If someone tells you that ‘cold calling is dead’ in commercial real estate they are misleading you. They are ignoring the real evidence of the market. Making regular prospecting cold calls is a key part of the business for any commercial real estate agent. Do not let anyone tell you otherwise.
So why do other people come up with this great prediction and revelation on the ‘dead nature’ of cold call prospecting? They are selling a product and they are simply playing to the rejection factors and call reluctance problems that many salespeople struggle with.
Don’t make the mistake of ‘taking the easy way out’ when it comes to prospecting. It is a fact that calling new and fresh people in your property market each day will help you build your listing market share faster than anything else. There are lots of people to call so the process has to occur if you want to succeed as an agent.
Top agents know that they have to make the calls and that is a fact of the market. Here are some proven call strategies to help you get your prospecting systems underway:
- Most agents will not be making lots of cold calls every day and each week, so on that basis you can have a distinct prospecting advantage when you get the process under control.
- The best times to make the calls are in the morning first up and later in the afternoon. You will connect with more business owners and tenants at those times.
- Approach the process on the basis of seeing if the person you call has a need or an interest in local commercial and retail property. If you research your market beforehand you can work your calls from a base of local business owners and operators. That will quickly lead to other local property information and leads.
- Use a database that is flexible and convenient. If you are going to make lots of calls you really must track your results. From the outbound calls understand your contact ratios and conversions to meetings. From 30 calls and 15 connections made you should get 2 meetings of consequence. That can be a daily process. How long does it take you to make the calls? About 2 hours. On that basis you must be prepared beforehand.
- The cycle of commercial real estate activity for many clients and business owners can be quite long (months and years). On that basis you should keep in ongoing call contact every 90 days.
The next time you hear someone say that ‘cold calling is dead’, laugh at them and make more calls. Your market share will be far bigger than theirs in commercial real estate as you make the calls and keep the process going.