Commercial Real Estate Agents: The Benefits of Cold Calling
Many would-be commercial real estate agents consider cold calling a drawback in the profession. This is especially true in the Philippines where the culture encourages humility, and discourages putting yourself forward. Most Filipinos cringe at the thought of striking up a conversation with a stranger, let alone try to sell them something. However, you will not survive in the commercial real estate selling business if you do not stifle your natural instincts and develop a direct cold calling strategy. A myriad of benefits of cold calling will make you drop your self-effacing attitude faster than you can say “commission.”
Unless you have a ready pool of well-heeled investors looking for commercial property, or at least a network of people who will give you referrals, the only way you will generate new leads is to talk to people you don’t know. Likely candidates for your first few calls are local business people and property investors. The Internet has made it much easier to mine the information you need. Most have websites or at least a social media page and it will contain contact information and maybe even the name of a point of contact (POC). Simply filter a search for the area you are targeting for the day and start dialing. Even if the people you talk to are not in the market for anything you offer, they may know someone who is. Make a list of leading questions that will help you get the leads you need.
Your company may have a database of prospects that have already evinced an interest in your product. However, other agents may already have made a pitch for those prospects. If you have your own list of quality leads, you are more likely to establish exclusivity with your prospects for your listings before anyone else can get involved.
Contributing to the knowledge base
You can establish yourself as an asset to a company when you contribute important insights about the target market that you learned in your cold calling efforts. You can make valuable recommendations on what type of engagement connects with potential clients, and what does not. When you establish a rapport with potential clients, it is also easier to guide them in making the right decisions when they decide to lease or buy commercial property. You get the goodwill of your employer as well as your clients, which is rare and valuable coinage in the real estate industry.
Most commercial real estate agents avoid cold calling as much as possible. This gives you an open field to get to know the local clients, and for local clients to get to know you. Whenever your cold call contacts hear about commercial real estate, they associate it with you. You can thus establish a network of business connections that can result in great opportunities to expand your market and attract new business almost automatically.
Stay on track
Regular cold calling establishes a routine that is valuable for a continuous stream of leads and referrals. This consistency can help you map out your selling strategy. You can use any of a number of task management apps to keep yourself on track and to remind you about callbacks and follow-ups for previous cold calls. You will be surprised at how many people are impressed when you call them back when you say you will.
There is no reason to struggle for new clients in the current real estate boom in the Philippines if you accept that cold calling is the best way to do it. Study it, plan it, do it to the best of your ability, and always be open to ways to improve your technique. The benefits that will accrue to you can be simple amazing.