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#462250 - 08/29/18 11:19 PM Using Cold Calls to Build a Million Dollar Database
AbrahamWalker Offline
Member

Registered: 06/04/12
Posts: 67
Loc: Alexandria, VA
On August 1, 2018, I started a journey of building a million dollar database using cold calls. My goal is simple, move contacts I make while cold calling into a database and market to them over time to create a million dollar real estate business.

Since I'm a Keller Williams agent, it makes sense for me to follow the Keller Williams models provided by Gary Keller through the book, "The Millionaire Real Estate Agent." You can find the simple marketing system I will be using pages 146 & 147. The systems are called, "8x8" and "33 Touch".

The 8x8 system is executed over the 1st 8 weeks of the relationship with someone you add to your database. You execute the system by touching (marketing) to the new database addition 1 time every week for 8 weeks.

The 33 touch system is executed over a calendar year by sending 33 touches over the course of the year.

With both systems, the touches include; emails, mailings, letters, market reports, holiday cards, newsletters, thinking of you cards, thank you cards, birthday cards, etc.

Here's how the process will flow:
1. Make initial contact.
2. Move contact into the database.
3. Place contact on the 8x8 system.
4. When 8x8 is complete, place the contact on 33 touch system.

My goal is to add 50 contacts a week to my database. The lion share of these contacts will come from cold calling.

The budget for this system will cost $35,000 for the 1st year.

The size of the database I'm building is too large to use circle prospecting. Logistics would make circle prospecting a headache because I make 1200 - 1500 dials a week. Targeting entire zip code will be the best way to complete this project.

At this time, I have added 170 people to my database since August 1st.

On a daily basis, I'll report my numbers and any takeaways. Since I'm posting similar content on Facebook, I'll add any answers I provide on that platform to this thread.

Why post my daily activities?

1. Consistent updates in a public fashion act as a form of accountability.
2. Gives me a chance to give back.
3. Increases my chance of receiving agent referrals for the Northern Virginia area.

My contact info:

Abraham Walker
Real Estate Agent
Ask A Walker

703-539-2053
Abraham@AskAWalker.com

Keller Williams Realty Kingstowne
Alexandria, VA 22315

Licensed in the State of Virginia

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#462251 - 08/29/18 11:19 PM Re: Using Cold Calls to Build a Million Dollar Database [Re: AbrahamWalker]
AbrahamWalker Offline
Member

Registered: 06/04/12
Posts: 67
Loc: Alexandria, VA
Wednesday, August 29, 2018

Morning & Evening Shift Complete

4 hours - Total Dialing Time
338 - Daily Dials
20 - Contacts Made
1 - Emails Captured
2 - CMA's Requested (possibly 3 after my follow up call)
13 - Contacts Added to Database

Notes:

I'm a little shocked by the low percentage of calls answered versus dialed. I've been hitting 10% with this list and this session was slightly under 6%. It's not an issue because the numbers will even out over time.

I've noticed that I'm getting better at keeping people on the phone. I had 2 conversations today that were over 10 minutes long. One at 12 minutes and the other at 19 minutes. My long-term goal is to become everyone's real estate agent for life. The kind of real estate agent that gets invited to your retirement party or children's graduation or show up at your funeral.

If the person on the other end of the phone wants to chat, we're going to chat. Sometimes Krystal walks in on me talking to people and can't believe how much information people tell me in a few minutes.

One takeaway from today's session is offering an item of value after the initial no. 99% of the time people are not interested in selling their homes. This means I have to figure out what else they would like to receive from me on a regular basis.

Think about it. Why would someone who isn't interested in selling their home care about a real estate agent?

I think I figured out what I can offer. Contractors that service the home and tips about your property. If I'm dealing with a homeowner, I know they have to maintain their home. Instead of them googling or using angies list to find service providers, I'll let them know that I have a list.

On one of my calls today, I referred my contractor and told the homeowner to use my name. We'll be able to see if she calls but now the homeowner know that I offer real estate services and I know people that can help meet their needs.

Frequently Asked Questions:

What are your criteria to add to your database?
1. Listen to my pitch
2. Name of person on the phone (sometimes the wife answers the phone when I have the husband's name on file and I don't have the ability to capture the information. I set up a system for my virtual partner to look up the information in the tax records. If we are not able to procure the name, we delete the record from the database.)
3. Accurate Mailing Address
4. Accurate Phone Number

Do you leave a voicemail message?

No.

Are you dialing home phone numbers, cell phone numbers or work phone numbers?

