Does cold calling still offer the maximum possible ROI for real estate investing?
Many have steered away from cold calling because it isn’t their favorite things to do but if 15 hours a week prospecting on the phone could land you $300k a year would you do it?
Certainly new regulations and the death of the home phone has made cold calling more challenging for real estate investing but a recent study found it can still yield an average return of almost $400 an hour for real estate professionals. Based on picking up one appointment for every 6 hours on the phone and 1 seller for every two appointments the ROI can be great. Certainly if you are making less than this at your current job or in real estate investing at the moment then you should start picking up the phone and dialing away, even if it’s from the phone book.
However, experienced real estate investing pros know that long term, consistent success relies on a good marketing mix and balance every month. So how can you raise the ROI on phone marketing and make room for other channels? What about outsourcing your cold calls or at least hiring someone to generate appointments on a commission basis? Then you only have to spend a fraction of the time on the phone and only deal with interested and pre-qualified buyers, sellers, investors or renters.
What other types of marketing could deliver even better ROI for real estate investing and mean not having to pick up the dreaded phone?
What about well-planned social media campaigns, mobile marketing and PPC advertising? What about getting in front of large numbers of targeted prospects in a single hour at networking events or via webinars? Even high quality content marketing can deliver a handsome ROI when you factor in all of the benefits especially over time.