Real estate cold calling can launch a successful real estate career, but it requires persistence and diligence. Real estate agents who implement cold calling need to make hundreds of cold calls each day. In a study conducted by the Keller Center of Baylor University, 50 agents made 6,264 cold calls. The study found that on average for every 209 calls, they booked one listing appointment or referral.
Since the number of calls required to set appointments is so great, predictive and preview dialers are essential for any agent using cold calling in their business. Dialers increase the number of calls an agent can make in a short amount of time.
Traditionally, the real estate industry implemented predictive dialers, however that trend is a thing of the past. They became too impersonal and it would turn contacts off. Real estate cold calling works better with preview dialers. They provide pertinent information to spark a meaningful conversation with the lead. They also collect real-time data to help agents improve their performance, increase their leads, and follow up efficiently.
Preview Dialers Improve Performance
Rather than maximizing the number of calls like predictive dialers, preview dialers allow agents to see information on the person they are calling. Agents then can personalize the call with an appropriate script for the contact. They can chose to call the contact or skip them.
Preview dialers allow agents to collect up-to-date information about their conversion rates. This lets you adjust your campaigns based on what is working and what isn’t. If a call goes well, preview dialers allow the agent to schedule follow-up calls.
Preview dialers allow you to analyze key performance indicators in particular markets. You can quickly locate reports and call data from each campaign. The dialer compiles the information, and they break it down in-depth. This allows you to specialize in a particular neighborhood or type of seller.
Reduced Call Times
Real estate calls can often be longer than in other industries. There are a variety of types of purchases and the investment value is larger than in most industries. Since agents have information on the customer beforehand, they can spend less time on small talk and get to the sales process.
Preview dialers also shorten the times between calls. You won’t waste time on voicemails, disconnected numbers and no answers. The dialer connects agents only with live calls.
Reduces Agents’ Preparation Time
Agents using a preview dialer have the customer’s information on hand before the call starts. Not only does this reduce the time researching the contact and manually dialing the number, it allows you to plan, choose a script, and start with a concise pitch when the customer answers the phone.
With all this knowledge at hand, you can cater to the conversation better to the customer’s needs. Coming to a call properly equipped improves customer confidence and overall experience. You can inform the seller about the market in their neighborhood and the value of their house. The call feels less like a cold call and this means that outbound numbers are less likely to be flagged as spam or blocked entirely.
Improved Sales Approach
Each contact needs a different approach based on their unique position. The things important to a FSBO seller are going to differ from those who have expired listings. Having a good idea of which script to use when you are cold calling can increase your success rate.
A preview dialer gives the agent the ability to practice pitching a particular script and honing their ability to sell to each different type of lead. They can load the dialer to call only FSBOs or expired listings, so they have the proper script down.
Common real estate scripts include:
- Expired Listings
- Circle Prospecting
Expired Listing Script
For the expired listing, it is important to discover why they think their house did not sell. This allows the agent to address their specific concerns faster.
(Listen to their response)
“I can understand that may discourage you – it is a great house. Do you have any idea why it didn’t sell? Did you receive any offers?”
“It surprised me to see it on the market for ___ days. I thought it would sell in a few weeks. I know you’ve likely had a few people calling you, but I have worked in the neighborhood for ___ years and know it well. I’ve sold many homes in this neighborhood. I’d love a chance to sell your home or at least discover what is holding it back from selling.”
“Would you mind if I came by this weekend? I’m happy to give you some feedback.”
A FSBO Script
The For Sale By Owner seller is mostly concerned with saving money. Many of them are do-it-yourselfers. The best thing to do is address their concern about saving money.
“Great. Are you working with real estate agents?”
(Often the reply will be no.)
“I know the area well. How much are you asking for the house?”
(Wait for response.)
“If I had a buyer who would be a fit, would that be helpful for you?”
I’d like to schedule a time to come by and look at the house to see if it would work for some of my clients. I would love to share some things that we can do to help FSBOs like yourself. Do you have some time tomorrow to meet?
(They may be resistant to working with you.)
“I can appreciate that. Why do you want o sell your house without hiring an agent?”
(Most will reply that they want to save money.)
“I understand completely. Most of the FSBOs I speak with tell me the same thing. I would love to show you how I can help you net the same or possibly more money using our services. Would you be interested?”
Circle prospecting is a way to increase your exposure and connect with homeowners in neighborhoods where you have sold houses. For circle prospecting, you call everyone who lives near your last deal. The biggest challenge is that you don’t know whether they are buying, selling, or neither.
A circle prospecting script:
“Hi! This is _________ with (brokerage). How are you today?”
(Wait for their response.)
Are you enjoying the weather? Isn’t it beautiful?
(Wait for their response. This will build rapport.)
“I know you’re busy, so I don’t want to take up too much of your time, but a house was just listed in your neighborhood, and I didn’t know if there was anything I could do for you regarding buying or selling real estate.
(Listen to their response. If they respond yes, follow up and make a deal.)
(If they say NO, continue with the following script.)
I understand. Is there an agent in the area that you would work with if you were buying or selling?
(If their response is NO…)
Ok, well one day you will want to buy or sell. I would love the opportunity to work with you. Would it be okay if we stayed in touch?
(For a YES response…)
“Great! What is your email address?”
“Thanks, I look forward to working with you.”
Integrating Preview Dialer with CRM
Preview dialers work best when integrated with a good CRM system. The more data available, the more prepared you will be before, during, and after the call. Integrations with the right CRMs can help automate after the post-call work, reducing an agent’s busy time further.
CRMs benefit agents in the following ways:
- Improved call experience
- Capture and save better lead/customer data
- Automate follow-up appointments and reminders
- Streamline inbound calls better
- Create better campaign analytic data
- Send personalized messaging
- Trigger messages based on customer actions
Signing a new seller is rarely a single-contact process. It often takes multiple contacts and meetings for sellers to commit to a real estate agent. This makes it important for you to follow-up with leads as efficiently as possible. Integrating the CRM with the preview dialer ensures that you follow up with leads by allowing you to schedule calls and reminders into the calendar.
You can analyze the collected data from the CRM to determine which campaigns are the most successful. They can abandon campaigns in neighborhoods that aren’t selling and focus on ones that are more profitable.
While there are a variety of tools available for real estate cold calling, updating your practices with a preview dialer can enhance performance. Power dialers used in the past reached more leads, but didn’t allow for a personalized approach. Using a preview dialer allows agents to take a customer-first approach and cater to their leads better.