23d ago (edited) in General discussion
How to Take the Sting Out of Cold Calling
I was just listening to a podcast where Bob Knakal (Legendary NYC Broker) was interviewed by the founders of the Phone Warriors podcast.
Bob revealed one of his his secrets to success with cold calling.
He discovered that when getting hung up on, if he calls back and says "I think we were disconnected" the owner frequently feels embarrassed and off guard. The result he finds is that 50% of the time, the call turns into a positive conversation.
The important thing to know, Bob said, is the probability of success.
In residential markets with 6% annual turnover, that's 60 sales per 1,000 owners.
That equates to a one seller for every 16.6 homes. In other words, every 16 cold calls calls to an owner in your market may result in a lead. If you focus on the Law Of 1000 and "cultivate your garden", it gets easier.
If you're in the commercial markets with annual turnover of 2.7% annual turnover or 27 properties per 1,000, In many commercial markets, each owner may own or be partners in 5 properties. In this scenario, the total amount of properties is 5,000. Annual turnover then is 135 properties. The probability of success when calling commercial owners is higher than residential.
Bob's point - when you know the probability of success, cold calling doesn't sting as much.
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How to Take the Sting Out of Cold Calling
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