Ring, ring, ring…
Mystery caller: Hello, is this Joey? (p.s. I hate being called Joey)
Joe: …yes, this is Joe. Who is this?
Mystery caller: Hey Joey, my name is blah blah (I won’t use real name). Do you like off-market deals?
Joe: …yes but I buy large apt communities, do you have any of those?
Mystery caller: Oh yes, I sure do, what is your email address?
Joe: it is XYZ. I can’t talk now but you can email them to me and if they are of interest I will follow up with you.
Mystery caller: sure thing Joey
Joe: I go by Joe
Mystery caller: bye!
45 seconds later I get an email with properties.
Then I get a text 2 minutes later that says “ Hey Joey, it’s XYZ we just spoke regarding me emailing you multifamily offerings to your email of XYZ. Well I just sent over opportunities for you via email so please get back to me at your earliest convenience! My email address is XYZ.”
…THEN, 2 minutes after I get a text I hear…Ring, ring, ring….
Wholesaler: Hello, Joe (I smile, small victories…), I wanted to call and tell you I emailed you the listings.
Joe: Yes, I know, I got your email. And I got your text saying you emailed me. I am very busy right now but will look at your email within the next two weeks and if it’s something I want to pursue will follow up. If not then I won’t.
Needless to say, I didn’t follow-up with him.
Ok, some takeaways:
Instead of peppering me with correspondence if the wholesaler instead took the following 2-step process I would be much more inclined to work with him on future deals even if these didn’t pencil out.
Step 1: Introduce himself and tell me he has off-market properties he’s wholesaling but, before he shares them with me, he’d love to learn more about me and what I am purchasing.
Step 2: after learning that he decides to send or not send me the properties. If he doesn’t send them to me I would have a lot of respect for him for doing so because he’s showing he will screen the stuff he sends my way.
BONUS: doing some research on background of people you’re calling by doing a simple Google search. And listening to the responses to adjust accordingly (Joey vs Joe).
Are you a wholesaler? If so, how do you approach your cold calls?
Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.