Wholesaling Cold Calling Script: The (ULTIMATE) Guide

One of the biggest fears of newbie real estate investors is getting a conversation started with a potential property owner. Many real estate investors shy away from cold calling for fear of rejection.

A 2019 sales study found that over 40% of sales professionals consider initial prospecting---including cold calling---to be the toughest part of the entire sales process.

When done correctly, cold calling can be an effective part of a real estate investor’s overall lead generation strategy.

For this strategy to work in real estate investing, the investor must consider a few elements: 

1. The wholesaling cold calling script that is being used.
2. The target homeowner or property being focused on.
3. The follow up after the initial phone call to continue showcasing value and ultimately win the business.

Read on below to learn more about creating the ultimate Wholesaling Cold Calling Script!

• What Is A Wholesaling Cold Calling Script?
• Do Real Estate Cold Calling Scripts Work For Wholesaling?
• Why Use A Wholesaling Cold Calling Script?
• Who To Use A Wholesaling Cold Calling Script With?
• The Ultimate Wholesaling Cold Calling Script
• Tips for Cold Calling Motivated Sellers
• Follow Up With Motivated Sellers After Cold Calling
• Final Thoughts on Wholesaling Cold Calling Scripts

What Is A Wholesaling Cold Calling Script?

Any sales professional in any industry will typically start with a script. A wholesaling cold calling script simply outlines a conversation and key questions for a real estate investor to ask a prospective seller.

This conversation is designed to build rapport and trust, learn key information for the investor to determine if the property is a good investment, and lay the foundation for a potential partnership in the future.

Here is a fantastic video on creating and using scripts that are natural, authentic, and connect with your prospect:

Do Real Estate Cold Calling Scripts Work For Wholesaling?

Many salespeople across a variety of industries will say that cold calling scripts no longer work. Naysayers will say that cold calling is dead in the age of technology.

However, if an investor has a script that is well written and designed to build a genuine connection, and if the investor is willing to play the long game and think long term, cold calling scripts can absolutely still work for wholesaling today.

A Baylor University study on cold calling effectiveness found that while initial contacts were not fruitful, sales agents could increase sales conversions through longer-term relationship-building strategies and establishing actual contact (as opposed to leaving a one-time voicemail and moving on).

Why Use A Wholesaling Cold Calling Script?

It’s important for real estate investors of all experience levels to use a wholesaling cold calling script. For new investors just getting started, their nerves or lack of confidence may get in the way of creating a genuine connection with a prospect.

For seasoned investors, continuing to use a script will ensure that the conversation remains focused, on track, and efficient.

A quality script will keep the cold caller on task, minimize rambling, and allow a potentially great conversation to emerge. It also allows the investor to ensure that he or she has gotten all of their initial qualifying questions answered by the homeowner.

It’s important to practice speaking the cold calling scripts. A good tip would be to partner with an accountability buddy who can role play with you. This allows you to practice your script in advance, get comfortable with the words, and simulate a potential objection or rejection from the prospect.

Read Also: What Is Co-Wholesaling & How To Do It? 

Who To Use A Wholesaling Cold Calling Script With?

Real estate investors can use a wholesaling cold calling script with a number of targeted prospects. This includes motivated sellers, real estate agents, probate property owners, absentee owners, pre-foreclosures, or other distressed property owners.

You can use a template for a cold calling script, but it’s important to tailor it for each type of prospect you are targeting. Each script will have details and nuances that relate specifically to that target prospect’s challenges.

For example, a property owner of a home risking foreclosure or a short sale may not have the same concerns or questions as an absentee property owner living out of state. It’s important that each script reflects the target prospect accurately.

The Ultimate Wholesaling Cold Calling Script

Below is a wholesaling cold calling script for you to review, personalize, and use in your own business.

FREE Real Estate Wholesaling Cold Calling Script PDF Download

If You Are Targeting A Specific Property:

“Hi, I’m looking for XXX. Is this who I’m speaking with? My name is XXX with {company name}. I’m calling about a property that I believe you own, at {target property address}. Is this correct?

