5000 calls only 1 lead - would anyone mind sharing their KPI's with me?

Question

Hello, this is a follow up post since my last one. From July 1-21st I placed 5000 cold calls and only generated 1 lead during this time period. I strongly feel like I need some guidance on comparable KPI's to understand which areas of cold calling that I am currently doing wrong and how I can perform better for my wholesaling buisness.

I would like to make a request to the BP community and ask if any experienced wholesalers/cold callers would be willing to share a snapshot of their own cold calling metrics with me? If you are keeping track of cold calling data such as contact rate, leads per call, and leads per deal, would you mind sharing a snapshot of just one month of your data with me? I am putting in the hours and I am all in on trying to get my first deal. Having this data available for me to reference would really help me build a successful buisness.

Please PM me if you would be willing to share just a month's worth of your cold calling data with me, I would appreciate it immensely.

Mark Weins · Answer

@JD Monroe Thank you so much for sharing your knowledge with me. 20-1 is an amazing ratio for leads per deal and i'm hopeful I will be able to follow the right processes and replicate some of your success JD through using your data as a reference for me. It's my first time hearing about the principle of being "First to market" and I think it's a great strategy. Are you pulling these lists from the clerk of court online or in person?

JD Monroe · Answer

Records1,477Phones4,265SMS2,486Dead Numbers1,305No Answer2,388Wrong Number462DNC Wrong Number17DNC Correct Number15Correct Number A135Correct Number NA47Voicemail1,437New Lead14Not Interested143Sold57Exhausted158Converted Hours192.1Spend$1,937Phones/Hr22.2Mins/Phones2.7Wrong number3,204Correct number197Phones to Correct# (X:1)21.6Phones to Correct# (%)4.62%Phones to Leads (X:1)305Phones to Leads (%)0.33%Correct# to Leads (X:1)14.1Correct# to Leads (%)7.11%These are single line calls from myself and 2 VAs. My individual numbers are better than the VAs numbers. I believe Data management is the #1 most important thing for outbound marketing. I use REISift to do it in my company.Number 2 is Skip tracing. With that many calls, I would guess, you are not connecting with the people you are trying to reach.#3 is motivation- what type of list/stacks are you pulling?#4 how you qualify the term "Lead"

David Ramirez · Answer

Hey @Mark Weins, You should be getting at least 1 lead per 1,000 cold calls. What is your response rate? Are you using a dialer? How many numbers are you using?

JD Monroe · Answer

The numbers listed above are not DP, just the initial attempt, this is just from the first call through. I am not tracking DP KPIs well enough (yet) to have any useful data.

Mark Weins · Answer

@JD Monroe Thank you and just a final question, are you achieving the KPI's you shared with me while doing deep prospecting or did you achieve your numbers without doing that? I sent you out an email yesterday, I hope it was able to help you as well. Best

JD Monroe · Answer

Thank you.We use REISift skiptracing as our first Skip because it is inside the system we use and gives good results. #2 is Batch and number 3 is Direct skip.

Mark Weins · Answer

@JD Monroe You are sharing the absolute truth here. If I can also ask, what skiptracing service are you using right now for your buisness?

Hamp Lee III · Answer

Keep showing up. Out of all those potential leads, you only need one “yes.”Readjust and keep at it!I wish you all the best.

JD Monroe · Answer

The counties we work have really good online records so we use them to pull the records. FTM is something I learned from REISift, but it really makes a lot of sense and is a way for smaller operations to beat bigger companies to some great deals.

JD Monroe · Answer

Because we qualify a lead as anyone that has a property & wants to sell or is open hearing offers. Our numbers are about 20-1, we have other lead sources so this isn't just a cold call number.Also my partner is an Agent with a team of Agents so we are able to monetize "retail leads" but that's is counted in the lead count but not counted in the deal count.As soon as your number is marked as SPAM you need to change it. I believe starting out you would be better served calling with a single line dialer, not a predictive or power dialer.HE/Vacant Pre-for is a great list, but everyone is calling it. So what is important with that list is being "First to Market". You should be pulling that list as close to the source as possible and as frequent as reasonable. For example: Pulling the Lis Pendens or notice of default directly from the clerk of court on a weekly or daily schedule and calling.We started with mojo 5 years ago. Then went with xencall/readymode. I just cancelled ReadyMode and switched our entire team over to SmrtPhone and I would recommend you doing the same, until you get good deal flow and consistent results.The dialer has a ton more variables to consider when trying to troubleshoot your problems. Right now, you don't even know if your data or skip tracing is good. If you can figure that out first, then you upgrade to a dialer and tweak your processes.