Cold Calling

[Luci Marcum]

As a mortgage processor and loan officer, I have always received my business from referrals. I have never been a fan of cold calling, but as the season slows down I am finding that it is necessary.

As you know we all receive so many solicitations that our automatic response is no. I have a great list in hand, but no idea where to begin when I call. HELP!!

Thank you so much! :praise:

[zymsys]

I haven't done cold calling myself, but I think I'd enjoy the challenge should business slow down to the point where I could do it.

I will tell you my impressions of what works from the other side of this coin: receiving cold calls. If the sales person jumps straight to their solution then I'll do whatever I can to get off the phone ASAP without being rude. On the other hand, if they take a moment to ask me about what it is that I do, I'll happily tell them about my business. This is easy for them because my business is called "Zymurgy Systems Inc." so its easy for them to ask:

Sales person: "So, tell me, what does Zymurgy mean?"

Me: "Actually it means 'The Art of Brewing and Distilling'... A long time ago I needed a temporary business name, so I flipped to the back of the dictionary to find a nifty sounding name and Zymurgy came up. It stuck and 15 years later I'm still using it!"

Sales person: "So what line of business is Zymurgy Systems actually in then?"

Me: "If you were to look at my web site you would think that I was just a web hosting company, but that's actually only a very small part of my business. I primarily offer software development, mostly for web based solutions. I also offer consulting for envisioning hi-tech solutions, requirements gathering and the software development process."

Notice that the sales person hasn't even mentioned what kind of products or services they're trying to sell. They're building rapport with me and putting me in a relaxed frame of mind so that I'll be open to the pitch when it does come. In fact I am way more open to it because I know that they'll frame it in a way that relates to my business so that I might actually see a benefit from it. They've also made it so that I'm doing most of the talking and they're just skimming for information that might help their pitch.

They may probe a little deeper with more questions about my business, especially if they think a certain part of it relates to what they're selling. Sometimes they'll just flat out say that they're selling such and such, but that probably isn't a fit with my business.

I enjoy these calls, partly because I'd like to get into sales and I enjoy listening to their technique, partly because I am interested in finding better solutions for my business.

BTW, my favorite sales book is "The Accidental Salesperson" by Chris Lytle. I'm sure others here in the forum have some favorites too. I'd be interested in hearing what they are!

[Luci Marcum]

I haven't done cold calling myself, but I think I'd enjoy the challenge should business slow down to the point where I could do it.

I will tell you my impressions of what works from the other side of this coin: receiving cold calls. If the sales person jumps straight to their solution then I'll do whatever I can to get off the phone ASAP without being rude. On the other hand, if they take a moment to ask me about what it is that I do, I'll happily tell them about my business. This is easy for them because my business is called "Zymurgy Systems Inc." so its easy for them to ask:

Sales person: "So, tell me, what does Zymurgy mean?"

Me: "Actually it means 'The Art of Brewing and Distilling'... A long time ago I needed a temporary business name, so I flipped to the back of the dictionary to find a nifty sounding name and Zymurgy came up. It stuck and 15 years later I'm still using it!"

Sales person: "So what line of business is Zymurgy Systems actually in then?"

Me: "If you were to look at my web site you would think that I was just a web hosting company, but that's actually only a very small part of my business. I primarily offer software development, mostly for web based solutions. I also offer consulting for envisioning hi-tech solutions, requirements gathering and the software development process."

Notice that the sales person hasn't even mentioned what kind of products or services they're trying to sell. They're building rapport with me and putting me in a relaxed frame of mind so that I'll be open to the pitch when it does come. In fact I am way more open to it because I know that they'll frame it in a way that relates to my business so that I might actually see a benefit from it. They've also made it so that I'm doing most of the talking and they're just skimming for information that might help their pitch.

They may probe a little deeper with more questions about my business, especially if they think a certain part of it relates to what they're selling. Sometimes they'll just flat out say that they're selling such and such, but that probably isn't a fit with my business.

I enjoy these calls, partly because I'd like to get into sales and I enjoy listening to their technique, partly because I am interested in finding better solutions for my business.

