Saturday, August 3, 2013

Setting Up Your Cold Calling System in Commercial Real Estate Brokerage

woman on telephone smiling
Make cold calling your system of growth.

In commercial real estate brokerage the cold calling process should be well considered and set up for momentum.  You will need to call lots of people and track your progress as part of that.  It is a personal activity that should not be delegated to others.  It is a skill that you can master and develop over time.

Here are some tips from our Newsletter.

Top agents make their own calls regardless of how successful they are now or have been in the past.  They know the importance of connecting with their market.  They understand the requirement to fill their pipeline of opportunity with fresh new contacts.

There is one significant opportunity in the call prospecting process that you should understand and remember.  Most of your competitors will not be doing it very well, if at all.  If you can master the process you will have greater advantages in meetings and listing conversions.

Here are some ideas to help you set up your cold calling activities and systems.  You can vary the strategies based on your location, working day, and property type.  Here are the ideas:

  1. For the activity to be successful, consistency and persistence are required.  Every day you will need to be making some more calls into your area in a logical and controlled way.  Set aside 3 hours for the process.  Target approximately 40 outbound calls.  In doing that you should reach approximately 15 people.  From those people, you should be converting two meetings per day.
  2. When you look within your town or city, you will see segments of the market that are active and attractive to the tenants and buyers today.  Understand the listings that they are looking for.  Direct your prospecting efforts to those property types.  Research the property owners and the businesses that are active and successful.  Make the calls to the people within those groups.
  3. Researching the right people to call is always an issue.  It takes time to find the right people to call and particularly the property owners.  Split your telephone prospecting activities between property owners and business proprietors.  You may only be able to locate two or three business owners per day due to the necessary detailed research.  It is far easier to contact lots of business proprietors from the telephone book; some of them will be in occupancy as tenants, whilst others may own the property in which they are located.  Ask the right questions.  Maintain your focus and organisation as you do your calls and research.
  4. Document and track your progress within simple organised systems.  The easiest thing to use will be a contact call form or template.  A single sheet of paper or a template with the required boxes will help you in doing this.  Move those completed sheets between labelled paper-clips as you escalate the contact towards your database.  It's not necessary to enter everyone into your database unless they show a need or an interest in commercial property.

So these four factors allow the necessary simple organisation to get your call prospecting under-way.  They are the basic elements of a successful prospecting system.  In commercial real estate brokerage centralise your database growth through this process.  Over time you can see your market share grow successfully and continually.

Join our Newsletter here to get more tips in commercial real estate prospecting and cold calling.