Cold Calls, Hot Land Deals: Joe Roberts Unveils His Cold Calling Strategies for Land Investors
Oct 24, 2023
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Joe Roberts, founder of LandCaller.com, unveils his cold calling strategies for land investors. They discuss the opportunity and effectiveness of cold calling in the land business. Topics include scaling the process using virtual assistants, advantages and cost breakdown compared to direct mail, lead generation companies, scripts and qualifying questions, hiring cold callers, overcoming stuttering, personal fears and pride, developing real estate for training first responders and military personnel, and the importance of collaboration in survival.
Cold calling can be an effective and cost-saving marketing strategy for land investors.
Using a professional cold calling service like LandCaller.com has advantages over managing your own team offshore.
Cold calling leads offer higher quality leads and the potential to build trust and credibility with sellers.
Prompt follow-up and quick response time are crucial for increasing conversion rates when cold calling leads.
Deep dives
The Benefits of Cold Calling for Land Investors
Cold calling can be a highly effective marketing strategy for land investors, despite not being commonly used in the industry. As competition in the land investing market has increased, response rates from traditional methods like direct mail have declined. Cold calling offers a cost-effective alternative, with significant cost savings compared to direct mail. It allows for more direct and personalized communication with potential sellers, building rapport and establishing credibility. Cold calling also enables investors to reach leads who may not respond to other methods, such as those without cell phones or who don't trust technology. By incorporating cold calling into their lead generation strategy, land investors can tap into a largely untapped market and potentially discover lucrative deals.
The Process and Success Rate of Cold Calling Leads
When using a cold calling service like LandCaller.com, the process typically involves three phone calls with each lead. The first call focuses on building rapport and gathering information about the property. The second call verifies the facts and establishes the motivation of the seller. The final call is used to make an offer on the property, taking into account the information gathered in the previous conversations. The success rate of closing deals with cold calling leads can vary depending on individual strategies and preferences. Land flippers and developers may have specific criteria and price points, while others may explore a wider range of opportunities. On average, conversion rates for closing deals with cold calling leads range from 2-10%. Successful deals can be further increased with effective negotiation and follow-up campaigns.
Advantages of Using a Cold Calling Service
Using a professional cold calling service like LandCaller.com offers several advantages over hiring and managing your own team offshore. LandCaller.com provides experienced callers with excellent English skills and real estate cold calling experience. They have been trained to handle the intricacies of land investing and have the capability to mimic American accents. The service also takes care of hiring, training, and managing the callers, as well as providing the necessary infrastructure such as dialer systems to optimize efficiency. By outsourcing the cold calling process, land investors can save time, benefit from the expertise of a specialized team, and focus on other aspects of their business.
The Impact of Cold Calling on Lead Quality
Cold calling leads can offer a unique advantage in terms of lead quality. By establishing direct communication and rapport, cold calling allows investors to gather more specific information about the property and the seller's motivations. This can result in a higher quality of leads compared to traditional marketing methods like direct mail. Additionally, the personalized nature of cold calling can help build trust and credibility with sellers, increasing the likelihood of successful negotiations. Cold calling also reaches potential sellers who may not respond to other methods, such as those without cell phones or who do not trust technology. Overall, cold calling leads can provide valuable insights and opportunities that may not be available through other marketing strategies.
The Value of Hiring a VA for Cold Calling
Hiring a virtual assistant (VA) for cold calling can be a cost-effective option, especially if you find a qualified VA overseas. However, it is important to consider the overall cost and quality of the service. While a VA may offer lower hourly rates, the difference in price compared to a full-time VA in the US may not be significant when considering time investment and desired outcomes. It is crucial to determine the value of your time and assess whether the quality of the VA's work aligns with your expectations.
Cost Breakdown of Hiring a Land Caller
The cost of hiring a land caller depends on factors such as providing a list or having the list pulled by the company. On average, a full-time land caller costs around $1,500 to $1,700 per month, depending on the length of the contract. Data services, including pulling a list based on specific criteria and skip tracing, are additional costs. For example, pulling a list and skip tracing 10,000 records can cost around $1,500 to $1,700 per month. It is crucial to set a budget and assess the cost-effectiveness of hiring a land caller compared to other marketing methods, such as direct mail.
The Importance of Prompt Follow-up and Quick Response
Prompt follow-up and quick response time are key factors in increasing conversion rates when cold calling leads. It is recommended to contact potential sellers within 24 to 48 hours to demonstrate professionalism and serious interest in their property. Research shows that delaying response beyond 48 hours may give the impression that you are not fully committed to the transaction. Additionally, maintaining regular communication and avoiding lengthy gaps in contact is essential. Quick follow-up has proven to be pivotal in securing deals, especially when competing with other buyers.
Joe is a former Marine Cobra helicopter pilot who began investing in real estate while on active duty. He started acquiring single-family and small multifamily rentals before making the switch to flipping vacant land in 2021. Joe left the Marine Corps after 11 years in 2023 to pursue real estate full-time.
Today, we will discuss the opportunity in cold calling to find acquisition opportunities for vacant land.
Up to this point, cold-calling has not been a widely used marketing medium among land investors. The first time I heard about the idea, it sounded like the last thing I ever wanted to try, but part of my apprehension at the time was tied to my misunderstandings about how cold calling works.
The truth is that cold calling can be incredibly fertile ground for land investors.
As I think we’ll find in this conversation, there’s a compelling case for cold calling in the land business.
