When it comes to commercial real estate agents and cold calling, many agents and salespeople will avoid the process or not do it very well at all. Far too many big mistakes are made by real estate agents in prospecting, which then impact their business and commission results over time.
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, most of the calls that we make in commercial real estate should be to established businesses in the local area. Using the local business telephone book for that process is the easiest way to get started.
So what are the big mistakes agents make? Try some of these:
- Not enough time devoted to the process of daily calling
- Not telephoning many new people
- Keeping to calling a list of just established contacts.
- No research 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 in using a territory map
- Not defining a target market of prospects to reach out to
All of these things are fundamental to the call contact process. They cannot be avoided and they must be mastered.
Now that I have said what the big issues are, it is easy to see what has to be done. Good agents will systemise their prospecting action and make sure that they are moving forward each day. I have not said that it is easy, but I am saying that consistent action will take you forward.
On average it takes about 3 or 4 weeks of outbound calls at a rate of about 15 to 25 per day for you to see some results. The good news is that it all gets better the more effort that you put in.
Practicing the call process and the conversations that you can have over the telephone can be a way to fast track your efforts and results. It is quite easy to practice this each morning when you first arise and before leaving for work.
So it is a fact in commercial real estate that we must make direct calls to people that we have not spoken to before. In 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.