In commercial real estate agency today your cold calling systems need to be of the best quality and substance. The people that you call can soon sense a less than confident salesperson that has not prepared for the process.
Top agents make cold calls all the time. There is a direct correlation between the success of an agent with getting new listings, and their ability to make direct prospecting cold calls.
Making prospecting calls is a progressive activity; every day you pick up from where you were yesterday and you go further into your list of contacts and fresh targets. If you look at the time set aside for making calls, about 50% should be to new people, and the other 50% should be to people that you have already spoken to before. How much time should you devote to the process of call contact? About 2 or 3 hours per day is the answer.
Some agents will have a big problem with the discipline behind the process and the amount of time required each day. That is a good thing because it helps those that can and do actually get the networking and prospecting requirement under control. If you look at a typical group of 10 agents, only 2 of the 10 will have a regular ongoing prospecting systems that are successful and supporting their growth of market share.
In making the telephone calls, what business opportunities would you be looking for? This informational target will drive your conversations. Consider these questions:
- Are you looking for tenants?
- Are you looking for buyers?
- Do you want to talk to more property investors?
- Do you target property owners?
- Have you reached and spoken to all local business owners?
All of these groups have a different focus; that is why a prospecting call has to be conversational and questioning. You cannot easily pitch your services in commercial real estate across the telephone. The relationships that we strike in our industry are best built over time and set on the foundations of trust.
On average it takes about 3 telephone calls to a prospect to get a meeting with them. For this very reason you must have a contact system that can flag the people previously spoken to and over time the ongoing repeating contact can help you grow your business.
To improve your call processes follow some of these tips:
- Call at the same time every day.
- Make the calls before you do anything else in your business.
- Stand up when you make your calls. It will help your conversations.
- Build a conversation and not a pitch when you talk to new people.
- Practice your call processes at the start of the day before you get to work.
- Track your progress in a database of substance
- Have something of value to talk about in sales, leasing or property management.
If you really want to drive a better market share for yourself as an agent, the cold calling process will help you greatly to meet new people with a property need.