What's Your Conversion Rate for Cold Calling Software-Generated Leads?

Question

What is the average conversion rate for cold calling using software like PropStream, specifically targeting probate, foreclosure, or tax delinquency leads? Additionally, how many calls does it typically take you to successfully close a deal using this approach? e.g close 2 out of 100 cold calls, 1 out of 1000?

Chris Seveney · Answer

If you get 1% to get an appointment / follow up call and close on 1 you are winning.
I can pay some va's 400 to make 1,000 callls per week. So if it takes 10,000 calls to get one closed deal that's $4k per deal which would still be worth it. Of course want better close rate but when those numbers I would be ok with

Kieron Osullivan · Answer

Im not from the US. I got into this by accident when i took a job via upwork as a VA  for Vontive and stated at interview  i could lower there costs and stress by automating there lead gen.I automated the lead gen and they didnt need 5 0f the 6 VAs they hired and we cut there costs by nearly 60%.Thats when i realised that you could automate even the cross platform data scraping.Then i got some extra clients from Upwork and now Im on here to help, offer the same and expand to others.going to the recorder office/courtYou only need to go to the physical building if thre is information on the documents that you need but cant view online. You cant view a lot of FL probate dosuments directly from the recorders site but you can get the key people (petitioner/decedent) then combine with the case type (summary vs formal probate admin) then look through property records to see if  they own property and whether there are encumbrances. Its enough to find out whether what they own fits what you want o you know whether you want to pursue them or not. Being first to reach out and introduce your solutions is key with probate from what i have read from studying othres.preF+ liens can be seen online. Property Radar does not provide daily data for FL which is where you are interested in doing your marketing or am i mistaken?Even if they did have daily data we could get in front of them by using the court dockets to see everything before it gets to the recorders  site. The court uploads its docket ussually days ahead of when the doc is recorded and uploaded to the clerk/recorders office.PAy attention to what they are charging once you go over your free limit for whatever account you pay for. They use a credit system where they give free skip tracing for 250 numbers+250 emails+250 email sends (which is nothing) then you are paying .08c for 1 number or email or address. If you want all 3 then thats .24c just to get the key contact info.  Then if you want to send an emil through there system its another .08c now we are at .32 to send 1 email and have the basic contact info. if you want to send emails to 1000 leads on top of the free 250 thats an additional $320 + $110 for the solo account. Not a singe mail item sent yet. Although it depends n your budgets and expectations. $430 could be chicken feed to you.How big are your pockets lol.Obviously you want them to get bigger!

Mya Toohey · Answer

I'm in the Tampa market.  We found it very successful to do direct marketing along with cold calling.  We got 4 properties out of 300 mailers.

Mark G. · Answer

@Kieron Osullivan Thanks! I just sent you a PM.

Kieron Osullivan · Answer

And the study

Mark G. · Answer

@Kieron Osullivan Thanks for sharing this, really insightful. I've been noticing their data is not up to date. Definitely gives me something to think about! Just curious do you find that accessing county records online through the county clerk website works just as well as going in person? I appreciate your thoughts! That would be great if you can post the study here.P.S what are your thoughts on PropertyRadar(I hear they do daily updates I dont know how true this is though) and Listsource by core logic(the site claims daily updates)?

Kieron Osullivan · Answer

You probably already know this but if not hopefully it'll drive the point home because its CRITICAL for you or someone later reading the thread. The success of your cold call (or any marketing) campaign depends on  the quality  of  data (leads)  that you are using. With probate and prefreclosure it is particularly important how recent your leads list is to the actual initiation  of the probate and preforeclosure case/recording. Being first mover or at least front of the queue is critical. When you can access the opportunities first, you get to analyse and find the best deals first which means you have the broadest selection with minimum/to no  pushback from the lead.Unfortunately using PS guarantees you will not be at the front of the queue and certainly not first mover. Why? PS leads are available to all of the people who use PS and is made available to all those people at exactly the same time (via the data update). So everyone is jumping on the same leads list as everyone else AND at the same time. This is why people are getting pissed with cold callers and your seeing very poor response/appointment/sales rates with PS data.This is what Joel Bongco has stated alsoIts absolutely true and I can go further and quantify exactly how bad the data is using my own study comparing PS to county records.I compared PS preforeclosure leads to county records across 167 counties in Texas (67), Florida (50) and California (45) by running searches for both PS ad the County recorders datbase for the period  08/01/2024  - -09/30/2024 and found thatFor TX which i measure preforeclosure leads as all lis pendens, appoinment of substititute trustee (Not  a NoD but used for a similar indication) and notice of trustee filings. For that period PS only provided 20%(928/4467) of the leads available within the county records  for that periodFor FL i measure preforeclosure leads as all lis pendens  filings (because its judicial only foreclosure).  For that period PS only provided 37%(2247/6658) of the leads available within the county records for that periodFor CA I measure preforeclosure leads as all lis pendens, Notice of Default, and notice of trustee filings. For that period PS only provided 51% (3746/7259) of the leads available within the county records for that period

Across all 3states for the 167 counties compared PS provided only 38% of the leads available within the county records for that period.I also found that  PS data was at least 2 weeks behind county data across all counties I mentioned above. A minimum of 2 weeks!PS is revolutionary because of how it has simplified access to all of the various data points investors need to make a decision and because of this its extremely popular.You do not want to be using a popular lead source to increase deals because everyones chasing the same deals.And nothing will change with there data because there business model forces them to have to buy and license the data they get which means waiting for the county/databroker to send it to them which guarantees anyone using PS data will be behind the counties, only getting a fraction of the leads and getting those late leads the same time as everyone else.How do you get access to the leads first. You must GO TO to the county records and GET them. Not WAIT for the most popular platform in the industry to dump them all at the SAME TIME in the SAME PLACE AFTER they have been posted somewhere else first.Read my profile for further insight and  if you want the study I done I can post it here.

Mark G. · Answer

@Mya Toohey Thanks! Just out of curiosity, how many cold calls did you make, and were you able to close on any of them?

Mya Toohey · Answer

@Mark G.

We tried cold calling and that didn't work too well...with Propstream you just use your search criteria and it will give you a list of prospects to reach out to.  Example: Absentee Owner-owned over 10 years-and the search area you are wanting to stick to.  It was really easy to navigate.

What's Your Conversion Rate for Cold Calling Software-Generated Leads?

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