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#76059 - 12/17/04 11:28 AM Cold Calling vs. Door Knocking for Listings
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I know most people hate the the thought of doing Cold Calling and even worse door knocking. I have the #800, website and receive some referrals from family/friends/past clients, however I don't seem to have the listing inventory of some of the top agents at my brokerage. I was speaking with a top listing agent and he told me he gets his listings by cold calling. He told me he first started in the business door knocking and for every 30 doors he knocked, and actually got to speak with the owners he would get a hot lead. He know does cold calling and he told me for every 45 calls where he gets to talk to the owner of a home, he receives a deal or a hot lead which turns into a future listing.
I am beginning to believe that cold calling and door knocking has a measurable and more immediate success than passive marketing, when it comes to securing listings.
What I'm trying to find out is does anyone in this forum cold call or door knock? If you do what are your numbers? How many people do you need to come in contact with before you get a deal?

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#76060 - 12/18/04 01:11 PM Re: Cold Calling vs. Door Knocking for Listings
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I do door-knock, but I'm very low-pressure and offer help -- free CMAs, answering questions about home inspectors and warranties, telling them what forms and services they'll need to sell their houses on their own -- stuff like that. They're very polite, but it's a crap-shoot; most of them won't get back to you. You have to be persistent...I go back every month or so, or mail a personal (not form) letter reminding them gently of what a pain it is to sell your home yourself and still be able to have a life. The key is persistence. It's a good way to get your name uppermost in their minds regarding RE...what you're shooting for is that when they think of listing, they think of you FIRST. I never phone, not even FSBOs.

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#76061 - 12/18/04 02:56 PM Re: Cold Calling vs. Door Knocking for Listings
Jflynn Offline
Member

Registered: 07/16/04
Posts: 2899
Been there, done that. I'd rather be poor than call people on the phone unsolicited. Doorknocking is not as bad for me for some reason, but I don't really care for it either.

But for those who can pull it off there are huge rewards in any sales field where the transactions are large. Nate Brooks, Tom Hopkins, Trae Zipperer and Danielle Kennedy are big on these traditional prospecting methods. Why? They work. One local agent is a huge producer and a big doorknocker - he started out Day One walking down the most expensive streets in town. The trick is to smile and be non-menacing.

(P.S. - "Cold calling" means doorknocking to some people so you might want to use the term "telemarketing" instead. I thought it was bassackwards the first time I heard it but I've heard it that way in a number of fields and companies.)

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#76062 - 12/19/04 06:07 PM Re: Cold Calling vs. Door Knocking for Listings
Shamrock Offline
Member

Registered: 08/16/04
Posts: 199
Loc: Pittsburgh, PA USA
If you're going to do cold-calling (telemarketing), you better check the "do not call" list first.

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#76063 - 12/19/04 08:15 PM Re: Cold Calling vs. Door Knocking for Listings
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As far as the "Do Not Call" List goes, I have asked telemarketers how they handle the new regulations on cold calling and they told me it doesn't bother them. They said if you call someone on the "do not call" list and they aren't receptive right away, just apologize and never call them again. I really have not met one realtor who has been fined or even affected by this new law.

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#76064 - 12/19/04 08:51 PM Re: Cold Calling vs. Door Knocking for Listings
Jflynn Offline
Member

Registered: 07/16/04
Posts: 2899
"if you call someone on the do not call list and they aren't receptive right away, just apologize and never call them again. I really have not met one realtor who has been fined or even affected by this new law."

I haven't met anyone who's been arrested for burglary either but that doesn't make it okay. Whatever happened to respecting peoples' wishes and the law?

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#76065 - 12/20/04 05:52 AM Re: Cold Calling vs. Door Knocking for Listings
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Agents in our office have to read and sign a lengthy document regarding Do Not Call Rules, and are instructed how to check the registry, etc. It is a big deal. I agree with the previous post...This is the law, respect it.

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#76066 - 12/20/04 06:19 AM Re: Cold Calling vs. Door Knocking for Listings
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I have been good about holding my opinions lately since this formum seems to only want to hear what it wants to hear, but I need to say this on this topic.

