Ready to start cold calling sellers? The first thing to consider is that you’re not the only one calling. They get called every day from every yahoo around the country. “Hey Mr./Mrs. Seller! I’m a buyer, and I’d like to buy your park. Do you have a moment to speak?”
Imagine losing count of how many times you got this call. On top of that, they already know that most of these inquiries won’t yield anything tangible for them. Just assume that they get about 100 calls a week and they’re already annoyed.
Keep the conversation engaging
Our best advice? You have to go into the conversation knowing they’re not excited to hear from you. This is nothing to stress over, though. In fact, it only means you get to be creative with how you make the conversation worth their time. Still, expect that from the time you make contact, to the point of possible purchase, it could take years. Yes, i said YEARS!
Use this time to build a rapport and consistent communication with your seller. You may get lucky and find a seller that’s currently taking offers. But that means that the seller has likely kept records of all interested buyers that have called. This sets the stage for a wealth of competition that could have you digging deeper in you pockets.
What to do if your seller is taking offers
If you choose to go with a seller that’s actively taking bids, you’ll want to put your best foot forward. In the current market, you’ll want to give sellers the most attractive number to compete. Trust that everyone else calling has done the same. (Pro-tip: give The MHP Expert a call to help with your buyer evaluation and let us show you what we think the park is worth and what red flags to watch out for).
A broker’s pitch when calling a seller is about adding value. But, as a buyer, your call has to sell your confidence in your ability to close. As always, be transparent. It’s great to be enthusiastic about the industry. But, you don’t want to take on more than your experience can handle.
Tips for new buyers
If you’re a new buyer, you’ll have a tougher time getting a warm reception when cold calling sellers. If you are new to the industry and are going after larger parks, you will need to win over the seller with a high price and a short timeline in order to offset any fears about your ability to close.
I’d recommend steering clear of parks with over 50 units in the beginning. It may just be a waste of time, as there are other projects that are likely more fitting for you to cut your teeth on. Instead, aim for the 20-30 unit parks that will have less competition.
This allows you to grow and build your experience and relationships in the community. For more well-known and experienced park owners, cold calling is much more effective. Simply lead with your resume and let your offer speak for itself! Sellers will appreciate this kind of directness, increasing your chances of success.
Cold calling with The MHP Expert
While cold calling is a valuable tool, nothing beats in person connections. Showing up at those mom and pop parks with a trinket of your admiration (donuts, muffins, etc.) goes a long way. Of course, modern times require the proper social distancing observations. But when possible, it’s a solid approach.
Need help refining your script when cold calling sellers? We can help! You can reach us via our contact page, here.