How many times do you hear the ‘no’ response each day in real estate sales or leasing? In the commercial real estate prospecting process, the more ‘No, not today thanks’ responses that you get, the better it is for you. It means that you are prospecting effectively and things are going just fine.
When you systemise your prospecting and cold calling, you do so with people that could require services in:
- Property sales
- Property leasing
- Property management
- Tenant mix
- Property development
You must have many rejections to find the one or two ‘maybe’ or ‘yes’ responses from the people that you talk to.
The word ‘rejection’ is perhaps the wrong word to use here as it can give the wrong impression. What you are really getting is a ‘not interested’ response from the people that you are talking to, and that is just fine. When they are really not interested then you simply move on. There are plenty of people in the property market; you just have to find them.
So it’s a fact; not everyone you talk to will have a need or an interest in your commercial real estate services. If you keep that at the back of your mind as you prospect, you will keep the prospecting process going, and you will find the people that do need your help.
When prospecting for new business and making those cold calls, they are only ‘cold’ to you because you have no real knowledge of the persons interest or need. The prospecting process is therefore a questioning mindset that you should have or develop in the prospecting process.
Your best response to a ‘no’ comment from the people that you talk to is ‘Look, that’s not a problem’. This simple sentence removes the pressure from the conversation and it allows you to continue to talk to the other person.
Stop pitching for new business and start connecting to the people that you talk to. The connection gives them the respect that they deserve; it also expands the conversation. Somewhere in that conversation can be a property need or idea. That’s what you want to find.
As our personal experience grows in handling the ‘no’ responses, we get better at handling the conversation and the direction it takes. In simple terms we convert more ‘no’ responses to ‘maybe’s’ and that is the way you start the new business growth that you seek.
The telephone call and the ‘drop in’ prospecting processes to local businesses are foundational to creating growth in your market share as a commercial real estate salesperson. You are in the refusal business.
Know that the refusals you get are just part of doing the job; the more refusals and knock-backs that you get, all the better for you. Just keep doing it and your skills will improve. From the repetition and your diligence to the prospecting process you will get to the acceptances and agreements as well. It just takes time. Use your time well in prospecting and the business will follow.