Let’s face it: nobody likes getting cold-called. The real estate industry has attracted more than a bit of flak for its use of this sales tactic over the years—much of it deserved—but real estate agents are used to living in the real world. The question isn’t whether people like it. The question is does it still work in getting leads?
The short, sharp answer is a resounding yes. A recent study from Baylor University indicated that most agents can expect to book in one appointment per 93 answered calls. End conversion rates from there are going to vary but at least the leads are into the funnel. What happens next is up to you.
The longer answer though is that it’s always going to be a numbers game. It’s up to you as a professional to do the math and see if this is a sales tactic worth pursuing for you personally or if you should hand it off to somebody else in the firm. Maybe your time is more valuably spent working on open houses, print campaigns, generating referrals from existing clients, or other marketing initiatives and lead generations tactics. The numbers won’t lie.
If you do find yourself having to cold call, make sure you’re not falling back on outdated, ineffective ways of doing it. Real estate cold calling still works but you need to be smart about it. Let’s go through some quick tips to bear in mind:
Limit call length. This is no time for idle chit-chat. Set a strict time limit per call in advance and if you’re not getting anywhere within that period, put a line through it, politely get off the line, and move on.
Batch calls. If you’re going to bite the bullet and cold call, batch a number of calls together in a row. Spreading calls out throughout the day is a morale-killer and an inefficient use of your valuable time.
Use call scripts. Flying by the seat of your pants may be fun every now and then but it’s a killer in terms of turning cold calling into a repeatable sales process that can be carried out by anyone in the firm. Fail to use a script and you’re effectively signing yourself up as the person who’s going to be doing this the next time around and the time after that.
Take advantage of tech. It’s 2015. There’s a world of cheap or totally free organizational and note-taking tools and apps out there such as Trello and Evernote that you can use to process and track these calls simply and effectively. Stop fumbling around with random notes on scraps of paper.
So, long story short: real estate cold calling still very much works but it’s your job to make it work for you.