In commercial real estate brokerage, the cold calling process is essential to help you build market share. In every location, town or city, there will be plenty of people to talk to over the telephone. This prospecting process is not a replacement for personal contact and face-to-face meetings, it is however a good way of creating more opportunities with new people.
In essence, an effective cold calling strategy will help you create more meetings with new people. That is how you build a pipeline of opportunity over time. Every day at the same time, you should be connecting with new people across the telephone to identify if a meeting is a sensible idea.
It should be said that many agents don’t make enough calls if any at all. The process of call reluctance can be a very big hurdle to many agents and brokers. There is therefore a very big difference in market share between those agents that make the calls and those that do not.
If this is to be a central factor in your brokerage business model, then you need to determine the skills and the mindset required to keep the process moving ahead. There will be challenges at a personal level. It is a matter of how you respond to the challenges and develop a mindset to break through and escalate prospecting momentum in the process.
So you have one fundamental choice to make here, and that revolves around cold call prospecting as part of your networking and pipeline process. If you are prepared to make the calls, then it is certainly the fast track to building your market share. That being said, you will find plenty of challenges when it comes to the following issues:
- The right scripts and dialogues to suit your market and personality
- The correct database tools to help you capture the opportunities for return contact
- Establishing a reason for ongoing contact with the right people
- Time to do the calls
These points indicate that you will need a plan. A plan or a system in telephone prospecting will help you convert more people to your new business pipeline. It should be said that the agent or broker that controls the listings will control the deal opportunities.
As a general rule of thumb, it pays to focus on capturing quality listings and quality clients. The other agents will then need to come to you for information regards the properties that you have listed. Exclusivity in the listing process will protect your quality listings from other agents.