Posts made in February, 2016

Day #48

Day #48

Posted By on Feb 17, 2016

Day #48 of 100 Days of Prospecting

Short calling session today.  Just over 50 contacts in.  Again, the broker changeover is taking time.  Family stuff is in there too.

I did go on a Meet-n-Greet appointment today.  Hit it off with the seller and have a full-blown listing appointment set for Saturday afternoon.  I feel very good about this one.

The Numbers




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Day #47

Day #47

Posted By on Feb 16, 2016

Day #47 of 100 Days of Prospecting

Went in to the office today early for a meeting and then went and previewed seven homes in my new market area.  That took longer than I thought it would.  Picked up the kids from school, zipped back home, and jammed on the dialer.

Got one lead today.  Lady wants to downsize and stay in same area.  I got her to commit to a Meet-n-Greet appointment for tomorrow at 4pm.  So that’s good.

On the flip side, one of my leads that I’ve been following up with finally picked up the phone when I called only to tell me that they already listed with another agent.  Bummer.

Oh well.  On to the next.

The Numbers

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Day #46

Day #46

Posted By on Feb 15, 2016

Day #46 of 100 Days of Prospecting

Higher contact rate again today.  Made for smooth cruising up to the 100 contact mark.  Had one lady tell me that two other agents had cold called her last week.  So we’ve got that to deal with.  I think that that is going to become more and more prevalent.  Competition is only going to continue to increase in this business.  More and more agents are going to be told to call FSBOs and Expireds.  They’ll continue to be told “Just call and you’ll get your fair share” even when all the “low hanging fruit” enters a place where it’s forever picked over.

That situation will lead to people turning to the less competitive avenue of cold calling.  Or circle prospecting.  Or whatever you want to call it.  The problem I see with this is that it will quickly create an unmanageable situation.

Think about it.  I got ZERO leads calling through the entire city of Royal Oak.  Why?  Because people had been hard-core “circle prospecting” that city right before I did.  They burned out the people base.  When someone gets a cold call today, they really do need a good 90 days to rest before ANY agent calls them again.

The benefit to cold calling is that you get in contact with people who freely confess that they are thinking of selling and you get to follow up with them until they DO decide to sell.  They don’t do the whole “confessing” part though if they are getting called by multiple agents.  They clam up.  It turns into the whole Tragedy of the Commons thing.  A shared resource is destroyed when too many people try to access it.

The result will be that instead of having to make 100 or 130 calls to get a lead, you need to make 200.  At that point OTHER people (who are more well funded) will decided to start hiring people to do the calls for THEM too.  The idea being to brute force their way through the opposition and conquer by sheer numbers of calls.

Of course the reaction from the market will be less response and now the number of contacts that have to be made to get a lead climbs to 300.  Then more people hire cold callers to try and overcome the hours-calling-necessary-to-get-a-lead problem.  And then it climbs to 400 contacts to get a quality lead.  At which point the whole pasture has been destroyed by overzealous grazing.

The Farming Project

The truth of this whole thing has been dawning on me for quite some time now.  Competition in all avenues of traditional prospecting is only going to increase.  To unmanageable levels.  A solution has to be found.  A final solution.

I believe that that final solution is the relationship based business.  Building relationships to such a level that those people are not going to be picked off by a cold caller or anyone before they call you.

These days it’s pretty common to have people responding to my inquiry as to whether they are thinking of selling in the near future or not with a “Yes, but we already have an agent picked out.”  Sorry.  I’m done trying to use the objection handlers to try and get an appointment with someone who has already made up their mind so that they can pick the agent they’ve already decided on and then tell themselves “Yup, we’re going with our gut…and look…we even interviewed another agent before pulling the trigger too!”

Forget that.  I’m looking for people who are NOT committed to other agents.  If I wanted to jump in the pit and slug it out in a fist-fight of competition I would call expireds and FSBOs.  The whole point of cold calling is to connect with people who are NOT planning on interviewing multiple agents.

So while I am still consistently calling, I am also laying the groundwork to launch into what I call “Super Farming”.  That’s actually the reason I switched brokerages.  Super farming is going to be a long-term strategy to dominate one particular area.  The area you pick matters because the median price point for whatever area you choose is going to dictate your income level for the rest of the time you work that Super Farm.  So I picked a higher price point area an switched to a RE/MAX broker in that town.

The truth is, I don’t like the idea that I have to call, call, call other people to get appointments.  I happen to like it when people call me and ask ME to come out to list their house.  That pretty much NEVER happens when cold calling.  You have to do the outreach to get the initial lead and then you have to reach out again and again in follow up.  If you do NOT call those people, they never seem to bother calling YOU to set the appointment.

People in my network of relationship do though.

So it’s pretty clear.  If I want more people calling ME to list their house, then I need to have more relationships.  Relationship with people in my Super Farm.  So I have to invest time BUILDING those relationships while at the same time NOT slacking off on my calling activities.

The Numbers




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Day #45

Day #45

Posted By on Feb 13, 2016

Day #45 of 100 Days of Prospecting

So I’m back from my mini-vacation to Frankenmuth with the family.  Fired up both dialers at about 10:30 and got back to it.

Contacts today were 100.  Contact rate wasn’t bad either.  One long-term lead that may or may not pan out.  You know I’m not a fan of the “we need to find a place to buy first” type of leads.

New Phone & Skype

So I upgraded my phone to a new Galaxy S6.  I didn’t have to turn the old S3 in either.  So I signed up for a Skype phone number ($50 bucks for the year) and installed it on the old S3 phone.  Set one of the dialers to call that phone number to see how it worked.

Worked GREAT too.  Call quality was fine even though it’s phone-over-internet via my wifi home network.  It did drop out on me once and I had to turn the phone’s wifi off and then on again to get it back up and running…but that’s it.  Nothing unusual.

All-in-all I’m happy with it and for $50 for the year for the second line…I’ll take it.  Now the wifey can have her own phone back.

The Numbers




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Day #44

Day #44

Posted By on Feb 10, 2016

Day #44 of 100 Days of Prospecting

Night-n-day.  That’s the type of difference I’m seeing.  Night-n-day difference.  All I did was cross over the line that divides Royal Oak and Troy and look what happens.  Contact rate picks up and you get LEADS.

Two leads to be precise.

That makes me happy.  Let’s hope that there’s more to follow.

I won’t be posting for a bit though.  You might remember that when I kicked this whole thing off my wife had a family “staycation” setup.  That happens over the course of the next couple days.  We get back Saturday afternoon and I have a listing appointment Saturday evening.  So right back at it.  Then I’ll end up doing follow up calls on Sunday as well.

I’ll be back soon though.

The Numbers




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