Cold calling has been around for decades, as long as telephones have. Cold calling real estate is done with the spirit of boosting sales. However, cold calling comes with its own set of challenges.
You need to make endless calls each day to grab the attention of your prospective customers. Unfortunately, more than 80% of calls get ignored, with only 20% allowing you to talk for a minute. Out of that 20%, only a few handfuls will show some interest in your offer.
The same process has to be repeated multiple times throughout the day for weeks together to generate sales.
Is cold calling effective in real estate?
Yes, indeed, to a great extent, as it is one of the most cost-effective ways of introducing your services to your target audience. The financial input needed in cold calling is significantly less, making it highly affordable to all real-estate firms, especially those in their starting phase.
Cold calling helps you to get instant feedback from your target group. The prospect clients’ feedback is extremely crucial for making the right efforts to market your property
Does cold calling still work in 2021?
Cold calling is still an excellent strategy for demand generation. Cold calling needs to be worked upon to see how it can be used to channelize conversions.
Cold calling is an incredible way to get in touch with your prospects.
What is the success rate of cold calling?
Do most people wonder if cold calling really works? Well, the very fact that cold calling has lasted for years shows that it is successful. Many entrepreneurs and leaders have experienced that cold calling did help them gain business traction and a sizeable customer base in the longer run.
Charlie Cook states that the cold calling success rate is usually around 2%. While talking about qualified leads, the success rate is 20%, and the referrals convert half the time.
In another survey, Hubspot reports that only 28% of cold calls lead to a conversation.
What is the best time of day to cold call?
According to ringdna.com, real data from 2019 comprising of details of customers called up as a part of cold calling was taken and analyzed. The data mining process precisely involved millions of cold calls done throughout the day to increase sales.
Based on data mining, it is observed that an ideal time to make cold calls is 9 am in morning. The best suggested time range for cold calling is from 8 am to 11 am in morning. Thus, for productive results, most salespeople block their morning hours only to dial their prospective clients.
Here is a graph indicating the connection rate of cold calls concerning time.
When is the worst time to call prospects?
The worst time to call prospects is anytime, which is outside working hours. Usually, pre-work and post-work hours are a private time for everyone, and reaching your prospective customers in those hours may bother them.
Another wrong time to make calls is between 1 pm to 2 pm. This is the time when people are having lunch with colleagues, or hanging out to take a break from work, or calling up friends and families to relax.
Moreover, it is not advisable to make calls post-lunch. Most of us feel a little low on energy soon after having lunch. It is less likely that we would want to receive unexpected cold sales calls during these hours.
To sum up, morning hours serve out the best to make cold calls.
How to optimize cold calling real estate?
In case you are looking at boosting your sales through cold calling, you need to be consistent in your efforts. Make sure to tweak your day around the call blocks.
Staying organized and preparing your call blocks will help you to generate more opportunities for your pipeline. Each industry has different nuances when it comes to contacting your target audience. Thus, it is advised to start building your contacts database.
Always make calls after reading through the details of your prospects. Make sure you have your prospects’ numbers, occupational information, their history of engagement with your firm, etc, in hand.
Other ways to generate leads in real estate?
You can reach your targetted audience by making phone calls, sending emails, targetting on LinkedIn, Twitter, and other social media platforms.
Out of all these options, emails are known to be best suited for generating leads.
Emails provide an opportunity for a potential lead to think before they respond. While making calls, there is more of a pressure to respond in the moment, which might pressure your caller to respond without being convinced.
While if you are getting responses to your emails, then people are responding after getting convinced.
So, the chances of having quality meetings are better in the latter case, in turn, have higher chances of ending up in closed deals.