There are different ways to approach prospecting in commercial real estate brokerage and you have some choices to make, but in saying that, the telephone should always be high on the agenda when it comes to connecting with new people. Build your prospecting skills around the telephone.
The telephone is efficient, easily accessed, and can be used by every agent or broker as part of a professional contact program; conversions to meetings will escalate if the telephone is used each day professionally in prospecting for clients, leads, and listings.
Call practice and systems
Practice is important to make that conversion factor happen. What do you practice? Your conversations, scripts, and offerings; you practice every variation that you can think of that may come up in a direct call to your prospects or clients. Confidence comes from call preparation and practice. Let’s face it; you are learning a new skill for something that you may not have attempted before.
So, there is a message here to consider and utilize. Where can you start with this idea of making more calls professionally? If you are struggling with your real estate momentum now, then use the telephone each day in talking to new people.
Here is a way to start things. Get the business telephone book out for your town or city, or source it online; research the local businesses by location and by type, and then start to make your calls. Track your progress with calls and practice your dialogue and conversation approach.
Your contact systems
Systems always give traction in commercial property. There is no better way to improve your real estate business than by a base of systematic contact and conversation creation.
Most agents and brokers struggle with establishing their system, and they drop off the momentum when they get busy with listings, marketing, or inspections. Don’t let that happen to you. Stay on task and track. Make your calls each day and track your progress.
Call numbers to set?
How many calls should you make each day? There is no standard number here, as the frequency, depth and types of conversations that occur will vary. Suffice to say that your numbers of outbound calls should be significant and grow within reason.
Some days you will make 50 calls and talk to just 15 people. Calling the same people back will be part of an organized approach to prospecting and contact. On average your time to make the calls should be about 2 or 3 hours and be set in your diary every working day so that things are regularly implemented. Any excuses for missing your calls will be the start of a decline in market share or listings; don’t let that happen.
When conversations are created, stay on track with your outbound call targets; numbers matter. See if the person you are talking with could want any property help, information, or some combination of services in the future. You are an industry professional, and your skills and services are valuable, so don’t overlook that fact as you talk to new people.
Here are some rules to work to in commercial real estate prospecting in setting call objectives. That can then help make your cold calling more effective and rewarding:
- Target people, precincts, and properties – stay within boundaries and precincts as you get started with your calls so that you can cover and connect with all the right people and properties.
- Speak to the right person – filter out your people and seek out the real decision maker with all businesses. Directed questions will help you do that.
- Provide information that is helpful – as the local industry specialist you should have plenty of local property information to share.
- Ask questions and track your progress with all calls – some people you will be talking with frequently over the next year or so as you seek a meeting or work towards a listing.
Simple rules like these will help you get more traction in commercial real estate brokerage. Establish your prospecting system and get things started.