So you have your leads, your phone, your CRM software, and your script for real estate cold calls ready to go. Is there a specific day or time of day that’s best for real estate agents cold-calling new prospects?
While researchers have done many studies on the best times for real estate cold calls, the real answer is nuanced. That is because it is different for each prospect. A mom who works from home might have more time earlier in the day after sending her kids to school. Compare this to an office worker who usually has more time in the evening. In order for your real estate cold calls to be effective, you have to know your target audience.
But what else do you need to know about real estate cold calls in order to get new leads? Is cold calling still worth it when there are so many new ways to reach prospective customers? Read on as our team at Local Leader® explains.
What Day and Time of Day Are the Best for Real Estate Cold Calls?
Many studies demonstrate that Wednesday and Thursday are the two best days for real estate cold calls. Thursdays, in specific are the best day to qualify new leads. However, the best time of day to call a lead depends more on the type of person you’re attempting to contact.
If you got your list of leads based on geographic area, research the homeowners in that neighborhood. Do most of them work outside of the home? Do they often have a single full-time income? If you can break down the demographics of target neighborhoods, you can find the best time to call based on resident habits.
The Best Method to Contact Prospects: Email, Text, or Phone Call?
You may wonder which is the best way to contact your prospects. All three methods have their benefits and drawbacks.
- Email. Email is a low-pressure contact method that allows users to respond at their leisure, but many people don’t check their email very often and could miss your message.
- Text. Many people can’t stand to see the unread text notification on their phone’s messenger icon, meaning it’s likely they’ll glance at your message to clear the notification. Millennials and Gen Z prefer texting over other methods, while Gen X and Baby Boomers often prefer phone calls.
- Phone call. Phone calls get a higher response rate than emails, and you know you have a captive audience for a few minutes when someone answers. If they don’t answer, you can leave a detailed voicemail requesting a call or text back.
Your best option is probably to combine your efforts. Send an email the day before you intend to make your phone calls or send texts. Before making your calls, see if any respondents request that you not contact them again and remove them from your list. Then make your calls. For prospects who don’t answer, leave a voicemail and send a text.
Types of Real Estate Cold Call Targets
Who do you target with cold calling? Consider homeowners in the area who are already warm or lukewarm rather than cold leads. People who have recently had their homes listed for sale or rent might need help from your real estate company.
Expired Listings
Search your MLS system for prospects whose listing has expired in the last year. Run a search to make sure it isn’t already re-listed with another office, then call the homeowner to offer your services to become their new real estate agent. Be sure to do a comparative evaluation so you can give them some feedback on how you would improve their listing to sell quickly.
FSBOs/FRBOs
Persuading owners who want to sell or rent their homes without an agent’s help to accept an agent’s help and let you list their property can be a daunting task. However, if your market is inundated with listings represented by other agents, these owners can be a powerful untapped resource.
Pre-Foreclosure
Homeowners in pre-foreclosure often look to downsize to a smaller home, meaning you could represent a seller and a buyer if they want to move to a more affordable home in the area.
Geographic Farming
Leverage the power of postcard mailers using USPS’s Every Door Direct Mail (EDDM) tool with targeted cold-calling and take over a neighborhood as the area’s premier listing agent.
Be Ready To Make Your Sales Calls
Have your necessary tools ready when it’s time to start dialing or texting.
Phone Numbers
You can buy leads on several sites. Look for a service that updates its lists regularly and integrates seamlessly with your CRM software, then figure out your best time to cold call real estate leads.
Do Not Call Registry
Before calling any leads, cross-reference your list with the national Do Not Call Registry. Remove any leads that appear on the registry before beginning your calls.
Customer Relationship Management (CRM) Lead Software
CRM software is essential for real estate agents looking for new leads. Your software can allow you to build networks of contacts easily, including
- Linking married couples’ profiles
- Notating referrals
- Marking whether a lead is hot, warm, or cold
- Noting whether they’re buying or selling
- Keeping track of their pre-approved loan limit
- Building complete profiles with important personal information like family members’ names
Script
You shouldn’t read a script verbatim to a prospect when they answer the phone. Instead, a script should be a detailed outline of key points to address with a lead, including:
- Your target outcome for an introductory meeting, lead appointment, or customer interview
- Notes to remind you to smile and stay positive during your call
- Possible responses to different questions you anticipate
As you make more cold calls, you can rely less on your script when talking to new leads.
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