[0:00]No matter what industry you're in, if you could cold call, you're going to be rich for the rest of your life. My name is David Choy. I'm a real estate investor. I own $50 million worth of real estate and today, I'm going to be giving you seven psychology tips on how to dominate cold calling in real estate. So the first eight seconds of that cold call is super crucial. I just had a call with one of my students about cold calling and his opening line was so weak. I said, dude, you got to fix that. And so, what I do when I call is you must, must, must have a curious tone, like almost as if you're asking a question. An example of this would be something like, "Hello, Tim?" See how it's like very curious questiony. What that does psychologically in the prospect's head is, number one, they might be thinking, this is someone I know, okay? It works against the natural inclination for a prospect to be like, let me hang up on this guy. I don't want to talk. It starts getting the internal monologue working in your favor, them asking, who is this? Should I know? Did I forget something? If you ask it in the right tone, you don't want to come off as a salesperson. You just want to come off as a regular human being just trying to make a friend, local guy, okay? And so what I like to recommend is saying something like, "Hey, Tim, me and my wife are looking to purchase a home in the area, and we've been seeing your property for some time and, I don't know, if you might be open or receptive to an offer?" Now, if you're an investor, you could say, you could position it in any way that you want. If you're a local guy and you have a partner or your brother, me and my brother are local contractors, and was wondering if you might be receptive to an offer. See how my tone is like, very genuine, and it's not coming off salesy. It's actually pretty like low. If somebody asks, yeah, like, yeah, what do you do, right? Everybody in the industry, every salesperson in the world, says something like, yeah, I'm number one. We're the number one real estate company in the world. We're the number one. Everybody's number one. Something that we like to do internally is say something like, "Yeah, that's a great question, Tim. Um, so you know how homeowners or people looking to sell their homes, they might work with a real estate agent and pay tens and thousands of dollars in real estate commissions, and they're locked into these like 12-month contracts? Sometimes these realtors just do a horrible job selling the property. They show the property weekend after weekend, and then you're stuck with a bad buyer that ask for tons of repairs or credits. Well, I guess we kind of help people like that avoid the hassle of working with realtors or unqualified buyers, and we actually buy the properties hassle-free, commission-free. What do you do? See, I'm not really saying I'm number one, I'm just addressing an issue that my prospect might be dealing with, and in a very gentle way, showing them what I do and my value add proposition. And I put it back on their court, "What do you do, Tim?" Number three. I love when uh people do this the wrong way. Sometimes, you get them to say, yeah, okay, I'm interested in receiving an offer. Some people like to go, okay, well, if you don't mind, I'd like to ask you a couple of questions just to kind of figure out what I can pay you for the property. You don't have to do that. Once you get a yes answer, okay, jump, jump right into less intrusive questions to more intrusive questions. If you give them an opportunity to say yes or no to that question, you can't just ask them a simple question that anybody would feel comfortable answering. So you just jump right into a less intrusive question. It looks like there's a single family, right? Looks like uh a four-bedroom, two bath, very easy question that anybody and everybody's willing to answer. So the key is less intrusive to more intrusive. Last thing you want to do if you're a wealth manager or a financial advisor is ask on a on the first few seconds of the conversation, what someone's net worth is? How much liquidity do they have? What's their personal liabilities? These are questions you don't want to ask. You're going to be like, what is wrong with this guy? And banging on you. One thing that I find people struggle with is getting motivation, because you're asking the motivation, why do you want to sell in the wrong tone? Motivation is plays a huge impact on you being able to get a good deal and being able to help people make a decision that they've been holding out or procrastinating, right? Your goal is to change lives, help people accomplish their goals. If you don't know what's their emotional trigger, why they're looking to sell, how are you going to close the deal? You haven't even, you don't even know anything about them. How are you going to help them, right? And so it's really important that you get their motivation because 95% of decisions are emotion-based decisions. And so if you are trying to be a top 1% closer, make millions of dollars in any industry and you can't figure out motivation, well, you're just not going to be top 1%. And so the way that I like to ask motivation questions is don't be afraid to push them away. Okay? Make it like you're really curious, like, why would you, I'm curious, why would you like that kind of like really, I make that face when I'm on, how don't help me understand that kind of tone, really curious. Dumbfounded if you will. Um, I like to ask, like, you've owned this property for 15 years. You got a great tenant here. You've raised your family here. I mean, why, why are you even thinking about selling this property? And when you do that curious, kind of dumbfounded tone and was pushing them away from the sale, what you find is that people are a lot more receptive because you're working and you're working with the psychology of your prospect, not against it.
