EDJ Door Knocking ?

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RecordGuy's picture
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Does it actually work?  Do people actually buy investments from a door to door salesman?  If so, which investments?  How much is a noob expected to sell to qualify for PDP?  What happens once you qualify for PDP?  Any insight is valuable.

Maxstud's picture
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Yes.  Yes.  Depends on the prospect.  I don't remember but its something like $2400.  You get to start looking for an office, which will take a few months.

Starka's picture
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I never could make door knocking work.  I opened a few accounts from it, but never anything that amounted to much.  I had a sense that people are very leery of someone knocking at the door in the middle of the day. 
If I remember correctly, PDP is Personal Development Program, and is one of the "Steps to Success".  Essentially, it's a training session in St. Louis that is slightly more advanced than basic selling.  Presumably, EDJ was willing to spend a little money on you after they saw that you weren't going to wash out after the initial 16 weeks or so.  I don't remember the assets gathered necessary to move up, but it wasn't much.

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Starka wrote:
I never could make door knocking work.  I opened a few accounts from it, but never anything that amounted to much.  I had a sense that people are very leery of someone knocking at the door in the middle of the day. 
If I remember correctly, PDP is Personal Development Program, and is one of the "Steps to Success".  Essentially, it's a training session in St. Louis that is slightly more advanced than basic selling.  Presumably, EDJ was willing to spend a little money on you after they saw that you weren't going to wash out after the initial 16 weeks or so.  I don't remember the assets gathered necessary to move up, but it wasn't much.

It is Profitability Development Program.  You qualify by your net not by assets.

Starka's picture
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I stand corrected.

noggin's picture
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Starka wrote:I stand corrected.
From what I have seen that you have posted Starka, it is rare for you to make a mistake.BTW, that is a genuine compliment I have learned much from you.

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RecordGuy wrote:
Does it actually work?  Do people actually buy investments from a door to door salesman?  If so, which investments?  How much is a noob expected to sell to qualify for PDP?  What happens once you qualify for PDP?  Any insight is valuable.

i know someone who has been with EDJ for awhile now. yes the going door to door actually seems to work.

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wanna_be_FA wrote:RecordGuy wrote:
Does it actually work?  Do people actually buy investments from a door to door salesman?  If so, which investments?  How much is a noob expected to sell to qualify for PDP?  What happens once you qualify for PDP?  Any insight is valuable.

i know someone who has been with EDJ for awhile now. yes the going door to door actually seems to work.

You need to get with the program, nothing about Jones works.  The thousands of people who are happy there just don't get it.

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[quote=NASD Newbie
You need to get with the program, nothing about Jones works.  The thousands of people who are happy there just don't get it.

Alcoholics and drug-addicits seem to have the same issues with their problems too. 

babbling looney's picture
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RecordGuy wrote:
Does it actually work?  Do people actually buy investments from a door to door salesman?  If so, which investments?  How much is a noob expected to sell to qualify for PDP?  What happens once you qualify for PDP?  Any insight is valuable.

Yes it works, depending on where you are geographically.  Some communities have gated or restricted access.  Urban areas tend to have less friendly reception at the door than rural areas. At least according to the anecdotal evidence shared at the training sessions.
I never tried to sell investments at the doorstep, even though that was what Jones wanted me to do. I was more into introducing myself, gathering some information and getting permission to possibly send some brochures or invite the prospect to come to a seminar...etc.   I just didn't feel it was professional to offer investments at the doorstep.  After all aren't we supposed to "know our customer"?  All I could tell from the doorstep was who wore pajamas until 11am.
After I had their attention and had them to come to the office and had a chance to really talk with them....then I would pounce with an investment.

RecordGuy's picture
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Seems like it is a lot easier to do once you have an office.  Invite them for coffees or seminars.  Seems like it is hard to get an office though.  How do you sell them if you don't even have an office?

