Cold calling is an effective way to find new clients for realtors over the phone calls. So, real estate cold calling is an important lead-generation strategy for the real estate industry. However, as a realtor agent, you might wonder how to do cold calling in real estate or whether cold calling is effective in real estate or not.
To be a great cold caller in real estate, you must have some important qualities and skills. The first thing is to be good at talking with people, being confident, and having patience. You also have to be ready for the rejection.
However, it would help if you improved your cold-calling scripts as a real estate agent. According to Indeed, It’s a good idea to create a script that includes an introduction, what makes you special (Your Value Proposition), and what you want the person you’re calling to do (Call-to-action).
In this blog, we will help you learn some effective strategies for cold-calling in real estate so that you can become even better at it!
Does Cold Call in Real Estate Work?
Yes. Cold calling in real estate works. However, the success rate depends on the individual’s approach, communication skills, and ability to adapt to different situations. Some agents may see positive results, while others may find better success with alternative methods of lead generation and client acquisition.
Let’s explore some statistics that reveal the effectiveness of cold calling in the real estate industry:
- Out of every 100 cold calls made, 28 of them are answered by the people they’re trying to reach.
- More than half of real estate agents, about 58 out of 100, believe telemarketing is the best way to find potential customers.
- Cold calling is the second-best method for realtors to find new clients.
- And 68 out of 100 real estate professionals can follow up with potential customers after making a cold call.
The stats prove that cold calling in the real estate industry is effective. However, you need to know how to do cold calling in real estate in the right way to reach out to your potential leads for better results.
How to Do Cold Calling In Real Estate
Cold calling can be an effective way to find new clients in real estate. Follow these steps to make your cold calling successful.
Researching and Identifying Your Target Market
- Find out who your potential clients are, like home buyers or sellers.
- Learn about their preferences and needs in the real estate market.
List Down the Prospects
- Make a list of the people you want to call, like homeowners in a specific area.
- Keep track of their contact information to make your calls easier.
Creating a Professional Script
- Prepare a script with a friendly introduction.
- Include what makes you unique as a real estate agent and how you can help them.
Set Clear Objectives
- Know what you want to achieve with each call, like setting up a meeting or providing information.
- Stay focused on your goals during the call.
Call at the Right Time
- Be mindful of the best times to call, like evenings or weekends, when people are more likely to be available.
- Avoid calling during busy or inconvenient hours.
Identifying Decision Makers
- Make sure you talk to the person who can make the decisions about buying or selling a property.
- If you can’t reach them directly, ask for the best time to call back.
Offer Free Valuation Services
- Provide something valuable to your prospects, such as a free property valuation.
- This can encourage interest and trust in your services.
Promote Open Houses
- If you have upcoming open houses, let your prospects know about them during the call.
- Inviting them to visit properties can turn prospects into potential clients.
4 Tips for Mastering the Cold Call in Real Estate
So far, we have discussed how to do cold calling in real estate. But to master the cold in real estate, you need something extra and special touch. How can you achieve that?
Here are our 4 special tips for mastering the cold call in real estate:
- Creating a Memorable Introduction
- Presenting Your Real Estate Services
- Handling Objections and Questions
- Scheduling Follow-Up Appointments
Creating a Memorable Introduction
As a realtor calling agent, why do you call a prospect? Of course, your intention is to sell something, right? But what if your prospect doesn’t find any value in what you’re offering? Then, you can’t sell it.
That’s why making your introduction memorable is important so you stand out from others. It would help if you had your own unique way of talking to your prospect.
Tips for memorable introduction:
- Try a vocal that sounds trustworthy and engaging
- Do basic research about the clients before calling
- It helps to personalize the introduction
- Use positive language
Example opening line:
- Hi! I’m Daniel from CallingAgency. Are you free for a quick chat? (Introduce yourself)
- Hello! I’m Craig from CallingAgency. How are you doing today? (Ask how they are)
- Hi! I’m Jasper from CallingAgency. I wanted to find out if you’re the right person… (Give a reason for the call)
Presenting Your Real Estate Services
Instead of just focusing on selling, remember that the call isn’t about you. It’s about helping the prospect. So, you need to connect what you do and how it benefits your prospect. Doing this gives you a better chance of making a successful call.
Tips for Presenting your real estate services:
- Be a consultant, not a convincer.
- A statement that expresses how you’re different.
- Share your data in simple interpretation.
- Explain how you can help them buy or sell a property successfully.
- Highlight your expertise, experience, and any additional benefits you offer.
Handling Objections and Questions
How can you handle objections and questions? In most cases, when you call a prospect they will come up with some objections or questions. To handle this, you can follow some of our tips:
- Be prepared for objections or questions from the prospect.
- Listen carefully to their concerns.
- Address them with honesty and empathy.
- Provide clear and helpful answers to build trust and understanding.
For example, if your prospect says, “I don’t know you”, try to give your basic company information, what you do, and how you would appreciate it if they give a few minutes of their time.
If your prospect says, “I am not interested”. What could you reply with? You can reply that I completely understand. Would you be interested in a demonstration of our product or services? This way, I can show you how it works and what benefits it provides you.
Scheduling Follow-up Appointments
If the prospect shows interest, remember to schedule a follow-up appointment. This will allow you to go deeper into their needs and preferences. Make sure to keep your promises and follow through with the appointment as scheduled.
Here are some tips regarding scheduling follow-up appointments:
- Instead of pushing for an appointment, offer valuable insights or information about the prospect’s real estate needs.
- Respect the prospect’s time by keeping your cold call brief and to the point.
- Rather than asking, “Can we schedule a follow-up appointment?” propose a specific date and time. For example, “Would next Tuesday at 3 PM work for you?”
- If the suggested time doesn’t work for the prospect, be open to finding an alternative that suits their schedule.
- Use a scheduling tool.
- Send a calendar invitation or confirmation.
- As the scheduled follow-up approaches, send a gentle reminder.
Advantages of Outsourcing Real Estate Cold Calling
Outsourcing real estate cold calling can be super helpful!
First, it saves time for real estate agents. Instead of making all those phone calls themselves, they can hire experts. That means they have more time to meet clients and show houses.
Second, outsourcing cold calling services can save money. Agents don’t need to hire new employees and pay them benefits. They only pay for the service they get.
Third, outsourcing companies have skilled callers who know how to talk to people and get their interest. This can bring in more potential buyers and sellers.
Lastly, outsourcing can help agents focus on what they do best, like B2B lead generation for real estate, appointment setting, closing deals, and growing their business. So, with outsourcing, real estate agents can be more productive and successful!
Hopefully, you got your answer to how to do cold calling in real estate. In closing, to get better at real estate cold calling, you should research your leads, list the prospects, and create a script that works.
Besides, if you want your cold calling introduction memorable, it’s better to follow our “memorable introduction tips.” Also, it would be best to have real estate cold calling knowledge, like presenting what you do, handling objections, and scheduling follow-up appointments.
Last but not least, cold calling is hard. The rejection rate is high. That’s why many realtor agents outsource cold calling services and save time and money. This gives them a better chance to grow actively in the real estate industry. So, go for what is appropriate for you.