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Cold calling is an essential strategy for real estate wholesalers, involving the process of obtaining seller leads, skip tracing to acquire their phone numbers, and then calling them to see if they’re interested in selling their properties. Successful cold calling requires patience, confidence, lots of practice, and a solid script. In this guide, we'll walk through a comprehensive cold calling script and emphasize the importance of how you interact with potential sellers. Remember, your ability to connect with the seller is more important than the script itself.
To determine if a seller is motivated, identify these four key factors:
Begin the call with a clear and direct introduction: “Hi, my name is [Your Name]. I work with a group of investors looking to buy properties in the [Your Market] area for all-cash. Do you have a house or property you’re interested in selling?”
This opening is concise and sets clear expectations for the call.
If the seller asks how you got their number, respond: “Our marketing team looked up your information on public record.”
Once the seller shows interest, get to know them: “Great! Before we move forward, may I ask who I have the pleasure of speaking with?”
Use their name throughout the conversation to create a personal connection. Ask open-ended questions to build rapport:
After establishing rapport, shift focus to the property: “So, [Seller’s Name], can you tell me the address of the property you’re considering selling, including the city and zip code?”
Ensure you are speaking with the right person: “And you are the outright owner of this property, correct?”
Set expectations by explaining your process: “My role is to collect information about the property, send it to my team manager, and then come back to you with a cash offer. We can buy your property as-is, so you don’t have to fix anything, and we cover all closing fees. Fair enough?”
Ask about their reason for selling: “Assuming we can agree on a price that works for you, why are you interested in selling this property?”
Determine if there is enough equity in the property: “Are there any mortgages or liens we need to pay off at closing?”
Understand their timeline: “If I can get you an acceptable cash offer, how soon are you looking to sell? Is that a deadline or a preference?”
Gather details about the property’s condition: “Let’s talk about the property. Can you describe its current state and any repairs or updates needed?”
Ask specific questions about:
Finally, discuss the price: “If I were able to get approval to buy your property as-is, for all-cash, and pay all the closing fees, what’s the least amount you would want to walk away with net in your pocket at closing?”
Negotiate by asking: “Is that the lowest you can go?”
If the price seems reasonable: “Let me put you on hold while I try to get this approved with my team manager.”
After a brief hold, return with an offer: “Great news, [Seller’s Name]! I was able to get this approved. The purchase price is [Offer Amount]. We will pay all closing costs, so you will walk away with [Net Amount] at closing. Does that sound good to you?”
Do not hang up the phone until the seller has reviewed and signed the agreement. Use an electronic document signing service to make this process smooth and immediate.
To further build trust and rapport, use these powerful phrases throughout your conversation:
Use these phrases sincerely and appropriately to build meaningful connections with sellers. Remember, genuine interactions lead to successful deals.
Mastering the art of cold calling as a wholesaler is a journey that requires dedication, practice, and the right approach. Remember, while having a structured script is essential, the real key lies in how you connect with the seller on a personal level. Building a trusting relationship is not just a technique but a mindset that fosters genuine connections and facilitates successful deals. By asking the right questions, actively listening, and using the powerful phrases discussed, you can uncover the seller's motivations and needs, positioning yourself as a trustworthy and reliable partner in the process. Keep refining your skills, stay patient, and approach each call with confidence and empathy. Your ability to connect, understand, and offer real solutions will ultimately lead to more closed deals and lasting relationships in your wholesaling business.
