Does cold calling still work? You better believe it! In any cross-channel marketing campaign, utilizing calls is a must.
- Cold calling is 5 to 10 times more effective than cold emails;
- In the last year, 69% of customers took calls from new companies;
- 92% of all customer interactions occur on the phone; and
- 80% of customers meet with salespeople that reach out to them first.
Cold calling can get you appointments with potential leads, but there are right ways to call and wrong ways. How do you get it right every time? Well, in my 5 Best Cold Calling Tips for Real Estate Investing, my second tip is that you must have a real estate investing script.
One script is not enough though. You cannot pitch the same lines to every home seller because not all sellers find themselves in the same house situation with the same motivation to sell. So how many cold calling scripts do you need? As many as you can imagine – one for every seller type and motivation.
Here are 10 must-have real estate investing cold calling scripts to help you increase lead conversions.
1. The All-Purpose, Out-of-the-Blue Cold Script
This script is for the owner whose property you spotted while driving-for-dollars. You only want to find out if they are interested in selling their house. You gauge where they’re at and hear their pain points, and get your foot in the door.
If they do not hang up on you right away, ask them if there is a better time to call. This way, you show that you understand they have a life and may be busy.
The owner may not be interested in selling right now, but at least you can pitch and leave your name for the future, should something change.
2. The Script that Pitches a Property Owner Who Sells FSBO
You know how difficult it is for an owner to sell a house by themselves. You know the challenges and questions, so use that knowledge to your advantage.
Knowing why they decided to place their house For Sale By Owner may also help you understand their pain points and expectations. For example, if they are trying to avoid paying the fees, chances are they are price sensitive. You need to find out why: are they after as much money as they can get for it? Or, do they need the money to solve another situation?
The owner may be struggling to sell and is feeling disheartened. Or maybe they assure you they have the sale under control.
You can ask if they would change their mind if you paid an amount closer to their asking price. Be sure to also pitch the benefits of selling to you versus a traditional buyer, since most sellers who try FSBO and fail then try to list it.
3. The Script that Follows Up on an Offer Request
Let’s say a homeowner reaches out to you through your website, asking for an offer. You reach out to them to inquire about the property, its location and condition, and ask if there are any damages or issues. At the end of the call, you assure them you’ll be in touch again soon with an offer.
4. The Script for a Property in Probate
People often inherit property and cannot afford to keep it. You can go to the courthouse for a list of those properties in your area that are in probate. Track down the beneficiary’s phone number and prepare a script to call them.
Remember to be sensitive to the owner’s plight. They just lost someone, and inheriting a house is small compensation for their loss. You want to catch them when they are in a good frame of mind to talk. Before you go into your pitch, ask them if now is a good time and feel out their answer.
5. The Script for a Pre-Foreclosure Property
You can find pre-foreclosure listings in the public records section at the county office. These properties may also be in a temporary forbearance agreement between the owner and lender. The owner is having trouble making payments and faces losing their house. It can be just as painful for them to sell, so sympathize with their situation.
6. The Script for an Expired Listing
You can check public records or the MLS for those property listings that expired. Be prepared: the seller has no doubt been pitched by several realtors. You have to stand out as the best hassle-free solution for selling their failed property.
7. The Script that Pitches to a Landlord
Buying a rental is different from buying a primary residence. In the same token, pitching to a landlord is different from a traditional house owner.
Assessing what kind of landlord they are is also important, since knowing how to talk with each persona can be the dealbreaker. Speaking with a veteran real estate investor who wants to sell his rental portfolio is not the same as talking with someone who tried to become a landlord but was in over his head and now wants out.
You need to touch on their specific pain points and be the solution, so they can walk away from their problem rental, even with bad tenants still living there.
8. The Script that Leverages a Recent Sale
This script is often overused and fails because it is not done with a base of truth. It only works when a sale actually happens, and you can answer questions like, “Which house?” or “From whom?”
Let’s say you buy a house in a popular neighborhood. The seller was pleased with their experience and walked away happy. You can then pitch yourself to other residents of the neighborhood, letting them know, “I bought a property down the street from you recently at (address) and am looking to buy more properties. Have you thought about selling your house?”
9. Referral Script
Maybe a lead or successful customer recommends a friend, family member, or neighbor to you. You want to follow up on that referral. Ask the referrer for additional details, like why the lead is selling. This way, you can alter your referral script to address the seller’s motivation.
10. The Script that Follow-ups with an Old Lead
This is for the lead who said they were not interested in selling (yet). You are checking back with them to see if they’ve changed their mind.
GoForClose Has Professional Cold Callers that Get You Leads
At GoForClose, we market to leads for you so that you can focus on sales and closing deals.
You can provide your own list or use our motivated homeowner list, unmatched in the industry, with over 150 million properties and hundreds of property data points.
A regular VA is not good enough. We have Internal Sales Associates (ISA) trained in Real Estate Investing who can carry a conversation with a homeowner and turn a cold lead into an appointment.
If the lead is not ready to sell yet, but there is potential interest or intent, the ISA adds the lead to our campaigns, and when they are ready, we provide a warm transfer to you and your sales team so you can work the lead and close the deal.
If you have questions or are curious to know more, request a free consultation below.
Wayne Hudson
Wayne Hudson has a background in sales and real estate - but with a passion for economics. He uses his knowledge of economics and real estate to help clients think strategically and make decisions to optimize their outcome.
As the company's business developer, Wayne works to help GoForClose grow.
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Wayne Hudsonhttps://www.goforclose.com/knowledge-base/author/opsgoforclose-com/
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Wayne Hudsonhttps://www.goforclose.com/knowledge-base/author/opsgoforclose-com/
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Wayne Hudsonhttps://www.goforclose.com/knowledge-base/author/opsgoforclose-com/
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Wayne Hudsonhttps://www.goforclose.com/knowledge-base/author/opsgoforclose-com/
