Who To Cold Call For Real Estate Leads And How
Cold outreach connects agents with potential clients who may not yet realize they need professional services.
Success depends on preparation, strategic targeting, and your ability to quickly establish trust with homeowners who have already signaled intent or face specific circumstances that make them ideal prospects.
The most effective approach focuses on homeowners who have taken actions indicating they're actually ready to sell or whose situations naturally create opportunities.
This targeted methodology produces higher conversion rates than broad, unfocused calling campaigns.
The internal shift that transforms rejection into opportunity
Cold calling struggles often stem from an internal barrier: how you perceive the act itself.
Many new agents view cold calling as an intrusive attempt to "sell" their services. This mindset creates call reluctance and leads to defensive conversations that don't help anyone.
Top professionals operate from a fundamentally different approach - they don't sell, they solve problems.
This shift reframes the purpose of every call from a transactional pitch to finding solutions. You're not trying to convince someone to sell their property - you're uncovering their motivation, identifying their pain points, and positioning yourself as the agent who can provide real help.
Every lead type presents a different problem to solve:
For an owner with an expired listing, the problem is frustration and a failed process
For a For Sale By Owner (FSBO), the problem is often the overwhelming complexity of selling independently.
Cold calling becomes easier when you focus on what you need to learn about the homeowner's situation rather than what you want to say..
These 3 homeowner categories deliver the highest conversion rates
Strategic cold calling centers on reaching homeowners with demonstrated intent or circumstances that create natural selling opportunities. The best prospects fall into specific categories that represent clear pathways to new client relationships.
1. FSBOs are already committed but will likely need your help
For-Sale-By-Owners (FSBOs) represent prime opportunities because these homeowners have already committed to selling. They've invested time and money in marketing their property, demonstrating serious intent.
Their existing motivation combined with potential frustrations creates openings for you to demonstrate real value.
The typical FSBO seller is confident, cost-conscious, and initially resistant to agent outreach. They believe they can handle transaction details themselves and view agents as an unnecessary expense.
The primary driver for nearly all FSBOs is the desire to save money by avoiding agent commissions.
This motivation is both their greatest point of resistance and your greatest point of advantage.
The strategic approach is to convert their desire for financial gain into a partnership by demonstrating that hiring the right agent can result in higher net profit, even after accounting for commission.
2. Expired listings represent frustrated sellers ready for a new approach
Expired Listings offer another high-conversion category for cold calling. These homeowners have already worked with an agent but failed to achieve their selling goal.
The expired listing period often brings disappointment and frustration with their previous experience. This emotional state makes them receptive to new approaches and different strategies.
The psychology of an expired seller is complex - they're grappling with disappointment, skepticism, and often feeling that their judgment in selecting the first agent was flawed. Speed and preparation are critical here, since you won't be the only one calling.
Having systems in place to be notified and call immediately upon expiration provides significant competitive advantage.
3. Overwhelmed landlords often become motivated sellers
For-Rent-By-Owners (FRBOs) present unique opportunities often overlooked by other agents. Landlords managing their own rental properties frequently encounter challenges with tenant screening, property maintenance, vacancy periods, and rental regulations.
Extended vacancies create financial pressure, while difficult tenants generate stress and expense.
These leads are property investors and landlords, not typical homeowners. The strategic approach is to inquire if they've considered "cashing out" of their investment, particularly if a property is vacant or if the rental market presents challenges.
FRBOs are an excellent source for building a long-term network, since investors frequently buy and sell properties.
Beyond these motivated sellers, another group worth pursuing lives right next to your recent successes.
Curious neighbors often become unexpected prospects
Circle Prospecting targets neighbors around recent sales, capitalizing on natural curiosity about property values.
When homes sell in a neighborhood, nearby homeowners often wonder about their own property's worth.
This curiosity creates receptive prospects who are already thinking about values.
Circle prospecting works hand-in-hand with geographic farming, involving calling homes surrounding a new listing or recent sale to generate immediate opportunities.
