Commercial real estate prospecting and cold calling is just like every other industry. It is an essential part of growing leads and opportunities. That being said, many agents struggle with the process or choose not to do it.
When it comes to Cold Calling prospects in your market, these are the facts of the matter:
- It is the fastest way to make contact with a lot of people
- It is an efficient use of your time to help in finding more prospects to serve or work with
- As part of a plan for prospecting, it will integrate easily into your office work, and client contact time.
Given all of these facts, many real estate agents will not make the calls or will try to avoid it at every opportunity. Call reluctance can be a real frustration for most salespeople. The modified skills and focus that call prospecting requires is just too difficult for them. Changing habits is something that many salespeople struggle with. When you think about it, new habits are required if you want new results. There is no other way to do it (other than luck).
To build a reasonable market share of clients and prospects, you can do it the slow way or the fast way. The slow way is letting it build through real estate office profile and meeting new people when circumstances allow; the fast way is pushing your name, brand, and personality into the market place through ongoing contact with new people each day. That is where call prospecting works.
Here are some steps to help you establish a call prospecting model:
- Know that you will struggle with the process. That fact is not going to change, so learn how to force yourself to take the right call action every day. Setting the same time for the process is a good move to get things started. Creating new habits is really important.
- Research each night new people to call. That will allow you to focus your call time the next day on making the calls. In 2 hours you should be making about 50 calls. You will not get through to 50 people, but you should get through to about 15 people and have some reasonable conversation. From those 15 people you should create 1 or 2 appointments. After some time, those ratios will improve.
- It takes about 20 to 30 minutes to get into the ‘call mindset’ and momentum. It will be really hard each day until you are through that barrier. Get used to working with focus for 30 minutes; after that point the calls get a lot easier.
- Create a standard form to write on as you talk to people. At the end of the call contact time or at the end of the day you can go through the forms and extract the ones that require action in some form or another.
- Have something of value to say and practice the process. Over time your dialogue will strengthen and improve. At the start you may require some scripts to help you move forward. Soon you will have your own dialogue that works for you.
These three steps require focus and organisation. When you get these facts under control, you are on the way to growing your database and source of leads. That is how commercial real estate works.