Talk-to-People Wholesaling: Cold Calling Your Way to Deals

Most wholesalers sit around waiting for their phone to ring. They send mailers, run Facebook ads, put up bandit signs, and hope. That is a passive strategy. It works, but it is slow and expensive.

Proactive calling flips the model. You pick up the phone and call motivated sellers directly. No waiting. No hoping. You control the volume.

Here is the math that makes this undeniable. A direct mail campaign costs $0.50 to $1.50 per piece. You send 5,000 mailers at $1 each. That is $5,000. Response rate is 0.5% to 1%. You get 25 to 50 calls back. Maybe 5 are real leads. Maybe 1 becomes a deal.

Now compare cold calling. A skip-traced phone list costs $0.10 to $0.20 per record. You buy 5,000 numbers for $750. You call them yourself (or hire a caller at $4 to $5/hour virtually). In a focused 4-hour calling session, you dial 100 to 150 numbers. In a week, you touch 500 to 750 numbers. In a month, you work through all 5,000.

The conversion funnel: 100 dials produces about 20 live conversations (the rest are voicemails, wrong numbers, or no answers). Of those 20 conversations, about 5 will express some level of interest. Of those 5, about 1 will become a real lead that you can work toward a contract.

So 100 calls equals 1 lead. To get a contract, you typically need 5 to 10 qualified leads. That means 500 to 1,000 total calls per deal. At 100 calls per session, that is 5 to 10 calling sessions per deal. At $750 for the list, your cost per deal is dramatically lower than direct mail or PPC.

But the real advantage is not just cost. It is speed and control. With mail, you send a batch and wait 2 to 3 weeks for responses. With calling, you get feedback in real time. You know within the first week whether a list is producing or not. You can pivot, adjust your script, or switch lists without burning another $5,000.

The other advantage: you reach sellers before your competition does. A pre-foreclosure seller gets hit with 20 mailers from wholesalers. Yours is one of many. But if you call that seller before the mailers arrive, you are the first voice they hear. First contact wins more often than best offer.

Proactive calling is not comfortable at first. You will get rejected. You will get hung up on. That is the price of admission. But the investors who commit to consistent calling sessions build deal pipelines that passive marketers envy.

Your list determines your results. A great caller with a bad list gets nothing. An average caller with a great list gets deals.

Six list categories produce the most motivated sellers for wholesale deals.

List one: pre-foreclosure. These homeowners have received a notice of default. They are behind on payments and running out of time. Urgency is built in. Pull these from county records or a list provider. Pre-foreclosure lists convert at the highest rate because the motivation is real and time-sensitive.

List two: probate. Someone died and left a property to heirs who often do not want it. The heirs live out of state, do not want to manage a rental, and want cash. Probate lists come from county probate court filings. The timeline is longer (probate takes months), but the motivation is strong.

List three: absentee owners. They own a property but live somewhere else. Often these are accidental landlords, people who moved and kept the old house as a rental. After a few years of tenant headaches and maintenance costs, they are ready to sell. Pull absentee lists from county tax records (mailing address different from property address).

List four: vacant properties. A property sitting empty costs the owner money every month: taxes, insurance, mortgage, maintenance, liability. The longer it sits, the more motivated the owner becomes. Drive your target neighborhoods and note vacant properties, or pull vacant property lists from data providers.

List five: tax delinquent. If an owner has not paid property taxes, they have a financial problem. Tax delinquent lists are public record and available from the county treasurer. These sellers are often willing to sell at a discount to eliminate the tax burden.

List six: code violations. The city has cited the owner for property condition issues. Repairs are expensive. Fines are accumulating. The owner may prefer to sell rather than fix. Code violation lists come from your city or county code enforcement office.

Once you have your list, skip trace it. Skip tracing means finding phone numbers for the property owners. Upload your list to a skip trace service. You will get back phone numbers (cell and landline), emails, and sometimes additional addresses. Expect to pay $0.10 to $0.20 per record.

Stack your lists for higher conversion. An owner who is absentee AND tax delinquent is more motivated than someone who is just absentee. A property that is vacant AND in pre-foreclosure is a hot lead. When a property appears on multiple lists, move it to the top of your call queue.

FlipMantis List Builder creates these lists and skip traces them in one workflow. You set your criteria (pre-foreclosure in zip code 77001, vacant properties in Dallas County), and the system builds, deduplicates, and skip traces your list automatically.

FlipMantis turns list building and calling into a single connected workflow. Here is how a calling session works from start to finish.

Step one: build or import your list. In the List Builder, select your criteria. Pick a list type (pre-foreclosure, absentee, probate, etc.), choose your market area (ZIP code, county, or city), and set any filters (minimum equity, property type, ownership duration). Hit build. FlipMantis pulls matching records and skip traces them for phone numbers.

Alternatively, import a CSV if you already have a list from an outside source. Map the columns (name, address, phone) and the system ingests them into your call queue.

Step two: load the list into the Power Dialer. Select the list you just built and click "Start Calling Session." The dialer shows you the first contact with all available information: property address, owner name, estimated equity, list source (so you know why they are on your list), and any previous call history.

Step three: dial. Click the call button. The dialer connects you. While the phone is ringing, scan the property details so you can reference specifics in the conversation. "Hi, I am calling about your property on Oak Street" sounds better than "Hi, I am calling about a property you might own."

Step four: log the outcome. After each call, the dialer presents disposition options. Select from: interested, callback requested, appointment set, needs info, not available, voicemail, busy, not interested, wrong number, or do not call. This happens in one click. The system automatically schedules follow-ups for callbacks and moves interested contacts into your lead pipeline.

