REsimpli CEO and founder Sharad Mehta hosted real estate investor Ty Franklin in the REsimpli Mastermind. Ty is doing rather well approaching complete strangers.
If Ty wants outstanding leads converted into sales, he first contacts a reputed virtual assistant. Ty moves fast from wholesale to full-time real estate investor. His artificial intelligence analyzes 17,000 phones calls daily for possible buyers with property criteria. His method greatly facilitates lead development and certification procedure. His concentration on property prices and market movements sharpens knowledge and preparedness. Ty looks at consistency, follow-up, and leadership.
Ty additionally includes virtual assistant management training, targets, and standards. Many times, potential real estate buyers seek him advice on rapid cold contacting using technology. He chooses nice properties to boost sales for certain vendors. Depending on Ty’s example quality over quantity rule, every cold call should have suitable objectives, training, tool and website automation of tasks based on Ty’s example, thereby improving virtual worker productivity.
While cold calling is challenging, Ty’s success points to possibilities based on carefully considered ideas. Including his concepts into your real estate company can assist to raise closure rates and investment returns.
With this extended interview or transcript, one may better grasp Ty and his style.
Key Takeaways:
1. Cold Calling Insights:
Sharad, founder of a property management and investment company, learns about Ty’s successful cold calling strategies, which have led to over 78 closed deals. Ty emphasizes the importance of investing in cold calling software and acquiring more data to enhance the process. (00:02:47)
2. Success in Cold Calling:
Ty’s core caller in the Philippines earns $7 per hour plus $300 per closed deal. Ty plans to train her for more tasks while he handles follow-ups. Ty also shared his data retrieval process, getting information directly from the city or county. (00:06:07)
3. Managing Cold Callers and Lead Startegies:
Ty focuses on qualified leads and contacts, not call volume. He holds bi-weekly meetings with his cold caller, to review scripts and leads. Qualified leads are sent via Discord, and Ty contacts them within 1 minute, ensuring efficiency. (00:12:34)
4. Lead Qualification Tips:
Ty and Sharad agreed that serious leads often respond if the price is 10% below the Zillow estimate. Ty offers more for properties in disrepair to lower prices. Sharad suggested new callers work 2-3 hours daily, noting that Saturday calls can be valuable. (00:19:55)
5. Lead Follow-Up Strategies:
Ty pulls and prioritizes pre-foreclosure and probate lists daily, updating other lists quarterly. He follows up immediately on leads and plans to add SMS marketing. Ty’s strategy includes recycling data and multiple calls per lead, with numbers sourced from a skip tracing service. (00:29:33)
6. Lead Generation Tactics:
Ty maintains strict qualifications for serious leads and tailors campaigns by list. He recycles unresponsive leads and uses aggressive follow-up calls and texts. Sharad and Ty discussed voicemail usage and setting rules for follow-up calls. (00:35:47)
7. Investing, VAs, Rehab:
Sharad and Ty discussed best practices for estimating rehab costs and managing VAs. Ty emphasized investing in software, regular VA communication, and a strong mindset for cold call rejections. Sharad agreed, suggesting hiring a VA after a few deals instead of spending earnings. They concluded by discussing Ty’s dialer tool. (00:44:29)
8. Effective Cold Calling Strategies and Systems:
Ty provided tips on cold calling, emphasizing using multiple numbers, limiting daily calls, and adding fresh data. He highlighted understanding tools, training VAs to handle objections, and implementing an IVR system. Sharad encouraged consistency and the importance of systems and processes. Ty also shared he hasn’t been sued for cold calling. (00:52:14)
9. Marketing:
Ty often requests property pictures from sellers but prefers visiting in person. He advised new investors to target absentee owners with two or fewer properties, at least 60% equity, and 7+ years of ownership. (00:25:04)
10. Monitoring and Motivation:
Ty Franklin ensures his VA stays productive and motivated by holding bi-weekly meetings to review call performance, critique scripts, and identify missed opportunities. By monitoring key performance indicators, such as daily contact rates, he maintains efficiency and addresses issues like time theft, ultimately enhancing the effectiveness of their cold calling efforts. (00:13:07)
Cold calling is a fundamental skill to master in the real estate industry.
It serves as a powerful strategy that allows agents to create new leads, widen their professional networks, and ultimately seal more deals.
Within this all-encompassing guide, we’ll take a deep dive into cold calling in real estate, equipping you with practical tips and industry-tested best practices that will enable you to hone your cold calling skills to perfection.
We will also delve into the importance of perfecting your approach and overcoming common challenges real estate agents face during cold calling sessions.
