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Where Will You Be October 2?

In commercial real estate, our primary means of prospecting are phone calls and drop-ins. The fact is the opening seconds of those interactions are going to be awkward, and there is really nothing you can do about it. You must be able to endure the pressure and tension of those moments. Trying to avoid it will only limit your success or derail your career entirely. The goal is not to eliminate the awkwardness in the opening moments of a sales call; it is to shorten the duration of the awkwardness. How do we do that? Hang up quickly. Just kidding. We accomplish that by answering the three burning questions in the prospect’s mind. Who are you? This is common courtesy, but I’m surprised at how often I hear salespeople skip the introduction. I’ve heard the reasoning that being casual and assumptive makes the prospect think maybe they know you already and keeps them on the line. Let’s assume for a minute that works, which I’m not sure it does, it is deceptive. The prospect will eventually realize they don’t know you, and now you have begun the relationship on a manipulative note. Please, just tell them who you are. What is this regarding? One of the most common complaints I received when I was managing brokerage offices was prospects accusing an agent of “bait and switch.” The agent might have called claiming to have a buyer for the property and very quickly pivoted to a discussion about an exclusive listing to market and sell. Being clear about the purpose of your call doesn’t preclude you from changing topics if the client takes you there. However, be up-front and clear about the purpose of your call. Is this worth my time? For the prospect to answer this question positively, the purpose of your call needs to be actionable. This is where it gets trickier. Transactional calls like, “are you planning on buying or selling within the next 12 months” only capture prospects who have already identified that need. Generic calls like, “what are your plans with your property in the next six months” are easy for the prospect to shut down. They weren’t expecting your call let alone a property brainstorming session. A more universal approach is to offer up something of value with only one expectation of the prospect – give me a few minutes of your time. What do people value in the opening moments of a sales call? Time, money, or satisfying curiosity. One quick personal example; yesterday I got a postcard in the mail informing me my neighbor’s house closed escrow. The agent invited me to call for more information. I have no plans to sell my house, so I’m not going to call. But what if he had called me or knocked on my door? I would have absolutely wanted to know, and it could have been the beginning of a relationship. The same is true for the best commercial real estate brokers. The most successful are harvesting the fruits of relationships begun and nurtured over the course of many years. If you can stand some momentary embarrassment, this business is a phenomenal place to be. We all know what it’s like to be on the other end of a cold call. It is nearly impossible not to feel little irritated at the intrusion. But the best brokers don’t apologize for making the call; they simply know how to get to the point quickly. Once identity, purpose, and value are established, the tension will fade. To see and hear more content from Tim Rios and commercial events, register for the upcoming 2-day seminar, click here for details and registration.

The Sitzer/Burnett settlement has been approved. It settles the class action claims related to broker commissions. What does it mean to your business? Kate Sax breaks it down.

Mainstreet's global ambassadors traveled to India and Toronto to advance our association's interests on the world stage in the fall of 2024.