When you work as a broker or an agent in commercial real estate, you need plenty of contacts and property listings to work with. Over the period of each year, there will be a good number of changes in the industry and within the location. Through all that volatility, you will need to maintain a good group of listings and a reasonable level of property enquiry. In simple terms, you need to control your market and your opportunities. (NB – you can get plenty of cold calling and prospecting tips in commercial real estate through our ‘Snapshot’ program right here – it’s free)
Through every year or period of 12 months, there will be several peaks and troughs in the property industry when it comes to listings, enquiries, and marketing activities. You need a plan to work with and control those changes in a positive and realistic way. Plans and systems are the valuable way to approach the career opportunities of commercial real estate brokerage.
Personal disciplines needed
The best way to resolve the volatile aspects of the industry is to work with a database and a pipeline of opportunities over time. That is a personal process and the business discipline. A cold calling process will help you achieve that momentum and that control at an individual level. Many brokers and agents understand the necessity to undertake some cold calls has part of their daily business activities. Unfortunately, they do not make enough calls in a systemized way. That then leaves plenty of opportunities out there in the market for the other organised and the disciplined agents.
So, there are a number of strategic advantages in making plenty of cold calls as part of your working day and business processes. Here are some important factors to consider as part of your telephone prospecting processes in contacting new clients and prospects:
- Momentum is important in a consistent and ongoing way as you prepare to make the calls. Get organised when it comes to the required research, call lists, property precincts, and property types. Understand exactly what is happening at the location and within your territory. Get to know the property owners, the business owners, and the local investors. Maintain a solid and strategic system of research to contact these people and these groups.
- Practice will help you improve your telephone conversations and your conversions to meetings. Ultimately, most of the calls that you make will be exploratory and simply to understand the current need or future opportunity. You can generate plenty of meetings with the right people providing they qualify as a future or current client.
- Most client and prospect relationships can be nurtured and encouraged over time. That then means that ongoing contact and local area relevance will help you build the relationships with the right people. When you identify the right person, and who could be needing your help at some stage in the future, use several different contact approaches and conversations over time to open the door to an opportunity.
- Stand out as the agent of choice when it comes to the location and the property type. There are many different competitors to monitor and pitch against when it comes to new business in commercial real estate brokerage. How can you create a profile of professionalism and relevance for the location? Take the required steps to improve your profile and image with the right people. Develop a personal marketing plan that includes cold calling as part of your business model.
So, there are a few deliberate and direct strategies that you can develop and shape over time. Use the telephone as a professional business and prospecting tool daily.
Make plenty of calls to the right people in an ongoing way. Develop your conversations and your connections accordingly; get to know the right people for the location. That is the best way to approach a career in commercial real estate brokerage.