At the end, you’ll have a more profound understanding of how to optimize your cold calling efforts, thus unlocking the doors to heightened success in the competitive real estate market.
Furthermore, we’ll highlight the value of persistence and resilience in the face of rejection and the significance of tracking your progress and analyzing your performance to make necessary improvements.
This guide will serve as a reliable resource for novice and experienced real estate professionals seeking to refine their cold calling abilities and ultimately thrive in their careers.
What Is Cold Calling?
Cold calling is an art in itself, involving proactively reaching out to potential clients, often via phone calls, without any pre-existing contact or relationship.
Cold calling for real estate encompasses conversations with homeowners, prospective buyers, or sellers, delving into their property needs, interests, or future plans.
The primary objective of cold calling is not only to generate fresh leads but also to schedule appointments and ultimately transform these leads into loyal clients.
Cold calling demands a unique skill set, including impeccable communication skills, the ability to listen actively, and the capacity to build rapport quickly.
When executed effectively, cold calling for real estate can be a powerful tool for agents. It allows them to develop a steady pipeline of prospects, identify opportunities in the market, and distinguish themselves from the competition.
Benefits of Cold Calling for Real Estate
Cold calling in real estate might appear intimidating at first.
Still, when approached with the right mindset and techniques, it offers a plethora of benefits that can have a substantial impact on your business, catapulting you to new heights of success:
Lead generation: Cold calling is a powerful tool for discovering new prospects and broadening your client base. Guaranteeing a consistent influx of potential deals, it keep your business thriving.
It enables you to proactively reach potential clients, ensuring you’re not solely relying on passive marketing techniques.
Cost-effective: When compared to various marketing methods such as online advertising, direct mail, or billboards, cold calling for real estate stands out as a relatively cost-efficient strategy.
It merely requires a phone and a well-curated list of potential leads. This makes it an accessible approach for agents with limited marketing budgets.
Personal connection: Cold calling paves the way for establishing meaningful personal connections with prospects.
This is a crucial factor in fostering trust and rapport, which can make all the difference in a competitive market.
It lets you directly address your prospects’ concerns, preferences, and motivations, leading to more productive relationships.
Immediate feedback: Direct conversations with prospects enable you to quickly assess their interest, gather invaluable information, and fine-tune your sales approach for maximum effectiveness.
This real-time feedback enables you to adapt your strategy and respond to each prospect’s unique needs and expectations, increasing the likelihood of a successful outcome.
Enhanced communication skills: Cold calling not only hones your communication abilities but also refines your negotiation skills, which are indispensable in the real estate industry.
Regularly engaging in cold calling will help you become more adept at handling objections, crafting compelling pitches, and ultimately, closing deals.
Networking opportunities: Cold calling opens the door for potential networking opportunities, which can lead to referrals and collaborations.
This aspect of cold calling should not be underestimated. Remember, the real estate industry thrives on connections and relationships.
Despite common misconceptions, cold calling continues to hold its ground as a highly effective strategy even in today’s digital era.
A study conducted through the Keller Center of Research at Baylor University revealed that a staggering 72% of real estate agents who consistently dedicate 30 hours per week to cold calling could anticipate generating approximately 42 transactions per year.
When committing yourself to the refining of your cold calling techniques and persisting in the face of challenges, you can reap the numerous benefits this powerful strategy offers.
Best Practices for Real Estate Cold Calling
To optimize the impact of your cold calling efforts, bear in mind the following tried-and-true practices that can significantly enhance your results, along with examples of successful campaigns that implemented these best practices:
Conduct thorough research on prospects
Dedicate time to investigating your prospects, pinpointing their pain points, preferences, and driving factors.
This knowledge will enable you to customize your pitch and forge a meaningful bond with potential clients.
For example, a real estate agent who researched a neighborhood’s recent developments and property trends could use this information to provide valuable insights to prospects, positioning themselves as an informed expert.
Agents who have taken the time to understand the local market and neighborhood amenities can offer targeted, relevant information to prospects, further solidifying their expertise and credibility.
Craft a powerful script
Developing a captivating and personalized script can assist you in maintaining focus and conveying a coherent message.
However, refrain from sounding excessively rehearsed, and be ready to adapt to the conversation’s dynamics. Successful cold callers have been known to use a well-structured script as a guide while still allowing room for natural, spontaneous conversation.
A good script should include a solid opening statement, key questions, and responses to potential objections. These vital points ensure you’re well-prepared for any direction the conversation may take.
Timing is of the essence
Research indicates that the ideal times for cold calling are between 10 a.m. and 11 a.m. or between 2 p.m. and 4 p.m. Steer clear of calling during lunch breaks, early mornings, or late evenings.