Maxstud's picture
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RecordGuy wrote:Seems like it is a lot easier to do once you have an office.  Invite them for coffees or seminars.  Seems like it is hard to get an office though.  How do you sell them if you don't even have an office?
Most everything about this business is hard.  The easy part is when you finally get them to meet with you and you can really get to know them. 
How do you sale them?  This is how it's done:
Knock on their door and they answer.  Introduce yourself let them know your opening a new office in the area and you are out introducing yourself in the community.  Asked them how long they have lived there, chat away about that.  Ask them how did you catch them at home, do they worked from home?  Chat about what they do for a living.  How long have you been at your current company?  This may be a clue that they left a 401(k) behind.  Asked them did you leave your 401(k)  behind or take control of it?  Tell them that you really enjoyed meeting them, and asked for their name and phone number, they give it to you, sometimes.  Then take a step back and say, by the way what are you currently investing in?  LISTEN.  Thank them again and leave.
Go back to the neighborhood with some flyer or seminar invite knock on their door again, say I was in the area again today and wanted to drop this off with you.  Chat some more listen for clues to their finances.
Now call them on the phone and get them to make an appointment.
It seems to me this is very much like what the big wirehouses do with their 300 dials a day, except with this method the people you call know who you are and can picture your face when they are talking with you on the phone.
Thank you and goodnight.
 
 

blarmston's picture
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and then ACAT that whopping 23K over...

Maxstud's picture
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blarmston wrote:and then ACAT that whopping 23K over... My biggest account from doorknocking is $700,000, and then he referred two $500,000 people to me.

Maxstud's picture
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I would agree though that Merrill ect have higher overall net worth clients then EDJ.   Different strokes for different folks.  I made my choices for several reasons, not to say I spoke with Merrill. 

RecordGuy's picture
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Thanks for the feedback.  Did you find many people who were willing to engage in conversation on their doorstep?  25 a day?

Maxstud's picture
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RecordGuy wrote:Thanks for the feedback.  Did you find many people who were willing to engage in conversation on their doorstep?  25 a day?5 per hour.

Gone Indy's picture
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RecordGuy wrote:Thanks for the feedback.  Did you find many people who were willing to engage in conversation on their doorstep?  25 a day?
My experience (years ago) was that it was difficult to get 25 people to answer the door in a given day. 

munytalks's picture
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I doorknocked when I first started. Yes, it works. I still have several clients I adore and they often comment "What if you hadn't knocked on our door..."  It's okay when you first start but it isn't very time efficient once your business begins to grow. I stopped after 6 months. I found much more time efficiency in Seminars.
It's hard. Really hard. You will get doors slammed in your face. I came across a retired Morgan Stanley guy who laughed so hard I thought he wet himself. Said he had heard about Jones Door knockers but never thought he'd see one- on his doorstep.
And you will hear this one at least twice if you door knock "I already go to church..."
So, to answer you- yes it works- but you won't always be doing it.... unless you just love to punish yourself.

Cowboy93's picture
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RecordGuy dude--didn't you ask this exact same question awhile back and then come up with excuses when you didn't like the answers?  Man, just don't go work for EJ if you don't believe that it can work.  You seem to ALREADY make excuses and you haven't knocked on door one.  It's somewhat natural to rationalize THEN, because it's not easy.  You see, if it was, everyone would do it.

Maxstud's picture
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Cowboy93 wrote:RecordGuy dude--didn't you ask this exact same question awhile back and then come up with excuses when you didn't like the answers?  Man, just don't go work for EJ if you don't believe that it can work.  You seem to ALREADY make excuses and you haven't knocked on door one.  It's somewhat natural to rationalize THEN, because it's not easy.  You see, if it was, everyone would do it.Agreed. 

RecordGuy's picture
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Lol, what?  Where did I type an excuse?  I'm just looking for feedback on real world experiences, and not just pr.  Thanks for all the feedback guys and gals.  Much appreciated.

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Guy--I don't work for the firm in question any more.  Maxstud did a decent job giving you the facts without too much propaganda.  You asked "does it work?" and got 3 of 4 answers...then you said, "it seems like it would be easier if..."  That, in this business, in an excuse.
You are NOT selling investments at the door, nor are you selling an office--before or after you get one.  Newbie/Put/BEF lays into people precisely because of the pattern you show here.  I have rationalized many things myself--it is a constant struggle for most of us.  If you knock on a door thinking "no one wants to talk to me," then you heck no it doesn't work.  Like, duh.

Cowboy93's picture
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corrections (uggh):  "...got 3 of 4 YES answers..."
"....then heck no it doesn't work."

