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In this lesson, in addition to answering a question about the effect of different area codes on closing more deals,
you will have 5 extremely important things I recommend before attempting cold calling.
I will also link you with my real estate wholesaling cold calling script; the necessary questions to add to your script and help you add some fun to the process.
Back in 2014, I picked up a really cool skillset which is the ability to talk to strangers and turn them to friends.
For me, it was more so about making a new friend than about closing the next deal.
But like many people, it wasn’t always about that. I had to learn to apply my attraction marketing principle to cold calling.
I will also tell you why I don’t spend my personal time or cold outreach campaigns because it’s no longer worth my time and I will explain that in a minute.
My name is Ola and I am the author of 2 books:
Smart Real Estate Wholesaling and…
Real Estate Money Secrets
Which you can download absolutely for free at: www.SmartRealEstateWholesaling.com
I am also the creator of myEmpirePRO and the 11 days challenge quick start guide
which you can access at: www.11DaysChallenge.com
Let’s get into it.
Real Estate Wholesaling is the art and science of finding deeply discounted properties leveraging mass marketing campaigns.
Once you find a property owner who is willing to give away a house…
PREVIOUS POST: How To Start Wholesaling In 11 Days! 📍
… yes give away a house… I will talk about that in a minute.
You negotiate, agree to a price and lock the property up in a purchase contract that you can sell for a profit as high as $82,000 based on my personal experience.
I’ve made as low as $0 on a deal before too which eventually turned to $5,000 6 months later.
That’s a story I will tell you in detail in the next video lesson.
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Virtual wholesaling is basically the idea of wholesaling beyond your local jurisdiction by leveraging the virtual world that we live in now.
I started practicing this as far back as 2006 with a combination of the direct mailing, receiving phone calls and fax machines.
These days, Docusign has replaced fax machines to collect signed purchase contracts from the United States nationwide operating from anywhere in the world.
Thing #5 – What is Cold Calling?
The first 2 of 5 steps of the wholesale process is collecting data and contacting distressed owners extracted from the data.
Establishing contact is done through marketing and I prefer to call it mass marketing just to be clear.
You cannot afford to look at this game of wholesaling as a hobby.
It’s a serious business and there is a constant battle between quantity and quality of the activities you spend your time on.
Thing #4 – All these wholesaling marketing strategies work.
* Cold calling
* Direct Mailing
* Text Messaging
* Email Marketing
* PPC Marketing
And even driving for dollars which is more of a data collection activity than it is an actual marketing strategy.
They all work with consistency!
But the question is always this.
Are you going to work until your chosen strategy works or potentially get frustrated out of the process?
So for me, cold calling works when I have a system in place to prequalify prospects ahead of my conversation with them.
Thing #3 – There are 4 steps to cold calling.
1* The Intro
2* The Info Collection
3* The Pitch
4* The Close
Thing #2 – Why Cold Calling Is Not Worth My Personal Time.
I personally only get involved in the last step which is “the close” because everything else is literally minimum wage activities.
This is important because your time is your greatest asset.
You and your competitors have the same 24 hours to spend on your business and your personal life.
In order to design a competitive advantage for your business with 500 people joining the wholesale game in every local market on a daily basis…
All you have to do is manage your time as a resource like your life depends on it.
Leverage other people’s time to do the introduction, collect necessary property information from interested sellers and prepare them to receive an offer directly from you.
The combination of those 3 steps is called pre-qualification.
Thing #1 – What people’s time are you leveraging here?
Virtual Assistants. (VAs);
You can hire virtual assistants for as low as $3 to $4 per hour.
So if you can secure a regular job at $8 or more per hour, personally cold calling is a direct insult at the value of your personal time and an abuse of your number one asset.
Most people contacted by cold calling will not turn to leads much less deals.
But with a proper pre-qualification process and system in place, your personal conversations which should “the close” will turn to deals more often than none.
It’s a great way to remove yourself from the excruciating and frustrating process of getting rejected by cold prospects.
If you receive that blow to the head too many times, you can get knocked out from the game way too soon.
The Main Lesson – Cold Calling From Different Area Codes to Increase Deals
HAVE YOU SEEN THIS: More Video on our YouTube Channel
So with the emergence of virtual wholesaling around the United States as a nation, many questions are arising.
And here is one of the most popular questions I get.
“Should I be cold calling from different but corresponding area codes for the different markets?”
There are no absolute answers to this.
What I can tell you is that there will be more distracting questions coming to keep you away from the actual calls going out and letting the prospects determine the results data you collect.
Check out the video on this screen for more on the questions to help your VAs prequalify better leads into your pipeline.