Wednesday, August 7, 2013

Make a Ritual of Cold Calling in Commercial Real Estate Brokerage

man on telephone
Plan your cold calls in commercial real estate brokerage.


When it comes to getting traction in commercial real estate brokerage, you should make a ritual of cold calling each and every day at the same time.  The creation of a habit is important to the process.

You could say that the prospecting and cold calling process is a bit like going to the gym every day.  You can’t miss out for one day otherwise you’ll fall back in results and lose traction.  If you want to find more clients and listings, you will need to make a ritual of the prospecting process.

It’s a bit like making an appointment with yourself to set aside the time to do the required things every day.  You book yourself into your personal diary to do the hard work and implement the prospecting effort.

Here is an interesting comment for you.  

'Show me one agent or broker that is consistently prospecting on a daily basis, and I’ll show you 10 that are not.'  

It directly follows that only the best in the industry really do get their prospecting efforts under control.  Over time that converts to better clients and quality listings.  Isn't this a massive opportunity in waiting?

So how can you make a ritual of this process?  Here are some ideas to help:

  1. Determine why some clients and prospects should talk to you when you make the telephone call, or drop into their business.  What value do you bring to the market that is so special and unique from a sales, leasing, or property management perspective?  The best agents and brokers are not generic, and you should similarly position yourself.  Understand the unique value that you do take to the market and the profile of the clients that you serve.  Be prepared to talk to the challenges and the situations that every property owner, business proprietor, or client struggles with today.  A client or a prospect will listen to you when your conversation is relevant and real to the prevailing market conditions.
  2. It is a fact that you will need to make many calls and speak to many people to get a few meetings.  Consistency and regularity will help you convert more meetings over time.  Practice will help the professionalism of first contact and meeting conversions.
  3. If you want to make a lot of calls, you will need to do the research beforehand.  That research should be done outside of business hours so that you do not slow down the prospecting process.  Preparation is the key to momentum.  In that way you will talk to far more people during the allotted two or three hours each day.
  4. Capture the issues and the comments of people that you talk to.  The easiest way to do that is to use a standard form or booklet as part of the process.  At the end of the day you can enter the information into your database for future follow-up.
  5. Learn how to converse over the telephone rather than pitch your services.  The conversational process will get you far more meeting opportunities over time.  You can practice this activity at your regular sales team meetings each week.  Every broker or agent will have experiences and challenges to use as part of a role playing activity.

If you were learning how to play the piano, you would expect that a fair amount of practice would be required.  The same principle applies to making cold calls and prospecting.  When you practice, you improve, and that’s when you create more meetings.  It’s a very rewarding industry for those brokers and agents that can get this process under control.