Regardless of whether you are new to the business, a seasoned veteran, or anywhere in between – prospect calling is one of the greatest tools to share your value proposition and secure a meeting. When done correctly they can reap big rewards, including: securing new client relationships, procuring high quality opportunities, and yes – producing consistent commission income. As I laid out for you in a previous blog, there are 5 winning strategies to help you achieve this.
Regrettably, it goes without saying that not every one of your calls is going to be returned. In fact, it is very likely your personal “call completion ratio” is less than 20%. If you call 100 people a week (the bare minimum I would suggest for most commercial real estate professionals), you may get 20 folks to call you back. From these 20 prospects, you should secure at least 1 to 2 meetings. So, what happened the other 99% of the time?
Think about it – when you receive a call, why do you return the call?
Because you know the caller, and are interested in the discussion. It may be your mom, your kids, or a friend. You know, like, and trust the caller – so you return the call out of respect, and because you care. This thought process applies to calls you make as well. Perhaps you need to start calling more on your established clients – people who know, like, and trust you, and ask them for additional opportunities or referrals.
You have a timely need. The other day a college essay consultant called me to ask if my daughter was getting ready to apply to college. Likely, they have a list of high school seniors, and their timing was perfect. Will I do business with them? I don’t know. But I did return their call to get more information. Do the prospects you are calling have a time specific need? It may be a tenant whose business in expanding/contracting, or a property owner who just secured 100% occupancy and is ready to sell. Are you calling when your prospects actually have a need?
You weren’t aware of an opportunity. Certainly, you receive sales calls at home and mostly ignore them – but occasionally something sparks your interest. “Hi, we are in your neighborhood picking up clothes for veterans, and was wondering if you have any garments you would like to donate.” Heck, if they are already going to be in my neighborhood and collecting clothes – I do have items my wife has asked me to donate! There are many cases where your prospects don’t know of a specific opportunity; it is your obligation to share with them that these market opportunities exist – and more so, to share how it impacts them.
If you are not getting the responses you had hoped with your prospecting efforts, put yourself in your prospect’s shoes. Do they know, like, and trust you? Are you calling on their timely needs? Are you sharing an opportunity with them that has a direct impact on them, or their business?