EDJ Prospecting

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lambda's picture
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Joined: 2005-07-20

Wanted to get an EDJer's viewpoint on this.....The company is well known for their door knocking in the community.  Has anyone has success in propecting residents of large apartment buildings?  Is this a market worth prospecting, if you can get into the building?

newnew's picture
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Joined: 2007-02-23

no

theironhorse's picture
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Joined: 2007-03-03

seriously?  hope you live in someplace like Manhattan.  Can't think of any decent "B" clients of mine who live in apartments.

Spaceman Spiff's picture
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Joined: 2006-08-08

You might open accounts, but I seriously doubt that you'd have any real success doorknocking apartments.  Better bet, see if the apartment community has someplace where you can do a series of investment classes.  Most apartments complexes have monthly newsletters, see if  you can put a blurb in there about it.  It's always easier to have people come to you than for  you to have to go find them.  People don't usually take an investment class if they don't have money to invest. 
 
Condos and townhomes would be a better place to doorknock. Lot's of retired people with money.

lambda's picture
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Joined: 2005-07-20

From what other poeple have said, its alot tougher to prospect in big cities, so Manhattan would be a poor place to start.  Plus, you would never get past the doorman.  However, the outer boroughs might have better opportunity.

lambda's picture
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Joined: 2005-07-20

Spiff, thats a good strategy.  Approaching the condo and coop boards would be key, so if you can establish a good relationship with them, then they might work with you in hosting your services in newsletters and seminars.

Spaceman Spiff's picture
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Joined: 2006-08-08

A former trainee of mine is on Long Island.  Sounds like her prospecting is similar to mine in the midwest.  People are people.  You've got to find 'em and talk 'em into investing with you.  Manhattan, LA, or KC really doesn't matter at the end of the day.

theironhorse's picture
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Joined: 2007-03-03

my point was something along the lines of "go where the money is."  apartment complexes usually do not count.  all i am saying is you will be simply generating #'s with your doorknocks with little hope for appropriate return on your time.  i would not consider doorknocking an apartment.  i would, however, search for zero lot homes, or whatever your part of the world calls them.  these people have actually LEFT the apartment scene, usually just found their first solid job, and are right in the sweet spot of starting to invest and looking for ways to do it better.  i found many dual income, 1.5 kid, professional people who will be very good long-term clients.

theironhorse's picture
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Joined: 2007-03-03

guys-my point was your odds of finding quality people in an apartment are slim to none, unless you go somewhere where the wealth is extremely concentrated in a very tiny area.  anyway, prospect apartments if you want.  waste your time. 

Broker24's picture
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Joined: 2006-10-12

theironhorse wrote:guys-my point was your odds of finding quality people in an apartment are slim to none, unless you go somewhere where the wealth is extremely concentrated in a very tiny area.  anyway, prospect apartments if you want.  waste your time. 
 
Amen.  It will not work.  Even in Manhattan.  Especially Manhattan.  I lived there for 6 years.  Anyone try to knock on my door that I didn't know (hell, even if I did know them), and they'd get their a$$ shot.  OK, I didn't have a gun, and I probably would've just hid in the corner of my apartment.  But the point is, don't even try.  Almost anywhere else, you'll get the same reaction, but from someone with far less money.  And by the way, the guy you doorknock in Manhattan, that makes $125K per year, is also paying about $3500 per month in rent and paying 40% in taxes (fed,state,local,FICA,no writeoffs).  So basically, even upper-income people are broke in Manhattan.
 
In an upscale condo complex in the burbs, don't doorknock, just get a client or friend in the complex to host you for an investment seminar.  Make sure this is primarily an owner-occupied complex of 50+ agers.
 

Lance_Best's picture
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Joined: 2007-10-22

Have you considered targeting a ZIP code and buying leads in that zip code of people who have a high net worth, who are in your target age range, or who are currently investors? 
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This list could be used to A, mail to, B call from, and C door nock the most promising if you so pleased.  Further you would not be going blind, but knowing every person you market to is qualified and would be a good target/candidate for you.  I believe a MUCH better use of your time!

collazo's picture
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Joined: 2008-04-15

Any ideas on getting EJ prospecting training guide or workbook?

ednomore's picture
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Joined: 2007-08-29

There is not prospecting guide as far as I know. They only use the simple plan of making 25 quality contacts per day. Quality means talking or meeting with a person and gathering information as well as establishing a reason for a repeat contact.

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