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Detailed Cold Calling Tips for Commercial Real Estate Brokers

© John Highman – Real Estate Coach and Author

• The process of cold calling in commercial real estate brokerage is essential if you want to drive more clients and listings into your database. The process is so logical and yet avoided by many.

• Every so often you will hear some agent or broker say that ‘cold calling doesn’t work’. They are of course giving themselves some reason to not make the calls and avoid the process.

Detailed Cold Calling Tips for Commercial Real Estate Brokers

• It is a fact that the top agents of the market are not afraid to make lots of calls every day to new people. The important issue here is that they are talking to both new people and current contacts. They are growing relationships on a daily basis.

Detailed Cold Calling Tips for Commercial Real Estate Brokers

• Our industry is based on relationships. Get to know many property investors, tenants, business owners, and property developers. Keep in contact with them for the long term. Trust is a big issue when it comes to attracting new listings to your agency or brokerage. It can take months if not years for some prospects and clients to be in a position to move on a property matter.

Detailed Cold Calling Tips for Commercial Real Estate Brokers

So here are some detailed cold calling tips to help you grow your real estate business:

Detailed Cold Calling Tips for Commercial Real Estate Brokers

1. Determine your market area and targets.

The market area is likely to be a part of a town or city and that should be determined by boundaries. Stay within your boundaries and get to know all the properties and property owners inside the zone.

The targeted properties are likely to be by type and size. On that basis travel the streets in your sales and leasing territory. Find the quality properties and network the property owners and or landlords.

Detailed Cold Calling Tips for Commercial Real Estate Brokers

2. Call times should be set that work for your business and the people that you should be talking to.

Ideally you should be making calls for 2 or 3 hours every day. That will take some discipline in your diary. Don’t let others interfere with your prospecting plans and efforts.

Detailed Cold Calling Tips for Commercial Real Estate Brokers

3. Record your numbers relating to calls out, calls connected, meetings arranged, and listings created.

Over time you will see those numbers improve. The improvement can be fast tracked through practice each morning when you first arise.

Detailed Cold Calling Tips for Commercial Real Estate Brokers

4. A conversational approach works better in prospecting.

Don’t pitch in any way; you really have no idea of the needs of the other person, so a conversation will get you further into understanding future opportunity.

Detailed Cold Calling Tips for Commercial Real Estate Brokers

5. Get a good database to track your call results.

Simplicity and flexibility are important with a database. Protect your data and keep it up to date.

Detailed Cold Calling Tips for Commercial Real Estate Brokers

If you want more listing and commission business in commercial real estate brokerage, you will get there a lot faster with a professional approach to cold calling. It is economic, direct, and efficient.

Understand that most brokers avoid the process, and on that basis it can be a major source of leads and new business for you. Remain confident and make more calls.

The property market is yours for the taking.

Detailed Cold Calling Tips for Commercial Real Estate Brokers

IMPORTANT INFORMATION

This information is prepared as general training information for commercial real estate practitioners globally. No part of this material may be regarded or relied upon as legal or specific advice for individual situations. Although all care has been taken in the preparation of this material, recipients:· Must not alter their position or refrain from doing so in reliance upon this material; and· Are urged to seek independent legal advice with respect to the matters traversed in this material; and

· Are urged to undertake further studies into legislation and practices that apply in their location.

This is another quality resource from the Commercial Real Estate Training Online Series.

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© John Highman