Cold calling has been the backbone of property management business development for decades. But with the rise of AI-powered outreach tools, many firms are questioning whether it's still the most effective approach. We decided to find out with data.
The Study
We analyzed 10,000 outreach attempts across 15 property management firms over a 6-month period. Half used traditional cold calling, half used AI-powered outreach. Both groups targeted similar prospect profiles in comparable markets.
Key Findings
Contact Rate
- Cold Calling: 12% contact rate (person answers the phone)
- AI Outreach: 34% contact rate (prospect engages with message)
AI outreach achieved nearly 3x the contact rate, largely because it could reach prospects through multiple channels and at optimal times.
Qualification Rate
- Cold Calling: 8% of contacts were qualified leads
- AI Outreach: 22% of contacts were qualified leads
AI's ability to pre-qualify prospects based on data signals resulted in higher quality conversations.
Meeting Booking Rate
- Cold Calling: 2.1 meetings booked per 100 calls
- AI Outreach: 4.8 meetings booked per 100 outreach attempts
More than double the meetings booked for the same volume of activity.
Cost Per Meeting
- Cold Calling: $340 per meeting (including SDR time and overhead)
- AI Outreach: $85 per meeting
AI outreach reduced cost per meeting by 75%.
The Nuance: Where Cold Calling Still Wins
Our data did reveal scenarios where cold calling outperformed AI:
- Complex sales situations: When prospects had unusual needs requiring real-time problem-solving
- Relationship-driven markets: Smaller markets where personal connections matter more
- Immediate needs: When a prospect was actively searching for management right now
The Optimal Approach: Hybrid
The best-performing firms in our study used a hybrid approach:
- AI handles initial outreach and qualification at scale
- Human SDRs focus on high-value conversations and complex situations
- Sales team concentrates on closing qualified opportunities
This combination achieved 40% better results than either approach alone.
Conclusion
Cold calling isn't dead, but it's no longer the most efficient use of your team's time for initial outreach. The data clearly shows that AI-powered prospecting delivers better results at lower cost for the majority of situations. The smartest firms are using both tools strategically.