RecordGuy's picture
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I think you have misunderstood me.  That may be the reason for your attack.  If a stockbroker comes to your door and wants to sell you bonds, would you be more likely to buy them if you could go meet with him in his office?  What if he says I don't have an office?  Is there a credibility problem there?
I spoke with an ex-Jones broker who stated very simply that the new brokers who make it in his area are the ones who either goodknight or take over an existing office.  The other new hires never make it, meaning they never get an office.  It just got me thinking: How hard is it to sell if you don't have an office? 

troll's picture
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RecordGuy wrote:
I think you have misunderstood me.  That may be the reason for your attack.  If a stockbroker comes to your door and wants to sell you bonds, would you be more likely to buy them if you could go meet with him in his office?  What if he says I don't have an office?  Is there a credibility problem there?
I spoke with an ex-Jones broker who stated very simply that the new brokers who make it in his area are the ones who either goodknight or take over an existing office.  The other new hires never make it, meaning they never get an office.  It just got me thinking: How hard is it to sell if you don't have an office? 

 
Dude it's simple, either you need to get over you hang up about being unable to succeed without first having an office OR decide to explore opportunities with another firm. Now stop wasting our time asking the same question over and over with different words!!!
 
Personally I think you might want to consider another line of work...perhaps one that pays a reliable salary.  H&R Block will be offering their tax prep course in a few months......

Cowboy93's picture
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If you think that was an attack, you are not cut out for this.  It is quite emotionally draining.
It is not a big deal to not have your own office if you don't act like it's a big deal.  You tell prospects they are "looking for office space for you."  If you are creative, smart, and have any wits, you ask a veteran broker if you can use his/her conf room or hallway or bathroom for your appointments if necessary.  If they say no, you go ask another.  Voila--you have an office.  EJ doesn't tell you the whole story, but they aint kidding that plenty of people have built a business knockin on door.  Others have had easier roads, but I've seen it done--my business is a good part directly attributable to doing it, but I've seen from direct experience people do what they're told, tweak a little for their personality and market, and do ridiculously well.  You are not going to someone's door to sell them bonds.  You are trying to sell yourself, which is harder.
OK, enough "attacking."  You can ask all the questions you want, but for those who want it bad enough, the office thing does not prevent someone from being successful...much like any # of "reasons" people at other firms use as excuses.

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JoeD--great minds think alike.  I feel like I'm quoting any # of sales books and realize how true that positive thinking crap really is starting a business from scratch.

troll's picture
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Cowboy93 wrote:
JoeD--great minds think alike.  I feel like I'm quoting any # of sales books and realize how true that positive thinking crap really is starting a business from scratch.

 
It's not crap at all.  It's hugely important, in fact.

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Yeah, I know...that was supposed be sarcastic.  I'll use a little winky face next time.  I used the "crap" term because before I started I felt that way, but in trying to get through to RecordGuy I just want to tell him to go read any one a zillion books and if he still doesn't "get it," it's hopeless.

Maxstud's picture
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Cowboy93 wrote:"Maxstud did a decent job giving you the facts without too much propaganda."If you don't mind I'll fix you post:"Maxstud did a excellent job giving you the facts without any propaganda.'Thanks

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joedabrkr wrote:
H&R Block will be offering their tax prep course in a few months......

I can't recall when it was, but sometime in the last year or so I was in Palm Beach, or Palm Beach Gardens, or one of those places down there.
A friend took my wife and me out to dinner and afterwards we went for a walk around the town.
There was a HUGE H&R Block brokerage office--store front, very nice digs.
I was aware that they were out there in the wars, but I figured that they really only appeal to the "average guy" who does not need a real accountant, yet is not smart enough to run a Turbo Tax program.
Have any of you interviewed with them?  Are they in your neck of the woods?  Any opinions about them?

RecordGuy's picture
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I asked a simple question: Is selling investments, without an office, a viable business?  You answered my question, thank you.  I'm not sure why all that other crap was in your post.  Maybe you like being hard on noobs, or maybe you are just getting old.
Have a great weekend!
R'guy

babbling looney's picture
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RecordGuy wrote:
I asked a simple question: Is selling investments, without an office, a viable business?  You answered my question, thank you.  I'm not sure why all that other crap was in your post.  Maybe you like being hard on noobs, or maybe you are just getting old.
Have a great weekend!
R'guy

Yes it is a viable business.  It is just harder.  And like somebody said if you are at Jones and there is another office in your town, ask to use their conference room.   People will understand that you are looking for a location, or that your location is being remodeled and put up with that for a while. They're doing business with you and your personality not the nifty office furniture you will eventually get from Jones.
However, if you don't bust your a@@ to make enough sales to qualify for an office and soon, you might not be in the right business.

