The cold calling process in commercial real estate brokerage is quite specific and specialized. You can always generate plenty of new business through the cold calling process and direct prospecting in your town or city. That being said, there are certain things that you need to know if the process is going to work for you successfully and strongly.
Professional Calls Please!
Any prospecting process needs to be consistent and professional. The elements of the prospecting program can and should be refined over time. Here are four important facts to know as you start and or improve the process:
- Planning and research is required – When you are preparing to make plenty of calls, you need a plan of approach and a few targets to achieve. Understand the types of people that you will be talking to and why the conversation will be relevant to them. A productive prospecting conversation in commercial real estate brokerage is a two-way event and not something based on a pitch or a push. You want the person to listen to you, and you also want the conversation to flow.
- Things work better when you practice – As you make more calls, the conversations should improve as will the conversions to meetings and opportunities. You can improve the complete process a lot faster through daily practice; you can do that before you get to the office. You can also practice your calls as part of a team effort and personal improvement program in the brokerage, so make the right choices and develop a practice program within your prospecting model. Work with the other members of your real estate team through a series of role plays regularly each week; take the time to develop and focus on cold calling and client conversations.
- You must track your progress – You will or should talk to plenty of people every day, and on that basis you should track your progress across the number of calls made, the meetings created, and the listings generated. Over time you will see the numbers improve and relationships build with the right people. When you see the numbers improve will understand what really works for you in a prospecting model. You also understand how you can improve the complete process directly and efficiently. Be prepared to make the calls and to do so professionally and with relevance.
- Relationships take time to build – Commercial real estate is a specific industry evolving around people, contact processes, professional services, and long-term relationships. It takes months if not years to break into a ‘trusted relationship’ with some clients and prospects. Be prepared to stay there in the contact process for the long term; eventually the business will open up.
So there are four simple things here for you to understand and master. As with everything today, the results that you get will depend on your commitment to the process. Make the calls and improve your processes.