I’m just curious...would you consider selling your property for the right offer?  

I am a local investor and have a large network of other investors and cash buyers. I work with local property owners like yourself who may be looking to sell. My partner network and I purchase these homes in cash.  

I can do a quick close, within two weeks, if this works for your schedule. And you don’t have to do any repairs or improvements, nor do you have to put the property on the market for sale. We buy properties as-is."

{Note: PAUSE and stop talking here. Let the prospect talk and listen..} 

If You Are Searching For A Target Property:

“Hi, I’m looking for XXX. Is this who I’m speaking with? My name is XXX with {company name}. I’ll be brief. I’m a local real estate investor and I am looking for houses in your neighborhood. I’m just curious...would you consider selling your property for the right offer?  

I work with a large network of home buyers including other investors, realtors, and cash buyers. I partner with local property owners like yourself who may be looking to sell. My partner network and I purchase these homes in cash.

I can do a quick close, within two weeks, if this works for your schedule. And you don’t have to do any repairs or improvements, we buy properties as-is."

{Note: PAUSE and stop talking here. Let the prospect talk and listen..}

Allow the conversation to flow at this point. Remember to ask questions and genuinely listen.

--- 

If A Prospect Is Interested In Talking More:

“Great! Do you mind telling me a bit more about the property?”

(Have specific questions ready in case the property owner is eager to talk but doesn’t know what to say.

These questions should be tailored around the investment criteria you have set for your target investing properties.

For example, you can ask about the property size, lot size, number of bedrooms and bathrooms, square footage, or any necessary repairs).

OR

I’d love to schedule a time to come meet you in person and tour the property. How does {date/time} work for you?”

---

If A Prospect Says No:

“I understand! May I call you in a month to check in on you and see if your situation has changed?”

OR 

“I understand how you may feel. It’s a lot to take in and the process may sound complicated. Do you have any hesitation or questions I can answer for you?”

OR

“I understand! It doesn’t sound like you’re interested in selling this property. Do you have any other properties that you are considering letting go of? Do you have friends or family members who may be interested in my services?”

---

If A Prospect Sounds Like A “Maybe” Or On The Fence:

“I understand completely, this is a big decision! Tell you what….would you be open to another quick conversation in a couple of weeks? I’m happy to call you back when it’s more convenient for you. And in the meantime, I can send you more information on my real estate business and what we do. Does that work for you?”

If A Prospect Wants You To Give A Specific Price Or Closing Terms Over The Phone:

“I understand and totally appreciate you wanting a price! I love your enthusiasm and hope we can make a great deal work. I do need to see the property in person and run a few numbers by my partner. Does {date/time} work for you for me to come by?”

--- 

The General Conversation Wrap Up:

“Well, XXX, thank you so much for your time today. I can’t tell you how much I appreciate it. I’d love to come see the property. Does this {day/time} work for you? Is there any information I can send you before our meeting, or do you have any other questions for me?” 

It’s important to personalize the script above and practice it consistently so that it comes from you.

Read Also: Virtual Wholesaling - How To Flip Houses From Home

Tips for Cold Calling Motivated Sellers

Cold calling can feel overwhelming, especially in the beginning for a new wholesaler. Here are a few tips to consider as you build your cold calling skills:

Practice, Practice, Practice

There’s nothing worse than someone who sounds scripted and robotic on the phone. It’s important to practice your script consistently so that you know the key talking points/questions cold and sound natural. 

Listen To Your Script Over And Over

Consider reading your script into a recording device and then playing that recording back to yourself every day. With time, your subconscious mind will learn and pick up on the repetitive words. This is a great way to get a daily review in and stay sharp. 

Schedule Your Prospecting Sessions

Schedule these sessions in your daily calendar and hold yourself accountable. Treat these sessions as if they are non-negotiable business appointments that cannot be canceled.

Successful investors understand that consistent and focused prospecting time is a top priority and an essential function to running a successful investing business.

