It is an interesting question to ask. Why do you hate making cold calls in commercial real estate? It is a common problem and yet the cold calling process has such significant benefits for commercial real estate agencies and salespeople.
Some of the bigger benefits are more clients, better leads, quality listings, and growth in commissions. Not a bad list of advantages, don’t you think?
You will turn your ‘call reluctance’ around with a simple dose of success. It takes a little bit of time and effort to get the call success that you require however the benefits are many.
Cold Calling Rules Today
To breakthrough with the new calling system that you require, you can set some rules for yourself. Here are some ideas to help you get started:
- Define your territory and property type so you can focus your calling efforts. Clarity is important here in using the telephone.
- Determine the value that you bring to the commercial real estate market and the property owners or tenants. You must understand what you are all about and how you help people. This will help you with pitching for the business. The more specific that you are in this process, the easier it is to connect and converse with the prospect about your offering. In simple terms, you must believe in yourself and your skills.
- Understand that cold call prospecting is a specific skill. It has to be undertaken if you want more market share, and it should be practised. When you do this well, the property market will open up in so many new ways. Commissions and listings will no longer be such a problem.
- Determine the weaknesses that you think you may have in the calling process. These issues will need to be removed with regular practice every day. The best time to do this is in the morning when you first arise. Over a few weeks those weaknesses in making calls will disappear.
- Develop a call script that works for you. Use words and phrases that you are comfortable with. The script should be focused on the prospect, their property, or the location. Asking questions of the client or prospect will help you here. Do not pitch your services in the call; the call is not about that. You should simply be seeing if the client or prospect has a need or an interest in commercial or retail property. If they do then set up a meeting with them. In this way you are not pitching across the telephone; in commercial real estate, the property product and service is too complex for that to occur. Business is done on a personal basis, and therefore you need to meet the people and sell yourself as an expert.
- Create a cold calling action plan that drives you to make the calls at the same time each day. Expect that the process will be hard and difficult for you at the start given that you are learning a new skill. After a few days the process will get easier and your conversation will flow in the direction that will help you connect.
The entire calling process and networking model does not need to be hard. The most difficult part is in getting yourself organised to create a new skill set and habit. When you get cold calling under control, your commercial real estate market will expand and your opportunities will move with that. A good target to work on; don’t you think?