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babbling looney wrote:
However, if you don't bust your a@@ to make enough sales to qualify for an office and soon, you might not be in the right business.
Not having ever worked at Jones I don't know a lot of things about the firm.
What are the standards that must be met to qualify for an office?
Once I have an office does Jones pay the rent, or is it charged back against me?
If it's charged back against me anyway why can I not just go rent some space and use it as my office--rather than using my spare bedroom or space in my basement?
I understand things like NASD definitions of a branch office--so what if I don't advertise it, I simply work out of there because I feel better about myself and when clients come in they will probably not even notice that it doesn't say Edward Jones anywhere on the door.

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It's my understanding that certain communities have a no solicitation policy and signs posted. I assume there are stiff penalties and charges if you happen to meet the wrong people. How do you get through this?

Cowboy93's picture
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NASD--standards to "earn" an office are not that tough, but they sorta want to make sure you're going to be worth building out an office for, leasing, etc.  We're talking minimal production and opening some accounts in the first 4-6 months.  However, a large % of new people now end up filling the office of a departed broker, usually with a couple mil in assets but no substantial business going on.  As you maybe aware, some new brokers do not survive for more than a year or two.  (Add sarcastic tone to that last sentence)
The rent and most associated expenses are covered by EJ.  You could do like you describe above, but for reasons I'm sure you understand, EJ wouldn't care for it if they discovered your little "operation."  Also, you'd pay out of pocket for it.  Personally I like using a real live office, even if people know it's not yours, vs. this, but it certainly is an option if someone is smart about it.

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If you don't mind I'll fix you post:"Maxstud did a excellent job giving you the facts without any propaganda.'--------
OK, OK....you win.  You were a bit defensive about blarm's small account crack, but otherwise, you are a maxstud.  I'm with you that there are decent size accounts to be had by actually talking to real live people at their homes.  Yeah, you get some small ones, but oh well, you always deal with those later if you have to.

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Breaston15 wrote:It's my understanding that certain communities have a no solicitation policy and signs posted. I assume there are stiff penalties and charges if you happen to meet the wrong people. How do you get through this?
This is a good point.  As a potential candidate for the business and someone interested in EJ, can some of the EJ vets address their experiences with this?  Thanks.

RecordGuy's picture
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Have any of you gotten into a violent altercation at the doorstep?  Like if you wake up Igor after his shift down at the dump, on a day when his wife left him for a guy named Tyrone, who also works at the dump.
Cowboy, could you shed some light on some of the clients you generated from doorknocking?  Type of person, what did they buy, and how much?  How long did it take to make into a client?  I appreciate any insight.
Thanks in advance,
The RG

babbling looney's picture
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There really isn't anyway to standardize this experience for you guys when each neighborhood or area is so different.  City vs country.  Ritzy neighborhood vs. middle class.  Old homes vs new homes.
For example in parts of my location it was near impossible to even knock on 25 doors a day because the doors were not within walking distance of each other.  I had to drive down some very long dirt driveways.  However, everyone was home and friendly.    Other areas I walked in were suburban neighborhood types and you could actually meet with 25 different households in a a day.  Not everyone was happy to have company in those areas or would even answer the door when you knew they were home.  Leave a brochure and your card in that case.   I punched a hole in the corner of the brochure and used a rubber band to attach to the door and scribbled a note on the literature saying I was sorry I missed them.
I never had any altercations, but I am a woman so maybe I was getting nicer treatment for that reason. Quite often I was confused with the Avon lady and the women who were at home were a bit disappointed .  I did have a very few rude people slam doors in my face.  Win some lose some.  Dogs were the biggest problem.  Animals usually love me and fall all over me but occasionally there would be the barking and not tail wagging dog that would make me decide discretion is the better part of valor and not get out of my car.  Also as a woman I was very careful on which homes I would go into when invited.  Surprisingly, I was quite often invited to come in and have a soda or cup of coffee.  Again, possibly my area or my gender or the older age of the people who I was prospecting.
One of the people in my "class" at Jones (also a woman) had an area that was heavily gated and legally restricted from soliciting.  What she did was place flyers announcing upcoming seminars in businesses and other locations that serviced those communities.  She did get some interest there. One of her most successful was a combination cooking class, held by a popular local chef, with some on the side investment information.  Her area was also heavily upper end and "gay" couples.  She tailored her info seminars to topics that pertained to their interests.
I did get some good accounts from the door knocking experience and some decent roll over IRA and 401K accounts.  Some people took months to eventually become clients some within a few days.  After the initial door visits I would drip newlsetters and promotional flyers all over them and call on phone to follow up to see if they were interested.  Surprisingly months later they would come in with an old brochure, long after I had given up on them, and say OK now I'm ready.    My style is pleasantly persistant and not to push product at the door step or even much over the phone.  I was/am more into the relationship and the products just naturally fall into place after that.  But that is just me.

