Fear of Cold Calling? Why a Script Will Work for You.
As a real estate agent, broker, or investor, you know that most people have a churn in their stomach when they think about making cold calls, especially if that real estate cold call is to a property owner in pre-foreclosure. Let’s face facts- no property owner will be easily approachable if they’re going through a home foreclosure process. So how do you successfully approach a pre-foreclosure lead?
Using a script for pre-foreclosure leads can make this process less stressful for you and the lead. Just like actors that prepare for their roles by using a script, you too can benefit from using a well-crafted pre-foreclosure cold call script. The script below can take you to new heights of success in real estate, along with some mental preparation and the very best lead generation data on the pre-foreclosure market.
How To Prepare to Make Cold Calls to Pre-Foreclosure Leads
If cold calling was easy, then everyone would do it. But the simple fact is most people hate cold calling for multiple reasons. Here are some tips to help you prepare to use this pre-foreclosure leads script.
- First, remember your lead’s mindset- they are mad, frustrated, scared, and looking for answers or a way out of their predicament. Get into their head and understand their pain so you can prepare to solve their problem. Once you know how they feel you have empathy.
- Get your mindset straight. You want to become their trusted advisor.
- Set the mood for yourself. Play some upbeat music, get optimistic and excited. Or breath deep and see yourself thriving.
- Tell yourself how great you are. Just tell yourself how much you love to make these calls because you are helping people. You bring value to their lives. You solve their problems.
- Remember you ‘have to fake it to make it.’ Nothing comes easy, and the more you tell yourself you are successful, the more you will be as you stay determined.
- Practice your script. Often! Role-playing is great tool actors use to prepare for their roles. Your role is that of a trusted advisor, a solution to a problem.
- Remember to smile when you talk, even on the phone.
- Your tone should be positive and empathetic.
- Trust your data. Cold calling leads can be rough, and bad data makes the process harder. Find your trusted source for leads and make the calls with higher peace of mind that your efforts are directed at the right audience.
- Remember that commercial pre-foreclosure property owners are viable leads to grow your real estate portfolio and agent market share.
Elements of A Good Real Estate Lead Pre-Foreclosure Script
Having the right mindset to use a real estate script is one step. The next is making sure all your practice and preparation is put to use with an excellent script. Successful cold-call foreclosure scripts have specific elements that make them persuasive, overcome objections and show empathy. You are selling yourself, and a good script helps you do that by:
- Taking away their resistance.
- Showing that their fears, frustrations, concerns, and lack of knowledge of what to do next are all understood.
- Gaining some background information.
- Empathizing with their pain points and situation.
- Address the potential cost of they don’t take any action
- Offering to explain all their options with no expectations of them by you or fees associated with your time.
- Giving them a sense of urgency and cost if they do nothing.
- Summarizing next steps.
Real Estate Pre-Foreclosure Lead Cold Call Script Example
You have the right mindset and have practiced your script below. You have found the right foreclosure lead data and are now ready to make the calls. Make sure you have a notepad and extra pens or pencils ready. Remember, you should listen more than you talk. Take those notes! One last tip for your cold calling session is to have a dedicated outcome in mind before you start. Two examples are: determining how many calls you will make or how many leads you will close. Or just dedicate a specific amount of time to the session. The most important lesson here is to talk like you’re talking to a friend or family member. Envision the lead as maybe your grandma.
“Hi, is (property owner) available?”
- No – “Oh OK, I’m looking for (name of the property owner) or others listed on records) “
- “I apologize. I’m calling about the property for sale at (property address). Is this the right number?”
- No – “Do you have a phone number for the property owner?”
If Yes- “Hi, (property owner name), this is (your name with company/agency name). I am calling because the county records indicate the bank has started the foreclosure process. I can help to try and prevent that. Are you looking to sell, or are you planning to bring the mortgage current and stay in the home?”
“Do you have an agent representing you?”
If Yes- “Great, I’ll update my records.”
If Yes or No- “As I said, I am calling because I can try to help you. I know that the times are difficult, and some people in your position are unaware of the opportunities and options available. I want to help you before the bank tries to foreclose on your property. “
Take a few breaths here. Let them contemplate that offer of help.
“Can I ask, what attempts you have you made to work with your lender or what you have done to sell your property/home?”
“What are your goals do you have if you could sell your home/property? What is it that you want to accomplish?”
“Has your lender given you any information on what a short sale is?
“Or how it can help you?”
“A short sale can benefit you and your lender. It’s a great option and very common.”
“There are options I’d like to talk to you about. I have some appointments in your area on Date and Date. (Give them options for dates and times to meet. Be Specific) I’d like to look at the property with you and see what I can do to help you. At least by meeting together, you will have an idea of your options before your lender takes away your property. “
“Will both you and your spouse (if listed) be there?”
“Thank you, I look forward to seeing you on Date and Time.”
Government Protections End Soon
As a real estate agent, broker, or investor, the ability to get ahead of the competition is critical. Even more so today. According to the Consumer Finance Protection Bureau, over 2.1 million mortgages would be in some stage of foreclosure without the current government protections in place. And another 1.8 million properties are behind more than 90-days with no actions taken. Yet!
ProspectNow is ready to be your source of exceptional real estate data as the protections soon come to an end. We have helped the real estate professional since 2008. Contact us today to learn how our ProspectNow data can supercharge your real estate business.