Cold calling…Yay or Nay?
In today’s technology based world full of social media and public real estate websites, most agents believe cold calling is a thing of the past. Is it? Maybe it is. Agents can communicate with far more people at lightening speed these days. You can post on Facebook, create a Tweet or email thousands of people in a blink of an eye sending any information you want. It could be general market information, a direct offer to buy or sell a property or just checking in on a personal level. It really is amazing when you sit back and look at where the world has gone in terms of communication and technology. The millennials wake up in the morning and spend 15-30 minutes on their phones scrolling through their social media of choice before they even step a foot out of bed. The world is changing at more of a rapid pace than ever before. And, the world of real estate is no different.
Today’s buyers are far more educated than they were 5-10 years ago. They know what properties they want to be shown before they even talk to their agent. Which makes the agents job easier. The buyer also knows what has sold and when it closed. Therefore, knowing much more about the comps and a closer estimate of value of any particular property they may be interested in. They do all of their research online and already know which property they want, what they want to offer and what price they think they will end up negotiating to. they have studied the sales price to listing price ratios of comparable properties and understand the market in an entirely new light then the buyers a decade ago. And, they are becoming more educated as we speak.
Since the beginning of the real estate industry, personal contact and cold calling was the fastest way to a high level of success. Is this still true today? Well, one thing has definitely not changed over the years, and that is that the one thing between any real estate agent and a closing is a conversation. Think about it? How many transactions happen without a single conversation? Very few. Almost non-existent. The common denominator for most all closings is that a conversation was had between the agent and the prospective buyer or seller. Even if the prospect is an internet lead or came from some sort of social media platform, there then had to be a conversation solidifying the deal. This is what makes real estate so unique. Technology has not been able to replace real estate agents the same way it has replaced so many other occupations. Why is this? It is because real estate is so local. Every local market is so entirely different and ever-changing that you must have a local expert to help you through any transaction.
Since the market needs local experts to help customers navigate the marketplace and there is no way that technology can replace this need, real estate agents are still thriving in this new world. Probably more than ever because of how easy technology has made it for them. However, for the same reason the world needs local agents, the customers also need a conversation to consult with and help them understand the market. This conversation cannot be replaced with anything else. If we could replace the conversation with some department in technology, then we wouldn’t need real estate agents anymore.
So, if the world still needs real estate agents because we need to speak to them about the local market trends, and the common denominator between all agents and their next closing is a conversation, then wouldn’t the best strategy for agents to complete more transactions per year be to have as many conversations as humanly possible? The answer is YES. Cold calling is king for the very reason why technology has not replaced real estate agents.
A huge real estate business is built over the phone, everything else builds your brand name.
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Real Estate Agent, Coach & Author