Skip tracing allows you to locate property owners when you find a building with no information available on site. This is useful for researching abandoned or empty lots and absentee owners of income properties under management, but it can also do a lot more. With detailed information from public sources, you can discern possible motivations for selling and make appeals that speak to the needs of the potential seller. That means adding a human touch, though. You can’t rely on robocalls or form emails if you add a personal spin, so it helps to learn cold calling.
Does Cold Calling Work?
There are skeptics of cold calling as a concept because it is labor-intensive, but it’s hasty to claim it doesn’t work despite their generalizations. If the technique didn’t work, it would not have dominated lead generation in many industries in the 20th century. As the phone habits change across generations, the best way to cold call is to change with them, but it continues to be a powerful tool when used correctly. As for the critics, it is probably accurate to say that they are right about the technique not working for them. The question is, why? What did they do or overlook doing that led to repeated rejection?
Do’s & Don’ts Of Cold Calling
Unsolicited phone calls have gotten a bad reputation because of Robo-dialers. Still, when you leave a personalized message with a human touch, you’d be surprised how often you hear back from a property owner. Many people screen their calls today, but that does not mean they ignore the messages. If you are ready to leave a voicemail, you can still find some great deals. Here are the basic do’s & don’ts of cold calling to make offers on properties.
• DO the research to understand why someone might want to sell
• DO the math beforehand to figure out their minimum numbers to clear debt, liens, and other immediate concerns
• DO find ways to inquire about their interest in selling without making a hard offer upfront
• DO present your interest as an opportunity that could allow the potential seller to reach a personal goal
• DON’T go into the encounter assuming that the owner is interested in becoming a seller
• DON’T push if there is initial resistance, instead make friendly contact and provide contact information before retreating
• DON’T confront the owner with details about the financial state of the property; it may lead to defensive posturing
If you follow these essential tips as you work up your cold calling script for each lead, you can avoid the most common mistakes made by those new to the technique. Remember, numbers you get from skip tracing may not be numbers that owners are looking to make readily accessible to the public. Respect each individual’s privacy as you make your query, and you can’t go wrong.
How To Cold Call Skip Trace Phone Numbers
The best thing to do when opening a cold call is to state your name and the purpose of the call in a friendly way. The sooner the property owner understands your interest, the easier it will be to get on the same page about the potential deal. From there, discuss your interest with an eye toward the information you have, but avoid showing your hand. Feel out the owner’s inclination to sell, and be ready to retreat if necessary. You will rarely close on a cold call; the goal is to make friendly contact and set up interest. The return call from the property owner is when you can expect a deal.
Best Practices For Better Cold Calling & Things To Remember
Discretion and a low-pressure approach are always the best way to begin a cold call. In addition to those features of your pitch, you should also make sure you follow these guidelines:
1. Listen to what the other party is saying and what their reluctance or excitement reveals for insight into ways to sharpen your pitch
2. Be polite and upfront, and be ready to take no for an answer
3. Maintain a friendly disposition and make sure to say farewell with a reminder about your contact information
4. Be realistic with offer numbers and haggle in good faith when given a reasonable counter
The key is to remember that property owners are doing you a favor when they consider selling buildings that are not currently listed. You might know a bit about their situation and possible motivations, but in the end, the choice to part with the property is one of many potential resolutions to their needs. Making sure it is the one they choose means appealing to them, not making your interests the center of the conversation. Keep that in mind as you reach out, and you’ll be surprised what people tell you.
