In commercial real estate you should be telephoning lots of people every day. The cold calling process is the way to do that. In a way, your success in cold calling is a numbers game. You track your numbers and in that way you will know what is working for you and what is not. So what numbers should you track?
You track the numbers that can tell you how you are progressing. One secret in the whole process is to make calls at the same time every day. Over time you will know if that is the best time to find the people that you need to talk to. If it is not the right time frame, then you shift your call time slot to make things work. Systems are really important when it comes to getting your prospecting model to work for you.
Here are some of the main numbers that are really important to getting momentum in the commercial real estate prospecting process.
- The numbers of outbound calls to new people are the base to work with and from. At least 50% of your outbound calls should be to new people that you have not spoken with before. In that way you will build some momentum of new business growth.
- After some time you will have a list of people that you must call back because in the last conversation they indicated that they had a future interest in what you wanted to talk about. So the balance of your call time each day (the other 50%) should be devoted to follow-up calls with previous contacts.
- In 2 hours of call contact you should be making 50 outbound calls. In that time you will not get through to all those people, but you should get through to at least 15 to 20.
- Call results should be recorded in a database when you find people of relevance. Do not waste time in capturing unnecessary information. Only enter the information that can be something for you.
- Of the people that you talk to some will move to meetings with you. As you gain skill and momentum in cold calling, you should be getting 2 meetings per day from your call contacts.
- From the meetings that you have every week with these people, at least one transaction or listing should occur.
- When you have established a relationship and a listing from the call contact process, it is a matter of tracking the time on market for the listings and the conversions to sales or leases as the case may be.
So I go back to my point, when you track the numbers you will know how you are improving, and that is what commercial real estate prospecting is all about. Good hunting!