You’ve got your list of leads – now it’s time to get them on the phone. Cold calling has been a tool of real estate investors for decades, and even with all of our technological advancements, it still remains one of the best ways to move a deal forward. But what do you say when you get them on the phone?
You can learn a lot about someone’s situation and needs in a short conversation. And while talking through email or text is excellent, nothing beats a live chat. This is why cold calling is still such a frequently used tool in real estate investing. With one short conversation, you can determine whether your lead is worth pursuing and either move them forward or cross them off your list. This can save you a lot of time and marketing dollars down the road.
The biggest issue with real estate cold calling is jumping on the phone with a stranger who is not expecting your call. This will be a tricky tool if you fear rejection or just hate talking on the phone. But everyone can learn to love cold calling!
The biggest thing you can do to set yourself up for success is to plan out precisely what you will say for each type of call. You will write a script and plan for any possible questions, comments, or avenues the call might take. A little preparation can go a long way with cold calling.
What Is A Cold Calling Script?
A cold-calling script is a document laying out what you will say to your lead once they answer the phone. It should start with an introduction and end with “goodbye.” Everything that you want to say you should include. You should also add dialogue from your lead in the script.
This kind of script has the same purpose as a screenplay or commercial script – it maps out the dialogue, allows you to anticipate what is coming next, and allows you to practice it until you have it right. Your script should expect the flow of conversation, including any questions you think the lead may ask you. You may be thrown a curveball or two, but for most of your conversations, you will have well-thought-out answers ready to keep the conversation flowing.
Why Do You Need A Script?
If you are going to pitch your business to someone who isn’t expecting it, you need to make sure you know what you will say and how you will say it. This is the first time you are directly connecting with someone who could be a fantastic deal for your business – you don’t want to mess that up! To make sure you are saying what you need to say in the most personable and understandable way possible, you have to lay it out beforehand and practice it. Don’t make your first few calls practice runs – you could lose out on actual business that way.
Before you pick up the phone, write out what you will say and practice it by yourself and with other people. You want to feel comfortable in what you are saying and make sure it feels real and natural. Working with others will also help you hone your messaging, making it as understandable as possible. Winging it isn't a great idea unless you are a seasoned pro.
Where Do I Find Cold Calling Scripts?
Here’s the thing. You can Google “cold calling scripts” right now and probably find something generic enough to use when calling the leads on your next list. And that might be an acceptable way to start. But you don’t want to sound like you are reading off of a script – you want to sound like yourself! So if anything, use any scripts you may find as a template on how to create your own.
You must sound like yourself, so the lead feels like they can trust you. The words we choose and the order we choose to say them are unique. In real estate investing, you aren’t making a one-time sale over the phone, you are establishing a relationship that will develop over the next few weeks, months, or however long it takes for them to sell you their home.
How Do I Create A Cold Calling Script?
Drafting a cold-calling script is easy! Before you start, write down all of the salient points you want to hit during the call. What do you want to bring up? What information do you want to share? Make sure you include everything you think is necessary for this first call.
For each script, you should be targeting a different real estate leads list. You want to make sure the calls feel personal and speak to exactly why this person may want to sell their home. For example, suppose you are calling owners of vacant properties. In that case, that conversation will probably go a little differently than when you speak to someone who recently inherited a property or is going through the foreclosure process.
Always begin each call by asking if you are speaking with the correct person and then introduce yourself. In the first 15 seconds, you should know if you are talking with the property owner, and they should know who you are.
From there, think about what you would say if they stay on the line – how will you explain why you are calling? This should be as simple as possible to move the conversation along. Try something like, “I am calling because you recently inherited a property, and I am interested in purchasing it before you have to spend money on taxes or costly repairs.” This one-sentence statement will then give them space to ask questions or allow you to continue explaining your business and how it works.
When writing a script, keep in mind that the average property owner might need to learn what a real estate investor does or why they would want their property! So be polite, personable, understanding, and concise.
Once you have a script written, try it out with a friend, colleague, or family member to get a feel for how it sounds. It may sound unnatural and need extra work. This is why you should spend time practicing your script; you want it to be in your voice.
After drafting your script, think about what questions the lead may ask and write out some answers. If the conversation is far enough along where they are asking questions, you know you have some interest, so providing more in-depth information is appropriate.
If you plan on using cold calling in your real estate investing business, take the time and create scripts of your own that you feel comfortable using. You should always sound like yourself and not like you are reading from a script written by someone else.