Scrub Your Prospect List In Advance

Remove duplicate names, verify phone numbers and addresses, and double-check names and phone numbers against the National DNC Registry.

Do this work (or hire administrative help to tackle it for you) in advance. 

Plan To Cold Call In A Quiet Place

When it’s time to prospect, it’s critical that you set up a space that is quiet and allows you to give your 100% focus to the task at hand.

Shut Down All Distractions

Turn off your laptop (unless you are using it for prospecting). If you must have a laptop open, close all other browser windows. Set a timer for the scheduled amount of time you plan to prospect. Allow yourself to focus exclusively on prospecting during this time.

Get Focused And Excited For The Call

Cold calling wholesaling deals can feel scary or draining. So it’s critical that you have a strong and excited mindset. Physically stand up at your desk as you make calls. 

Practice your scripts with a partner beforehand. Review your business goals and get excited. Then start making your calls. Your enthusiasm for your work and helping potential clients will come through in your voice, so make it count! 

Be Prepared To Ask Questions And LISTEN

This tip cannot be underestimated. It is important to introduce yourself, but then it is important to build genuine rapport with the prospect. The only way to do this is to ask questions and truly listen to what the prospect tells you. 

Don’t be so focused on asking your next question or making a point that you zone out and don’t listen to what you are being told.

Utilize A Robust CRM System

CRM stands for Customer Relationship Management. A robust CRM system will store all of an investor’s database and send reminders for follow up. Investing in a solid and well-rated CRM will help you stay on track and keep different prospects’ information organized.

Remember: motivated sellers are often in the middle of distressing and tough situations. You provide a service that can help them and create a win-win opportunity. Be professional, show authentic compassion and listen to their needs. 

Follow Up With Motivated Sellers After Cold Calling

"The Fortune's in the Follow Up." 

Any successful real estate investor will tell you that many of their deals came from consistent follow up. The follow up plan is built into their marketing strategies.

It is very common for cold calling wholesaling prospects to hang up on the wholesaler investor, refuse to take an initial call or show little interest early in the relationship.

In fact, according to a recent Velocify sales study, it can take an average of six calls for a sales professional to reach a prospect. 

Investors who regularly cold call understand that it is a long term strategy and that it can take a lot of time to successfully land a deal! The money is in the consistent willingness to follow up and provide value to potential prospects.

Here is a template for a wholesaling cold calling follow up script:

“Hi, {prospect name}, this is {your name}. We spoke {last month/date/time}? It’s great to connect again! I know when we spoke last, you expressed concerns around selling. As promised, I wanted to follow up and see if you had any other questions or were ready to learn more about how I can help?”

If The Prospect Is Now Ready To Talk:

“That’s great! Let’s start with you telling me more about your property.” Review anything you may have talked about in the last conversation and be ready to ask your qualifying questions.

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If The Prospect Is Not Ready to Talk Yet:

“I understand! Would you like me to follow up with you in a few weeks?” 

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If The Prospect Says No And Is Not Interested:

Thank him/her for their time, remain professional, and move on to the next prospect! If you have a mailing list, you can also ask if the person would like to stay in touch via your direct mail.There are other great ways to follow up with a cold calling prospect other than another phone call. 

For example, a handwritten thank you note is an easy way to be memorable and stand out from other investors. If the prospect has an email address or other available contact information, this is also an acceptable way to follow up. 

Final Thoughts on Wholesaling Cold Calling Scripts

Cold calling effectiveness statistics can feel depressingly low and inefficient. 

However, if you want to do wholesaling cold calling, having a wholesaling cold calling script that is well written, practiced routinely, and applied consistently, will significantly increase your odds of conversion and ultimately closing a successful deal.

Many real estate wholesalers find success in converting cold prospects. It’s all about focusing on the right cold call script, building a strong mindset and including consistent follow up in your real estate business plan! 

Have you completed a wholesaling deal through cold calling? How many times did you have to contact the prospect before they were open to a conversation? Tell us about your experience in the comments below!