The Science of Flipping - Cold Calling Systems

Episode Date: February 9, 2021

Cold Calling Systems

What is up, everybody? What is up? Welcome back to the Science of Flipping podcast. I am your host, Justin Colby. And on this podcast, it is all things tools, processes, systems, operation, organization, you name it, all about your real estate investing business. And I have actually been asked a lot from my students how I have set up my cold calling strategy for marketing to sellers. And so I thought, hey, why not give everyone on the podcast, my loyal tribe, details on what I've done, scaling your business, going from zero deals a month to three deals a month, or maybe you're going from five deals a month to 15 and you have some issues, go over to thescienceofflipping.com. Fill out a form to speak with me or some of my team to see if we could be a good fit to get you to that next crossroads because this topic comes up a ton and so I'm happy to help. So what I've been able to do in my business is really scale the cold calling strategy. Now for those that don't know my full background story, I got started in 2007

and I started broke, busted, and disgusted. Quite literally, my home went to foreclosure. The repo man took my car, didn't even have a car. I walked away from $40,000 of credit card debt and I was sleeping on a friend's couch. I was in destitute by every sense of the meaning. I was broken spiritually. I was broken financially, but I had a belief that was unshakable. And that belief was I was going to be very successful in the real estate investing business. And here we are 14 years later. And it sounds crazy to even say that. And we are doing anywhere from 10 to 20 deals a month, very consistently in multiple states in multiple cities. So how did I get that done? Well, when I was broke, busted, disgusted,

I started cold calling. Now cold calling then is much different than cold calling now. Let me tell you that. There was no triple line dialer. There was no mojo calls. There was no Zen call. There was no VAs doing the call. It was me, yours truly, calling each and every real estate agent I could find. Okay. Now, that is a whole lot different than how I have it set up today and how I'm going to suggest you set it up.

First of all, let's talk about the calling itself. If you are not actively doing deals yet, I would highly encourage you for you to do the calls first. Now, one of my students actually does very well in business and financially is very well off. And he basically said, hey, I'm going to do the calls for a week or two. And then I'm going to hire the suggested companies you use to do the calls for me because I still work full time. So I only have so much time to give to this. And I said, hey, not a problem as long as you do the calls first. So if you do have a marketing budget and you do have an opportunity to do it, you know, yourself for a couple of weeks, I highly, highly encourage it. You might ask me why?

Because you need to know what the sellers are saying. You need to understand what the challenges are and the hurdles are when speaking with those sellers. So regardless of your marketing budget, I want you to do this first. Now, if you don't have a marketing budget, this is where I would suggest, well, for you to do this first, but you will probably do it a lot longer than someone who has a marketing budget. I would suggest here are the services I use, call services, call tools, I guess I should say. But actually, interesting enough, there's a company called Call Tools. I don't use them. So there's that. So I use Mojocells.com. Mojo Cells is a triple line dialer is probably the easiest of all the multi line dialers to use. It is very inexpensive. They're all about

the same price. But I use mojocells.com. Sorry, I had to take a sip of coffee. And then I also use Zencall. Two different companies, two different sources. I have Mojo specifically for my team in-house. I have Zencall for one of the call companies that I use. It is a not a household name. You're not going to be able to look this up. They're actually a pretty private company in terms of their cold calling.

They're not a big company, branded company. So if you want them as a resource, just shoot me an email at info at the science of flipping info at the science of flipping saying, please send me your cold calling company. And I'm happy to do that. I will just send you a link. They only take on clients by application. They don't take on clients, just any client anywhere. And they are crushing it for me here in Phoenix, of all places. They've done very, very well now over the years I've used them. And so again, happy to share that. Just shoot me an email. They're going to make you fill out an application. So and then they're going to talk to you about if you're going to be the right fit as a client for them. Here's what I highly,

highly suggest. Do not get into cold calling if you are not ready to do a six month or nine month run. I think a lot of people have improper expectations when it comes to cold calling, specifically with the seller leads. In fact, I'm going to talk about this here on the next episode about the difference in motivation. But cold calling, you have to have a long follow-up system for the leads. It is much more a nurture campaign than direct mail or pay-per-click advertising. So do not get into cold calling

if you're just gonna try it out for 30 days or maybe even. The reality is it takes about a 90 day ramp up to get enough leads in your pipeline that you can nurture that you can follow up with so that you can have some of those closes. What I can tell you is even when I started this company, I got a deal in my first two weeks with this company. Now, could that be because my team is really good? Yes. Could it be because it was the low hanging fruit? Yes. There's a lot of reasons why we could have gotten that deal. But I will tell you, if you're going to start cold calling, be committed to it, right?