Only home phone numbers.
_________________________
Find me on Facebook:
www.facebook.com/abraham504

Abraham Walker
www.AskAWalker.com

Real Estate Agent in Northern Virginia servicing:
Alexandria, Springfield, Lorton, Annandale,
Fairfax, Tysons Corner, Reston, Falls Church,
Arlington, McLean, Burke, and Woodbridge

Keller Williams Realty Kingstowne
Alexandria, VA 22315
Licensed in the state of Virginia

703-539-2053
Abraham@AskAWalker.com


Top
#462266 - 08/30/18 05:15 PM Re: Using Cold Calls to Build a Million Dollar Database [Re: AbrahamWalker]
AbrahamWalker Offline
Member

Registered: 06/04/12
Posts: 67
Loc: Alexandria, VA
Thursday, August 30, 2018

Morning & Evening Shift Complete

4 hours - Total Dialing Time
390 - Daily Dials
31 - Contacts Made
0 - Emails Captured
0 - CMA's Requested
23 - Contacts Added to Database

Notes:

First time with no emails or CMA's requested. Almost ended the shift without a 10 minute or more phone call. It happened right at the end of my last dialing session.

I was able to help someone setup NoMoRobo on her home phone to stop robocalls. She expressed her concern about telephone scams and I thought it was only right to share with her a way to minimize the phone calls she receives.

In addition to sharing that information, I let her know that she can call me whenever she receives a real estate phone call and I will vet the company on her behalf. Now she never has to worry about another real estate related problem.

I only have 410 numbers until I make it through my current zip code. Looks like I'm blowing through 350 - 380 records in a 4-hour shift. I'll load up another zip code tonight to make sure I don't run out during tomorrow's session. It'll be interesting to see how many numbers will be available in the next list.

Frequently Asked Questions:

What are your criteria to add to your database?
1. Listen to my pitch
2. Name of person on the phone (sometimes the wife answers the phone when I have the husband's name on file and I don't have the ability to capture the information. I set up a system for my virtual partner to look up the information in the tax records. If we are not able to procure the name, we delete the record from the database.)
3. Accurate Mailing Address
4. Accurate Phone Number

Do you leave a voicemail message?

No.

Are you dialing home phone numbers, cell phone numbers or work phone numbers?

Only home phone numbers.

What systems do you use?

Phone Numbers - Cole Realty Resource
Phone Dialer - Mojo
CRM - Top Producer

Are these systems the best?

Cole and Mojo, yes. Top Producer will get me by until Keller Williams releases Keller Cloud CRM.

"All things are difficult before they're easy."
~ Thomas Fuller
_________________________
Find me on Facebook:
www.facebook.com/abraham504

Abraham Walker
www.AskAWalker.com

Real Estate Agent in Northern Virginia servicing:
Alexandria, Springfield, Lorton, Annandale,
Fairfax, Tysons Corner, Reston, Falls Church,
Arlington, McLean, Burke, and Woodbridge

Keller Williams Realty Kingstowne
Alexandria, VA 22315
Licensed in the state of Virginia

703-539-2053
Abraham@AskAWalker.com


Top
#462270 - 08/30/18 06:49 PM Re: Using Cold Calls to Build a Million Dollar Database [Re: AbrahamWalker]
estatereal Offline
Major Contributor

Registered: 01/27/07
Posts: 3219
Loc: LAND OF THE FREE!
"Cole and Mojo, yes. Top Producer will get me by until Keller Williams releases Keller Cloud CRM."

2 questions for you.

1. will you be at kw as long as you are a real estate agent?

2. how easy is it to export your information from kw crm for the purpose of changing companies?

Top
#462281 - 08/31/18 08:09 AM Re: Using Cold Calls to Build a Million Dollar Database [Re: estatereal]
AbrahamWalker Offline
Member

Registered: 06/04/12
Posts: 67
Loc: Alexandria, VA
Originally Posted By: estatereal

1. will you be at kw as long as you are a real estate agent?


Yes, that is the plan.

Originally Posted By: estatereal

2. how easy is it to export your information from kw crm for the purpose of changing companies?


I'm sure it will be very easy for you to export information out of KW's system. Since KW recruits agents, it doesn't benefit them to leave a nasty taste in agents mouth when they leave because they may come back.

Look at the profit sharing system. After you have been with the company for 3 years and 1 day, you're vested for life and your benefits follow you regardless of your affiliation with KW. When I ran a KW office, I use to send the largest profit share check to an agent at a neighboring Re/Max office. While she never sent agents to her office, she would send us referrals because she liked getting her checks.

Thanks for the question.


