Cold Calling Apartment Buildings
I wanted to get some opinions on why someone would want to sell their property. I mean real interest. I've been cold calling apt building owners for about a year and a half now and though I've learned an incredible amount I still feel stuck and ineffective in my cold calling.

I know why my buyer is interested in buying their property, but what can i say within my small window of opportunity to develop interest and help the prospect the same way I want to help my client? I know its a numbers game, but there has to be a more effective way i can finesse the call into generating an interest. I refuse to look at it as a game of chance.

[{"id": "cq8corm", "text": "\nMy pitch generally goes like this\n\nHi ____  my name is ___ calling from ___ \n\nI'm calling regarding your building.. do you still own the property at ____? (yes) and i see that you purchased the property back in ___ right? (yes)\n\nOkay great, I just want to make it clear that i am not looking for a listing. I work with a serious investor who just closed on a property very similar to yours on ____. If we brought you a real offer for your property would you consider selling?\n\n--- after this it usually dies. i use a few rebuttals but unless they were already thinking about it, the call is pretty much over and i just try to salvage as much as i can from it (buying interest, email, etc)\n\n", "replies": [{"id": "cq8k6xo", "text": "Wait what goes in that last blank? Nearby street name?", "replies": [{"id": "cqayr5o", "text": "I think date.  As it relates to 1031 Buyers  and their time frames to ID and purchase another.  Could be street though.", "replies": [], "depth": 3}, {"id": "cqcc3qu", "text": "The street we closed on", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "cq8e9py", "text": "When I get cold called usually it's under the ruse that esohyouel says. They say something, I have a investor (maybe with a 1031) looking for an asset similar to yours. I am not looking for a listing . . . Blah blah blah. If they are nice enough and not pushy, willing to sign a ca, and promise not to blast my info out - I sometimes give them a shot. \n\nSeriously just this week a broker I know calls me he knows my company owns 2200 units in Vegas, and he says he has a Chinese insurance company looking for a portfolio a large portfolio worth  $200m plus they can buy, as long as it's off market, in a good market, class b and above, so I say ok. He send me name of company, we sign a ca, I send over financials. It's the same game whether it's a $1m or $250m \n\n", "replies": [{"id": "cq8i37s", "text": "Pardon the ignorance: what's a ca?", "replies": [{"id": "cq8ig23", "text": "Confidentiality agreement ", "replies": [], "depth": 3}], "depth": 2}, {"id": "cq9345a", "text": "So how does one get through to you with a serious buyer? I have a client that is able to perform. But nobody believes me, mostly due to these shitty listing brokers. I'm in the same boat as the OP. Otherwise the asking price is out of the park. ", "replies": [{"id": "cqalcmr", "text": "What makes your client a \"serious buyer\"? Why are listing brokers \"shitty\"? So in my example above why did I take the Chinese insurance company seriously. Lots of reasons, I know the broker who,works for C&amp;W was recently in China (C&amp;W is likely to be bought by Chinese very soon), and I also know that the Chinese are very interested in buying us real estate, and that they have a longer view of hold. My portfolio is maybe worth today $200, maybe in thee years $250m but I know the Chinese have been aggressive in valuation.  ", "replies": [{"id": "cqavz8i", "text": "My client has the cash ready, is active in our market, and we do our due diligence to eliminate low balls or re-trading. The statement about listing brokers was too broad. A group I was referring to is the agent or broker who calls owners claiming to have a buyer, but is just trying to spin a listing out of it. The Chinese bring a whole different competition because their valuations are typically aimed straight at the high end. Our real estate is cheap to them, and therefore the lower cost of entry is worth it for a long term hold. ", "replies": [{"id": "cqccibj", "text": "I've been fired back by a guy who owned a thousands of units out here joking with me that I sound like I just finished training at M&amp;M.. Clarity, trust, and understanding is my goal and if the opener use is more or less overused and disregarded what could i say instead? I mean we do have overseas investors in China and Israel, but even that seems like it would produce the same result.