When is the Best Time for Real Estate Agents to Cold Call Prospects?
Getting new leads into your sales pipeline is a constant must! If you for once think that you can take your foot off the gas pedal, you’ll soon find yourself in a desperate rut. In case you’re already feeling like you’re in a bit of a sales jam or that you’ve got a ton of pressure on your back to hit your sales quota, what are you gonna do about it?
Well…you may not like the answer to this question but if you’re gonna be top real estate agent, consistently make money or achieve life long goals that you never thought were ever possible, you’ve got to master the science and art of cold calling.
Now for most of you, I’m sure this isn’t your favorite thing but this is REALITY.
Allow me to share with you a little war story from my own experience in the field.
Long, long ago…I actually fell into the world of sales unintentionally by my college buddies. I was actually just an average college student that was more interested in the fun parties and what campus life had to offer but one day during my 3rd year of college, a friend of mine asked me, “so…what are you gonna do when you graduate”? Right then, it dawned on me that I’ve gotta have a plan on how I’m gonna get a J-O-B otherwise my parents are gonna kill me. My friend then said, “well, there’s a summer internship program coming up that will pretty much guarantee that you’ll get a job when you graduate from college, lemme know if you wanna check it out”. Long story short, I went for it and in a way I wasn’t sure how I got into this but I found myself later that summer going door-to-door in very very small towns selling educational books (not encyclopedias). I call it one of the hardest, worst, yet best things that happened to me. Beyond all the fancy training and preparation we were given, there was one VERY IMPORTANT part of the formula. We were given a daily score card to track our progress against the goal of talking to 40 people per day, giving 10 “sit-down” presentations and getting 2 closed sales a day for 6 days a week for the entire summer break.
Ever heard of the saying, “sales is a numbers game”? Well, that’s because it is!
When I look back, I was doing a lot of “cold calling” in the first half of the day talking to mom’s in order to schedule time to meet with both her and the dad in the evenings when everyone (the two key decision-makers) was home. This was a key trend that continued to replicate and it worked!
3 month’s later, I achieved the President’s Club Award that came with a free 7 day cruise to the Bahamas and I made over ₱500,000 in one summer. Besides the money, the greater reward was conquering something that I never knew I could do and never giving up. During those 3 hot summer months, I was teamed up with 2 other college students who both quit and went home and from that day forward, the lessons I learned about business, hard work and sales were invaluable.
But how does that relate to real estate sales and the best times to cold call prospects?
I’m about to tell you so here it goes…
- What are the best days during the week to make calls?
The real answer is EVERYDAY!
But there’s also research from LeadResponseManagement.org, presented by Insidesales.com that shows Thursday as the best day to call a lead by 49.7% against the worst day, which is Tuesday.
Wednesdays show to be the second best day to call leads.
Imagine increasing your chances by almost 50% to make contact with a lead just by making more calls on the right day!
- What’s the best time of the day to call prospects?
Let’s go back to the data.
This study shows that if you call between 4pm to 6pm, you’ll have a 164% better chance of making contact with cold prospects versus the worst time that’s between 11am to 12pm.
In terms of calling qualified leads, the numbers are pretty similar except they demonstrate that 8am to 9am are also great times to make prospecting calls.
To me, this makes sense because the mornings are good to catch people before their schedules get too busy and at the end of the day as people are winding down. From a real estate standpoint, I personally prefer to take calls in the evenings and weekends so that it doesn’t interrupt my core business hours when I should be doing meetings and presentations…perhaps I’m not alone.
- Why does response time matter when calling leads?
If you’re doing any online advertising, social media or SEO for your website and you’re receiving inbound leads, the results of the study shows that response time to leads REALLY matters.
The data shows that responding to inbound leads within 5 minutes is SUPER IMPORTANT because if you wait up to 30 minutes, the odds of contacting that lead drop by 21 times.
Who doesn’t want to improve their success rate by 21x?
- How many times should I call a prospect?
If you want to be a successful real estate agent, drill this into your brain.
If you look at the data again, if you call a prospect at least 6 times, you’ll increase your chances of reaching him or her by up to 90%. That’s not opinion folks. The data never lies.
Still don’t believe me?
For those of you that have worked with me, you’ve probably heard me say that sales is like dating. To have a successful relationship, you’ve gotta be consistent about how much time you put into the relationship. Your significant other is a very very meaningful relationship. This is the person that you’re hopefully gonna spend the rest of your life with.
In contrast to buying a piece of property, real estate is a person’s single largest purchase that they’ll ever make in their lifetime. Would you buy property from someone based on just one or a few phone calls? Heck no!
Overall, I wanted to share these 4 main points with you as a guideline to get the most productivity from your day and your prospecting efforts so that you’re not flying around in the dark. Give these ideas a try and find out what works best for you, your area of real estate and the target audience that you focus on. Even if you only adopt one or two of these points, I bet it will make a massive difference in your results.
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Tech Guy & Real Estate Investor super passionate about helping real estate agents, brokers and developers grow their business to reach new levels of success.