How to Master Cold Calling Skills

Talking to a stranger can be intimidating sometimes. You don’t know what to expect, and as a new real estate wholesaler or even a veteran, it can get uncomfortable. However, cold calls are an important part of the business, one that everyone can master with a little effort.

Many deals would never come to you if you did not have the confidence and skills to pick up the phone and build a rapport with a distressed property owner. Read on to know the benefits of wholesaling cold calling.

What are the benefits of cold calling?

The main reason for cold calling is to expand your reach. You can send out emails and other correspondence, but never give up the chance to speak to a property owner. Furthermore, you are in the driver’s seat when making a cold call. You are initiating the time that you call, so there is less chance of a seller calling you at a late hour or on the weekend as they just read your mailer.

Also, there is no cost associated virtually with a phone call, making your time very cost-effective. Unfortunately, some callers shy away from cold calling due to fear. They are afraid of offending the owner. They fear making mistakes, passing wrong information, or losing the opportunity with some error.

However, with practice, you can improve your cold call process and build confidence to remove these worries when you pick up the phone. Follow these tips to turn your least favorite task into a profitable and enjoyable one.

1. Send a mailer first.

It takes the call from a cold call to a slightly warm one. The property owner will know your name and why you have called if they have received the mail. And it also provides you with an opening for your request. Mention the mailer and that you are just following up to see if they are interested in talking about selling their property.

2. Grow your confidence with practice.

As a new wholesaler, you need to become comfortable talking to others about your business, work, and what you offer. Practice conversation with friends and family to increase your comfort level and build your network. As your family and friends know about your business, you could feel encouraged to continue with your cold calling.

3. Timing is critical.

Here is why-

• Professionals are most responsive between 9 a.m. and 11:30 a.m.
• Homeowners are receptive on Sunday afternoons for potential selling inquiries.
• Weekday evenings yield optimal results for contacting potential home sellers.
• Timing is crucial for effective communication with professionals.
• Sunday afternoons offer a prime window for homeowner outreach.
• Evening hours during weekdays are ideal for engaging potential sellers.

4. There is nothing to mess up.

When you are into wholesaling cold calling, just know there is nothing to mess up. The only mistake you can make is not making the calls. You don’t have any relationship with the call recipient, and they have zero expectations from you. So, there is nothing to lose but many things to gain.

5. Keep first conversations simple.

Cold calls are about establishing that the owner might be interested in selling. So you need to introduce yourself and mention that you have dialed to discuss making an offer on the property, only if they are open to it. Then, wait for their response.

You will learn a lot by listening to the responses and other information. Suppose you have any specific info about the property, like seeing a water leak in the yard and calling to inform the owner. In that case, the response is usually positive and appreciative.

6. It is ok not to know everything.

There is no script to answer the cold calls, nor for every question the call recipient could throw at you. What is crucial is that you are honest. If you don’t know the answer, respond by saying that you will call the property owner back as soon as you can provide the correct information. Everyone respects an honest answer, even if you don’t know the answer.

The bottom line

Cold calls are a vital part of real estate investing; once you master it, you will find deals everywhere you look. With the confidence to make that first call, you will discover many property owners seeking fast cash offers to sell distressed property.

If you are a serious business and want to outsource the wholesaling cold calling part to a team of experts, contact Nomadux for the best solutions.