Realtor October 3, 2024
Buyer
It was long my dream to buy a home designed by my favorite architect, Bruce Goff.
At some point, I told my dad about it. A retired sales manager with a lot of time on his hands, he loves a challenge. So he revived the cold-calling skills that he’d honed over 30-plus years of selling home security systems and applied them to my home search.
He made a list of around a dozen homes Goff designed (mainly in the Midwest) and, with a little help from Google, began gathering owners’ names and phone numbers. Then, he started calling the Goff homeowners to see if they were ready to sell.
Of all the homeowners he reached, he got two maybes: one in Norman, OK, and the other in Joplin, MO.
The man in Norman said he was using the property as a second home and might sell it someday. My dad met him and got a house tour. The homeowner didn’t seem ready to pull the trigger anytime soon.
The woman in Joplin told my dad she wasn’t ready to sell yet. So my dad asked her to call him if she changed her mind.
Meanwhile, my husband and I sold my home in Los Angeles and moved into a rental, biding our time.
Lo and behold, three months later, the Joplin homeowner told my dad she was ready to sell. I booked the first flight to Missouri with high hopes.
Within five minutes of setting foot in the house, I offered the homeowner the full asking price, and she accepted.
So in my case, cold-calling absolutely worked. But how common is it?
“Since the existence of homebuyers and real estate agents, they have been knocking on doors and cold-calling homeowners to inquire about interest in selling their properties,” says Laura Adams, the senior real estate analyst for AceableAgent in Austin, TX. “Many real estate brokers require their agents to cold-call a certain number of leads per week or month.”
Individual buyers often cold-call homeowners for a very specific reason, like my dad did.
“Maybe it was their childhood home, it’s in the exact location they want to live, or they specifically want a house designed by a singular architect,” says real estate investor Seamus Nally, CEO of TurboTenant in Fort Collins, CO.
House flipper Danny Johnson, of San Antonio, TX, says cold-calling has worked for him.
“Cold-calling allows you to get past many people’s hesitation,” Johnson says. “They might want to sell but have reason to hesitate. If you can talk with them directly, it typically is easier to help them realize now is a good time to sell.”
If you are thinking about cold-calling your way to your dream house, here are some pointers.
My dad is very outgoing and personable. As he got to know the Goff homeowners over the phone, he explained how he was trying to help his daughter find her dream home. People responded to his heartfelt plea, and his search was successful.
“Cold-calling can be extremely mind-numbing,” warns Johnson. “After your first hour, you might want to quit real estate altogether. If you can look at it as the numbers game it is, you will find you can stick it out.”
Since cold-calling can feel like the distant cousin of telemarketing, not everyone will be excited to get your call.
“There are a lot of people who get extremely angry if you call them,” Johnson warns. “In those cases, it’s best to just be polite and end the conversation quickly.”
Before you “smile and dial,” do your homework beforehand about property values in the area.
“Letting a homeowner know you’re interested in buying their property could encourage them to sell. However, they might ask for a high price, causing a buyer to overpay,” says Adams. “That can be especially true if a buyer isn’t represented by a knowledgeable real estate agent with expert negotiation skills.”
That’s why Nally recommends getting a real estate agent before you start to cold-call.
“Your real estate agent can help you determine the most accurate estimation of the home’s value so that you can offer a competitive price,” he says.
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