When you know how to cold call properly in commercial real estate brokerage, you can convert a lot more people to your database and prospect list. Over time that can lead to better listings, referrals, and a growth of clients.
So the cold calling process is a skill and it should be developed through practice; it is not something that ‘just happens’, in fact most agents and brokers have a really big problem with it. If you can lift the telephone handpiece and talk to new people confidently and directly, you can survive and thrive in any industry and at any time.
When you apply the calling skill to commercial real estate brokerage, your commissions and listing opportunities can rise quickly and effectively. The difference between a top agent and an ordinary agent is usually in their ability to connect with new people in a regular and professional way.
Here are some tips to help you develop your cold calling skills and to find those ever important new clients and prospects:
- Research – Finding the right people to call will help lift your conversions. In most cases you will be calling business owners and property investors. To find them you will have to do some research and investigation. Make it a personal target to research 5 new property owners per day and approach them with a direct call.
- Something to say – When you have something to say that is relevant and important to the local property market, people will listen. Stay ahead of the changes to property zoning, listings, prices, rents, and roads; in that way you will have plenty of things to talk about.
- Qualifying questions – As you move into a conversation with a person across the telephone, it is wise to weave a number of carefully selected questions into the conversation so you can identify any real property involvement or interest.
- Lessons from History – When you review the previously approved development applications at the local council or planning approvals board, you will find people. Go back into the minutes and public records of the planning approvals office to find people that have been active in one way or another in local property. When you have a name or location you have something to work with.
- Practice Your Dialogue – The words that we say and use in common conversation are easy for another person to read and interpret. The same rules apply in commercial property. Practice your telephone dialogue on a daily basis before you get to the office. This then makes the telephone prospecting process a lot easier.
Taking these 5 issues into account, the cold calling process that you develop as an agent or broker will support you professionally if you are to improve market share and new business. Don’t overlook the skill and the actions required in making more calls every day. Top agents make lots of calls and they build their database around the activity.