5 Cold Calling Tips for Real Estate Agents
Real estate cold calling strategies are somewhat contentious for generating leads. Detractors believe that real estate agent cold calling isn't worth the potential anxiety and frustration involved. However, when implemented correctly, successful cold calling real estate agents generate more leads, sell more houses, and make more money. This guide will share real estate cold calling strategies and real estate cold calling tips along with real estate cold calling scripts so that you can improve your cold calling game and reap the benefits.
1. Research Your Cold Call Prospects
To take the first step toward successful cold calling, real estate agents should always research who they will be calling to learn as much as possible about potential leads. During this phase, it's important to get to know the individuals on your call list, including what they need and want from a real estate agent. Doing so can help you sound enthusiastic, knowledgeable, and trustworthy. You'll only have a few seconds to make a positive impact on the person you're calling, so do your best to make an immediate impression. By personalizing your message each time you make a call, you'll increase your chances of making a sale.
Before picking up the phone, know exactly who you'll be talking to. Learn their name and find out if they're trying to buy or sell a house. We also recommend reflecting on why you’re calling; maybe you’re looking for a listing or trying to find a buyer. If you have a good picture of who you're calling and why, it can lessen your own anxiety as well as boost your chances of engaging the person on the other end and getting an appointment with them.
2. Practice Your Cold Call Pitch With Another Agent
If you’re struggling with your real estate cold calling scripts, practice every chance you get. While nothing quite compares to making an actual cold call, you can take this a step further by practicing with another real estate agent. Successful cold calling real estate agents can help you learn what to expect and can pose questions you may not have thought of before. Have the other agent pose as a potential client, and read your script to them. The other agent can then respond with things a client might say so you can be better prepared for whatever questions pop up.
Overall, practice can help you build confidence so that you don't come across as nervous during your calls. Sounding nervous can turn potential clients off as you may come across as inexperienced and unprepared to handle the job. Cold calling is an affordable way for new real estate agents to expand their reach, and experienced real estate agents can use cold calling to keep their lead funnel full.
3. Focus on Expired Listings First
When you're looking for prospects and creating a list of potential clients, expired listings are a good place to start. When someone lists their house with a real estate agent, they usually have an agreement or contract with that agent that will expire after a set amount of time. When that contract expires and they choose not to renew it, this is called an expired listing. While these people aren't technically cold prospects, they are probably frustrated that their house hasn't sold and are usually looking for a new agent to help them.
Expired listings give you a great opportunity to explain why you're different from the competition and how you can help these prospects sell their property fast. You already know that they want to sell their homes, so they should be more open and receptive to your message. Ask them what their last experience with a real estate agent was lacking, then tell them how you're different. Keep the conversation focused on the prospective client and their needs so that they feel heard and understood. Leads who feel like you're working to meet their needs are more likely to schedule a follow-up appointment with you.
4. Avoid Negotiating Price or Commission
The goal of real estate cold calling is to get an appointment with a prospect, not to hammer out all the details at once. If your prospect asks about price or commission, note that you'd prefer to discuss this subject in person and ask them to schedule an appointment with you. Negotiating or haggling over a price can sometimes come across as aggressive over the phone and can leave a bad taste in the prospect's mouth. Feel free to discuss baseline prices over the phone just to make sure that your prospect knows what to expect, but anything more than that should be done in person. This real estate cold calling strategy will help to keep your conversation driven in the right direction and can encourage prospects to meet with you in person.
5. Create a Real Estate Cold Calling Script
When you're ready to start real estate agent cold calling, it's best to prepare a script ahead of time. Doing so can help you feel more prepared to deal with different types of prospects. This script should include a short introductory greeting and should reference why you're calling, and then you’ll want to ask the prospect a question. When you ask a question, they're less likely to hang up on you or tell you that they aren't interested.
Below, we'll take a look at two different scripts that you can use as a starting point for your cold calls.
Keeping your funnel full is key to a successful career in real estate. At the end of the day, real estate cold calling is a numbers game. The more cold calling you do, the more people you'll reach - which means more contacts, more leads, and eventually, more sales.
Real Estate Cold Calling Scripts for Agents
Expired Listing Script
Expired listings are a great place to focus your attention when cold calling. It's great for reaching out to prospects who have already tried to sell their house but the agreement with their precious real estate agent expired. But you should also be wary; these people are going to hear from multiple real estate agents. You need to make sure your script sets you apart from the rest. Here's a great place to start with real estate cold calling scripts:
Hello! Is this the homeowner? I'm (your name) with (your company).
I'm glad I could get in touch. I work in X neighborhood often and saw that your home isn't for sale anymore. Do you have plans to get it back on the market?
(At this point, they may say "yes," but they may also respond with "not right now" or "maybe in a few weeks/months." This could be a sign that they're feeling frustrated or discouraged.)
It's understandable to feel a little discouraged about your home not selling because it's clearly a great property. Did you have any offers? What do you think the issue was?
(Now's your chance to listen to what they have to say and see where they were having issues.)
I was actually really surprised to see it on the market for ___ days. With such a great property, I thought it would be gone in a few weeks. Why did you decide to sell? Where will you be moving after this?
You've probably had a few other people reach out to you, but I've been working in this neighborhood for a while. I have sold homes here and have a good idea of what could help. I'd love an opportunity to see what makes your home special and what may be keeping you from selling it quickly.
Can we schedule a time to meet in person? I'm available on (day) at (time). Does this work for you?
Don't forget to thank them for their time, and, if they decline an appointment, let them know that they can always reach out to you for help.
This is a general script you can use to reach out to someone who may be interested in buying a house. You can use this opportunity to see what they're struggling with and let them know that you're here to help. The following script will help you get your foot in the door and put your name out there to a prospective buyer.
Hi! My name is (your name) and I'm a real estate expert at (your company). I'm so glad that we were able to connect. Is this a good time to chat?
(Give the prospect a chance to respond - they may say it isn't a good time, and you certainly don't want to come off as disrespectful. But no matter how they answer, follow up with understanding.)
If they say they're busy: I hear that now isn't a good time, is there a better time for me to reach you?
If they say that it is a good time to chat: It can be tricky to navigate the real estate market on your own. How's it going for you right now?
If they say that they're short on time but can have a quick conversation: I won't take up too much of your time, so let me get right to the point.
After you talk a little, you can schedule a follow-up call or a meeting to flesh out what your prospective client needs and how you can assist. Remember that successful cold calling real estate agents are empathetic and able to read the mood of their prospective client over the phone, so take your time and practice often to improve.