Edited by AbrahamWalker (08/31/18 09:44 AM)
Edit Reason: Incorrect Quote
_________________________
Find me on Facebook:
www.facebook.com/abraham504

Abraham Walker
www.AskAWalker.com

Real Estate Agent in Northern Virginia servicing:
Alexandria, Springfield, Lorton, Annandale,
Fairfax, Tysons Corner, Reston, Falls Church,
Arlington, McLean, Burke, and Woodbridge

Keller Williams Realty Kingstowne
Alexandria, VA 22315
Licensed in the state of Virginia

703-539-2053
Abraham@AskAWalker.com


Top
#462288 - 08/31/18 09:04 PM Re: Using Cold Calls to Build a Million Dollar Database [Re: AbrahamWalker]
AbrahamWalker Offline
Member

Registered: 06/04/12
Posts: 67
Loc: Alexandria, VA
Friday, August 31, 2018

Morning & Evening Shift Complete

2.5 hours - Total Dialing Time
296 - Daily Dials
8 - Contacts Made
1 or 2 - Emails Captured
3 - CMA's Requested
7 - Contacts Added to Database

Notes:
Shorter dialing session due to closing and meeting with a vendor partner. The discrepancy in the contacts shown on Mojo and the number record is a contract that was placed on my Do Not Call List. Some people listen to the pitch and decline the offer and request to be removed from my calling list.

I honor all request.

My closing sessions for sellers are normally pretty quick (1 - 1.5 hours). Today's clients required more points of service due to some health issues and I was more than happy to oblige. I picked them up from their new home and drove them to and from the closing. After the closing was finished and we were headed back to their new home, they asked to take me out to lunch/dinner.

Stephen Covey teaches that you can be efficient with things and effective with people. So, I agreed to the celebratory spur of the moment lunch/dinner to end a successful business transaction.

After dinner, I showed some buyer prospect a listing and called it a day.

For the week, I'm at 14.5 hours of prospecting and 97 contacts. I'll pick a few more hours of prospecting on tomorrow to reach my 100 contacts for the week goal and exceed last week's 15 hours prospected.

My longest conversation for today last 4 minutes and I'm really surprised by the low pick up rate for today's calls.

Link to Frequently Asked Questions about this process:
https://www.askawalker.com/mycoachgk/#faq

"All things are difficult before they're easy."
~ Thomas Fuller
_________________________
Find me on Facebook:
www.facebook.com/abraham504

Abraham Walker
www.AskAWalker.com

Real Estate Agent in Northern Virginia servicing:
Alexandria, Springfield, Lorton, Annandale,
Fairfax, Tysons Corner, Reston, Falls Church,
Arlington, McLean, Burke, and Woodbridge

Keller Williams Realty Kingstowne
Alexandria, VA 22315
Licensed in the state of Virginia

703-539-2053
Abraham@AskAWalker.com


Top
#462343 - 09/06/18 05:06 PM Re: Using Cold Calls to Build a Million Dollar Database [Re: AbrahamWalker]
AbrahamWalker Offline
Member

Registered: 06/04/12
Posts: 67
Loc: Alexandria, VA
Thursday, September 06, 2018

Morning & Evening Shift Complete

3 hours - Total Dialing Time
224 - Daily Dials
29 - Contacts Made
1 - Emails Captured
0 - CMA's Requested
18 - Contacts Added to Database

Notes:

Today's phone calls were rough. It seems that the homeowners I'm calling today have been receiving cold calls from other industries. Also, I've noticed that several of the homeowners that answer are older than 50. Maybe this is because they've retired. It'd be interesting to see a survey about the ratio of gen X and Millenials with home phones.

Today was also a successful day because I implemented the Master Task List into my daily routine. Figure 10 page 357 in the MREA. By consolidating all of my tasks onto one list, I can see what needs to be accomplished immediately versus leave on the back burner.

Next step is to document my lead gen to the database system. Currently working with a virtual assistant on the steps taken to move a contact from my dialing program to my CRM. We've covered most, if not all of the steps in the process. The next step will be documenting the CRM to Touch Plan process.

