Cold Calling for Real Estate Agents in 2022

If you’ve worked in real estate for any time, you know that cold calling is a necessary evil. It’s often the most dreaded part of an agent’s job, but it doesn’t have to be that way. Cold calling can be an effective way to reach new potential clients, and with a few simple tips, it can even be enjoyable.

Speak to any successful real estate agent, and they’ll tell you that even if they don’t cold call anymore, they still use the skills they learned from cold calling in their daily work. So if you’re new to the industry or just hate making calls, remember that everyone starts somewhere and that practice makes perfect.

Is Cold Calling Effective in Real Estate?

The short answer is yes, cold calling can be effective in real estate. However, it’s essential to remember that not every lead will turn into a sale. The key is to focus on quantity AND quality.

Buying a piece of real estate is a big-ticket item, and most people don’t make a decision to buy or sell property on a whim. It usually takes months (or even years) of contemplation before someone is ready to take action.

Most new real estate agents get caught up in the fact that they need to find clients who are ready to buy or sell right now. However, the vast majority of people are not in that mindset. It’s essential to remember that even if a person is not ready to buy or sell today, they may be tomorrow (or six months from now).

To make cold calling effective in real estate, you need to keep that in the back of your mind. Your goal as an agent is to make introductions, build relationships, and nurture leads. You never know when a lead will turn into a client, so it’s important to keep in touch even if they’re not ready to buy or sell right now.

How Do You Start Cold Calling in Real Estate?

Now that we’ve answered the question, “is cold calling effective in real estate?” it’s time to give you some tips on making cold calls. The most important thing to remember is that the primary goal of a cold call as a real estate agent is not to get a yes or no answer, but rather to start a conversation.

Here are four tips to help you make cold calls in real estate:

1. Do Your Research

Before you start making calls, it’s important to do your research. You should have a good understanding of the area you’re calling as well as the types of properties that are available. When you’re on the phone, be sure to sound like an expert on the area. You’ll want to be able to reference similar homes that you’ve sold or listed in the past.

2. Have a Script

When you’re making cold calls, it’s important to have a script. This will help you stay on track and avoid getting tongue-tied. However, don’t sound like you’re reading from a script. Practice your script so that it sounds natural and conversational. If you’re uncomfortable with a script – try using talk tracks. A talk track is a set of points, or bullets, that you want to hit during the conversation.

3. Be Persistent

If you want to be successful in real estate, you need to be persistent. Not every call is going to result in a sale, but each call is an opportunity to build a relationship. Even if someone isn’t interested in buying or selling right now, stay in touch and stay top-of-mind. The difference between cold calling in real estate, and other sales jobs is that a real estate transaction for most people is usually a once-in-a-lifetime event. So even if someone isn’t ready to buy or sell today, they may be in the future.

4. Overcome Objections

When you’re making cold calls, you’re going to encounter objections. It’s essential to be prepared for these objections and have a plan to overcome them. Remember, the goal is not to overcome the objection but rather to keep the conversation going and find out if there is a true need.

For a more comprehensive guide on cold calling, you can check out our mega guide on cold calling in 2022.

How Many Cold Calls Should A Real Estate Agent Make?

This is a difficult question to answer because it varies based on your market, your goals, and where you are in your career.

However, a good rule of thumb is to make at least 100 cold calls per day. You may want to make even more if you’re just starting out.

The important thing is to keep in mind that not every call will result in a sale. The goal is to build relationships and nurture leads. Even if you don’t get an immediate yes, you may be top-of-mind when they’re finally ready to buy or sell.

Most calls where you actually reach your prospect will be relatively quick

When Is the Best Time to Make Cold Calls as A Real Estate Agent?

Simply put, the best time to make cold calls is when you have the most energy and are least likely to be interrupted.

For most people, this is first thing in the morning. However, some people find that they have more energy later in the day. Experiment and find what works best for you.

From speaking to different agents, most of them told me they prefer to make their calls early on in the day and then schedule showings later in the afternoons.

Their typical cold calling block was from 8 AM to 11-12 PM. And if they had meetings that started in the mornings, they would block out a few hours in the afternoon to get their calls in.

What Is the Success Rate of Cold Calling for Real Estate Agents?

So there are a few different factors to look at here. At the end of the day, the goal is to make money, right?

