In commercial real estate, the cold calling process is very difficult for many salespeople. They may attempt to get a cold calling system up and running, but they will soon find something else to do. It’s not a new problem and it is all so common in most agencies; that does not however mean that salespeople should not call prospects. It simply says that many salespeople have an issue to get under control and improve on. Top agents do that, and over time will build their market share with well qualified prospects.
Many ‘average’ salespeople in commercial and retail real estate know the ‘ups and downs’ of the market. Over a period of 12 months they will have times of listing difficulty and slow commissions. The best way to change all of that is through a dedicated call contact program where you constantly find new prospects that may want to get involved in selling, leasing, or transacting commercial real estate.
It doesn’t matter when a person or company needs your help; it does matter that you open the door of contact and build the communication links for the time that they do need you. Remember, you are the property expert!
Do you know this person?
Have you seen or heard of a salesperson that likes to sit in the office and wait for the telephone to ring or for the prospects to walk in the door? Believe it or not, there are some salespeople in the industry that do just that even in this difficult property market. Unless they have another source of income to help them along, they will be consistently ‘poor’ when it comes to commissions.
It is too costly to work in the industry to ‘survive’ on a low income for too long. Directed effort and prospecting can change all of that very quickly.
So let’s say that you want to fix the prospect pipeline in your business and build more income opportunity. The best way to do that is in making the calls. Here is a checklist for you to get started:
- Determine the area that your business will come from.
- Understand the types of properties and businesses that you serve.
- Why should people do business with you? What are your points of relevance to the market? Are you better than the competition agents in the local area?
- Devote 3 hours a day to making the calls. In that time you can use the business telephone book to speak to business leaders and managers to identify what their property needs may be in the future.
- Use a database system of some type that will allow you to capture information for ongoing contact.
Are you ready to turn your commercial real estate career around? Set up a contact call process of prospecting; over time you will see the benefits of better listings and greater commissions. Start the process and practice your dialogue.
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