These strategies are powerfully symbiotic - your own listings and sales within your designated geographic farm become the most potent catalysts for circle prospecting calls.
This creates a self-reinforcing cycle where each transaction provides justification for more calls, building greater brand awareness and generating more listings.
Similar to circle prospecting, absentee owners manage properties they don't occupy, creating unique challenges and motivations.
These owners include investors managing rental properties, individuals who've inherited homes, or previous residents who moved but retained their property.
Distance creates management difficulties, while changing life circumstances may make property ownership burdensome. Many absentee owners lack current market knowledge and may be surprised by property value increases that make selling attractive.
Building territory dominance requires years, not months
Geographic farming is a long-term strategy designed to cultivate a consistent pipeline of future business from a specific area.
The goal is to achieve such high brand recognition and top-of-mind awareness that when any resident in your "farm" area considers buying or selling, you're the first agent they think to call.
The best farm area has a healthy annual turnover rate (above 6-8%) and relatively low saturation from a single competing agent.
Starting with a manageable number of homes, such as 300 to 500, allows for consistent and affordable marketing contact.
Because these are "cold" prospects with no expressed intent to move, the immediate goal is rarely an appointment.
Instead, you're focusing on introduction, value-offering, and information gathering.
Your warmest prospects may be hiding in your past client list
Previous leads and past clients represent warm prospects with existing familiarity. Life circumstances change continuously - job relocations, family changes, financial improvements, or shifting priorities can transform previous "not interested" responses into active selling situations.
These contacts already know your professionalism and expertise, reducing the trust-building phase required with completely new prospects.
An agent may call a former client even if they're on the Do Not Call Registry for up to 18 months following the date of the last transaction, payment, or delivery under the Established Business Relationship (EBR) exemption.
This exemption is immediately voided if the consumer asks to be placed on your internal DNC list.
Life crises create immediate selling situations
Sometimes though, circumstances create more urgent selling situations than simply changing life plans. Certain life circumstances create immediate needs that require professional expertise and sensitive handling.
Pre-foreclosure
Pre-foreclosure situations involve homeowners facing financial difficulties that threaten their property ownership. These sensitive situations require empathetic approaches focused on solutions rather than sales pressure.
Homeowners in pre-foreclosure often need quick sales to avoid foreclosure proceedings, creating urgency that agents can address through their network and expertise.
These homeowners are in a state of financial distress and are highly motivated to sell, but this type of prospecting requires the utmost sensitivity, empathy, and a consultative approach.
Probate & divorce
Probate and divorce situations, on the other hand, frequently involve property sales as part of legal proceedings or asset division. These circumstances require agents who understand legal details and can provide emotional support during difficult times.
Property sales often represent just one component of larger life changes, making professional guidance particularly valuable.
Of course, all these prospect types require solid preparation…
4 CORE Pillars of Cold Calling Success
Comprehensive market knowledge
Cold calling begins with understanding local market dynamics. You need to stay current on neighborhood trends, recent home sales, and community developments.
This foundation enables meaningful conversations about property values and market opportunities.
Knowledge of "hot" neighborhoods with increasing property values becomes particularly valuable, since highlighting market activity can motivate homeowners to consider selling when they see rising equity in their homes.
Optimal psychological skills
A high-conversion cold call requires a delicate balance of empathy, confidence, and active listening. These skills directly influence conversation outcomes and help you get better results.
Empathy is your ability to understand and connect with the prospect's emotional state, serving as the primary vehicle for building trust. For an expired listing, this means acknowledging their likely frustration with phrases like, "I understand that selling a home can be a challenging process, and sometimes listings don't yield the desired results." For a FSBO, it involves respecting their decision and goal of saving money before presenting an alternative view.
Confidence is transmitted through vocal tone, pacing, and message structure. A nervous, hesitant delivery can be perceived as inexperience and incompetence, immediately eroding credibility. Confidence is built through rigorous preparation and practice, including internalizing scripts so they sound natural and engaging in regular role-playing sessions.
