Why Cold Calling Doesn’t Work for Most Agents…And What Does Work – Kevin Ward
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A real estate agent recently commented on one of my YouTube videos, "I am now cold calling five hours a day and not getting any leads. 🙁 What am I doing wrong?"
There are so many variables it's impossible to really answer the question conclusively without a lot more information.
Here are some of the main reasons why "cold calling" does not work for most Realtors:
1. "Cold calling" is one of the least effective, most painful method of lead generation now compared to in the past, primarily because of lower trust & fewer people answering a home phone.
1. It's also unlikely they're ready to buy or sell now. If they are, it is even less likely they will tell you. Most people don't enjoy being solicited, and they're not as patient and kind as they used to be
2. How you sound. If you sound unconfident or nervous…or over excited people are immediately turned off. The sweet spot is sounding truly interested and friendly, in others words, natural and authentic.
3. What you are saying. If you are calling to get a listing, they see the call as self-serving. If you are using BS, you are going to get resistance. Get "yes" without the BS.
4. For me there are BETTER APPROACHES than cold-calling such as:
1. Face to face
2. FSBOs, Expired Listings, Distressed sellers, Probate, etcetera.
3. Your own Personal Circle. This one is the best, once you've built enough relationships.
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Great video, thank you.
Hey Mr.Ward Ive been following you for a couple of years now and I’ve wanting to buy your book however I had heard you say once upon a time you were working on the audio cd and thats what I’ve been waiting for. Is it close to being released ? Huge fan btw, I think you’re the best honestly.
Tomas Serrano the book of yes?
I dont think the audio version would be vert good. If you download kindle and do the trial, you can download it for free
The audiobook is now available on Amazon and Audible.
Cold calling works…people just underestimate how many times you have to contact that same prospect. In order to make them warm, youre going to have to have several conversations (most of the time at least)…and be persistent as hell.
Most sales people get discouraged and drop out early and cry that “cold calling doesnt work”.
I don’t think the discussion is whether cold-calling works. Anything done with enough persistence and repetition will eventually yield results. If I shoot baskets from the 3-point line wearing a blindfold, I will eventually make a few baskets if I shoot the ball enough times, but it’s not how I would play a game of basketball to win. I think the issue that is more important is whether cold-calling gives the best ROI on your time. The conversion rate on cold-calls is TINY and it takes a long time. I believe in using cold-calling, but only as PART of an overall strategy and probably 4th or 5th on the priority list. Calling your Sphere, FSBOs, Expireds, Past Clients (if you have them) should all come first. And cold calling only becomes somewhat effective with a concerted marketing program ahead of it.
@Daniel Akerman I think for realtors its harder to cold call. For mortgage loan officers its an extemely powerful tool. Specially when you know on paper based on their mortgage type and criteria that you have a lot of benefit to offer. I know mortgage loan officers who make $800,000+ with 95% cold calls and some referrals here and there. If you ask me, thats a great living. Is it stressful? Of course, but they do it because most people are affraid to pick up the phone and make that call.
Think about what you are saying. You have to put in the maximum work to make some money, and when you average this out to an hourly rate, you have made very little money. Therefore, cold calling sucks and has no monetary benefit. Avoid this job!
Chris G 95% cold calls and that much production! Any chance I can reach out to you via pm if possible?
I have a high voice, I think it affects how people think of me when they talk to me the first time. Any thoughts on that?
with 5 hours prospecting – even if with no script – finding leads is almost ‘inevitable’…I hope he finds out what is he doing wrong.
“The future of real estate is going to be in RELATIONSHIPS.” Well stated. Another great video!
You would need a network of 100,000 people on a first name basis. Let us know when you get to 100k.
Always has been.referrals have always been the largest part of my biz.
Very motivating thanks.
I’ve been 5 years in retail, now going into real estate. Hoping to use the same skills of talking with strangers all day.
Cold calling works in a B2B situation when your product is highly beneficial.
Cold calling doesn’t work for most agents because they don’t do it.
Yes! They try it a few times, get no coaching and have no idea what they are doing, and give up
Cold calling works because most people are too affraid to pick up the phone.
#Truth
Relationships are so important! I am just getting into RE and a friend who is a realtor gave me a wonderful piece of advice…build trust and confidence and you will be fine.
I love this guy so much man, I looked for many youtubers and I’m going to watch all of his videos to become the best
I cold call a lot and get new long term prospects every day that I plan to follow up with. However these homeowners tell me “maybe in a year or two'” some even in 6 months. My question is with prospects like this how often would you follow up with them if they said “maybe in a year or two”?
Once a month.
Anything in life works when you COMMIT to do everything in your power to get good at it. The problem I see in most people (and myself included) is that we have limiting beliefs that we need to overcome. I am learning that we NEED to attack what makes us uncomfortable. If you have to pick up the phone and you are uncomfortable…ask yourself if this is something you want…if yes, then study yourself and see what you need to fix the issues. Belief is more important than skills.
O A agreed. I am
A mindset and success coach and this is 90% of being successful in entrepreneurship, leadership and sales
All due respect…Cold calling works. You have to work at it daily and overtime you will close deals. It took me 1 week of 300 calls / 50 contacts a day until I got 2 deals. Not bad
Samuel Rymer 1800 calls, 300 contacts for 2 deals… assuming you’ve done this for 6 days out the weeks, Monday-Saturday… Damn…but I still see how it makes sense.
Expireds?
I’m not sure that is really feasible everywhere. For example, my market consists of 30,000 people. 300 calls/day would mean I would have called every person in my market in about 3 months.
thats a really good number!! keep going! this business is number game!
I tried realtoring twenty years ago and our broker used to really push that, cold calling on the phone as a method of prospecting.
It was a really miserable, masochistic way of trying to drum up some business. In six months of cold calling I only managed to get one deal out of it.
And it seems like that is something everyone else does, along with door knocking. With Zillow, we can now check and see how much business real estate agents do, and it is very dismal.
Your videos are always so solid. Thanks for the tips!
Works for me. You have to use a script or technique that makes it work.
Really good advice!
Cold Calling works if you know how to sound like a genuine and authentic human being that doesn’t sound like a robot on repeat. It’s also about strategy and who you are calling… sure calling with no atratehy or qualifying will be like running on a hamster wheel.
I love dialing up. I’m not a real estate agent but I do have my own business as a leadership and life
Coach for business owners and leaders in small to large scale enterprises.
Prior to making that first call, my heart is in my throat. After that, am golden, I just keep going. I work fulltime and work my real estate business on the side. I cold call FSBO for 1-3 hours a day trying to call 10-15 a day. I try to treat them like family and friends then develop a relationship. Does it suck when you see other agents in your brokerage closing deals, yes but I’m two weeks into the business I’ve gotta get going.
Got 10 listing apts in two months from cold calling. Works pretty good for me.