BTW, my favorite sales book is "The Accidental Salesperson" by Chris Lytle. I'm sure others here in the forum have some favorites too. I'd be interested in hearing what they are!

This is exactly the kind of idea I was looking for :biggrin: - thank you so very much!! I will definately check out that book!

If anyone else has suggestions, I would love to hear your thoughts.

[Dan Auito]

Luci, I was hoping to attach a document called the values report, but it would not load so email kim@maxpersuasion.com or call her at 1 253-476-3199 and ask her for a free copy of the values report! This is exactly what you are looking for and it works beautifully when done correctly.

It's essence is to ask no more than 8 questions as Vic eluded to and with each question asked be mindful of the fact that you are getting closer to the hotbutton that will answer the question of what is most important to your prospect. Get that report and read it. It will amaze you at how well this has been thought out. Sorry I couldn't attach it. But it is available upon request at no charge.

[Luci Marcum]

Luci, I was hoping to attach a document called the values report, but it would not load so email kim@maxpersuasion.com or call her at 1 253-476-3199 and ask her for a free copy of the values report! This is exactly what you are looking for and it works beautifully when done correctly.

It's essence is to ask no more than 8 questions as Vic eluded to and with each question asked be mindful of the fact that you are getting closer to the hotbutton that will answer the question of what is most important to your prospect. Get that report and read it. It will amaze you at how well this has been thought out. Sorry I couldn't attach it. But it is available upon request at no charge.

Thank you so much Dan! :beerchug:

[StrategicKen]

I have not done much cold calling. I have put flyers on peoples cars, and the doors of their homes, although, if they have brick mail boxes with the extra pocket for newspapers, i simply stick the flyer in their. I like sending out postcards too. But the system i really like offers 24 hour advertising and it generates a lot of leads. What I do is I advertise a bold call-to-action ad which tells prospects to call for free recorded information about whatever I am marketing. Prospects call and listen to a recorded description about the product or service. The best part is when they call, my cell phone and email captures the callers name, address and telephone number automatically whether they leave it or not. This is called call capturing. This allows me to followup with every lead to address their questions or tell them more. They do get something free for taking the time to call and llistenn to teh information. I always believe that if you want something, you have to give something first. Always get the ball going first and than you will get A leads. Anyway, I am pleased with call capturing more than other systems. It is much easier and less time consuming.
Kenneth Fach
Marketing and Real estate
kenworks4u@cox.net

[Luci Marcum]

I have not done much cold calling. I have put flyers on peoples cars, and the doors of their homes, although, if they have brick mail boxes with the extra pocket for newspapers, i simply stick the flyer in their. I like sending out postcards too. But the system i really like offers 24 hour advertising and it generates a lot of leads. What I do is I advertise a bold call-to-action ad which tells prospects to call for free recorded information about whatever I am marketing. Prospects call and listen to a recorded description about the product or service. The best part is when they call, my cell phone and email captures the callers name, address and telephone number automatically whether they leave it or not. This is called call capturing. This allows me to followup with every lead to address their questions or tell them more. They do get something free for taking the time to call and llistenn to teh information. I always believe that if you want something, you have to give something first. Always get the ball going first and than you will get A leads. Anyway, I am pleased with call capturing more than other systems. It is much easier and less time consuming.
Kenneth Fach
Marketing and Real estate
kenworks4u@cox.net

Ken,

Thank you for the reply to my post :thumbsup:. I have seen the call capturing system and am glad to see you have had success with it. Is there a website or phone number I could refer to for additional information?

Thank you again for your help!

[Jim FL]

As a mortgage processor and loan officer, I have always received my business from referrals. I have never been a fan of cold calling, but as the season slows down I am finding that it is necessary.

As you know we all receive so many solicitations that our automatic response is no. I have a great list in hand, but no idea where to begin when I call. HELP!!

Thank you so much! :praise:
Luci,
I personally cannot stand cold calling.
Have not done it in a while myself, and don't plan to.
I'm also not a mortgage broker or loan processor.