Active Listening is perhaps the most critical and least practiced skill for cold calling success. It means listening to understand, not simply to reply. A useful technique is to paraphrase what the prospect has said to confirm understanding and show they are being heard. This should be paired with asking open-ended questions that encourage prospects to share more about their situation.
A useful guideline is the 60/40 rule: aim to listen for 60% of the conversation and talk for only 40%.
Research-based targeting
Effective cold calling requires deliberate targeting rather than random dialing.
Research forms the backbone of outreach - understanding specific demographics, property types, and local market conditions allows for personalized approaches that resonate with prospects.
The best approach lies in identifying homeowners who have already demonstrated selling intent or face circumstances that naturally create needs.
Timing significantly impacts call success rates too.
Understanding when prospects are most receptive creates opportunities for meaningful conversations rather than rushed interactions that end in quick rejections.
Execution excellence
The first 15 seconds of a cold call are make-or-break.
During this brief window, you must capture attention, establish credibility, and earn the right to continue the conversation.
A powerful opening contains three components:
A Confident Greeting and Identification: Start with a clear and upbeat "Hi, my name is [Name] with [Company]"
A Direct, Value-Oriented Hook: Immediately state the reason for the call, tailored to the lead type
A Control-Retaining Question: Conclude with a question that steers the conversation and encourages engagement
Positive energy sets the tone for productive conversations. Enthusiasm demonstrates professionalism and creates welcoming atmospheres that encourage homeowners to engage rather than immediately ending calls.
Energy must feel authentic rather than artificially upbeat.
Engaging questions draw out prospect needs and preferences through open-ended inquiries that demonstrate genuine interest. Effective questions focus on understanding homeowner situations rather than pushing immediate selling decisions.
This approach builds rapport while gathering information that guides future conversations.
Clear value propositions articulate how professional services address specific challenges or goals based on each homeowner's unique circumstances. Rather than generic service descriptions, you need to connect your expertise to prospect situations uncovered through careful listening.
Rapport building requires friendly, empathetic approaches combined with active listening. Understanding prospect needs and concerns creates trust that forms the foundation for relationships.
Crafting your outreach script
Structured scripts guide conversations while maintaining natural flow. Preparation prevents awkward pauses and ensures consistent messaging, but scripts must allow flexibility for genuine dialogue based on prospect responses.
A script isn't a rigid monologue to be recited robotically; it's a flexible framework, a roadmap that guides the conversation toward a desired objective while allowing for natural detours.
The most effective agents internalize the logic of their scripts, enabling them to adapt to conversation flow without losing sight of their goal.
Effective preparation includes developing cold calling scripts or conversation outlines that address common objections while maintaining authenticity. Practice builds confidence and smooth delivery, but over-rehearsing can create robotic interactions that damage rapport building.
Script structure
Introduction establishes credibility through brief, professional self-identification that includes relevant credentials or local market expertise. First impressions matter significantly in cold calling, making clear, confident introductions essential.
Value Statements highlight expertise relevant to prospect situations based on information gathered through research or early conversation. Effective value statements connect your capabilities to homeowner needs rather than listing generic service features.
Call to Action encourages next steps appropriate to prospect readiness levels. Rather than pushing immediate commitments, effective calls to action might include scheduling consultations, providing market analyses, or simply establishing permission for future contact when circumstances change.
Sample script elements by lead type
For Expired Listings:
Empathetic Opener: "Hi, I'm looking for the owner of [Address]. My name is [Name] with [Company]. I'm sure you've figured out that your home came up on our computer as an expired listing, and I was calling because I specialize in helping homeowners in this exact situation."
Diagnostic Questions: "Out of curiosity, what do you think stopped your home from selling the first time?" and "What did that agent do that you liked best? And what do you feel they should have done differently?"
For FSBOs:
Non-threatening Opener: "Hi, I'm looking for the owner of the home for sale. This is [Name] with [Company]. As an area specialist, I make it my business to know about all the homes for sale in the marketplace for the buyers I'm currently working with."
