Remember the joke about the guy at the bar who asks every young lady that passes by if she wants to get lucky? An observer watches as countless "prospects" react in sheer horror and stomp off in the opposite direction...a few after slapping him. Finally, the observer approaches and declares...WOW! You must get rejected a lot, huh? The guy responds, "certainly, but I get lucky a lot was well". Hmmm, I guess it's a numbers game in life also.
Is COLD CALLING...one of the ways that we search for new CRE biz...DEAD? Follow along here as I build a case.
Cold calling, as the name implies, is making a phone call or an in person visit with no pre knowledge of the situation. You are simply dialing for dollars or walkin' the streets equipped with nothing more than a smirking mug and a shiny shoes. Many of us, in the biz, got our start this way...knocking on doors and asking for business. Any newbie, being trained by a grey beard today, has heard..."there aren't any deals here in the office, get out there and make some rain!"
Well, I for one, as a greying relic, am saying that if you are COLD CALLING, you are LAZY! Yep, LAZY!
Why on Earth would you waste time going in COLD? There are simply no excuses.
We now carry around more information in our breast pocket than ENTIRE libraries maintained two decades ago.
Want to know how big the space is?...easy, LoopNet, CoStar Go, ProspectNow...ALL cloud based and chocked full of information.
Who occupies the building? All of the above can tell you...plus, there are great local providers such as InsideProspect, Dunn and Bradstreet, Info 411, and InsideView.
How about owners? Yep, you got it...see above. Have you checked out LandVision? Great resource for building ownership.
Ever done a LinkedIn search for a company? Amazing what you can learn. I wanted to make contact with a local company's CFO, recently. I performed a LinkedIn search in my palatial studio (the front seat of my car). There, for my eyes to behold, was his alma mater, his work history, his fondness for Bohemian Rhapsody...not really, I made that up...AND his image. Armed with this information, guess who I encountered in the lobby...you got it, the CFO. We made a deal last month! Booya!
Let's go a step farther, shall we? Who do you know, that knows the prospect? I received a call recently from a local owner. He had reviewed a listing I have in LoopNet, owns a competing building that will soon be vacant and wondered if I wanted to compete for the assignment to sell or lease his building. A quick Google search revealed that he used to be in the racking business. I mentioned that one of my best clients is in a complementary business. Do you know, XYZ, he asked? Uh, yeah! He's one of my best buds. Game, set, match!
So, in my mind, asking random prospects for business, without doing some research, AKA, COLD CALLING is dead! Hey, don't take an aging fossil of a broker's opinion...but, just know this...your prospects probably won't slap your face, but you WON'T get lucky either...
By: Allen Buchanan
Principal, Lee & Associates