Cold Calling and How It Can Boost Your Business
One of the proven methods of lead generation in the real estate industry is cold calling. It is a sales technique where a real estate agent or his representative makes unsolicited phone calls to individuals. These calls are conducted to those who may or may not be interested in selling or buying real estate. In this article we explore the advantages and how you can succeed in this method to boost your real estate business.
Benefits
Cold calling plays a significant role in establishing and expanding your real estate business. It enables you to not only engage with potential clients, but also connect with other agents and property owners, offering valuable insights into the local market. By making these calls, you can secure listings ahead of competing real estate agents. Additionally, direct contact with prospects serves as a powerful means of self-promotion. Even if a call doesn’t result in a listing, the lead becomes aware of your identity and the value you bring to the table.
Call List
When seeking cold calling lists, it is essential to conduct thorough research. Using an untargeted list can lead to unsatisfactory results and frustration.
However, it’s important to note that not everyone on a real estate list will necessarily be a genuine customer. There may be unqualified individuals, fake phone numbers, or mismatches for your business. Nevertheless, investing time upfront to source a quality real estate cold calling list is worthwhile.
There are various avenues to find real estate cold calling lists. You can explore real estate lead generation services, websites specializing in real estate leads, for-sale-by-owner listings, expired listings, freelancers offering lead generation services, or even create your own real estate ads on social media. Each of these sources can provide potential leads for your cold calling efforts.
Big Fish Accounts
On the other hand, “Big Fish” refers to customers or accounts that have the potential to generate significant income for you. These are the key players in the field who can offer substantial opportunities.
For instance, foreclosure lawyers or officers at banks dealing with foreclosures can provide a significant number of listings. Similarly, new home builders or condo developers often have multiple listings to offer. Real estate investors and flippers may present multiple deals throughout the year as well.
Other examples of Big Fish could include large luxury sales that are on your radar, renovation companies, commercial real estate brokers, and more. These are the influential entities that can greatly impact your business.
It is advisable for everyone in the industry to maintain a list of 25 Big Fish accounts and incorporate them into every cold calling list. This ensures that you prioritize these high-potential prospects and maximize your chances of securing lucrative opportunities.
Converting Big Fish accounts requires a long-term approach rather than expecting immediate results. It’s important to acknowledge that not all leads will convert, but the focus should be on follow-up, extensive research, and consistently delivering value over an extended period.
Cold Calling Script
Experienced cold callers may feel at ease conversing with anyone, but for those who are new to the practice, it can be quite intimidating. Creating scripts tailored to specific types of calls you intend to make will help you ease into the method.
Crafting a compelling and concise cold calling script typically involves incorporating five essential elements: goals, attitude, empathy, questions, and value. This framework serves as a guide to help you structure your script effectively.
Setting clear goals for each call ensures you have a purpose and direction. Maintaining a positive attitude and projecting confidence can significantly impact your interactions. Demonstrating empathy towards the needs and concerns of the person you’re calling helps build rapport. Asking relevant questions allows you to gather important information and engage in meaningful conversations. Lastly, highlighting the value you bring and addressing the recipient’s pain points effectively can pique their interest and generate interest in your offering.
By following this script framework, you can gradually build your comfort and confidence in cold calling, enabling you to navigate the process with greater ease and effectiveness.
By investing time and effort into deep research and understanding the target leads, you increase your chances of building meaningful connections and nurturing relationships. Remember, this approach is a marathon rather than a sprint, and persistence combined with providing ongoing value will greatly contribute to your success in landing those valuable clients.
