Written by Corbin Yaldoo, Mid-America Real Estate-Michigan
As a commercial real estate broker specializing in landlord representation, productive cold-calling is essential to your success. It is an adventure, not a chore, and the best way to learn about what tenants are expanding and what is important to their business. Cold-calling is not difficult, it just takes a little practice and understanding.
Here are 3 tips that will get you into the swing of things to effectively produce and close “Cold-Call” deals. Whether you are fresh out of the gate or have years of experience, these helpful tips will help you serve your client’s efficiently and set you apart from your peers.
1. Before – Understand who you are calling before you make the call! Make it your goal to engage with the retailer!
a. Visit the tenant’s website, if available, to understand the basics and get a list of their locations.
b. Do you know how much space they need?
c. Do you have adequate parking and proper zoning?
d. Do you know the owner/manager’s name of the location you are calling?
e. Do you know their exact location(s) and how far away they are from the site(s) you are calling in regards to?
f. What type of trade area(s) demographically do they operate in?
g. What co-tenants and area draws do they prefer to be near?
h. If any, what competitors are in the area? Do they view it as a pro or con?
i. If calling to relocate a tenant, is your space superior and/or are there rental/improvement incentives you will be offering? Also, it is key to find out when their lease expires.
2. During – What questions do I ask during the call? (In no specific order)
a. How long have you been in business?
b. Are you interested in expanding or relocating your location(s)? If so, what specific markets are of interest and what is your site criteria?
c. How much square footage do you occupy and what is your preferred size going forward?
d. How much parking does your business need?
e. Do you have any co-tenancy requirements?
f. Ask for their complete contact information to send marketing materials to now and for future reference. (This is essential for future growth, business opportunities and potential client referrals.)
g. End goal – Get contact info, send site(s), and set up a face to face meeting.
3. After – Follow up is an essential broker skill! In my opinion, this is the most important step.
a. Track any other areas the tenant may be looking.
b. Keep notes for future reference for easy access and to establish a rapport with the new potential client.
c. Respond quickly to phone calls/emails. Within 48 hours should be your norm!
d. Confirm your email was received. Then, check to see if they have any questions and what their current level of interest is. Don’t be a pest!
e. If there is interest, set up the space showing and/or a sit down to discuss the presented opportunities.
f. Ask if you can check back with them periodically.
These are the fundamentals. Prepare a simple checklist and you will quickly become a master of your craft. If you understand the retailer and know your product, you will enjoy the process and whiz through the calls!….It’s a numbers game, make a lot of calls!
Simple Equation: More Calls --> More Opportunities = More Commission Checks!!
Corbin Yaldoo | Senior Sales Associate
Mid-America Real Estate-Michigan, Inc.
38500 Woodward Avenue, Suite 100 | Bloomfield Hills, MI 48304
Phone: 248.855.6800 | Fax: 248.839.5216
email@example.com | www.midamericagrp.com