What numbers are you currently using for your deal "funnel"?

[John Franczyk]

We're in a tighter market now, mid-2023. A previous rule of thumb that was explained to me (which may or may not be realistic) was that in a normal market, if you send out 100 letters or call 100 people, you'll get maybe 10 expressions of interest, 3 possible contracts, and 1 closed deal (i.e. 1% closure rate for every 100 touches). I'm curious - what response/success rate are people having now? I'm at the front end of a marketing push where I'm building a database of 200 addresses in a defined area, with plans to send out a marketing letter to all 200 with hopes of getting one closed deal. Should I expand the database to a bigger number of addresses? For reference, the area I'm targeting does not have a lot of inventory on the MLS right now, but does have a large number of owners that have owned their properties for 10-20 years.