up with the same prospects, even when they display disinterest or nonresponsiveness. The quality of all lists is fluid and constantly changing.
All the above is a recurring process throughout one’ s career. As the process becomes welllubricated through practice and experience, you will expect increasing momentum in business until you have so much business that you need to stop marketing temporarily. Assimilate the new incoming business, then get back on track.
“ You locate a buyer; you do not create a buyer.”
A daily action habit is to spend a significant portion of your day calling or emailing“ actives.” However, I call my friends more frequently than every 60 or 90 days. Repeated calls can be bothersome. Restart the process every 60 to 90 days.
People change jobs, and companies go out of business, show disinterest or disrespect, habitually fail to return phone calls or emails, retire, change names, change email addresses, change business locations, etc. Information contained in the prospect list requires constant updates and expansion. The“ active” prospects in the network are the only ones we may reliably count in determining the size of our network or lead base. Also, even with a sizeable“ active” lead base, we may lose 20 % to 30 % of them annually for all the reasons stated.“ Warm” leads should become“ actives.”
Replacing“ dead leads” with“ active leads” is necessary. We may drop the prospect from your“ active” list and discontinue active followup over a
reasonable time, such as 24 months of consistent followup. The other option is to email them occasionally using our standard email blast. Over time, they may again become“ active leads.”
The quality of a prospect list may disintegrate overnight. In 2006, my company was primarily using direct mail. We mailed about 1,000,000 letterform solicitations each month. Then, by September 2007, the market crashed, and the leadbased list quality disintegrated overnight. Thousands of institutional and private money lenders, real estate agents, loan agents, investors, and builders / developers left the industry. The quality of my lead list immediately went up in smoke. Poof!
Prepare for that event! You will need to reconstruct a new list starting from day one. If the quality of your lead base crashes, consolidate the list down to your“ actives.” Email or call to verify that they are still there.
A poor strategy is repeatedly following
People change jobs, and companies go out of business, show disinterest or disrespect, habitually fail to return phone calls or emails, retire, change names, change email addresses, change business locations, etc. Information contained in the prospect list requires constant updates and expansion.
MEET DAN HARKEY
Dan is President and CEO at California Commercial Advisers, Inc. He consults on subjects of Business Growth & Private Money. Dan often creates articles interrelated to these subjects. He has been active in the real estate and financial services industry since 1972 & possesses a lifetime teaching credential for secondary and adult education. He has taught over 350 educational seminars on subjects related to real estate lending, private money lending & loan underwriting for commercial / industrial properties.
Contact Dan Today Mobile: 949.533.8315 Email: dan @ danharkey. com
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