Cold Call Success: What works for you?

[Joey Budka]

I'm a new commercial real estate agent. Of course, like any newbie in this business, all my business is generated via cold calls. Since this is such a crucial means of hitting the ground running, I would like to know what works and what doesn't.

Agents: What cold call tactics seem to work for you? What do you say when prospecting for investor clients? What tone of voice do you use? Are you relaxed, balanced or direct in your approach?

Investors: When you are contacted by an agent via cold call, how would you like to be approached? What information do you want to hear? Who do you choose to give a chance on the phone versus hanging up quickly?

[Brian Burke]

Investor perspective: I get a lot of calls from brokers. The ones that I like the most are brief. Ask me if I'm in the market to buy. If yes, ask me what my buying criteria is and add me to their database so they can email me new listings as they come up. I get about a dozen or so apartment complexes in my inbox each day and I can quickly sort which ones to underwrite and which ones to delete.

Ask me if I'm considering selling. If yes, start the conversation (that's about as far as I can help you on that line of questioning because my answer is always "no" or I already have a selling broker in mind, that's the broker that got me the deal in the first place).

The only time I want a call that is more involved than that is if the broker has a specific listing (especially an off-market listing) that I should pay specific attention to, based on their knowledge of my buying criteria and a compelling story behind the deal.