With 2024 now being here, hopefully you’ve already designed your broker game plan for success within the New Year. But whether or not you’ve already designed that game plan, the number of prospecting calls you’ll be making throughout the year will have a big impact on the amount of money you’ll be making, too.
So with this in mind, how many prospecting calls do you need to make in 2024, to produce the leads that will lead to the gross commission income that you want to earn?
There are very detailed ways that you can arrive at this number, when understanding the metrics of, for example, the number of prospecting calls it takes to get an appointment, the number of appointments it takes to obtain a listing, the percentage of your listings that sell, and what the average sale price and corresponding commission amount is when selling one of your listings.
But since most brokers don’t track that information, let’s keep it simple.
So with this in mind, how many prospecting calls do you think you’ll need to make within calendar year 2024, in order to achieve your desired level of income for the year? Brokers have told me over the years that at Marcus & Millichap, the standard number of prospecting calls for their brokers to make every single week is 250, but in my opinion, if you were making more than 100 prospecting calls every single week, you’d be making more calls than 90% or more of all of the veteran brokers within our industry.
So Marcus & Millichap has set an amazing standard for their brokers, and the brokers I’ve coached who have worked there tend to get a lot more prospecting calls done every single week, when compared to all of the other brokers within our industry.
With this in mind, how many prospecting calls do you need to be making every week during the year, in order to achieve your income goal? Whatever number it is that you arrive at, understand that in any given week when you have not made that number of calls, you are now falling short of doing what you’ve said will produce the income that you want to achieve for the year.
So determine the number of calls that you need to be making every week, block the hours necessary to make these calls out ahead of time in your contact management software, and do everything you can to make those calls every single week!
The amount of income you’ll be earning will be proportionate to the number of prospecting calls that you’ll be making, so when you continually achieve your prospecting goals, I can pretty much guarantee that you’ll be thrilled with the amount of income that you’ll be making every single year.