In commercial real estate agency, you need to prospect every day. Cold call prospecting is part of that process and in fact is likely to be the most important part.
Commercial real estate agents that simply start making calls without a plan are likely to fail in the process. The random approach to making calls really does not work very well. You need to develop your contact plan so that it integrates into your local area effectively and efficiently.
Here are some tips to help you with a call contact plan in your commercial real estate agency practice.
- If you share the office with other agents, it is quite important to know where your territory is located. Nothing is more frustrating than making calls to people that have been spoken to before by other agents in your office. The client is left with a perception of confusion when it comes to the right person to talk to. Define your territory so that you can contact the right people and property owners within that area.
- It is desirable that you focus on a property type. That may be commercial office, industrial, or retail. That focus and specialty will allow you to create stronger and more relevant dialogue for call prospecting. You will be able to talk about trends in prices, rentals, and time on market. You will know what the tenants and the buyers are looking for when it comes to your property speciality.
- On a daily basis, you should be making at least 40 to 50 calls. Half of those should be to people that you have spoken to before, and the other half should be to new people that you have identified as opportunities.
- Many agents struggle with the necessity to get a list of call prospects together. When you first start in the industry, the easiest people to call are usually the business proprietors and business owners. You can do that from the business telephone book.
- The details of property owners and property investors will come to you over time through talking to other people and ongoing research. When it comes to identifying the property owners, the process takes time and on that basis you should target one or two property owners per day. Anything beyond that number is just too difficult when it comes to the required research and investigation.
- Understand what the client or a prospect looks like to you. That will be by definition, location, property activity, and capability. When you drill down into the quality of the person or property investor that you talk to, you will find that the better listings will come to you over time. That's what the top agents do.
From all of these things you will see that consistent work is required on a daily basis to make a prospecting model work for you. Every night you should be researching the people to call the next day. Track the results of the calls through a simple database program.
Keep the contact going every two or three months with the right people that have a potential business opportunity for you. It has been proved that it takes about two or three approaches to the right person to get a meeting established. Personal confidence in the process will help you get there faster. That's what cold calling is all about.