In the sales process, wholesaling cold calling is often the first step you take. It involves calling a potential business-to-business client you have not had a relationship with in the past. In the call, you try to gauge how much requirement there is for your service or product, identify who will make the buying decision in your company, and then schedule a pitch meeting, if need be.
The reason why cold calling often comes first and remains a top sales tactic for so many companies is quite simple. Cold calling is a business enabler as it generates revenue and fosters new connections with individual customers or other businesses. The businesses who do not use cold calls on their own or in lead acquisition campaigns actually risk not making sufficient revenue to keep their business afloat.
However, the companies that adopt cold calling tend to make some mistakes that cost them heavily. We will talk about some common mistakes businesses make. Let us get started:
Mistake #1: Not ensuring you are talking to the decision-maker
It is quite encouraging when you find an amenable and seemingly interested party on the phone when you are cold calling. However, the mistake would be to make an assumption that they are the individual who can make a final decision to sell a home and have the legal authority to do so.
To avoid this, you must ask if you are speaking to the owner or not as early in the conversation as possible, in conjunction with telling them that you are seeking homes for investor buyers.
Mistake #2: Asking yes/no type closed questions
People usually ask close-ended questions such as “are you the owner” question, during cold calls; to which any person can simply answer with a simple yes or no. This, thus closes the discussion with the answer. What you can do is rephrase the question in such a way that they may add information or share feelings or thoughts. This will help you qualify them or address their requirements better.
Mistake #3: Talking more than listening
Only human nature is that the better you are at what you do, the more you want to share that with your potential customer to work towards a particular deal. Here, it is important is to remember that you are a business person who offers a service that matches sellers with investor buyers. You are not necessarily selling the features and benefits of a product. The mindset must always be that you are a business that offers a service that the seller wants and needs.
You won’t be able to grasp the primary reasons that turn a prospect into a motivated seller without listening. The most you have to tell is in giving an introduction is who you are and what you do to assist sellers in the ongoing seller’s situation; that’s it; you don’t have to go necessarily blabber details.
Mistake #4: Closing the deal too soon
Sandler Selling System is one of the longest existing sales training systems that came into existence in 1967 and is still a quite popular sale method. Basically, the usual concept is consultive selling, so people think you are there are to consult and not push. Rather, your job is to uncover their pain or requirements for your services. Usually, the individual sellers have obvious financial requirements. The pain of an estate representative might be the pressure from heirs to sell a property. A foreclosure asset manager has many numbers to meet.
When you go for a close too soon in a cold call, it implies that you are doing it without uncovering their pain. The key is to take whatever time it takes.
These are some of the common mistakes people make while doing wholesaling cold calling.
Conclusion-
The most surprising conclusion to many cold callers is that it can be quite productive if you avoid mistakes. You can leverage technology to your advantage, be a consultative resource, and constantly make evaluations of how you are doing. Learn from those mistakes, and do not be fear to try things or change your approach. We hope this blog gave you some insight into wholesale cold calling.
