What are the best practices for prospecting? We’ve got a great study from MIT about this topic to share with you today.
I’ve got some great information to share today that I recently came across. A study conducted by MIT and published in the Harvard Business Review examined a number of different factors relating to response times for lead management. They collected more than 15,000 Internet leads in a three-year period and reached out to more than 100,000 different people in order to find the best times for getting responses.
Although every day is a good day to make contact, the study found that you have the best odds of reaching someone on either a Wednesday or a Thursday. There was a 49% difference between calling on Thursday versus calling on Tuesday.
As for the best time to make contact, the best results were found within the 3:30 to 5:30 p.m. time period. The next best time to call would be between 8 p.m. and 9 a.m. The difference between calling at 1:00 p.m. versus calling at 4 p.m. is 164%.
“You have the best odds of converting leads within five minutes of capturing them.”
You’ve probably heard before that making contact with prospects is all about timeliness. In fact, you do have the greatest odds of converting leads within the first five minutes of capturing them. After that, the conversion percentage decreases by 10 times. You absolutely have to respond to these leads as soon as they come in. There is more than a 400% difference between responding within five minutes and responding within 10.
Another thing this study showed was that persistence is key. When making calls, the likelihood of conversion increases greatly after about the sixth call. Continuing to call and being persistent with your leads is another simple way to ensure the success of your real estate business.
If you have any other questions for me, don’t hesitate to give me a call or send me an email. If you’d just like to sit down and have a chat about your career, I’d be happy to help with that as well. I look forward to hearing from you soon.