First off, According to Keller, real estate agents have around a 28% contact rate – meaning they actually speak to someone when they make a call. If we take that number and apply it to 100 calls, that means you’re speaking to 28 people.

Now, of those 28 people, you’ll probably get around 10% who are interested in buying or selling. So that’s 2.8 people out of your 100 calls.

That number may seem quite low, but when you’re selling a high-ticket item, where commissions can be in the hundreds of thousands, even one sale can result in a significant payday.

So while the “success rate” of cold calling may seem low based on percentages, it’s actually quite good when you consider the potential rewards. Don’t see the forest for the trees!

Best Scripts for Real Estate Agents Making Cold Calls

If you’re looking for a script to help you succeed as a real estate agent, we’ve compiled a list of some of the best ones here:

1. The Elevator Pitch

This script is designed to help you quickly introduce yourself and your services.

“Hi, my name is _______ and I’m a real estate agent in _______. I help people buy and sell homes in the area.

I was wondering if you or anyone you know might be interested in buying or selling a home in the near future?”

2. The Neighborhood Expert

This script is designed to help you position yourself as the expert on your local market.

“Hi, my name is _______ and I’m a real estate agent in _______. I’ve lived in the area for my whole life/several years, and I know the market really well.

I was wondering if you or anyone you know might be interested in buying or selling a home in the near future? I’d be happy to provide a free market analysis.”

3. The Referral Script

This script is designed to help you get referrals from your past clients.

“Hi, _______. I was just thinking about you and wondering how you’re doing. I’m also wondering if you know anyone who might be interested in buying or selling a home in the near future.

I’d really appreciate any referrals you can send my way.”

4. The Past Client Script

This script is designed to help you stay in touch with your past clients and get referrals from them.

“Hi, _______. It’s been a while since we’ve talked. I was just wondering how you’re doing and if you know anyone who might be interested in buying or selling a home in the near future.

I’d really appreciate any referrals you can send my way.”

5. FSBO (For Sale by Owner) Script

This script is designed to help you generate leads from people who are selling their homes without an agent.

“Hi, my name is _______ and I’m a real estate agent in _______. I saw that your home is for sale by owner, and I wanted to offer my services.

Selling a home can be a really tough process, and I would be happy to help you through it. I’ve helped many people in your situation, and I know what it takes to get the job done right.

If you’re interested, I’d be happy to come by and give you a free market analysis. There’s no obligation, and I promise you’ll find it helpful.”

6. The Just Listed/Just Sold Script

This script is designed to help you generate leads from people who have just listed or sold their homes.

“Hi, my name is _______ and I’m a real estate agent in _______. I noticed that your home is/was just listed/sold, and I wanted to offer my congratulations!

If you’re thinking of buying or selling again in the future, I would be happy to help you. I know the market really well, and I’m confident I can get you the best possible price.

If you’re interested, I’d be happy to come by and give you a free market analysis. There’s no obligation, and I promise you’ll find it helpful.”

7. The Expired Listing Script

This script is designed to help you generate leads from people who have listed their homes with an agent, but the listing has expired.

“Hi, my name is _______ and I’m a real estate agent in _______. I noticed your home’s listing has expired, and I wanted to offer my help.

I know it can be frustrating when things don’t work out with an agent, and I don’t want to make the same promises that were made to you before.

But I can say that I work tirelessly for all my clients, and I want to do the same to help you sell your home at the best possible price. I’d be happy to come by and give you a free market analysis. There’s no obligation, and I promise you’ll find it helpful.”

8. The Farm Area Script

This script is designed to help you generate leads from people who live in a specific area or neighborhood that you’re trying to “farm.”

“Hi, my name is _______ and I’m a real estate agent in _______. I noticed you live in the _______ area, and I wanted to let you know that I’m the expert on that market.

I’ve helped many people buy and sell homes in that area, and I know what it takes to get the best possible price. If you’re thinking of buying or selling in the near future, I would be happy to help you.

If you’re interested, I’d be happy to come by and give you a free market analysis. There’s no obligation, and I promise you’ll find it helpful.”

As you can see, they all follow a pretty similar format – introduce yourself, mention that you’re a real estate agent, state the purpose of your call/visit, and then extend an offer for help.

But the real secret sauce to making these work will come from you. The key is to be personal and genuine in your approach. Again, remember that your goal should be to build relationships and help people, not just make a quick sale. If you do that, the leads and commissions will follow. Good luck!