Monday, April 29, 2013

Cold Calling Results for Commercial Real Estate Agents

business woman making cold calls
Develop cold call confidence

The cold calling process in commercial real estate agency is difficult for some agents.  Unfortunately that difficulty holds back their personal growth in market share and listings.  If cold calling is not part of a daily prospecting process for agents, they usually take far longer (if at all) to move up in the ranks of the market.  Those agents will quite likely not reach the level of ‘top agent’ in the local area.

The costs and expenses of the real estate industry are reasonable and will be a burden over time.  The opportunities for income and commissions are high providing that the right processes and systems are put in place.

It is also interesting to note that many agents work with buyers and tenants given that the agents do not have the listing stock.  This then means that the agent has to find a property or in most cases find another agent with the right listing.  Wouldn't it be better to have the listing on your books that you can quote to your buyers and tenants as they enquire from your other campaigns and website?

So the message here is quite clear; the agent with the listings will be the one that drives market share.  They will also earn far more in commissions than other agents.

To get somewhere in this industry you must decide how you can get to know more of the right people in the local property market.  Here are some ways to get cold call prospecting to help you do just that.

  1. Define your property or sales territory geographically so you can concentrate your prospecting efforts.
  2. Understand what a good property or top client looks like.  You will need to find lots of them so set the benchmarks to feed into your research activities.
  3. Get maps of the streets and the prime property locations.  Get to know where the top properties and businesses are located.
  4. Use the business telephone book as a source of raw information of people to call on a daily basis.  You should be able to talk to 20 businesses a day to see what their property needs are.
  5. Research the quality property owners from title and property ownership searches.  Understand that the process here is slow but you should be able to find one property owner per day if you focus your efforts.
  6. Make your cold calls in the first 2 or 3 hours when you get into the office.  Track your conversions to meetings from the calls outbound.
  7. Practice your dialogue every morning and night to help your call conversions lift.

Track everything that you do in call numbers and a good database.  Over time you will get some momentum and see some victories that will help you make cold calling a key strategy in your commercial real estate business.

You can get more tips like this at our main website on commercial real estate training.