What if there was a way to do outbound prospecting without cold calling? Aaron Ross, author of the popular book, Predictable Revenue: Turn Your Business Into a Sales Machine with the $100 Million Best Practices of Salesforce.com, has helped multiple companies build a scalable revenue stream through his predictable revenue process. Salesforce.com has grown to a 4 billion dollar revenue stream with this exact model.
This process can be replicated by brokerages to reach the right people. We’ve put together an outline of the predictable revenue process tailored for brokers along with some tips and best practices.
Do internet research to find email addresses for property owners or investors. Use sites like PropsectNow, CoStar, or even LinkedIn to narrow your search by geographic region or property type. Look to find 50-60 names and email addresses to reach out to via email. If you find a particular company that seems like a good fit, look for 2-3 key contacts within that company. Don’t send an email to every single individual in the company.
Build Your Templates
Your first email should be short, sweet, and to the point. You’re not looking to discuss in depth listing details. You’re trying to gauge interest and reach the right person. You can have a pre-made template with one sentence about your listing. For example, “I’m looking to get in touch with the owner of building xyz as I have a similar listing that might be of interest. Can you point me in the right direction?” Ask when a good time to chat is and ask if you’ve reached the right person. Even if the person you emailed isn’t the decision maker, there’s a chance they’ll forward it on to the person who is, if you ask.
Subject line – This is often the determining factor is whether your email gets opened. It should be under 50 characters and relevant to your email. If you can, use the prospect’s first name in the subject line.
Send on Tuesdays or Thursdays - Emails sent on these days tend to get the most engagement (opens and clicks)
Make it personal - Make sure you’re sending your email from an actual person. Don’t send it from firstname.lastname@example.org.
Track Your Responses
Track any and all responses. It would be great if everyone replied back that they’d love to speak with you immediately. But even if it’s an “I’m not interested” reply, or “I’m not interested now, but I may be next quarter,” these should be included in your response rates so you can track the effectiveness of your email. Make sure to set reminders or tasks in your CRM system to reach out to those who ask you to follow up at a later date. And of course, reach out to anyone who expresses interest in speaking with you. The sooner, the better.
Send a second email to anyone who didn’t respond to the first email 10-14 days later. Your second email can reference the first email. Ask to be put in touch with the right person. As you repeat this process, experiment with different subject lines and email templates to see what generates the best response rates for you.
You can easily attain response rates between 10 to 12% while sending roughly 200 emails per week. Of the responses you should expect 11 to 13% to turn into qualified sales opportunities. And since this is much less annoying to your potential prospects than cold calling, they’ll be happier too.
Looking for more business development strategies? Check out our ebook!