Commission Address: "I know you chose to sell your home on your own for a reason, and I completely respect that. If there was a clear advantage to using an agent and it resulted in a higher final sales price, is that something you would at least consider?"
For Geographic Farming:
Recent Sale Hook: "Hi, I'm [Name] from [Company]. I'm just getting in touch because I recently sold the property at [Address] down the street from you. It's a fantastic area with a lot of buyer interest right now, and homes are selling for excellent prices."
Converting objections into engagement opportunities requires a proven framework
Objections aren't failures; they're an inevitable and valuable part of the cold calling process. The worst outcome of a call isn't a "no," but apathy or an immediate hang-up.
An objection, even a forceful one, is a sign of engagement—the prospect has listened long enough to formulate a response.
Four steps that transform any objection into opportunity
A universal framework provides a process for handling any objection:
Listen: Allow the prospect to voice their entire concern without interrupting
Acknowledge & Validate: Validate their concern to lower defenses ("I understand completely")
Question & Clarify: Ask open-ended questions to dig deeper into the real objection
Respond & Pivot: Provide a targeted response and pivot back to your goal
The three objections you'll hear 80% of the time
"I'm not interested" - Often a knee-jerk reaction. Response: "I understand. So I don't bother you in the future, are you saying you're happy in your home for the long-term, or is it just not the right time to think about a move?"
"I'm too busy right now" - Validate their time and schedule a callback: "I completely understand, I'll be brief. I was just calling because a home near you just sold for a record price. Would tomorrow at 4:15 PM be a better time for a 30-second chat?"
"Your commission is too high" - Defer the commission conversation: "That's a fair question. Typically, I'm able to show my clients how the marketing I do more than covers the fee. How about we meet for 15 minutes, I'll show you the plan, and then we can talk about if the numbers make sense?"
The 5 principles of building systems that convert
1. Establishing an essential technology stack
Customer Relationship Management (CRM) systems serve as the central nervous system for your business, tracking every lead, client, interaction, and follow-up task. Leading CRMs include Follow Up Boss (known for strong team features and follow-up automation) and kvCORE (offering an all-in-one platform with marketing and website tools).
Auto-dialers dramatically increase outbound call volume. A multi-line dialer can make up to 300 calls per hour compared to 30-40 manual calls, by automatically dialing numbers and connecting you only when someone answers. Leading platforms include Mojo Dialer, REDX Power Dialer, and BatchDialer.
Beyond basic auto-dialers, modern real estate teams are implementing comprehensive lead management systems that integrate multiple online sources. Platforms like MaverickRE can aggregate leads from Zillow Flex, Realtor.com, and Google PPC campaigns, then route them systematically to agents based on capacity and conversion rates.
This creates a hybrid approach where cold calling becomes part of a larger lead nurturing ecosystem rather than a standalone activity.
Here's what I learned during the 2008-2012 market shift: agents who survived weren't just the ones making the most calls - they were the ones who adapted their systems to capture leads from every possible channel.
When traditional prospecting dried up, we had to get creative about blending online lead generation with old-school cold calling.
The agents who figured out how to make these systems work together didn't just survive the downturn - they came out stronger.
2. Setting performance goals and tracking KPIs
Top-performing agents treat prospecting as a science governed by data and predictable inputs. Goals should be divided into:
Lead Goals: Activities under direct control (make 50 contacts this week)
Lag Goals: Desired outcomes (secure four new listings this month)
Critical KPIs to track:
Dials per Hour
Contact Rate (percentage of dials resulting in live conversation)
Lead Conversion Rate (percentage of contacts becoming qualified leads)
Appointment Set Rate
Appointment-to-Listing Rate
Tracking these numbers allows you to diagnose weaknesses and reverse-engineer your goals.
For example, if it takes 200 calls to secure one appointment on average, and your goal is two appointments per week, you know you must make 400 calls.
The most successful agents I've worked with have learned to think beyond just volume metrics. They understand that sustainable growth comes from systematically increasing their capacity to handle more quality leads.
