Hot Tip: What’s the Magic Number of Calls to Convert a Prospect?

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You know you are supposed to prospect every day! If you are like most of us, you can be darned creative about being busy, making excuses to avidly avoid the possible rejection.

The real shift will happen when we pick up the phone with purpose and planning.smartphone

Staring at your phone filled with the hope that the right prospect will call you just won’t put dollars in your pocket!

According to expert Bob Corcoran, most agents fail because they:

  • Fail to start
  • Fail to target
  • Fail to plan
  • Fail to follow up

If it is so simple, then why do so many of us do everything else to avoid prospecting?

Bob tells us that to skirt ‘prospect phobia,’ we can schedule productivity time every day doing the following:

1)      Start by targeting a specific group. You may want to connect with your weekend leads, web leads, open house sign ups or a certain number of calls based on your geographic farm.

2)      Develop a script. You don’t have to say a script word for word, but think through what questions to ask so that you can continue and engage in a conversation that results in the prospect asking for your help.

3)      Continue to contact. Most agents quit after making only 3 contacts with a prospect, thinking they will call back when they are ready to buy or sell. You can bet this won’t happen as often you would like! Develop a series of several after-the-initial-call touches that provide the prospect specific value during their decision/transition time.  Send reports via all channels (mail, email, etc.) like: The 5 Biggest Mistakes Most Buyers Make or The 3 Top Issues Every Seller Must Deal with When Selling.  Keeping yourself in front of your prospect in a value-added way wins every time!

4)      Be sure to employ your strategic partners! Get permission first from your prospect, then ask your loan professional to contact them to determine their purchase power.  You need to know how qualified your prospect is so that you can determine how much of your ‘A’ time you are willing to invest. Any issues can be corrected in time, like credit repair, lease obligations, house improvements, etc.  When you know the issues that impact a buyer or seller, you are better equipped to schedule appropriate contact that best fits their motivation and commitment to the buying and selling process.

5)      Figure out what time of day you get the most responses. You can do this by keeping a good record of when you are able to connect more easily with the prospects. You may then determine that your best time of day is in the afternoon, and then focus on blocking out those hours on a regular basis. The ‘compound effect’ works best here – do it consistently for a profitable payoff!

What’s the magic number?  Like a puzzle, figure out what formula gives you the best income for your time. Prospecting can be more fun when you know how to make it pay off for you!

How many prospects do you call in a week on average?

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