However, I work with a few, and can tell you how we developed a system to get them loans to close, and me paid at the same time.
I buy and sell houses for a living, a lot of houses.
Lately, I've been able to buy houses creatively with no money down, for extensively below market value.
I like large immediate paydays with very little to no work involved, so this means, selling these homes immediately retail appeals to me.
This is where someone like you comes in.......

I have some brokers locally, who I allowed to make up some signs.
They do primarily B/C paper, and of course can do A.
Since i'm offering homes for full price, but willing to give concessions like seller carried seconds, and rebates at close, etc, I like to attract more buyers with the following words........
100% Financing Available!

Then, we put that on flyers, and signs in the yards of houses we are selling.
The phone number on them is the number to my mortgage broker friends office/cell phone.
They get leads, I get houses sold, and everyone gets paid.
Works like a charm, and now most of my broker friends are using the signs with FSBO people, and anyone else selling a house that will allow the sign.
Its win win, because sellers gets buyers who can fund, and brokers get loans to close, because people calling already WANT to buy the houses they've found.

Anyway, just wanted to pass it on.

HTH,
Jim FL

[Luci Marcum]

Luci,
I personally cannot stand cold calling.
Have not done it in a while myself, and don't plan to.
I'm also not a mortgage broker or loan processor.

However, I work with a few, and can tell you how we developed a system to get them loans to close, and me paid at the same time.
I buy and sell houses for a living, a lot of houses.
Lately, I've been able to buy houses creatively with no money down, for extensively below market value.
I like large immediate paydays with very little to no work involved, so this means, selling these homes immediately retail appeals to me.
This is where someone like you comes in.......

I have some brokers locally, who I allowed to make up some signs.
They do primarily B/C paper, and of course can do A.
Since i'm offering homes for full price, but willing to give concessions like seller carried seconds, and rebates at close, etc, I like to attract more buyers with the following words........
100% Financing Available!

Then, we put that on flyers, and signs in the yards of houses we are selling.
The phone number on them is the number to my mortgage broker friends office/cell phone.
They get leads, I get houses sold, and everyone gets paid.
Works like a charm, and now most of my broker friends are using the signs with FSBO people, and anyone else selling a house that will allow the sign.
Its win win, because sellers gets buyers who can fund, and brokers get loans to close, because people calling already WANT to buy the houses they've found.

Anyway, just wanted to pass it on.

HTH,
Jim FL

That is an awesome idea! Thank you so much Jim! :rockon:

[Dan Auito]

That is an awesome idea! Thank you so much Jim! :rockon:
I agree that is a novel approach and what a way to prequalify as well. Big time saver and opportunity maker as well. Damn I gotta remember some of this stuff! :smiley3:

[DionEvalueMortgage]

In my opinion cold calling is not very different than warm calling there still exists a chance of getting nothing! Being a mortgage guy I know what you speak of when you ask. We do the sign thing below to force incoming calls and work with investors trying to sell homes. I love that, who wouldn't calls that come in, excellent way to stay busy.

However there is a program called ACT that is a database grabber. You go to a website database and it will take all the information that you want it to. Great for public records sites MLS listings etc. However you don't have any of these lists scrubbed against the do not call list and thus must be carefull.

When I train a new salesman they must do some cold calling, why because that will make them better at the warm leads! Listen to what you said, did it sound correct? Think 15 second commercial. Over a phone you can be anyone you want. I always think of Boiler Room when I start a new sales rep. A salesman in our industry must create a sense of urgency and get past the borrower mind set of something they don't want, don't need or can't afford. I don't know who does more telemarketing now-a-days the phone companies (MCI, Sprint, etc) or loan officers.

Consistant self reflection and think how could someone sell you? On a final note when it comes to cold calling. Write a script read it ten times and throw it away. Learn how to talk not read! Cold calling is really a matter of raw volume and just getting use to doing it. Everyone hates it beacause the word "No" sucks. Find a way to work your abiltiy to advise clients like you do here on the site into your conversation and you will be a great hit!