How Much Is Enough? 5 Different Ways To Ask For The Number, Building a High-Performance Cold Calling Team

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Welcome To The Business Of Wholesaling Newsletter!

Every week, we’ll be sending you strategies, tactics, and tools used by successful wholesalers and we’ll cover any important market insights and news in the industry.

Here’s what we got for you today:

• How Much Is Enough?

• 5 Different Ways To Ask For The Number

• Building a High-Performance Cold Calling Team

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How Much Is Enough?

When I first got into the business world, I couldn’t understand how these successful entrepreneurs could be miserable.

You’re your own boss, you don’t need to wake up early and sit in traffic every day.

You’re making life-changing money.

You have the experience of turning an idea into a reality.

But as I’ve gotten older and more experienced, I get it. I understand how entrepreneurs can exit their businesses for millions of dollars and feel empty. 

The journey comes with a cost. Oftentimes, it’s a sacrifice of quality of life. 

To be honest, the amount of wholesalers I’ve met that truly enjoy this business is far and few between. Most do it because of the lifestyle it affords them.

Which is fine, I’m all for that. Happiness should be the goal.

But when I see business owners try to scale up their business because they believe it’ll bring them happiness…

I just hope they figure out the truth sooner than later or learn to love their work. 

One of the first pieces of business advice everyone comes across is the “magical number”.

How much money do you need to be happy?

But really it comes down to intrinsic vs. extrinsic happiness. 

Intrinsic happiness comes from gratitude, passions, dreams, and personal values. 

Extrinsic happiness is basically a dopamine rush coming from stuff like status, accomplishments, etc.

The entrepreneurs who I admire who have both a successful business and happy life, have found a steady balance between intrinsic and extrinsic happiness.

The entrepreneurs who are successful in terms of money in the bank but live miserable lives, they usually chase extrinsic happiness while ignoring intrinsic happiness. 

Obviously, this isn’t a universal thing. Everyone’s different. 

But it’s an interesting thought to really think deeply about.

5 Different Ways To Ask For The Number

A lot of sellers are so stubborn when it comes down to the number. Or they’ll give an unrealistic number to purposely throw you off.

So it’s a back-and-forth dance to figure it out. But we can model the very well-known public speaking advice of “If you have something good to say, say it. Then say it again.”

Except in our case, we’re gonna ask it. Then ask it again.

So here are 5 different ways you can ask for the seller’s actual number or at least find the accurate range they’re in. 

1. Mr. Seller if I can pay all cash and close quickly, what would be the best price you could give me if there were no closing costs or commissions?

If they’re not sure…

2. Give me an estimate of what you were thinking.

And if they’re still pretending like they haven’t thought about this day and night…

3. Give me your best guess.

Still nothing?

4. Do you know of the prices of similar houses sold in the area? Are you looking to sell for full market price? What would you be willing to do for speed and convenience?

It’s almost like sellers have been trained to not give their real number. Here is where you use a little shock and awe.

5. Give them a low offer

On the off chance the seller says yes to this, that’s more profit for you. But usually, this will draw a reaction out of the seller to reveal their minimum number. 

And from there, the real negotiations begin. 

Building a High-Performance Cold Calling Team

Cold calling is a key component in generating business.

It's one of the most proactive and effective ways to reach out to homeowners, develop relationships, qualify prospects, and fill your pipeline with potential deals.

However, as your business grows and you get busier, the time you can dedicate to prospecting for new business tends to shrink.

To maintain consistency and scale, it's crucial to have a consistent flow of leads and new business.

One solution to this problem is hiring an acquisition manager or even building a cold calling team.

This allows you to focus on more high-value activities such as sending out offers, negotiating contracts, and closing deals.

But finding the right person to handle your cold calling isn't always easy.

There are two routes you can take when looking to hire a cold caller.

The first is the Do-It-Yourself approach where you find, train, retain, and manage the right person yourself, including providing them with the necessary tools.

The second option is hiring a company that does all of this for you, taking a lot of the heavy lifting off your hands, but at a cost.

Both options are viable, and it's up to you to decide which route suits your business best. Moreover, starting with one option doesn't mean you can't transition to another later on.

Despite the abundance of cold callers and businesses that offer cold calling services, finding a good cold caller is challenging.

To find the right person, consider a framework that focuses on five key attributes: energy, attitude, adaptability, confidence, and competence.

A personality test like the Disc Assessment can be a helpful starting point.

It's free, easy, and it will save you precious time by giving you a deeper understanding of who the individual is and how they operate.

The next crucial step is connecting with the potential hires and having a conversation with them.

Look for confidence and effective communication skills.

Consider their selling style - are they pushy and aggressive or calm and advisory?

These are the characteristics that will ultimately determine whether your investment in them pays off or not.

Once you find the right person, training them is key.

Teach them the scripts and the best ways to handle objections. Show them how to qualify leads and provide them with the right tools and data.

In addition to hiring and training, creating a positive company culture is crucial to the success of your cold-calling team.

A strong sense of belonging can make your cold callers feel like they are an integral part of your business.

Emphasize the importance of their role and show appreciation for their efforts.

Hosting weekly meetings is a good way to foster a sense of community within your team.

These meetings can be used to discuss performance, address concerns, share successes, and plan for the future.

It's also an opportunity for your cold callers to voice their opinions, offer ideas, and feel heard.

Accountability is another important aspect of a successful cold calling team.

Hold your team members accountable for their performance. Set clear expectations and regularly review their progress.

Focus also on the development and empowerment of your team.

Encourage them to learn and grow in their roles. Provide them with opportunities to enhance their skills and knowledge. Empower them to make decisions and take responsibility.

Keep in mind that building a successful cold calling team involves much more than just hiring and training the right people.

It requires creating a positive company culture that values each team member and their contribution to the business.

Thanks for reading this week’s issue of the Business of Wholesaling. 

We’ll be back next week with more marketing & sales strategies, market insights, and other advice you can use to grow your wholesaling business. 

See you next week.

Team Business of Wholesaling