Avoid the Big Mistakes in Cold Calling in Commercial Real Estate Agency
Many commercial real estate agents and salespeople avoid or perform the cold-calling process poorly. Some make far too many big mistakes or lack momentum in prospecting, which can impact their business and commission results over time. This is then an opportunity for those who can consistently make the calls.
So, who do you call? Why do you call? How do you do it? These are all relevant and real questions. Each agent needs systems to move ahead and grow market share. The diligent and active agents always win more new business, so it is time to make more calls.
Where do you start with making those calls? It should be said that the ‘do not call register’ exists in most locations, and we need to work within the rules that apply. That being said, many of the calls we make in commercial real estate can be to established businesses in the local area. That is an easy step forward.
Make More Easy Calls
The easiest way to get more contacts is to use the local business telephone book and telephone business owners; if they are interested in commercial property, they will talk with you. This way, we can avoid the pressures of the ‘do not call register’ and private individuals whose names are on that list.
You can and should mix and match telephone calls across the property market and people; however, be versatile and comprehensive as you make your direct marketing and cold calls. Here are some more thoughts on that.
Common Calling Mistakes
So, what are the big mistakes agents make? Try some of these:
- Not enough time is devoted to the process of daily calling
- Not telephoning many new people
- Keeping to calling a list of just established contacts.
- No research is being done to refine the call activity and processes.
- No regular time set to make the calls
- Not knowing what to say when the call and contact is established
- Not cold calling at all and avoiding the process at every opportunity
- No mindset to progress and build numbers of outbound calls.
- Not tracking progress in a database and using a territory map
- Not defining a target market of prospects to reach out to
What’s the solution for you?
All of these things are hurdles to the call contact process. They can be avoided, and they must be mastered.
As individual agents, we can take on the challenge and make more calls to the right people. Diligence and consistency are part of that. What is your strategy?
What can you do?
Now that I have identified the significant issues, it is clear what needs to be done. Good agents systemise their prospecting actions and ensure that they move forward each day.
I have not said that it is all easy, but consistent real estate action will take you forward, and things get easier over time. We all need to challenge ourselves in real estate to do more with what we have and what we can do in the market conditions.
On average, it takes about 3 or 4 weeks of outbound calls at a rate of about 20 to 40 per day for you to see some results. The good news is that it all gets better the more effort that you put in. Stay in the process and focus on telephone conversations.
Practice Calls
Practising the call process and having conversations over the telephone can be a way to fast-track your efforts and results. It is easy to practice this each morning when you arise and before leaving for work.
In commercial real estate, we must make direct calls to people we have not spoken to before. Only this way can we quickly build our business and our prospect list. Any other method of personal marketing is slow and results are limited. It is time to start the call prospecting process.
