If you are looking to achieve better market share in commercial real estate, then the cold calling process is perhaps the fastest and most effective way to do it. In saying that, there are some new communications skills to learn and ideas to develop. It is a personal process, that cannot be delegated. When you master the art of call prospecting, you open the door to plenty of real estate opportunity in so many ways. (NB – You can get our commercial real estate brokers course right here)
Our industry revolves around people and property assets. To find both of those things, conversations are required. That is where the telephone stands ‘head and shoulders’ above every other prospecting tool available. Make the calls, improve your skills, and track your progress in a database. That is how you can grow your career in commercial real estate.
Make no mistake, a prospecting model based on the process of cold calling is quite a challenge to learn, given that conversational skills and communication systems need to be mastered. It can take some weeks of deliberate and daily practice for the calling system to be mastered and the conversions to be seen.
Most people have a good degree of ‘call reluctance’ when they embark on a plan of this type. Some only last a few days before they try something else. The results only come to those that stay with the process, improve their call communications, and practice daily as part of that.
What is wrong with making cold calls?
So here is a problem. Many brokers and agents lack the personal discipline and time commitment to establish and then sustain a call prospecting model. That can be an amazing opportunity for those agents and brokers that do master the process. When you make more outbound calls, and improve the conversation using local information, you find more listings and clients; that’s how things work. Don’t wait for the new business to come to the office or to be referred to you from others. Find the new business and generate your real estate momentum at a personal level. Use the telephone as a prospecting tool and do it every day.
Consistency is quite important as you establish a call prospecting model and the momentum behind that. Every day you must make more calls and track your progress in a database model. Merging the concept into your diary should be a priority.
Get the call research done
Research is required to find new people to connect with; that research is a personal responsibility and cannot be delegated. Many of the people that you are calling will not be initially available, that is why call tracking, returning phone calls, and conversational note-taking will be important. Returning calls and using valuable local area information will help you build your prospecting momentum and sustain positive outcomes.
There are a few things to be remembered here:
- The telephone is an extremely convenient and cost-effective business tool to work with and refine in real estate communication. In commercial real estate, you can talk to business proprietors and investors throughout your region. The business telephone book can be merged into your contact strategies so that you can get some immediate call contact results.
- Given the decline of the postal mail service and the escalation of email communication, the telephone is today even more important as a communication strategy and new business generation method. Most people are using both emails and their telephone as the primary source of communications and contact.
- The mobile telephone is taking over just about every mode of business activity and portal penetration including emails, messages, calendar updates, Internet access, diary activities, and note-taking. Use your mobile telephone for the communication advantages that are available.
At a personal level, every broker and agent seeking to improve their real estate business should be practising and refining telephone conversation processes. New things can be said and information can be provided as part of the call contact; that is how you create interest and relevance as you connect with new people.
So why is this important?
You can set the trend in commercial real estate cold calling and you can establish a model of new business growth that most other agents and brokers in your local area would envy. You can establish the call contact system for yourself at a personal level. In connecting with new people the telephone will and should be a primary source of personal contact and business networking. Everything revolves around the professionalism and relevance of the telephone call. Put yourself at the centre of the activity and improve your professional prospecting skills into the future.