Just curious, don't those of you who don't cold call also feel like door knocking is basically the same thing? You are interrupting lives on the hope someone in their average 7-year turnover will hopefully be in that mode of "let's move now". In addition, out of those very few, get one who already doesn't have a relationship with a realtor or have been inundated with mailers etc over the past 7 years. Don't you feel at least a little embarrassed when the poor woman who was putting her baby to sleep now has to stop what she is doing to answer YOUR need?
I just have a real problem with this; I wouldn't do anything that I wouldn't want done to me. So just because they are on the DO NOT Call list, does that mean it's ok for you to go to their house and circumvent their efforts to stop being pestered to death by salesmen?

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#76067 - 12/20/04 06:58 AM Re: Cold Calling vs. Door Knocking for Listings
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I don't knock on doors or cold call...EVER! I put myself in their shoes, and look at the situation from their perspective.

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#76068 - 12/20/04 07:08 AM Re: Cold Calling vs. Door Knocking for Listings
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Scrubbing your call list with the Do Not Call database is a way to stay within the law.

I personally dont cold call, but am considering it as part of my diversification of my marketing.

There's a type of technology that might work to improve your conversion rate. I've been looking at this technology called "predictive dialer" that automatically calls with a pre-recorded script (you have it prerecorded). You can start with the question if they're thinking about selling and if so press the 1 button (or something to that effect). If they dont want to sell, the script says thank you and dials the next number.

If the person is interested, it signals you, the agent, and you can pickup the phone. Most of cold calling is going through all the people not interested in selling and act of calling, so you can reduce all that nonproductive activity and be on the phone only with interested parties.

Or, you can hire inexpensive associates for the front-end calling and nonproductive activity and get involved only with interested parties.

Just thinking about these options.

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#76069 - 12/20/04 07:23 AM Re: Cold Calling vs. Door Knocking for Listings
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Lula, using recorded messages to interupt peoplesl lives like that is about 10X's worse than SPAM!! I can't believe you are considering doing that.

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#76070 - 12/20/04 07:30 AM Re: Cold Calling vs. Door Knocking for Listings
Jflynn Offline
Member

Registered: 07/16/04
Posts: 2899
Predictive dialers, eh? Those really chap my hide when they call me. Around here they're mostly used by cheesy insurance salesmen.

As for using "inexpensive associates" for telemarketing, I think you may be underestimating the cost and hassle of running a crew for this unpleasant job.

(FWIW I used to be in enterprise telecom and sold predictive dialers among other things. You might start out with a PC-based POTS system. If you're handy with computers you can set it up yourself. If and only if you wish to oscale upwards from there then you can consider digital T-1 trunks. But to be honest I think everyone who uses one of those automated annoyance machines can stick it where the sun don't shine!)

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#76071 - 12/20/04 08:12 AM Re: Cold Calling vs. Door Knocking for Listings
Shamrock Offline
Member

Registered: 08/16/04
Posts: 199
Loc: Pittsburgh, PA USA
I have never door knocked and I only cold called back in the old days when my office held cold calling sessions. If my neighborhood, residents can register with the township to be placed on a "no solitation" list which means that people knocking on doors must check with the township first to see which doors they can safely knock on.
I can tell you that if you call me or ring my doorbell when you should have checked the lists, I WILL report you.

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#76072 - 12/20/04 08:24 AM Re: Cold Calling vs. Door Knocking for Listings
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I understand that telemarketing/dialers & door knocking is an inconvenience for most people, however these methods do bring in business. I feel most agents are unwilling to do it because they have too much pride and it's to beneath them to knock or call anyone they don't know. The facts are that these old methods are the best because they are in expensive and they reach people directly. If you had to decide to make 25 cold calls and go out of business? I'm willing to bet the majority would go out of business because I see it at the office all the time. What we do is real estate sales, although everyone would like to project themselves on the level of a lawyer or doctor, the truth is there are real estate offices on just about every corner.

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#76073 - 12/20/04 08:33 AM Re: Cold Calling vs. Door Knocking for Listings
Jflynn Offline
Member

Registered: 07/16/04
Posts: 2899
I realize telemarketing and doorknocking work, believe me I've been there. But people don't like it and I have empathy for them. People don't like being solicited, especially at home.

Just because something makes money and is within the law doesn't mean it's the right thing to do.

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