For those seeking to sound more confident and credible on the phone when negotiating with sellers of distressed properties, this blog post is for you. Whether you're a wholesale real estate expert or an emerging professional looking to replace your W-2 through this profitable business model, the insights shared here could help you make substantial strides.
Leveraging AI-powered tools like the DealMachine Dialer can amplify your impact, streamlining how you handle potential deals. With the help of Troy Kerns, you will learn invaluable insights into phone skill techniques that can significantly elevate your real estate game.
The Power of Phone Skills
Cold calling remains a cornerstone of successful wholesaling. The ability to swiftly build rapport and establish credibility over the phone can make or break your real estate ventures. Below, we delve into the essential strategies and psychological techniques that Troy uses to crack deals consistently.
The Importance of Confidence and Credibility
Sounding confident and credible is fundamental when making phone calls to potential sellers. This isn't about being aggressively sales-y; it's about establishing a connection rooted in trust and understanding. Troy demonstrates the significance of a positive demeanor, even when faced with initial resistance.
"We all know what you're feeling when you're scared...it's easy to quit, but the biggest thing is to not quit and start today," says Troy.
Key Techniques for Successful Cold Calling
- Compliment, Confidence, and Credibility (The Three C’s):
- Compliment: Start the conversation with a sincere compliment to build initial rapport. For example, complimenting the seller's taste in property or their name can immediately break down barriers.
- Confidence: Present yourself confidently. This can be achieved through a firm yet friendly tone and an assertive manner.
- Credibility: If you're new, leverage the credibility of experienced partners or mentors. For instance, mentioning that your team has successfully bought and sold numerous properties can bolster your standing.
- Avoid Common Pitfalls:
- Refrain from typical cold-calling mistakes like asking, "Hey, is this [Name]?" This can make you sound like a stranger. Instead, begin with a more personalized tone, e.g., "Hey [Name], it's [Your Name], how are you?"
- Avoid mentioning that you are a local investor too soon. Phrases like "I'm a local investor" can turn people off. Instead, say, "My family and I buy houses in this area."
Troy's First-Hand Experience
Troy shares anecdotes from his journey, detailing how early experiences shaped his cold-calling dexterity. His story of almost joining the military, navigating through college, working multiple jobs, to eventually excelling in sales, offers a practical blueprint for those just starting.
Turning Challenges into Opportunities
Real estate markets can be diverse and competitive. Troy points out the importance of adapting to different markets, referencing his own experiences in Las Vegas and New Orleans. For instance, he notes that cold-calling techniques that work in one market might need tweaking in another.
"In Vegas, wholesaling wasn't really an active thing... but in New Orleans, there was a lot of wholesaling to be done."
Final Takeaways
Persistence is key because in cold calling, every "no" brings you closer to a "yes," making resilience your greatest asset. But resilience alone isn’t enough—you also need emotional intelligence to navigate conversations, recognizing that you're speaking to real people with real concerns. By approaching each call with empathy, you build genuine connections that lead to better outcomes. As you continue making calls, adaptation becomes essential, allowing you to refine your technique based on what you learn from each interaction.
Ultimately, success in real estate wholesaling isn’t just about closing deals; it’s about constantly improving your approach and building meaningful relationships along the way. By applying Troy’s insights and staying committed, you’ll find that your persistence, empathy, and adaptability will set you apart, helping you thrive in this competitive market.