ThinkingAboutIt's picture
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It does work, you are not selling investments at the door, you are mearly trying to build the beginnings of a relationship. You are making this way to complicated. An office is just a detail. When you are new it works a lot better to have the appointment at the persons house anyway, then you are guaranteed they will show up. How do you accomplish this? You call them with an idea, when you get a buying signal you say "How about I stop by and show you a little bit more about this"... you just made yourself an appt to meet with them. Yes you may have to work your tail off to meet 25 a day, but do this and you will succeed, I don't care if you are with EJ or someone else, that too my friend is just details. It is all about YOU.

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ThinkingAboutIt wrote:
It does work, you are not selling investments at the door, you are mearly trying to build the beginnings of a relationship. You are making this way to complicated. An office is just a detail. When you are new it works a lot better to have the appointment at the persons house anyway, then you are guaranteed they will show up. How do you accomplish this? You call them with an idea, when you get a buying signal you say "How about I stop by and show you a little bit more about this"... you just made yourself an appt to meet with them. Yes you may have to work your tail off to meet 25 a day, but do this and you will succeed, I don't care if you are with EJ or someone else, that too my friend is just details. It is all about YOU.

But that's so haaaaard.

ThinkingAboutIt's picture
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I know its hard. It is torture as I like to say. But just be a robot and do it and you will not regret it.

Rustiew2's picture
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EDJ door knocking can't be as difficult as rapping on doors trying to get a republican candidate's primary petition signed!  Let me tell you about vicious people.  It was for a Congressman that was always photographed with Pres. Bush - and you probably can guess Bush's rating.  But you have to take it all in stride and smile.
On top of that, I volunteered to make phone calls to REGISTERED republicans on ELECTION day.  Again having to deal with nasty rude people.  I must admit it was actually fun trying to have a conversation with the rude people.  I actually got a couple of them apologizing and promising to get out and vote. 

Broker7's picture
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ThinkingAboutIt wrote:I know its hard. It is torture as I like to say. But just be a robot and do it and you will not regret it.
 
Think,
How long have you been a  tortured robot?

kerho's picture
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Broker7 wrote:
ThinkingAboutIt wrote:I know its hard. It is torture as I like to say. But just be a robot and do it and you will not regret it.
 
Think,
How long have you been a  tortured robot?

I've seen first hand people who have been tortured, bullet holes in their head, unspeakable things done to them, if you even think you have it as bad as those who truely have been tortured, or even consider knocking on doors as the same ballpark as torture, you need medication.
You are an employee, if you don't like it, quit. 

Mandoman's picture
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Has anyone done door knocking on Sunday afternoons?  I'm curious as that is when working people are home...
Thanks.

bspears's picture
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Mando...Why don't you try it and then tell us if it works.  Personally, if I had to dk on Sunday to make ends meet, I'd get a second job.  Evenings and Saturday AM is more desirable, but to have a sales guy at my door on Sunday is almost unbearable!!  I like the thought process, but you can catch alot of people between 5-7pm and 9-12 on Sat.  Just my 2 cents.  (Weddle and the gang would love to hear their employee is dking on Sundays)  If you want browny points, stand up at the new IR meeting and talk about your success dking Sunday's.

Mandoman's picture
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bspears - thanks for the input.  I'm not an IR, but am considering a career change in the future.  I imagine someone selling on Sundays would be a bit much for many homeowners, but what about using your old method of just introducing yourself?  Maybe just the Sunday "invasion" would be to much for folks to tolerate.
If I were to try and actually get hired on with EJ, I'll keep the Sunday door knocking thing in my mind for a mention at a new IR meeting!

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PS - I think it was your mention of not selling on doorsteps, but just introducing yourself.

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