Link to Frequently Asked Questions about this process:
https://www.askawalker.com/mycoachgk/#faq

"All things are difficult before they're easy."
~ Thomas Fuller
_________________________
Find me on Facebook:
www.facebook.com/abraham504

Abraham Walker
www.AskAWalker.com

Real Estate Agent in Northern Virginia servicing:
Alexandria, Springfield, Lorton, Annandale,
Fairfax, Tysons Corner, Reston, Falls Church,
Arlington, McLean, Burke, and Woodbridge

Keller Williams Realty Kingstowne
Alexandria, VA 22315
Licensed in the state of Virginia

703-539-2053
Abraham@AskAWalker.com


Top
#462353 - 09/07/18 09:14 PM Re: Using Cold Calls to Build a Million Dollar Database [Re: AbrahamWalker]
AbrahamWalker Offline
Member

Registered: 06/04/12
Posts: 67
Loc: Alexandria, VA
Friday, September 07, 2018

Morning Shift Complete

3 hours 2 minutes - Total Dialing Time
320 - Daily Dials
24 - Contacts Made
3 - Emails Captured
3 - CMA's Requested
20 - Contacts Added to Database

Notes:
Decided to cut out my afternoon session of calls. Too many contacts were going into my database to manage them properly and I'd exceed my budget by overflowing the CRM.

Today I started working in a new opening and closing to my script. Very pleased with the outcome. Much better conversations during these sessions.

For the opener, I changed my script from:

Hi, I'm looking for the owner of ____________

To:

Hello, I'm looking for Mr. or Mrs. ________________

Hi, Mr. or Mrs. __________________

I'm Abraham Walker with Keller Williams Realty in Kingstowne, the real estate company, we sell homes in your area.

Much better reception on the phone.

Found one right now lead. Working on following up with them over the next few days.

Only 12 more contacts to go before hitting 100 contacts for the week.

Link to Frequently Asked Questions about this process:
https://www.askawalker.com/mycoachgk/#faq

"All things are difficult before they're easy."
~ Thomas Fuller
_________________________
Find me on Facebook:
www.facebook.com/abraham504

Abraham Walker
www.AskAWalker.com

Real Estate Agent in Northern Virginia servicing:
Alexandria, Springfield, Lorton, Annandale,
Fairfax, Tysons Corner, Reston, Falls Church,
Arlington, McLean, Burke, and Woodbridge

Keller Williams Realty Kingstowne
Alexandria, VA 22315
Licensed in the state of Virginia

703-539-2053
Abraham@AskAWalker.com


Top
#462364 - 09/10/18 03:36 PM Re: Using Cold Calls to Build a Million Dollar Database [Re: AbrahamWalker]
AbrahamWalker Offline
Member

Registered: 06/04/12
Posts: 67
Loc: Alexandria, VA
Monday, September 10, 2018

Morning & Evening Shift Complete

3 hours - Total Dialing Time
228 - Daily Dials
23 - Contacts Made
0 - Emails Captured
2 - CMA's Requested
15 - Contacts Added to Database

Notes:
Will be thinking about more ways to handle the objection:

You can mail your report because I already get a lot of emails.

Securing emails is important because it provides me with an opportunity to touch the lead 3 different ways:
1. Phone
2. Mail
3. Email

Email is lower cost touch and easier to track.


Link to Frequently Asked Questions about this process:
https://www.askawalker.com/mycoachgk/#faq

"All things are difficult before they're easy."
~ Thomas Fuller


Top
#462375 - 09/11/18 10:16 PM Re: Using Cold Calls to Build a Million Dollar Database [Re: AbrahamWalker]
AbrahamWalker Offline
Member

Registered: 06/04/12
Posts: 67
Loc: Alexandria, VA
[video:youtube]https://youtu.be/vlAuIzfAajM[/video]
_________________________
Find me on Facebook:
www.facebook.com/abraham504

Abraham Walker
www.AskAWalker.com

Real Estate Agent in Northern Virginia servicing:
Alexandria, Springfield, Lorton, Annandale,
Fairfax, Tysons Corner, Reston, Falls Church,
Arlington, McLean, Burke, and Woodbridge

Keller Williams Realty Kingstowne
Alexandria, VA 22315
Licensed in the state of Virginia

703-539-2053
Abraham@AskAWalker.com


Top
#462417 - 09/13/18 09:04 PM Re: Using Cold Calls to Build a Million Dollar Database [Re: AbrahamWalker]
AbrahamWalker Offline
Member

Registered: 06/04/12
Posts: 67
Loc: Alexandria, VA
Thursday, September 13, 2018

Morning & Evening Shift Complete

2 hours - Total Dialing Time
352 - Daily Dials
8 - Contacts Made
0 - Emails Captured
0 - CMA's Requested
6 - Contacts Added to Database

Notes:

Wow! That's all I can say. 8 contacts from 352 dials. I'm still not back to 100% after falling ill. Friday is going to have 4 - 6 hours of calling to ensure I hit my 100 contacts in a week number before Saturday.

The funny thing about phone call prospecting is that you're powerless until someone picks up the phone.

