Cold Calling Can Pay Off for Residential Real Estate Agencies
Academic research considers the time commitment and the rewards of cold calling.
(Boonton, NJ, April 3, 2013) — Many brokers and coaches espouse cold calling as a difficult-but-effective way for agents to land clients.
Dale Lampertz, a lecturer in marketing at Baylor University, had heard that sort of advice for years, and he had also heard the gripes from agents who despise cold-calling. Amid the widespread disagreement, he wondered just how well cold calling really works.
Because no one had measured cold calling, Lampertz decided to impose a bit of academic rigor on the practice. In 2011, he recruited 160 Keller Williams agents throughout the United States and Canada to participate in a cold-calling study. The research was conducted through Baylor's Keller Center for Research and reported in the April issue of Real Estate Broker's Insider.
Highlights of Lampertz study include:
- Agents needed to make 209 cold calls to land one appointment or referral.
- Just 50 of the 160 agents recruited for the study completed the specified seven hours of cold calls.
- Most calls were unanswered or were to non-working numbers.
So, is it worth spending seven hours plus for one appointment or referral? That depends. Before agents commit to a campaign of cold calling, Lampertz suggests they do the math carefully and consider their own temperament.
Details on the study findings appear in the April issue of Real Estate Broker's Insider.
The cold-calling script used by agents in the study is available at the "Real Estate Broker's Insider" website at: http://www.BrokersInsider.com/web_extras.php.
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