The process of making a cold call in commercial real estate is quite hard for many salespeople and agents. That is mainly because the process is something that they are uncertain about and or they are not prepared to learn or undertake the required practice. Call reluctance is a major hurdle for some agents and many fail to address it. With some simple help, the challenge of making direct prospecting calls can be resolved, leading to more clients and new business opportunity.
The facts about calling new people
Show me an agent that is not making the required canvassing calls each day to new people and I will show you someone that has an ‘average’ income and market share. Agents in this ‘call reluctance’ category are those that are usually struggling. Listings and commissions are much harder to achieve. Things can improve if the person is prepared to learn and personally develop new call canvassing skills.
Given this fact, any agent that masters the cold calling process will usually see a good upturn in listings, commissions and new business over time. To be successful in cold calling, you really must commit to the process of self-improvement and develop good call disciplines.
So practice is required each and every day when it comes to call prospecting; the more that you practice, the better you will be at connecting with the right people in the right way. There are lots of people that may need your help at some stage in the future.
So do you need to use call scripts in commercial real estate? In the first instance and until you are comfortable with the process, a call script will certainly help you make the calls. Over a few weeks your dialogue will develop and shift into something that you are comfortable with.
Here are some rules to helping you make more calls and achieving better telephone connections:
- The calls that you make should be based on questions to see if the person that you are talking to has a need or an interest in commercial real estate.
- Do not pitch your services across the telephone. In commercial real estate that strategy does not work. Ask for a meeting if the person has a genuine property need or could do so in the future.
- Build your conversations across the telephone. A good conversation will get you further into a potential client or prospect relationship.
Here is a typical opening script for a commercial real estate agent to use:
‘Good morning Mr Brown. It’s Peter Smith from Acme Commercial. Maybe you can help me out for a brief moment? I am just calling to see if you are struggling with any commercial real estate matters relating to your property or your business. Is that an issue for you?’
From this opening script, you can see that the conversation is aimed at the person that you are talking to. From this opening statement you can build a good discussion and connection. If the person knocks back your request then you can ask a few more questions to get to the bottom of their situation or you can terminate the call. There are plenty of people to call in the local area, town, or city. Keep up your call momentum. Your ratios will soon improve.