When cold calling, what do you say when you connect? Begin by stating your name and that you are a commercial property specialist with (your firm). Followed by a question; you want to create a dialog as opposed to sounding like you are reading a script. Prepare by doing some advanced research on the company. What do they do and who are the decision makers? It is best when speaking with owners and landlords to be yourself; be brief, get right to the point with the purpose of your call. For example, “Would you like to fill your vacancy tomorrow?” Remember your goal of the call is to get a face to face appointment.
Scripts can be effectively used when calling FSBO’s and expired listings. In the case of commercial FSBO’s the ad signals an immediate need by the owner to fill that vacant space. But when you call, “Turn the table on them”. Don’t start by asking about the space for lease rather… they own the building; treat them like an investment customer! “I see from your ad you are an investor, I represent a great investment building…”
Talk to them about another investment property. If they are not interested in a purchase at this time, ask if they would consider selling their building. Be sure to get their email address to send them future opportunities.
Conclude by asking them if you can meet them at the space that was in the ad, to inspect it. Do not ask questions about the space over the phone, your goal is to meet with them (you can’t get an exclusive listing signed over the phone). When you meet to list the space, also bring several other investment opportunities with you.
Another approach to FSBO’s, introduced yourself then share some relevant information. “Our firm just sold/leased the __ (office, store, warehouse, etc.) __ at __ (address) __, are you familiar with that property?” “We can also help you find a buyer/tenant. I would like to see your building/space; could we meet at your property this afternoon at 4:00 pm or would tomorrow morning at 10:00 am be better for you?”
When attempting to set an appointment be specific and give choices.
This approach also works by discussing their competition. “I am interested in helping you sell/lease your building/space. Are you aware there are __ (three) __ properties similar to yours on the market?” “I would like to meet with you to discuss your competition and what we can do to help you. Could we meet…”.
Expired MLS listings are gold. Another agent (probably a residential specialist) listed a commercial building and was not able to sell or lease it. The owner is frustrated, six months or more with no deal! This is a great time to approach the owner and explain your commercial value proposition and marketing plan. Also note they are used to giving an exclusive listing.
Sometimes owners don’t even realize the listing expired. Introduce yourself then ask, “I noticed this morning your building is no longer on the market. Have you sold/leased it?” If not, “I specialize in selling/leasing commercial properties that other agents failed to do. I would like to meet with you, to show you the techniques I use to market __ (office, retail, industrial or investment) __ properties.”
When having phone conversations, respect the owner’s time, keep the calls short and to the point. When the owner replies to any of your questions, show your enthusiasm with words like: Terrific! Fantastic! or Excellent!; before your next comment. Now, start dialing!
Anyone ever ask you what you do for a living? When you say you are in real estate, the perception is you sell houses. What is the next question you usually hear? Can you give me an idea what my house is worth or what are the current mortgage rates?
Prepare for the “what do you do” question in advance. This is sometimes referred to as your “30 second elevator speech”. Your answer needs to connote you are in the commercial side of real estate and it does not need to be 30 seconds long. A well prepared sentence or two should suffice. Some examples follow: “I help business people relocate or find new stores or office space.” “I help commercial property owners find tenants.” “I find properties for investors” “I’m in the business of helping business people.”
The best scripts are the ones you develop yourself. Prepare them in advance and practice.