One of my contacts I did not count was a real estate agent in my market. She was very nice on the phone and it was a pleasure to catch up with her.

Yesterday, someone called from my generic handwritten thank you card. Despite not having a real estate need at this time, they were thankful for the personal touch.

3 days left in the week to make 69 contacts is doable.

Link to Frequently Asked Questions about this process:
https://www.askawalker.com/mycoachgk/#faq

"All things are difficult before they're easy."
~ Thomas Fuller
_________________________
Find me on Facebook:
www.facebook.com/abraham504

Abraham Walker
www.AskAWalker.com

Real Estate Agent in Northern Virginia servicing:
Alexandria, Springfield, Lorton, Annandale,
Fairfax, Tysons Corner, Reston, Falls Church,
Arlington, McLean, Burke, and Woodbridge

Keller Williams Realty Kingstowne
Alexandria, VA 22315
Licensed in the state of Virginia

703-539-2053
Abraham@AskAWalker.com


Top
#462422 - 09/14/18 06:09 PM Re: Using Cold Calls to Build a Million Dollar Database [Re: AbrahamWalker]
AbrahamWalker Offline
Member

Registered: 06/04/12
Posts: 67
Loc: Alexandria, VA
Friday, September 14, 2018

Morning & Evening Shift Complete

2.5 hours - Total Dialing Time
183 - Daily Dials
27 - Contacts Made
1 - Emails Captured
1 - CMA's Requested
18 - Contacts Added to Database

Notes:

42 more cold contacts to make before we call this a week. Still feeling a little under the weather. Hopefully, I'll be at 100% tomorrow.

Today I tested making phone calls using 1 and 2 lines for 1.25 hours. I was surprised by the number of contacts I made in the same time period.

Single Line
79 - dials
13 - contacts

Double Line
104 - dials
14 - contacts

Don't know why this worked out this way and I'll continue to test single like dialing over the weekend.

Link to Frequently Asked Questions about this process:
https://www.askawalker.com/mycoachgk/#faq

"All things are difficult before they're easy."
~ Thomas Fuller
_________________________
Find me on Facebook:
www.facebook.com/abraham504

Abraham Walker
www.AskAWalker.com

Real Estate Agent in Northern Virginia servicing:
Alexandria, Springfield, Lorton, Annandale,
Fairfax, Tysons Corner, Reston, Falls Church,
Arlington, McLean, Burke, and Woodbridge

Keller Williams Realty Kingstowne
Alexandria, VA 22315
Licensed in the state of Virginia

703-539-2053
Abraham@AskAWalker.com


Top
#462451 - 09/17/18 06:30 PM Re: Using Cold Calls to Build a Million Dollar Database [Re: AbrahamWalker]
AbrahamWalker Offline
Member

Registered: 06/04/12
Posts: 67
Loc: Alexandria, VA
Monday, September 17, 2018

Morning & Evening Shift Complete

5 hours - Total Dialing Time
368 - Daily Dials
24 - Contacts Made
0 - Emails Captured
1 - CMA's Requested
16 - Contacts Added to Database

Notes:

Today I tested an entire day of phone calls using the single line dialer option from MOJO. I averaged 7 dials per hour and 15% contacts to numbers dialed rate.

Tomorrow I will test my theory by putting together another 5-hour block of phone calls using the 2 line dialer on this type of phone calls.

On August 21, 2018, I posted 5 hours of dialing time with 555 dials and 29 contacts versus another 5-hour session on August 23, 2018, which only had 405 dials and 42 contacts. Both of these sessions were from expired listings and withdrawn calling list.

Either way, 5 hours of dialing on a double line should produce more dials. My hypothesis is whether or not it burns through more numbers which lead to a lower contact to dial rate.

Looking forward to reporting on tomorrow about my findings.

In addition to running this test, I'll also move into my 4th zip code. My 3rd zip code has less than 15 numbers left to call. This is much smaller zip code and only had less than 600 numbers in the entire list.

Link to Frequently Asked Questions about this process:
https://www.askawalker.com/mycoachgk/#faq

"All things are difficult before they're easy."
~ Thomas Fuller
_________________________
Find me on Facebook:
www.facebook.com/abraham504

Abraham Walker
www.AskAWalker.com

Real Estate Agent in Northern Virginia servicing:
Alexandria, Springfield, Lorton, Annandale,
Fairfax, Tysons Corner, Reston, Falls Church,
Arlington, McLean, Burke, and Woodbridge

Keller Williams Realty Kingstowne
Alexandria, VA 22315
Licensed in the state of Virginia

703-539-2053
Abraham@AskAWalker.com


Top






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