Most commercial real estate agents hate cold calling and will avoid it at all cost. That simple decision costs them dearly in market share, leads, and opportunities. If you are in the industry by choice, you will need to do some ‘hard stuff’. Telephone prospecting is one of the most important to do. Here are some tips for agents from our Newsletter.
Master Cold Calling
To work in commercial real estate agency you have to master the cold calling process. Each day you should spend 2 hours on the telephone talking to new people that you have not spoken to before. It is a time factor that requires discipline and focus. If you can master the art of call prospecting, then you will rise to the top of your market a lot faster than most.
The big factor in moving ahead in the industry is for you to practice and refine your call contact processes. Who should you call? Here is a list:
- Property owners
- Property investors
- Business owners
- Owner occupiers of commercial and industrial property
- Property developers
- Property professionals (solicitors, accountants)
When you look at a list like this you will soon know that some of these people are hard to find and contact. For that reason you should call the people that are easy to find first and then research the rest on an ongoing basis.
Keep it Simple
Business owners are simply taken from the telephone book or by researching the businesses located in the streets in your territory. You can call 40 of those per day quite easily. As to how many you get through to, the number will be less than half; that being said, you simply make the calls and keep doing so.
In contacting property owners you will find that the process is slower and more tedious. That is because the property owners can be hidden inside company structures or property trusts. Allocate yourself a target of researching 1 new property owner per day. At the end of the week you will have spoken to 5 new people that have a solid interest in quality property. Over time that connection will pay dividends when it comes to leads.
Making all these telephone calls is one thing, but you should be aware of the ‘Do not call register’ and legislation or laws that could apply in your area. Do not break the law when it comes to making calls. In most cases, the business people and owners that you call are not impacted in the same way that private people in residential situations may be. Understand the calling laws and stay within them.
The perfect cold call is a systemised process that occurs every day to a plan. You can develop your dialogue, call contact systems, database, and follow-up systems to take you forward. Start practicing and you will get there faster.
You can get some more tips for Commercial Real Estate Agents in our Newsletter.