Wholesaling Marketing: Turn Your Phone Into Your Easiest & Most Profitable Tool
When it comes to wholesaling marketing today many newer real estate investors fear picking up the phone, but done right it can be one of the easiest and most profitable tools for making cash fast…
There are many available wholesaling marketing mediums and channels today. Many work well and can make up a great part of your marketing mix but that doesn’t mean that you should neglect the phone.
So how can you make the phone your friend and best ally in flipping houses for big profits?
6 tips for wholesale marketing over the phone:
1. Use it!
Just pick it up! It’s not going to do anything for you unless you use it. Once you overcome the fear you’ll find it is a lot easier and more profitable than you think. In fact, for many it is easily their most powerful tools for putting deals together fast, bringing in cash and realizing an extremely high ROI on their time. A recent survey of real estate agents actually found that cold calling actually consistently delivered a return of hundreds to thousands per hour.
2. Re-Position it
Many detest cold calling because they hate rejection. You might be surprised how welcome your calls are with the right pitch and list. Relax and have fun with it, look at it as practice and a way to keep your sales skills sharp.
3. Switch to Warm Calls
If cold calling just isn’t your thing focus on warm calls instead. There are endless ways to generate warm calls extremely affordably. Try connecting by social first, buy aged leads for pennies a piece or generate inbound leads via online ads or ‘press 1’ campaigns.
4. Respond Rapidly
If you aren’t responding to leads instantly you are just making it harder on yourself and driving down the ROI of your wholesaling marketing budget. Recent research published by RealEstate.com shows after 5 minutes chances of qualification drops 46%. After 30 minutes conversion rates drop by over 100 times and after 5 hours odds of making contact are 3,000 times worse!
If you can’t physically answer that fast consistently or can’t bear that much phone interaction either outsource it to an assistant that can pre-qualify them or use an 800 number service and voice attendant to automate interaction.
5. Ditch the Pitch
Too many real estate investors make their job harder and turn off prospects by believing they need to qualify themselves and use poor scripts. Odds are the prospects don’t care much about you or your business much. They already inquired right? They want to know what you can do for them, so be direct and give them what they want.
6. Close it
Prospects want to be closed even if they won’t admit it. They want that push to justify their instinct to buy (or sell or lend). So get a commitment to the next action in your funnel, record it all in a database and automate follow up.
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