So again, if you want to, I'm going to do the next episode basically about that, the difference in leads actually. So if you want my company that I use here in Phoenix, shoot me a email at info at the science of flipping.com. Cool. All right. So I use Mojo sells for my team and then I use Zen call for that team. So it's still my account. They're calling on my account. And that way I can see all the reports. What I really love about this company is they actually send me account. And that way I can see all the reports. What I really love about this company is they actually send me the reports anyways. Then I can cross check with my team. Have we had this many leads? Is this many leads come into our Podio account? How many are

still in follow-up, right? And then I can have my weekly meetings about leads and follow-up and deals and contracts, et cetera, right. So they do a great job. Again, I would really encourage using them if you have some level of marketing budget because you will be paying per hour for their people to be calling. I use, I believe, eight of their cold callers here for Phoenix. And that gives me, give or take 70 to 100 leads a week. Eight cold callers give me

roughly 70 to 100 leads a week. Now, I use a completely another company in Oklahoma City, where we're at. And that company does very, very well themselves for that market as well. The reason why I use two different companies, I started out just A, B testing. I wanted to see who was going to be better. That's always a better strategy for your marketing. However, that being said, it turns out they both are good. And so I just kept them both. The other company is really good is out of Columbia. So the first company is out of the Philippines. The other company is out of Columbia. They are about the same amount, give or take. With the other company, I have, again, roughly about eight, I think we're up to 10, we're actually going to get another six.

So let's call it eight to 10. Right now, we're going to be up to, you know, 1416 here when we open up Milwaukee. So we're excited to be opening up Milwaukee. If you guys are in Milwaukee, make sure you hit me up, we're going to be opening up Milwaukee here very soon. Again, you can just email info at the science of flipping.com. And so they actually have their own call service. I don't have to have Zen Call or Mojo for them. They have their own system. It's built into how much I pay for them anyways. So the whole thing is kind of a one-stop shop.

They also have their own CRM, which I do use primarily because I'm trying to make it as easy as I can for them to utilize their own systems, hand me the leads, et cetera. And so I use Zencall for one. I don't use another for the other company. And they're producing about the same lead volume. Last week, I think we brought in 65 leads, which is a little lower than Phoenix, but I have a much smaller list out in Oklahoma City. So it's all a little bit relative. But the reality is those are the systems I use for a CRM.

The first call team pushes it directly into my Podio account. The second call team has their own CRM that they obviously are working directly out of, so they put all their notes in there. And then that is actually tasked over to me. The interesting, neat, and cool thing about the other call team, the one that has their own CRM, is they also use Slack to notify us if someone's available for a real-time live handoff. If not, it's okay. But they try to see if someone is available. In fact, last week, we had literally four back-to-back, within like seconds of each other, uh, hot handoffs. I have three acquisition guys. And so I saw the fourth come in and I said, Hey, I got it.

And I actually took the lead live. Uh, and it was, uh, a lot of fun, um, because it's been a while since I actually handled live leads coming in like that. So long story short, guys, I hope this helps. If you are interested in my cold calling companies, I'm happy to send you the application. They both take applications because they can only take on so many clients is a reality. And so they wanna make sure everyone is the right fit. I would highly encourage you,

if you do not have a marketing budget, get mojocells.com and be dialing yourself. If you do have a marketing budget and or you have a job and you have some money, I would encourage you to look into this, fill out the application, talk to them, see if it's a good fit. Because I'm a huge, huge, massive believer. Cold calling is the way to go. I've been doing it since I started back in 2007, and now it's 2021, baby. So it's been a long time. Hopefully that finds you well. If you have not yet jumped over to my YouTube channel,

get over there, youtube.com forward slash Justin Colby. I drop a video a day. Get over there, subscribe, like my videos. I appreciate y'all. We will talk soon on the next episode. Peace.