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The Cold Hard Facts of Commercial Real Estate Prospecting

When you work in commercial real estate brokerage the prospecting process will be critical to the results at you achieve in sales, leasing, or property management. Cold calling will be part of that business strategy and results process. It should be the central part of how you reach out to new people locally and efficiently.  So you have some choices to make here when it comes to just how you find and convert business.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

The cold hard facts are clear when it comes to our industry and cold call prospecting. You simply have to do it and learn how to then improve it over time. Practice will get you there relatively quickly, but only if you apply yourself specifically and directly to the challenge.

Why struggle?

It is all too common to hear of brokers and agents that are struggling with listing and commission conversions. The property market will always be shifting through levels of change and different economic cycles.

If you want to remove the frustrations from your real estate business, it is wise to consider how you can improve your prospecting model with a direct emphasis on cold calling and client growth activities through that process.  Build long term client relationships; that’s the rule.

Your prospecting system?

Here are the real facts that apply to a prospecting model using the telephone:

  • You cannot delegate the process of telephone prospecting to others within your business. Given that you are (or should be) the property specialist for your location, it stands to reason that you really must put yourself into the prospecting equation. You should make the calls and stay in contact with all the people that you know and have connected with in the past.
  • Understand what the local people are looking for when it comes to properties to purchase and or occupy. There will be variables with location, price, rent, improvements, and terms of occupancy. When you really know what people are thinking, the direct calls that you make into the property market on a daily basis will be more relevant and real. You will have something to talk about and build a conversation from.
  • Use your current listings as discussion points in making local calls. If you have a few good listings locally, your conversations can open up with listing facts. You can use those listings to talk about rents, prices, time on market, and inquiry rates.
  • You will talk to many people as part of the prospecting process. Some of those people will be really interested in what you have to say; others will have no interest at all. Professionalism says that you should build your marketplace activities around sensible and valuable conversations with interested parties. If someone really doesn’t want to talk to you, then simply move on to another interested party and conversation. Show respect and professionalism as you interact with others.
  • You can and should use the telephone to create new business meetings on a regular basis. From a strategy of making 40 to 50 outbound calls per day, you should be creating about to meetings with new people. Over time that will lead to new business opportunity through listings, transactions, and property requirements. Ask the right questions with the right people. Make plenty of notes through the process and keep in relevant contact for the long term.
  • So just how do you make 40 to 50 outbound calls each day when you may have a very small database initially? In simple terms you use the business telephone book for your location.  Start calling local businesses from the telephone book.  Find out what they know about property, what they are thinking, and what they are doing.

There are simple facts here to understand. Make no mistake when it comes to your prospecting model in the property business; cold calling will be part of a successful business model if you develop the right skills and practice your activities over time. Get involved with your property market and reach out to new people using valuable and direct telephone conversations.

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