[6:07]So now, you got to get into pricing, right? And so whether you're selling stocks or you're you're buying real estate or you're selling real estate, whatever it is, you got to get to the financial figure, right? And so the way that I get the number that I'm looking for, they're asking price, and I found that if you can't get asking price, you can't get to the number side of the business of the business side of things, you're just never going to be successful. So this is a really crucial aspect of the sales process. Always get their asking price. The way I like to start is anchoring, all right? And if you're in the business of people paying you instead of you buying stuff from them, you might want to work your way up and then down, okay? And so say, for example, I was a coach and and I want to make at least $10,000 an hour. What I might do is say something like, "Hey, Tim, um, I know you're you're looking for coaching. Um, typically, what I charge is about $20,000 an hour. Um, but given that you're local and you're willing to come to my office and meet me face-to-face, uh, I'm willing to I'm willing to work something out with you. What do you think is fair? And they're like, "Whoa, this anchor is all the way up here! They, they can't come back to you with a measly 500, that doesn't make sense anymore." So you might end up with 1,000, 15,000, right? Same thing on the real estate side when we're acquiring properties. I might find out, I'll go start off by finding out why they need the money, okay? What their goals are with the money, how much they owe on the property. So I know what they owe, how much they need, and then through that math, I know exactly what they need to get paid. I'll say something like, "So you've owned this property for, wow, 20 years. Um, you must have a pretty small mortgage, about 50, 60 grand?" They'll be like, "Oh, yeah, something around that." Okay, uh, and you mentioned that you you're looking to to uh put a down payment on a new home in North Carolina, and you need extra cash to kind of um, pay off some debts and and and pay off some college bills and some extra cash to kind of just enjoy your life. How much uh how much were you hoping to walk away with after we paid off that $60,000 mortgage cash in your pocket? And they'll tell you, "Oh, I need like 200 grand." Okay, so, so I'm not saying we can, but if we can get you around $200,000 in your pocket after we close, uh, you know, without pay, obviously without paying any real estate commissions or anything like that. What would you want to happen next? Look, and then it's about pushing the next step. Sales step six is about pushing this prospect to the next part of the sales process, okay? It's super crucial that every call ends with an actionable step for both you and the prospect. And so, by the end of the call, you're supposed to make them an offer or get them prepped to make an offer, right? And so you need to make sure you set up an appointment to go over your offer. You have to present now, okay? And so get them through to the next part of the sales process. Um, statistically, what we found is that we don't like setting appointments further out than 72 hours. Uh, it varies industry to industry, but if we set out an appointment past 72 hours from today, the likelihood of that appointment occurring is less than 50%, so we don't even bother setting that out. It's a industry it's a company rule, it must be within 72 hours.
[9:39]We found it has, I mean, double like 10%, 15% drops every 24 hours, so the faster you are and able to take it from step one, which is the first call, to making it an offer, which is the second call, the shorter that timeframe is, the likelihood of that appointment occurring is significantly higher. Step number seven, it's incredibly important that you create equal authority. You don't want to lose complete frame control if the prospect is controlling and dictating the entire conversation, they feel more important than you. They're not respecting you as an authority figure. They have no, you're going to get crushed every step of the in you're going to get washed, right? So, uh, you need to make sure that you create equal authority, and one way that we do that prior to the next appointment, when we do set the appointments is I'll say something like, "Oh, man.
[10:28]Uh, my calendar's stuffed right now. Um, let me see here. When are you most available? Uh, tonight or is tomorrow morning better for you? Okay. Tonight, okay. Uh, is um, this tonight's like 6:00 or 7:00 work better for you, Tim? Uh, oh, seven, ooh, you know what, let me actually, I just realized I had something there. Let me just move this for you so I can respect your time. Okay. And then, Tim, um, you know, my my calendar's usually stuffed. I'd like to get you the best offer possible here. Is there any reason, any reason at all that you could think of that you might not make this appointment? No problem. Okay. Uh, by chance, do you have a pen real quick? I'd love to give you the number, uh, that I'm going to be calling you from. Okay, great. And then you drop the number, you wrap up the call, and then hopefully you you just crush on that presentation and you get a deal signed up. Guys, if you liked this video, please like, subscribe, comment. We'd love to get some feedback from you. Much love. I'll catch you guys later!
