When you started out how many cold calls did you try to make per day? How many do you make now?
Thanks!
[{"id": "ewryjvz", "text": "I started at Marcus &amp; Millichap who as a company places a huge emphasis on cold calls. I made 90-100 a day for the first 3 years of my career. 5 years in now and make about 30 only to professional investors and institutions.", "replies": [{"id": "ews81jc", "text": "Same here. Started at M&amp;M with 100-150 a day and now I\u2019m lucky enough to get about 10-15 INBOUND calls a day from people that actually need me. \n\nThe trick isn\u2019t only in making more calls. It\u2019s about having the awareness to dig into every single one of those contacts and make as deep a connection as you can possibly make while helping them solve a problem. \n\nThese days, you\u2019ll have way less contacts because nobody picks up landlines anymore, so connecting with people quickly is an extremely important skill to build.", "replies": [], "depth": 2}, {"id": "ews8c1k", "text": "Thanks and follow up questions:\nSo 30 per day now? That still seems like a lot. \nAre we talking total calls or contacts with a prospect?", "replies": [{"id": "ewykkwp", "text": "The 30 per day has a much higher pick up rate compared to 100 per day. This is because they are existing clients of mine or people I have spoken too many times in the past, so they recognize my name and number. The 30 is total calls.", "replies": [], "depth": 3}], "depth": 2}, {"id": "ewtbegx", "text": "Say your calling 100 people each day- how many of this 100 are \u201cgiven\u201d to you by your firm? How many do you find yourself and by what methods? I\u2019m very interested in brokerage - definitely understand the grinding years and fact that you potentially may not make any money for a year to two, but genuinely have struggled to understand how you can find upwards of 400-500 folks to call each week on your own. I feel like 50 would be hard. \n\nCorrect me if I\u2019m wrong, but you\u2019re essentially playing a numbers game, hoping that 1 to a few of these 10,000+ calls/yr will translate to a meeting, which will turn to a sale/lease (and your probably going to get shafted with splits to the firm/broker you work under that closed the deal, at least until you are more seasoned). All the while, those same potential clients are probably being hit up by other brokers, and choose who they think is best for them/they like the most?", "replies": [{"id": "ewyla6f", "text": "Every single contact in my database was personally databased by me. There are several programs available such as lexisnexis and landvision that allow you to research names, numbers, emails, title ownership, etc... The databasing takes a long time. Marcus and Millichap makes you database for several months during your training period. \n\nIt's absolutely a numbers game. You're spot on. I know that if I make 100 calls then I will have a certain number of meetings, which turn to proposals, and then listings.  Potential clients are always being contacted by other brokers. It's extremely important to get in front of them and create a true connection with the client and add value.", "replies": [{"id": "ey647kt", "text": "How do you get leads to call? I am a new agent in a boutique firm and usually just driving around for Landlord rep leads and empty spaces. Trying to figure out how to get 100's of numbers to just call. Thanks for the help!", "replies": [{"id": "ey669mu", "text": "So, I specialize in selling single tenant net lease properties. Before I started calling large developers and institutions, I would look up the addresses of a specific retail property and then database their owners. For example if I wanted to call on Advance Auto Parts, I would search each Advance Auto Part address in a given area on google maps, and then database their respective owners with lexisnexis. It's very time consuming, but it allows you to know who owns what in a given market.