If you are building your apartment building business, you are probably looking for some great ways to talk to sellers. When you are in Real Estate cold calling is usually the fastest way to get your business running profitably. It is not the easiest or the most fun, but should definitely be added to your list of prospecting activities, if it is not already. In this article, I am going to give 5 tips to help you have success making calls.
Cold calling has a bad reputation because people think it is all about rejection. Although you will get a lot of that, you will also get success and depending on why you are in Real Estate in the first place, the joy of success should overcome the agony of rejection.
Making calls every day can actually be enjoyable. You just need to have the right mindset.
Here are 5 tips to ensuring cold calling success:
– Think about your ideal prospect. Do they want to sell their property or do they have to? If they have to, then you are doing them a great service by providing a solution to their problem.
– Are you a rookie or do you have a lot of experience in commercial real estate? If you are a rookie, than you have to remember that with practice will come experience. Get a good script going, memorize it, practice it on your own, and then throw the script away. The main idea is to be conversational. You will have some key pieces of information you need to get out of the call, but aside from that, you are looking to connect on a personal level with your prospect. If you are good at listening, good at asking questions, and excellent at building rapport, you will have success.
– Prospecting takes time, energy, and patience. Just know in advance that you will not get deals under contract every day that you make calls. You will have to go through hundreds of calls before you really start feeling comfortable with a solid pipeline of deals. Plan to make 10 calls per day or any other number that you can realistically handle. Also plan to spend several months doing this so that you get in the habit and make it a part of your business indefinitely.
– In order to have a good pipeline, you will need a good contact manager to track your prospects. You will also need a good list. You can google “commercial real estate crm” and “commercial real estate list broker” and come up with some good stuff. I use www.prospectnow.com because it is an all-in-one solution.
– You will also need a good script. I would recommend making one that fits your personality which will get the owner to like and trust you in the short amount of time that you have with them on the first call. Here is a copy of my script.
– This may be the most vital of all of the tips. A good coach will hold you accountable to your actions. They should specialize in your niche as closely as possible. They can provide you with resources, networking, and almost unlimited opportunities because they can see things from a different perspective and do not have the same emotions about your business that you do.
Follow the steps above and you should be well on your well to your next apartment building deal.