Finding Qualified Prospects to Cold Call and Network in Commercial Real Estate

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Preparation and research are the keys to Prospecting and Cold Calling in Commercial Real Estate.

Some commercial real estate salespeople struggle with the issue of finding people to call as part of a call contact and prospecting process.  They see that finding the name and address of just one property owner is such a task that all subsequent prospecting is put off.  They do not want to spend time in research to get the numbers and make the calls.  Here are some tips from our newsletter.

Prospecting is not hard, you just need to find out what works and start doing it.  Creativity and consistency are all part of the process.  Here are a few facts about the call contact and prospecting process:

  1. Research required to make the calls always takes time, but that is only with property owner contact details.  There are many other things you can do that take less time.
  2. Local businesses are either tenants or they own the property in which they are located.  On that basis they should be contacted because you can find out so much about their needs with property.  With the right questions they will give you a lot of information.  Use the business telephone book to contact business owners and tenants.
  3. Get out into your sales territory to do some ‘drop in’ contact.  This also helps with local market intelligence.  Business owners know far more about their street and location than you do.  Ask the questions and all will be revealed.
  4. You must make the call contact time a central part of you diary day and time commitment.  In that way you will build a habit that can grow your market share.
  5. The most successful salespeople in the industry have a great database that they keep up to date.  It takes hard work but it is worth the effort.
  6. Practice in the call process will build your confidence and momentum.  You simply have to challenge yourself to improve.
  7. It takes about 3 weeks of real effort to build call momentum.  That process is up to you in all respects.  With a little creativity you can find 30 people to call on a daily basis.  Soon you will find new property opportunity.

So just who do you call?  Try this list for starters:

  • Business owners
  • Tenants
  • Landlords
  • Property owners
  • Solicitors
  • Accountants
  • Developers

All of these groups need help and assistance with property from different angles and at different times.  Some of these sources of business are easier to locate and some are harder, but wouldn’t you expect that?  When you put in the effort you get results out the other end.

Yes the process takes effort, but for those that break through the barrier of contact and prospecting on a daily basis, the property market is your oyster.  I like salespeople to give me solutions and not obstacles.  Prospecting is an obstacle for some, so find your solution that really works.

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By John Highman

John Highman is an International Commercial Real Estate Author, Conference Speaker, and Broadcaster living in Australia, who shares property investment ideas and information to online audiences Worldwide.