When you work in commercial real estate sales and leasing, you will find that the cold calling process is really tough to get started. That being said, it is still one essential part of being a good commercial real estate agent or realtor.
The biggest challenges in the cold calling process are a combination of the following:
- The ability to get organised on a daily basis to make the right calls to new people can be a challenge. Many salespeople are not sufficiently organised. Connecting with new people is a critical part of the role of a salesperson. Many that have been in the industry for a long time will selectively connect only with previous contacts and acquaintances. Whilst this is partly appropriate, you still need to find new people otherwise your market share will not grow. People come and go from the market, so you really do need to know who they are.
- The research required behind the call process is ongoing and extensive. The research required should be done in the evening ready for the next day. This is an organizational issue on a personal basis. At the end of the working day, the prospecting research still needs to be done at a later stage ready for the next day.
- It takes about 2 or 3 hours every day to do your prospecting. Many salespeople can’t find the time in their diary. Your prospecting time should be focused to a core time where you expect to be able to connect with the right people in reasonable volume. That may be in the morning, the afternoon, or the evening. Whatever that time frame is, the prospecting process should occur.
- The telephone can be your friend in the process however you are required to develop a good dialogue to create good conversions. Practicing will fast track your dialogue and prospecting conversation. There are many good books to help you develop the process. Importantly the dialogue should be natural and convenient for you; don’t use words and phrases that are artificial and canned.
- Many salespeople struggle with the rejection factor that comes with cold calling. Many of the people that you call will not want to talk to you. That is a problem for some salespeople. It may take 50 rejections to find someone who is willing to meet with you. On that basis you need to accept the rejection factor. Over time your conversions will improve.
- Most salespeople may try the calling process for only a short time and then move on to other prospecting issues which are more convenient and less mentally challenging.
So the prospecting and cold calling process is perhaps one of the most challenging aspects of your job as a salesperson in the industry. You have a choice here. Those that can master the process will always develop a better market share faster and more effectively.
When you look at a commercial real estate career, many opportunities exist in both property type and market segment. That being said, the only way the opportunities can be nurtured is through the prospecting process.
If you have decided to make commercial real estate your road to better income and life opportunity, then prospecting will need to be seriously considered in your personal business model. It really does not matter who you work for, but it doesn’t matter what you do. You have a choice here.