Are you wondering how Cole’s lead lists can help you reach motivated sellers? A common strategy in real estate lead prospecting is telemarketing, also known as “cold calling.” Real estate telemarketing can be intimidating, especially if you’re doing it for the first time. It isn’t as simple as having a phone and a number and hoping for the best, but with a strategy, some tools, and all the necessary government regulations for making cold calls, you can develop a strong lead list and start building a network of motivated sellers who already have your name in their mouths.
In this article, we break down the steps to getting started and how to be successful with real estate telemarketing.
Why cold call?
Why is cold calling so powerful when it comes to real estate? The best time to reach a potential seller is, well, before they know they want to sell. The goal of a cold call isn’t to persuade someone into selling their home right away- on the phone with you. That would just be weird. The goal is to build a relationship of trust and authority that puts you top of mind when they do decide to sell. The journey from the first cold call to the final sale can be a long one, but with patience, strategy and good timing, it can pay off and gain you new clients through referrals. Sounds great, right?
Sellers who may be looking for an agent, not looking for an agent (but need one), or tried selling without an agent may not know what the next step in the selling journey. Sellers who may have had a bad experience with a previous agent or whose home has been sitting on the market for a long time may be reticent to reach out to just any agent they find on a yard sign, and with good reason- they don’t have the rapport . Whichever the case, reaching these potential clients and starting a relationship can save them the trouble of having to shop around.
Cold calling also reaches sellers who may only be starting to think about selling their homes. Reaching those potential sellers early establishes a relationship at the beginning of the selling process and keeps you top of mind when they are ready to sell. You can nurture this top-of-funnel relationship with repeat (but not pushy) follow up calls that offer some value to the homeowner, like informing them about homes in their area that recently sold or went on the market and current neighborhood comps.
Now that you know why telemarketing is a powerful tool for real estate agents, here are the steps for how to get started.
What makes real estate telemarketing effective?
- An accurate and powerful lead list is the most important step in getting started in real estate telemarketing. Cole’s lead lists contain the most up-to-date contact information, allowing you to reach potential sellers and be top of mind, before the competition.
- A good CRM to keep your contacts organized and increase conversion. A CRM like Hubspot can be a great tool to keep track of leads, communication and follow up with potential sellers. A CRM will also help you with leads who wish to opt-out of receiving future calls. In fact, Cole integrates with numerous industry leading CRMs, such as Wise Agent, just to mention one.
- A solid script or, better yet, several scripts tailored to different sellers’ needs will make or break your cold calling strategy. A sales script isn’t one size fits all, in order to be personable and empathetic to each seller’s unique situation, it’s essential to be prepared with a script to ease into the conversation.
- If you plan to perform any kind of telemarketing, you must register for a SAN annually to be compliant with FTC guidelines.
What is an SAN and why do I need one?
A Subscription Account Number (SAN), is essential in any form of sales telemarketing. There are some organizations that are exempt, for instance, nonprofits that make their own outbound calls are exempt from many of the regulations posed by the FTC. However, an organization calling on behalf of a charitable or nonprofit does have to comply with FTC regulations.
An SAN allows the subscriber access to contacts who have registered with the National Do Not Call registry, a service that allows consumers to opt-out of receiving telemarketing calls. More than 222 million people are on the DNC list and registration is permanent until the consumer requests to be removed. Violation of the DNC list can result in FTC complaints and steep fines. (as hefty as $16,000! Per call!) The FTC is so strict, in fact, that any business that performs any sales calls before attaining its SAN and downloading the DNC list could face a fine of $42k-PER CALL. This means that compliance with FTC rules and regulations is non-negotiable when it comes to real estate telemarketing.
So, how do you get this incredibly important piece of information
Steps to getting an SAN.
The actual steps to get an SAN are quite simple:
- Register with the FTC’s National Do Not Call Registry for telemarketers and create a profile at telemarketing.donotcall.gov.
- Choose your first five area codes for free. After that, you must pay, per area code, for any additional area codes you wish to call. The cost per area code for the first 6 months of registration is $69, per area code. This price drops to $30 per area code after 6 months. You also have the option to subscribe to all area codes in the US for around $20k.
- Comply with telesales regulations. There is some leeway in the case that a subscriber to the DNC list is called by accident, however, having a reliable, up to date list and way of managing that list is the crucial first step.
Final thoughts and things to consider before you start.
- Should you use a dialer system? A dialing system can save you the headache of hand-dialing phone numbers and gives the ability to call multiple leads at once.
- Be cognizant of when you call. Nothing is worse than receiving a call you didn’t want or expect during dinner time or “night-night.” The recommended time for sales calls is between 5pm and 6pm but the best time to reach the most people is surprisingly between 10am and 2pm. Find what works best for you based on your area.
- Develop relationships. Remember how we said your goal is to build a relationship that pays off eventually? Real estate telemarketing takes time. You’re essentially planting a seed that may grow into something if the timing is right. The key is to be patient and stay consistent.
- Consistency is key. Develop a strategy that involves nurturing lead/agent relationships for the longterm, rather than a quick sale. Check in with prospects and offer some value or useful information. These types of relationships could result in referrals!
Subscribe to Cole Realty Resource, reach sellers, be top of mind, and get ahead of the competition.