Monday, April 29, 2013

Cold Calling Attitude and Success in Commercial Real Estate

woman smiling and speaking on telephone
Improve your cold calling skills

In commercial real estate agency, the cold calling process is a very important part of an agents job specification.  At the start of employment with any new broker or agency, a salesperson should be taken through the requirements of cold call prospecting and growth of market share.

An agreement of employment should be reached with a salesperson that the prospecting processes will occur on a daily basis.  That cold calling and prospecting should be merged into the job specification for the salesperson; every day can be tracked as to progress and skill development.  

This might seem a little bit harsh and focused, but the fact of the matter is that many agents and salespeople do not do enough prospecting.  They then struggle with income and listings.

Far too many agents take the easy way out when it comes to prospecting and networking in our industry.  Unfortunately the easy way is the slow way to find listings and grow commissions.  Those salespeople that make the regular prospecting efforts part of their daily diary will usually find many more listings than those agents that don't.

The telephone remains a very effective business tool and powerful prospecting advantage to use in finding new people to work with or serve.  That being said, certain skills need to be built and improved over time.
So why is it that many agents don't make the required calls?  Typically one or more of the following situations occur:

  • Call reluctance
  • Fear of making the call
  • Not knowing what to say
  • Finding other things to do
  • Lack of organization
  • Not undertaking the required research
If you are struggling with getting more listings today, and would like to drive a better market share with quality clients, then the time has arrived for skill development in cold call prospecting.  Here are some tips to help you establish the systems required:

1.       Identify the rules and regulations that apply to the do not call register in your city and location.  You will need to make calls that comply with the legislation.
2.       The business community, business owners, and tenants will be a good base of contacts to start your prospecting processes with.  You can use the business telephone book for that.
3.       The nature of commercial real estate allows us to make direct contact with property investors, business owners, tenants, landlords, property developers, together with solicitors and accountants.  There are many people within these groups to make direct contact with.  On that basis you will need the right research to help you identify the right names and telephone numbers.  Over time the results of your calling processes should be tracked in a good database.
4.       Practice your call dialogue on a daily basis.  This will help you lift your conversions of calls to meetings.  Over time it is those meetings that will lead to listing opportunities.
5.       When other agents put their signboards on properties locally, you can network the other property owners and businesses in the immediate vicinity.  They may like to compete with the other property listed in the area.
6.       The cycle of commercial real estate in both sales and leasing shows that most property owners and property investors will be in a position to re-transact on an average of once every five years.  You can therefore use the cycle as leverage in making contact with the right people that have owned or occupied properties for greater than four years.  From that point onwards, it is simply a matter of building the relationship for the time that the client or prospect will need you.

The cold call process in commercial real estate is quite specific.  It is also a special skill that requires refinement and development on a personal basis; this only comes with specific practice.  Through this you can lift your conversions and improve your listing opportunities.  That can lead to a control of listing stock where the buyers and the tenants need to deal with you direct.  That is the best way to approach the industry.