Cold Calling in Real Estate: Does it Work?

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Real Estate Technology with Realtyna 4966111

There is no other marketing technique that real estate agents have such diverse, strong opinions on. It’s a true love-hate relationship. Some think that cold calling is just a waste of time and soon paleontologists will research telephones like fossils of the 21st century. Others state that if our predecessors could make it work we still can use it.  If even hearing about cold calling gives you anxiety and panic attacks, I can assure you, you’re not alone. And that’s ok.

Here is the thing, the time of telephones is almost gone. And social media and modern techniques are making sure it stays that way. But if every real estate agent eagerly gets rid of cold calling, maybe it’s your time to pick it up and stand out by doing it. I’m not saying to go all old school, but adding something new and diversifying your marketing technique can be exactly the right thing.

Before you even consider using cold calling as your business technique, you need to understand cold calling needs more work and investment. Here is a list of things you need to prepare yourself for:

Do Your Research!

The first and foremost thing is research. Every successful agent will tell you that in order to get more leads you’ll need to get familiar with your audience. The same goes for cold calling.  Cold calling requires work and patience. Before you contact your leads you have to research the local market and industry. What are the current trends? What products people are interested in? If you know the name of who you are calling, try to incorporate personalized info, too. You need to find as much information as possible.

WPL websites

Prepare Yourself for a Long Conversation- Make a Script.

Why does cold calling have such a bad reputation? It’s not only because it lost a battle with social media, but because not every person is made for cold calling. It often gives real estate agents anxiety and even the feeling of burnout. To avoid such a thing you need to prepare yourself and formulate different scripts for various cases.

But don’t forget. Scripts are just a tool for you to feel safe and more confident. Don’t turn it into a collection of strict rules. It can turn out monotonous and robotic which will worsen your relationship with your clients.

Choose the Right Time.

Here is the thing, people don’t want to get interrupted when they’re doing something important. So, it’s very important to choose the right time for contacting your clients. The researchers claim that the probability to get a “rude” response from a customer is higher in the evening hours. And that’s understandable. Everyone gets home from work, tired; they don’t have time and energy to hear about your offer. The same goes for the early hours. The ideal time for cold calling is right between 11 am and 2 pm.

Why Cold Calling Can Still Work?

After you incorporate this technique in your cold calling work, things will get easier and you’ll feel more comfortable. But there still is the question: is it worth it? The answer is yes. The thing is, despite social media’s huge impact on our communication, we can talk to everyone at lightning speed these days, it can make you feel interpersonal and disconnected. Cold calling makes your experience with customers more personal. Which is great!

It doesn’t matter if you are gen Z or a baby boomer; we still love to be seen and heard. We are egotistical creatures who want attention from other people. Research states that the more people that listen to us. the more our self-esteem is boosting and we feel more valuable. With the right script and the right conversational manners, you can get even more real estate leads.

It’s also important to remember that many people, especially older people still rely mostly on phones. If your niche in the real estate industry is, for example, retirement property, cold calling is your go-to.

Alternative solutions.

If even thought of cold calling makes your skin crawl or you think it’s just a waste of time, energy and money, there are alternative solutions: dynamic websites and apps. Nowadays, these “alternative” options are the most popular and accurate for the time we live in. With the websites and apps, you will have full control of information about your customers, what they’re interested in and what the current trends are. With this information, you can easily spark a conversation and generate more leads.

P.S Interested in alternative solutions? Check out this article  Mobile Apps: A Surefire Way to Increase Business & Brand Recognition.

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Rainmaker
349,241
Alan Brown
Coldwell Banker Montrose Colorado - Montrose, CO
29 Years of Real Estate Experience .

One way of doing cold calling that is a lot less fearful, is when you get a new listing in a neighborhood, go to the  5 houses on either side of the listing and up to 10 across the street. Knock on the door with the information sheet, let the people there know you just liste dthe house at ......  for sale and you wanted them to be the first to know about it, ask them if they know any one who might like to live in the neigborhood. Neighbors are always curious what the home down the street is for sale for.  This way you have a reason to knock on their door without directly asking them if they are thinking of selling or buying. You should do this either before you put the sign up or the same day. 

Sep 11, 2019 02:53 PM #1
Rainer
477,189
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Nothing works if it isn't implemented. Plan your cold call campaign, identify your market, select the best time and days to start and be fearlessly confident. The beginning of a prospect's relationship begins with an introduction of your service or benefit to your future client. 

Sep 12, 2019 12:48 AM #2
Rainer
7,975
Robert Buys Houses DFW
Robert Buys Houses DFW - Dallas, TX
We Buy Houses Fast in Dallas-Fort Worth

Cold calling whether on the phone or knocking on the front door of a neighbors home. If you are not cold calling, your business may be dying. I personally phone cold call 2 to 3 days a week to at least 100 phone numbers, between 11am to 1pm. 

It's  not as tough as you might think if you have a list of homeowners that are at the point of selling or refinancing their home.

 

Just my opinion here. Mych Appreciated

 

Robert Hernandez

https://www.robertbuyshousesdfw.com

Sep 12, 2019 04:19 AM #3
Rainer
283,771
Ron Aguilar
Continental Mortgage - Saint George, UT
Mortgage & Real Estate Advisor since 1995

I have never referred to using the phone as Cold Calling. Its a simply a method to communicate your intentions. When and if they answer tell them something of interest after you announce who you are. Remember you are interupting their day and its likely that you get voice mail. Use their voice mail to deliver your message so that the next time you call they will be more likely to take your call or not. Call centers are not intimidated by making phone calls but we are. That is your competition, so pickup that 500 pound phone and get to work and get over your fears. 

Sep 12, 2019 07:13 AM #4
Rainer
11,393
Bruce Fazio
Edgewater Residential Homes - Collegeville, PA
Real estate developer based in PA

Fantastic post, Morgan! You make great points and have a fantastic outlook on the practice.

Sep 18, 2019 09:15 AM #5
Rainmaker
515,188
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

Cold calling..a tough way to get business.  Seems like a lot of hours for...perhaps not much pay off.  HOwever, doesn't hurt to try it. And, the agent must be comfortable with that approach, many are not

Sep 18, 2019 12:52 PM #6
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Rainmaker
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Morgan Taylor

Realtyna- MLS RETS Integration software & services
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