know the easy piece about getting into talking to them, building the people. Who's the cold caller? Well, we use a lot of really, really good virtual assistants, right? VA's, if you're not familiar with VA's, of course we'll also put a link in the show notes for a great place to find real estate trained VAs. But guys, this is a simple system and the bot and the processes, you can get an overseas talent at a very, very good cost to do these things for you.
(09:59): What you're trying to do is generate, you're trying to generate warm conversations and you don't want your high level sales people doing this, wasting their time doing this. Salespeople want to sell and right now the cold calling piece, we're not selling or listening, right? We're not providing anything on this first phone call. We're just taking information and we're taking all this information so that we can matriculate it over and hand it off to a senior advisor who can then call and be the solution. They can call and make the offer. They can call and put the deal together. But that's a different show altogether, right? So how do we get better on the phones? Or how do we get our cold callers to get better on the phones? Well, there's a couple of different pieces that we utilize, and then I believe you guys should as well.
(10:39): If you're building a cold call center number one, you have to have great quality control measures in place, which means you need a system that allows you to record the call, that allows you to go back and listen to it. That allows you to spot check your salespeople and listen in on their calls. Now, when we do this, we're obviously looking for holes in the armor, right? We're looking for challenges or objections that the cold caller couldn't overcome, or you're a cold caller. There should be very few of these because your script is very, very simple, right? It gets a little bit more in tune when you're looking at your senior advisors or your sales managers, right? Listening to them or in part about listening and giving great advice after listening, just to make sure that you're never chastising the sales person, you're giving constructive criticism.
(11:21): One of the things I like to do is like to ask permission to give them constructive criticism upfront, and I like to tie it to results. So like, look John our sales guy, or am I making up a cold caller? John comes to us and he says, you know, I've made a thousand calls this week. I've talked to 72 people and I haven't gotten a single contract, right? We call that drama, not data right now. Those are good metrics. Those are good KPIs to know, but at the end of the day, if John, I made a thousand phone calls, he should be converting some deals. If he had 72 people that said, yes, I like to offer my property, then something should have been converted on the back end, right? So I'll focus on the actual script, the actual conversation. So, Hey, John, constructive criticism.
(12:03): Is that cool? Can we hit this? I want to make you a better sales guy. Ultimately help you reach your business goals and your business plan. If that's cool with you. I listened to a couple of your phone calls really strong. By the way, I think you're really good at this, this, this and this, right? Always start on a positive note. If you're listening to a cold caller and you can't come up with something positive to say they're probably the wrong cold color for you, right? Most cold callers are going to have some holes in their armor, so now I'm going to say to them, you know, those three things are awesome. One of the things I think that you might want to work on that might be able to help you close more deals is this, you know, I heard you asked the seller how much they wanted for their property and they said, that's none of your business.
(12:39): That's a key indicator that we want to get a little bit deeper before we transfer that call over to a senior advisor, right? How do we handle that? What does that look like? How do we make that better that way the next time that happens to you, how do we overcome it? Which brings me to the second piece. First is quality control. Second is make sure when you're on the phone, right some tips and tricks here you keep the script close by. If you're paying someone else, you want to make sure they have the script close by. You want to make sure they have something to fall back on if they get caught or they get nervous. Number two, I want you to memorize the objections ahead of time. We'll also include a download, a list of objections in the show notes and wash. You put that along with the script.
(13:16): In that list of objections, you want to memorize those. You want to practice those. You want other people on your team to hop on the phone and role play and practice handling objections. Have you or your team call the cold caller and give them those objections and see how they handle them real time. I know this sounds like a silly thing to do, but the reality of it is when done properly and done consistently, it's going to make them better callers long run again, remember we want to bring this back to the business plan. Look, when you become a better color, a better objection handler, you'll become a better closer and ultimately you'll get paid more, right? So always bring back those learning pieces too. Their ability to create value for your team and for themselves, right? And then last but not least, again, practice makes perfect.
(13:59): Continue to do the role play. Have a schedule, let them call each other. If you have more than one sales person and let them go over objections, read objections to each other, keep a list of the common motivations that they're seeing. Maybe you're seeing a lot of people on a probate list or a lot of people with fire damage depending on where your data is coming from, have them keep a list of the common motivators that they're talking to, right? Because you're going to speak to those people in a little bit different way. You know, somebody inherited their mom's property and it's been in the family for 60 years, it's going to be an emotional decision. They grew up there, right? Whereas maybe they inherited a property from their great uncle and it's five States away and it's vacant and there's no tenants in it and now it's just a big thorn in their ass.
(14:40): Right? Different conversation and the same type of opportunity, both inherited properties. There's gonna be different angles to tackle those. Now. That kind of stuff gets more advanced in the senior advisor role. We'll definitely spend a show talking about that and getting deep on it, but at the end of the day, again guys, just to wrap up, keep the script close by, memorize those objections, make sure your role play, make sure you practice and start to pay attention to the common motivations that you're seeing. Now I'm going to also include a list of common motivations where you can find them and how those affect the conversation. Listening versus talking, interacting. Guys, I hope this was huge value for you. If it was, I asked you to share it. Find someone else that's in the game once to learn these techniques. The downloads will all be included in the show notes and we'll create a link.
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(15:54): and I want to thank you for saying yes to your success. Go out there and kick ass today guys. If you are ready to put the immense power of whole scaling to work for you, then head over to Joe evangelists.com/downloads and get your free business in a box download. Or if you're a true action taker, ready to blow the lid off your results. You can apply now to work with our team to build the business of your dreams faster than you ever thought possible. This call costs $500 to weed out the tire kickers, a mental masturbate, a feed. The real ballers will make back many times over on the first deal. Even if you don't get selected to work with us, you'll get a full year of access to our private coaching group, a $1,200 value and a 30 minute coaching call with Joe. So you win either way. Go to www.realestatemoneymindset.com to apply and change your life.
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