The best systems I've seen operate on a simple principle: prove you can convert leads consistently, and you earn access to more leads.
It's a meritocracy that rewards performance with opportunity.
Some teams use capacity-based distribution where lead allocation depends on conversion rates. Agents who consistently convert leads at higher rates receive more leads than those who struggle with conversions.
I personally love this particular approach since it solves a fundamental problem in real estate teams - it ensures your best leads go to agents who can actually convert them, while creating clear incentives for skill development.
When I implemented similar systems in my own operations, it immediately eliminated the complaints about "lead quality" because agents knew their lead flow was directly tied to their performance.
3. Documenting insights during calls
Detailed note-taking during conversations provides valuable context for future interactions. Recording prospect preferences, concerns, timing considerations, and personal details enables personalized follow-up that demonstrates attention and care.
Customer Relationship Management (CRM) software organizes contacts, tracks interactions, and manages follow-up schedules efficiently.
Systematic documentation prevents missed opportunities and ensures consistent professional service across extended relationship-building periods.
4. Persistence pays off more consistently than perfect first calls
Persistence drives cold calling outcomes, since immediate conversions remain relatively rare.
In fact, I’d go as far as to say that most transactions result from consistent, professional follow-up rather than single-call closes.
The initial cold call is rarely for closing; its purpose is to qualify interest, build initial rapport, and earn permission to begin the follow-up process.
An effective follow-up strategy is multi-channel, using phone calls, emails, text messages, and even social media to stay top-of-mind without being intrusive.
5. Building relationships through systematic touchpoints
Day 1 (Immediately Post-Call): Send personalized email summarizing conversation points and delivering promised value (market report, neighborhood guide)
Day 3: Send low-pressure LinkedIn connection request referencing the previous conversation
Day 7: Brief follow-up phone call to ensure they received information and ask about questions
Day 14: Send another value-add touchpoint (new listing link, helpful blog post)
Day 28 and Beyond: Move into long-term lead nurturing campaign with monthly newsletters or quarterly personal check-ins
Scheduled follow-up calls and emails maintain connection while respecting prospect preferences and timing.
Effective follow-up provides ongoing value through market updates, relevant property information, or helpful resources rather than repeated sales pitches.
This approach demonstrates commitment to helping homeowners achieve their goals regardless of timing, building trust that translates into referrals and future business when circumstances align with selling decisions.
Timing your calls for maximum impact
When you call matters as much as who you call. Different days and times produce dramatically different response rates, and understanding these patterns can significantly improve your success rates.
| Day | Best Time to Call | Notes |
|---|---|---|
| Monday | 10 AM - 11 AM | Homeowners are often more receptive after weekends and ready to address property-related decisions. |
| Tuesday | 9 AM - 11 AM, 4 PM - 6 PM | Research shows Tuesday as one of the most effective calling days with higher engagement rates. |
| Wednesday | 9 AM - 11 AM, 4 PM - 6 PM | Midweek timing avoids Monday stress and Friday distractions, providing optimal opportunities for meaningful conversations. |
| Thursday | 9 AM - 11 AM, 4 PM - 6 PM | Consistently rated as the most effective day for cold calling with highest conversion rates. |
| Friday | 10 AM - 12 PM | End-of-week timing finds homeowners winding down, but avoid late afternoon as attention shifts to weekend plans. |
>>Read More: Best Time to Call Leads: A Strategic Guide
Every rejection becomes valuable data when tracked systematically
Cold calling mastery requires more than just effort - it demands precision, analytics, and continuous improvement. While the strategies in this guide provide your foundation, implementing them consistently and measuring what works requires sophisticated tracking and coaching systems.
MaverickRE's AI-powered sales coaching platform takes everything we've discussed and amplifies it through real-time call grading, performance analytics, and actionable insights that help you convert more prospects faster.
👉 Stop guessing what's working in your cold calling campaigns. Book a free demo today and discover how AI coaching can double your conversion rates while cutting your prospecting time in half.