Sometimes the simple and obvious things are overlooked in new business creation. In the commercial real estate business, the telephone is typically not used enough as a business generation tool.
Every agent and broker should be using the telephone each day to connect quickly and easily to new people and known clients or contacts. Failure to do so just slows the process of listing and commission creation.
Sure, it is not the only thing to use in connecting with people, but it is a very good part of the contact process to find listings, new clients, and property owners or business leaders. It simply needs to be merged into a system of daily contact.
As simple as this all sounds, a reasonable degree of the organization must happen to get a call contact system underway. It is easy to say that a broker or agent will make plenty of calls; it is another thing to get the research and the organizational systems ready and operating to make the calls each day.
Outbound Call Contact Routines
The operative phrase here is ‘each day’. Regular call contact is part of getting growth in market share. It is a daily process. Numbers also matter in call frequency and conversion to meetings. If you are making calls, then you should watch your meeting conversion numbers; ideally, most agents and brokers should be able to get an average of 2 meetings per working day with new people. That is how growth activities occur in commercial real estate brokerage over time.
If your real estate business is ‘slow’, then it’s time to sort out the call contact systems and start to activate them. Make some decisions on the following as part of that:
- What is your preferred client type?
- Where are your clients located?
- Why should you make calls and what will you say to the people you call?
- What value do you bring to the market?
- How many calls can you make each working day on a regular basis?
Telephone Prospecting Processes that Work
So here is the telephone prospecting process that is so effective and can be called the ‘fast track’ to new business and client contact:
- Telephoning local businesses each day in addition to other people that you are connecting with is important. You will learn so much from local business owners about their property situation and also other businesses nearby. Ask simple and direct questions about property ownership, occupancy, and use. Can you help the business owner with a future business decision or movement? Is there any expansion or relocation needs that you can help with? Take notes from every conversation. Put the person in a call follow-up in 90 days.
- Repeating your calls on 90 days or fewer cycles will help you with call conversions. Property needs change, and the repeat call process with business owners and prospects allows you to connect with people at the right time. The third call to the same people tends to get a better conversion to meetings.
- Using a ‘stand up’ approach to calls will help your call confidence and conversation flow. Expect the person that you are connecting with to offer some ‘pushback’ as you connect. That is quite normal; that is then where you can converse and ask questions. Make conversations first and foremost. Look for a current or future property need and then seek a meeting. If the person has no need or interest in commercial property, then it is simple and logical decision to move on to the next call. Don’t complicate your call prospecting by trying to push your way onto everyone that you talk to.
- Talk about local area needs and listings as part of the conversational engagement. You should have lots of local area awareness with property sales or leasing that you can build on.
So, the telephone is an amazing business conversion tool to use in your commercial real estate career. Look to use it each day yourself, and get your calls organized before the day starts; that then means you will be optimizing your time in making calls.