A successful agent who prioritized calling during these optimal windows found a significant increase in positive responses and appointments scheduled.
Also, consider local holidays and events, or seasonal factors that could influence the best times for cold calling in your specific market.
Exercise persistence
Cold calling necessitates tenacity and resilience. Following up with prospects is key, as multiple interactions can significantly boost the chances of securing an appointment or closing a sale.
One agent’s diligent follow-up efforts led to a listing presentation appointment and, eventually, a successful sale after multiple touchpoints with a prospect over several weeks.
Agents who consistently follow up and provide helpful information at each touchpoint can nurture relationships, ultimately leading to more closed deals.
Harness the power of technology
Employ Customer Relationship Management (CRM) software to keep tabs on your leads and listing presentations, oversee progress, and manage your cold calling campaigns more efficiently.
A top-performing agent who leveraged CRM tools to organize and prioritize leads experienced a vast improvement in productivity and conversion rates.
Advanced CRM systems can also help automate tasks, such as sending follow-up emails or scheduling calls, ensuring no leads fall through the cracks.
Engage in active listening
Practice active listening, demonstrate empathy, and pose open-ended questions to uncover your prospect’s desires and expectations.
Agents who have excelled in cold calling often emphasize the importance of understanding the prospect’s needs, which builds trust and rapport.
By genuinely paying attention to their concerns and offering tailored solutions, you can foster strong connections and lay the foundation for lasting client relationships.
Tackle objections with grace
Prepare yourself to handle common objections, such as disinterest or distrust, by supplying pertinent information and assurances.
A successful campaign could address objections with testimonials from satisfied clients or through sharing relevant market data to demonstrate expertise.
You can confidently navigate challenging conversations and maintain control of the call by anticipating potential objections and having well-crafted responses ready.
Remain organized
Uphold an orderly system to track your calls, leads, appointments, and follow-ups, ensuring no opportunities are missed.
Top agents who meticulously tracked their cold calling activities were better positioned to make data-driven decisions and capitalize on emerging opportunities.
Staying organized also helps you manage your time effectively, allowing you to prioritize leads and allocate resources appropriately.
Regularly reviewing your progress can identify areas for improvement, allowing you to adjust your strategy as needed, and maintain a clear understanding of your pipeline and goals.
Establish measurable goals
Setting clear and measurable goals for your cold calling efforts can help you stay focused and motivated.
Establishing specific targets, such as the number of calls per day, listing presentations per week, or conversions per month, allows you to track your progress and celebrate milestones along the way.
Successful agents often set both short-term and long-term goals, continuously pushing themselves to achieve higher levels of performance.
Continuously refine your approach
Cold calling is an ongoing learning process.
The best agents always look for ways to improve their technique, and by actively seeking feedback from prospects or colleagues, you can identify areas for growth and implement changes to enhance your cold calling effectiveness.
Top performers also stay informed about industry trends, emerging technologies, and new communication strategies. This ensures their approach remains fresh and relevant.
Build a strong support network
Cold calling can be challenging, and having a supportive network of colleagues or coaches can make all the difference.
Surround yourself with like-minded professionals who are also committed to cold calling success. This can provide you with encouragement and the opportunity to share tips and best practices.
Engaging in role-playing exercises or participating in cold calling groups can also help you refine your skills and build confidence.
When you incorporate these best practices into your cold calling strategy, you can maximize the effectiveness of your efforts and pave the way for heightened success in the competitive real estate landscape.
As you refine your approach and learn from your experiences, you’ll discover the true potential of cold calling for real estate as a powerful tool for business growth and expansion.
Conclusion
Cold calling continues to be an important strategy for real estate agents aiming to generate fresh leads and expand their businesses.
By grasping the significance of cold calling and employing the best practices outlined in this guide, you’ll be better prepared to tackle everyday obstacles and interact with prospects more efficiently.
It goes without saying that mastering cold calling requires consistent practice and determination.
As you grow increasingly comfortable and skilled in this approach, you’ll discover its immense value in broadening your clientele and sealing more deals.
Committing to refining your technique, drawing lessons from your experiences, and remaining receptive to feedback will be imperative on your cold calling journey.
The key takeaways?
Consider the potential of cold calling within the real estate industry.
Seize the chance to establish connections with prospects. Foster meaningful relationships, and propel your real estate enterprise forward.
With the appropriate mindset coupled with unwavering dedication and application of best practices, cold calling can evolve into a formidable ally in your pursuit of real estate triumph.
