In commercial real estate brokerage, success in cold calling will come when you stop trying too hard. When you are pushing a telephone conversation things get difficult and the person that you are talking to can sense desperation.
As a ‘golden rule’ in telephone based prospecting, you should be focusing on creating a conversation and a connection. You simply should identify if the person that you are talking to has a need or an interest in property. The connection flows from that point.
Most of the people that you talk to today will not want to meet with you, or will they have a property requirement for some months if not years. The point here is that you should create the conversation with them and build the relationship for the time that you can help them in the future.
Constant and relevant contact will be part of the process. To stay on track you will require a good database. Make it a point to contact all of your prospects and clients at least once every 90 days. By the time you reach and contact them for the third time your call conversions to meetings will escalate and that is what you want.
- The contact cycle is more important than the immediate outcome when it comes to prospecting. The first call is only that, and it is the ongoing calls that will help you with finding prospects and clients to serve.
- So how many calls should you make every day? About 40 or 50 should be the target. Initially you can start the call process by using the business telephone book for your town or region. Businesses are at the base of property activity and over time you can work with many business owners that own the property they are in, or lease the property that they occupy.
- In addition to contacting business owners, you should be connecting with property owners. That being said they are a bit harder to find and contact. Make it a target to reach 2 new property owners per day as part of your prospecting model. If you can do more than that, then do so.
Be aware of the ‘do not call’ register. Your local laws will have impact on the way you make the calls and when you do so. That ‘do not call register’ will have some restrictions on the calling process.