Step five: keep going. The dialer automatically advances to the next contact. No manual searching, no scrolling through spreadsheets. You call, log, and move. A focused caller can work through 25 to 35 dials per hour in this flow.

The dialer tracks your session stats in real time: total dials, contacts reached, leads generated, and appointments set. After your session, review the numbers. If you made 100 dials and got zero interest, the list might be burned or your script needs work. If you got 5 interested contacts from 80 dials, that is a strong list.

Every call is logged in the CRM automatically. When a lead converts to a deal six weeks later, you can trace it back to the exact calling session, list source, and initial conversation. This data shows you which list types and markets produce the best deals per dial.

Set a daily or weekly calling target and track it. Consistency beats intensity. Five calling sessions of 100 dials each is better than one marathon session of 500 dials. Your energy and script delivery deteriorate after 2 to 3 hours.

Every cold call produces one of six responses. Learn to handle all six and you will never freeze on a call.

Response one: Yes (interested). They want to talk. Shift into discovery mode. Ask about the property condition, their timeline, their asking price, and why they want to sell. Do not pitch. Ask questions. "What would you do with the property if you could not sell it?" "What is your timeline on this?" "Have you talked to any other investors?"

Response two: No (not interested). Thank them and move on. "No problem. If anything changes, I am here." Do not argue. Do not push. Mark as not interested and move to the next dial.

Response three: Not now (but maybe later). This is a future lead. "Totally understand. When would be a better time to revisit this?" Set a callback for 30, 60, or 90 days. These "not now" contacts convert at a surprisingly high rate on the second or third touch.

Response four: Wrong number. Apologize, mark it, move on. "Sorry to bother you." Update the record so you do not call this number again.

Response five: Voicemail. Leave a short message. "Hi [Name], I am an investor in [City] and I am interested in your property on [Street]. If you are open to selling, give me a call at [Number]. Thanks." Keep it under 20 seconds. Most people will not call back, but some will. Follow up with a text if you have a cell number.

Response six: Hostile. They are angry you called. Stay calm. "I apologize for the interruption. I will remove your number from my list. Have a good day." Mark as do not call. Never engage with an angry person.

Now, scripts by seller type.

Pre-foreclosure opener: "Hi [Name], my name is [You]. I help homeowners in [City] who are dealing with mortgage challenges. I noticed your property on [Street] and wanted to see if you would be interested in exploring some options before things go further."

Probate opener: "Hi, I am [You]. I work with families in [City] who have inherited properties. I know this can be a tough time, and I wanted to see if you need help with the property on [Street]. I can make the process simple if you are looking to sell."

Absentee owner opener: "Hi [Name], I am [You], a local investor in [City]. I see you own a property on [Street]. I work with out-of-area owners who want to sell without the hassle of listing. Would you be open to a conversation about it?"

Vacant property opener: "Hi [Name], I noticed your property on [Street] appears to be vacant. I buy properties in [City] and I am interested in making you a fair offer. Is this something you would consider?"

The best script is the one you practice until it sounds like a natural conversation, not a script. Record yourself. Listen back. Cut anything that sounds rehearsed.

If you do not track your numbers, you are guessing. And guessers do not last in this business.

Four KPIs matter for cold calling. Track these weekly.

KPI one: dials per hour. A focused caller using a power dialer should hit 25 to 35 dials per hour. If you are below 20, you are spending too much time between calls. If you are above 40, you might be rushing conversations.

KPI two: contact rate. What percentage of dials result in a live conversation? Industry average is 15% to 25%. If your contact rate is below 10%, your list data is stale, your numbers are bad, or you are calling at the wrong time. Best calling hours: Tuesday through Thursday, 10am to 12pm and 4pm to 6pm local time.

KPI three: lead rate. What percentage of conversations produce a qualified lead? Target 15% to 25%. If you are talking to 20 people and getting zero leads, your script needs work or your list is not motivated enough.

KPI four: contract rate. What percentage of qualified leads turn into signed contracts? Industry average is 10% to 20%. If leads are not converting to contracts, your follow-up is weak or your offers are too low.

The overall math: 100 dials = 20 contacts = 4 leads = 1 contract (approximately). This means you need about 500 to 1,000 dials per deal. At 100 dials per session, that is 5 to 10 sessions per deal. If you call three times a week, expect one deal every 2 to 3 weeks.

Follow-up is where most callers fail. You make 100 calls, generate 5 leads, and then get busy and forget to call them back. Those 5 leads go cold. That is money left on the table.

Build a follow-up system. Every callback gets a scheduled follow-up in your CRM. Every "not now" gets a 30-day follow-up. Every voicemail gets a text message within 5 minutes and a second call in 48 hours. The drip campaign engine automates the long-term follow-up: text on day 3, call on day 7, text on day 14, call on day 21.

Scaling has three stages. Stage one: you call solo. This is where you learn the craft. Do this for at least 3 months before hiring anyone. You need to understand what a good call sounds like before you can train someone else.

Stage two: hire a virtual assistant (VA) to do the initial dials. The VA handles the first touch, qualifies the lead, and transfers warm prospects to you. This doubles or triples your lead flow at $4 to $6/hour.

Stage three: build a calling team. Multiple VAs dial your lists. They transfer qualified leads to your acquisition manager (or you). At this stage, you are managing a pipeline, not making cold calls. Your job becomes training, quality assurance, and closing.