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With the right system, you can do a lot if you're calling leads.
A lot of folks have a CRM that basically does all of the dialing work, queuing calls, dialing the most likely lead to answer, dispositioning leads, etc.
That leaves you some free time. You could lift weights, clean your office, or just watch tv until someone picks up.
You could work on a website, do admin work, or whatever.
I like to practice putting. I'm still pretty terrible though so I don't think I'm on the phone enough.
Or you could be driving to a no show appointment or a 2 legger.