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Expert Cold Calling Formula for Commercial Real Estate Agents

high rise building enterprise

The cold calling process in commercial real estate brokerage is quite special and unique given that you are working with a special type of client or prospect with an interest in property investment and or ownership. You will also be working with business owners seeking to occupy or purchase a property as part of their business activities. On that basis cold calling needs to be directed specifically at these high value people within your location.

Note you can get our free commercial real estate brokerage course right here.

Every call contact process that you initiate should be based on a conversation and not a pitch. In the first instance, you simply need to know if the person you are connecting with has an interest currently or potentially in the future with commercial property ownership and or occupation. Simple questions will help you identify that fact.

To advance your career in commercial real estate brokerage, you really do need to master the skills and the processes of cold call prospecting and database growth. They both go hand in hand, and require a good degree of individual focus.

In this audio recording, John Highman talks about the opportunities evolving from a call prospecting process. Look into your commercial real estate market and use the special skills that John talks about to open up the brokerage opportunities that you are really looking for. Practice your call prospecting skills on a daily basis, and you will soon see your call to meeting conversions escalate. When you establish a prospecting model like this, it will help you significantly as you seek to grow your market share and client database.

Here is the recording for your access and download.

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Common Problems for Brokers to Solve in Commercial Real Estate Database Use

man with telephone in hand.
Grow your database every day and talk to ever more people.

Like it or not, the database process in commercial real estate brokerage has to exist at a personal broker level, and it has to be up to date.  Old and redundant information in any database will bring with it problems and time wasting conversations.

Every broker should be very focused on their data growth, content entry and accuracy.  The process can’t and shouldn’t be delegated.

So It’s Logical!

So this sounds very logical and yet why is it such a problem?  Some brokers struggle with the processes of list management.  These are the most common issues in commercial real estate database creation and growth today:

  • Choice of the wrong record keeping process – Many agents and brokers still keep information on basic spreadsheets. They do so in an effort to contain costs and or for the purposes of simplicity.  The fact of the matter is that a spreadsheet with a lot of contacts will leave itself wide open to data loss and or errors.
  • Doing the work of data entry – It takes time to load data into a software program. Many brokers either do not have the time or do not want to enter data; they try to delegate the process.  Unfortunately the person delegated the work of list management has little involvement or commitment to the end result.  The message here is that the work has to be done personally by the broker, and the best time to do so is after hours at the end of the day.    Keep a standard form process underway so you can write things down during the day that could be required as a new entry in your lists.
  • Set targets for growth – Determine where your client and customer numbers are now. Set some simple growth targets of perhaps 5 new people per day.  Over time you will lose some current contacts as they will have moved on, so a growth strategy is important.
  • Making categories work for you – Categories will be required to help you find the right people to talk to. Split your list up into zones, budgets, property requirements, VIP’s, owners, tenants, and business owners.  Your selected software for recording the data should allow you to cross reference categories to find people and situations.
  • Regularly making contact – When a person is captured into your list, they should be entered for one reason only, and that is because they have a property interest now or in the future. From that point onwards regular meaningful contact is required with clients.  Talking to them or connecting with them at least once every 90 days will help with list momentum and new business conversion.

If you are looking for new business in commercial real estate today, the answer is in your list.  Refine your database activities and drive relevant contacts and conversations through it. Over time the listings will emerge as will the commissions.

Need help with commercial real estate brokerage?  Get our free eCourse here.

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Real Estate Agent – 7 Ways to Spring Clean Your Commercial Real Estate Database

Most commercial real estate agents will have a database.  More often than not the database they have or use will be well out of date and poorly maintained.  With all of this technology around us today you would think that the life of an agent would be easier?

I have seen agent databases that are many thousands of people only to find that most of the contacts are redundant, incorrect, or outdated.  My view is that it is far better to have 600 people that you do know very well, than 5000 people that would not know you from a ‘bar of soap’.  Our industry is built around the strength of relationships; remember that!

So, it’s the time of year where we should talk about refreshing and revitalising your database.  It’s a personal process, and you can’t delegate it to anyone else in your team.  Work your contact list comprehensively so you tap into the future deals in the market.  It’s that simple!

A good real estate database will help an agent do all of the following:

  • Provide leads and opportunities
  • Integrate into automated newsletter systems
  • Give you sources of commissions and listings
  • Allow you to dominate market share or property type
  • Track and measure all client contact

So why do agents let their databases ‘self-implode’?  It’s an interesting question; I think the answer has something to do with a personal lack of focus and not enough time to update the database information.

If there was a ‘golden rule’ in commercial real estate brokerage, it would go something like this:

‘Grow and maintain your database each working day.’

It’s a simple rule to understand; keep your business simple and centre your business on local people and prospects.  Talk to lots of people every day and track your contact processes in your contact database.  Ongoing relevant contact is required.

Here are 7 very good ways to ‘spring clean’ your contact list:

  1. Make 10 calls into your list every day to update contact information.  By calling people you already know you will find ‘changes to circumstances’ and future property needs just waiting to be tapped into.  That’s a very good reason to make calls every day!
  2. Check emails with all of your contacts so you can put them into an auto responder for ease of regular contact (you will need their permission to do that).
  3. Update mobile telephone numbers where possible so you can keep in direct contact when the right property listing comes up.  As part of that process, load all of your contacts into your mobile telephone for convenience of access and a ‘heads up’ when they call you.
  4. Check websites for the business people that you connect with.  You will find changes in information worth talking to them about.
  5. Segment your contacts into VIP’s, Sellers, Buyers, Tenants, Business Owners, and Developers.  Ask them about their property preferences and update your records accordingly.
  6. Ask your VIP clients and regular contacts about property requirements and timing of needs.  Whilst they may not require a property change currently, they are likely to do so in the future.
  7. Integrate your contact list to your social media, blog and your email newsletter.  Keep your communications business like and frequent.  You want to be ‘top of mind’ when your contacts are seeking property change or help.

It is relatively easy to ‘spring clean’ your database and keep it that way.  It just requires a daily process and consistency at agent level.