\n\n\nSomething like: \n\nI want to make it clear that i am not looking for a listing. I am working for 2 very active investors who deal exclusively with off market deals. If we presented you an offer in black and white, would you consider selling?\n", "replies": [{"id": "cqcdiml", "text": "At this point I am maintaining contact and laying new seed. With the market being hot as it is, I'm aiming for the truly motivated seller. The rest will be back in play when this insanity dies down. Competing with 4 or 5 cap on buildings that don't deserve it is just trouble. \nI literally just got off the phone with an owner that wants 1.1 m for 5 class B townhomes. When I asked him where he was getting his number from, he responded \"the market\". I showed him how I got to my number of 760k backed up by his own financials, and he told me don't call him again without a full price offer. ", "replies": [{"id": "cqf4b6i", "text": "some people man lol.  \n\nI did one of these not long ago where I contacted the owner and got a \"actually I'm about to have to refi and am really thinking I just want to sell this.  How do we do this?\"  so ya know I do the \"well when can I see the property?  When we meet can you have a couple years of income/expense's and walk me through the property so I can assess its condition etc etc\".  \n\nWe all get together, very nice lady and its a decent property that would sell.  She says its actually being appraised as we speak for the refi.  Great!  I'd love to look at that when it comes in but I'll prepare my own valuation too so I'm familiar with your property and can discuss its value in more detail.  \n\nShe calls me like 48 hours later saying she just got her appraisal and really wants to see what I came up with.  We match up exactly on comps etc and our values are like a few percent off (I give ranges anyways).  She tells me thats bullshit, I have no idea wtf I'm doing and she is going to sue the bank and the appraiser and has no idea why all us real estate people are so fucking ridiculous.\n\nI noped noped noped out of that one soooooooo fast", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "cq8ecz1", "text": "Let me add one more thought. Relationships are two way streets. I am always much more willing to share info on a deal for the broker to try and sell if he occasionally calls me with something to sell me. Even if it's not a fit for me. It shows he thinks of me, is active, and maybe one day he will have a deal for me. ", "replies": [{"id": "cqcc2su", "text": "Thank you very much for your input, Zenoasulil. It provided me a lot of insight and reminded me of things I had lost focus of.", "replies": [], "depth": 2}], "depth": 1}, {"id": "cqbk9vq", "text": "\" Are you still active in the market?\"", "replies": [], "depth": 1}, {"id": "cqblwjh", "text": "Yes ", "replies": [], "depth": 1}, {"id": "cqdgnfr", "text": "Since this has become a conversation on deals in general, and what's going on in market place - let me give some feedback from direct conversations. :\n\nAG (angelo Gordon) - they are buying a $350m portfolio of A/b properties in secondary/tertiary markets in the southeast. I was told the age is all in the 1990's. I was also told they are going in around a 7% cap., they prefer right now to be maybe smaller markets, but the properties are in a locations in these markets. Additionally most of the deal returns come from cash flow and not from sale. Which is easy to do when you are going in at a 7% cap using sub 4% debt. They are underwriting 100 to 150bps exit cap rate spread - think 8% to 8.50%.  They don't see value in chasing 5% and most 6% cap deals. (These guys are smart) \nFortress : well who knows - looking for hard 20% IRR returns, not liking secondary markets, or too suburban - just raised a lot of money. Hard to know what excites these guys.  Places like suburban MSA, willing to pay a high 5% cap on the right deals, exiting in 3-5 years. They passed on a 916 unit 1968 off market transaction value add, $207k a unit. Good market, belief in rent upside with renovation, couldn't buy a 5.75% exit cap and $250m exit 5-7 years from now.  And at 5.75% exit it was a 17% IRR. \n\nMe : suburban Atlanta portfolio 700 units, built 1986-1992 4 three properties, off market, $66k a door, about a 6.2% on t-12, 6.6% on t-3. \n\nIt's tough out there. Keep your wits about you. ", "replies": [], "depth": 1}]