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "ij1osaw", "text": "Honestly you\u2019re probably more productive making 30 quality calls per day than racing through 100 calls\n\nI do just fine with 25-40 calls daily", "replies": [], "depth": 2}], "depth": 1}, {"id": "ews6w5h", "text": "It really depends what type of asset and market you are in. I like to physically visit prospects so I try to visit 10-25 businesses a day then in the afternoon I make around 30-70 calls depending on the day.", "replies": [{"id": "ews8fwz", "text": "You visit 10-25 businesses a day? That would seem to be incredibly time consuming. Please elaborate", "replies": [{"id": "ewsadf3", "text": "Oh it is. Sorry for being vague; I usually do this once a week. \n\nI work in a small metro (1.1 million) and whenever we take on a new listing I like to spend a week or two putting feelers out in the community for the property. \n\nFor example a few months ago my boss bought a new property (small four unit 6,000sf office asset). I went to 150 businesses in 4 days and spoke with owners (also called another 100). Well in 60 days I leased all the units.", "replies": [{"id": "ewtbjtv", "text": "Did you already have a relationship with these businesses you drove to meet?", "replies": [{"id": "ewtcmlb", "text": "Nope, but if I couldn\u2019t talk my way into most offices then I wouldn\u2019t be doing very well in this business.", "replies": [{"id": "ewtcvo2", "text": "That\u2019s awesome. Do you typically go to reception and explain what you do, that you have an opportunity, and we\u2019re hoping to speak to whoever would be the decision maker/person that might be interested to hear more?", "replies": [{"id": "ewtd5ib", "text": "Yes, usually you can tell within 10 seconds just by the look on their face if they are going to be helpful or set up a barrier.", "replies": [{"id": "ewtp4ir", "text": "Haha so true, more like 2 seconds.", "replies": [], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ews8xjo", "text": "I don\u2019t track \u201ccalls\u201d as much as I track \u201cContacts\u201d and define a contact as someone who owns CRE and you personally speak with. The reason is that you could make 100+ calls per day but if 95 of them are no answer, voicemail, wrong number, or you only talk to a gatekeeper, that\u2019s really only 5 contacts. \nEarly on, I would make a goal of 40 contacts a week. Now my goal is 20 contacts a week.", "replies": [], "depth": 1}, {"id": "ewsbs5t", "text": "Do most larger brokerages  provide solicitation lists with contact information, or do you have to build them yourselves? I spend about 2 hours a day cold calling, but a lot of that time is building the list and actually researching to find out who owns the property and how to get a hold of them.\n\nI'm at a small boutique brokerage in the suburbs, so maybe it's different.", "replies": [{"id": "ewsdxyf", "text": "They provide programs for us to pull lists and find names, phone #s, etc... but unless you work on a team that has a person building your database then youre the one doing it during your off hours.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ewsdaz1", "text": "I've been at Marcus for about a year now and I'm still making 50-75 calls a day and trying to get that number up before 2020 because from what I've heard election years are tough around here.", "replies": [{"id": "ewtbqrq", "text": "Out of curiosity (I realize this could vary) what percent would you say 1. Voicemail 2. Hang up 3. Say to call back when person x is in or 4. Schedule a meeting/follow up?", "replies": [{"id": "ewtc8zb", "text": "Depends on a lot of things but if I'm calling on a list that I've already ran through once to check the numbers than I'd say 40% vm, 10% hang up, 20% say call back later, 30% good conversation that leads to a follow up or meeting", "replies": [{"id": "ewtclxo", "text": "That\u2019s a bit better than I would\u2019ve thought. 50% making contact.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "ewyvsns", "text": "Closed anything yet?", "replies": [{"id": "ewyw7qt", "text": "Closed 1 deal so far and have 3 more listed right now. You looking to invest?", "replies": [{"id": "ewywi58", "text": "Starting at Marcus soon, congrats on the closing!", "replies": [{"id": "ewyxz8t", "text": "Good to hear. Which office?", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ewsi9bg", "text": "I also track contacts over calls. I go for 30 contacts a day.", "replies": [], "depth": 1}, {"id": "ewssuhj", "text": "How is M and M? Company culture and overall a good brokerage?", "replies": [], "depth": 1}, {"id": "ewt03de", "text": "What are the calls about? Sorry I\u2019m new to this stuff and just getting interested in real estate as I\u2019m still a college student", "replies": [], "depth": 1}, {"id": "ewt20c6", "text": "Finding people who are interested buyers, sellers, investors, for commercial Realestate which has a large blanket of things.", "replies": [], "depth": 1}, {"id": "ewtee3y", "text": "I'm in the Midwest so a lot of people just generally pick up their phones. Coasts are a different story.", "replies": [{"id": "ewtf3s8", "text": "Chicago ? Lol same here so how is m and m?", "replies": [{"id": "ewtfmr2", "text": "Indy. It's a pretty hard work but they've got some good stuff goin on and they put you straight into brokerage.