The one lesson I wish I had learned faster and from the ‘get-go’ in real estate is the importance of making plenty of cold calls. In fact, I would base my entire business system around that.
The ‘lesson’ is important for all agents and brokers. In commercial real estate, you must make many cold calls every day.
If you consistently make the calls, you find people and create conversations. Those conversations lead to meetings. That is where new business is found. Give it a try.
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The Top Agent Process
The best agents and people that make the most income and commissions, and take the best listings are the ones that consistently make the calls as part of an ongoing marketing process.
Everyone else, and that is the majority, are earning smaller commissions and getting fewer listings.
You have a choice in your real estate business. It is interesting that many salespeople avoid the cold calling process and rarely do it every day. It is the difference between ‘thriving’ and ‘surviving’. What is you choice?
The Opportunities in Calls
Some established averages say that agents should make about 20 new calls to the right property people every day. The process is repeated every 90 days for the same people.
That is how they get the chance to have one good listing. Ongoing contact is a big part of real estate. They call it ‘constant contact’. Your list of, say, 1000 people gets stronger and more reliable as a lead generation tool.
The calling process creates a funnel of opportunity that evolves every day. Without you making it happen, the business you want will be harder to find. Start making calls.
Call Discipline is Important
If only more salespeople had the discipline to make the calls. Talking call numbers, I recommend that the salesperson has a system of calling that allows them to call about 50 people a day. It will take about 2 to 3 hours of calling if you are organised.
Understand this, you will not be able to get to 50 people on the telephone. In fact, you will only get to about 15 to 18 people, however, of those people, you are likely to get 2 or 3 appointments. That is where the business starts to grow. It’s all up to you.
When you get good at the calling process, and that will take about 2 to 4 weeks of struggle, you will be converting more appointments, and that will lead to listing opportunity.
Create Your Calling List and Contact Process
To make the calling process work for you there is a base plan of client contact that should be considered:
- Plan your calls the night before so that nothing holds you up in the 2 to 3 hours
- Start your calls at the same time every day regardless of any other pressures.
- For the first few weeks of making the cold calls, do some practice each morning before you leave for the office
- Do not use a fixed script, but use your own words.
- Find a private area with no distractions to make the calls
- Choose a simple group of words that guide your conversation
- Get used to people saying ‘no’, as there will be a lot of that
- Make the call simply to see if they have a need, not to push where there is no need
- Only make appointments with people that have an interest in what you are saying – your time is too precious to do otherwise
- Keep a tally of calls made and appointment converted as you proceed, the numbers will encourage you
- Businesses in the area are a great source of call targets and you can get those from the telephone book
So if you are new to commercial real estate and you want to generate market share the best way to do that is to talk to many people each day.
Use the telephone and from that then later create face to face meetings. Use the technology that sits on your desk to its fullest capability. Good hunting. Good cold calling.