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ewuwlbq", "text": "For those of you past the initially grinding years (those still there feel free to answer too), how many transactions per year would you consider an average to good year? I\u2019m curious if this is like 3-5 or 15+...not sure if that\u2019s a fair question as it might depend on your market and strategy to go after a bunch of smaller deals or bigger fish.", "replies": [{"id": "eyj0kcw", "text": "Bump in hopes anyone would be willing to share.", "replies": [], "depth": 2}, {"id": "ij17uzx", "text": "I\u2019m less than a year into the multifamily sales business, and I\u2019m closing my first deal this month - $25.5M. My lead broker is 10 years in - he closed 23 deals last year and made $2M in commissions. He\u2019s made probably $1M this year.", "replies": [{"id": "ij1lrls", "text": "So are you more \u201cinvestment sales\u201d when you say sales? On a $25M deal what do you roughly think your brokers cut is and what are you expecting yours to be?", "replies": [{"id": "ij1o3i7", "text": "The total commission is $318K. If I was commission only - I\u2019d get $160K. \n\nBut I have a small salary of $50K, so my split drops to $100K. I\u2019m also rolling some of my commission into equity in the deal, which should help my chances of getting the listing down the road", "replies": [{"id": "ijb6xt6", "text": "Broooo so your commission is $100k (would be more, but you have a small salary)? That\u2019s incredible. \n\nHow many deals a year like this are you doing?  Like is this a \u201cbigger deal\u201d and you usually have a couple smaller ones as well, or are you just slinging $100k commission deals all year lol. \n\nAre you in a big market and how long have you been doing this?", "replies": [{"id": "ijb9xrf", "text": "This is definitely a bigger deal relative to the other ones I\u2019m working on, so an usually high commission for sure. I\u2019m waiting for LOI signatures on two other deals, $4.1M and $7.6M, which I would consider normal size. \n\nI work in Atlanta, but I focus on tertiary/secondary markets outside of the city. I\u2019ve been doing this for less than 1 year.\n\nMy base salary is $50K.", "replies": [{"id": "ijhggym", "text": "Holy shit well sounds like you and your team are crushing it. What sector do you focus on?", "replies": [{"id": "ijhjlry", "text": "Multifamily", "replies": [{"id": "ijhjpdo", "text": "Nice seems like multi family and industry have exploded.", "replies": [], "depth": 9}], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ewz1su9", "text": "I never really understood the emphasis on cold calling to try to get listings. It seems like a brutal and wildly inefficient way to get business. I think you are way better off just physically meeting with real estate decision makers and others in the field informally without immediately going hard for a listing from someone you've never talked to and then getting business from those real relationships.", "replies": [{"id": "ex2hc0c", "text": "i'm with you.  Maybe I could make more money but I wonder how the hell some of these people have time to work on deals.  I note they are almost all with M&amp;M.  Seems more like a call center job, and borderline abusive on inexperienced independent contractors.\n\n100 cold calls a day seems insane to me.  Most of my prospecting is warm calls, asking people to introduce me to someone, asking people for a lunch, etc.  Don't get me wrong, I'll call anyone but I generally have a reason its not like I print off 200 random CRE owners and spend my day asking them to sell", "replies": [{"id": "ex2im91", "text": "Exactly. If you've been in the business a few years and are still primarily making cold calls, either you are in a very specialized niche that calls for that or you are doing something wrong.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ij1oj26", "text": "30 calls per day has always been my sweet spot. Found that I can kick up a decent amount of leads at that volume", "replies": [], "depth": 1}]