What Is Cold Calling and How It Can Help Your Real Estate Business?

What Is Cold Calling and How It Can Help Your Real Estate Business?

Cold calling is the concept of picking up someone’s number and calling them directly without being previously acquainted with them. While newer generations usually argue against cold calling, argue that they prefer texting to calling anyway, or outright refuse calls from parties they don’t know, many businesses are still doing it. Why? Well, because it’s still cost-effective.

Here are a few ways in which it can benefit real estate professionals. 

Direct, human contact

With the current state of chatbot competence, it’s near-impossible to tell if the person on the other end of the line is a real human operator or a bot. This is why a cold-calling virtual assistant will have an easier job convincing your audience that they’re talking to a real human than an AI chatbot.

Not only that but there’s a hint of nostalgia to it, as well. Just think about it: while cold calling is notorious in 2024, the truth is that, in the past, this is how all the business was done. This was the 20th-century equivalent of sending an email. Sure, some of it was unwanted, but this just makes it the equivalent of spam. Moreover, due to the lack of tools by most parties, setting up these automated calls was never easy.

Having someone take time to dial your number (even if automatic) and actually talk to you is already a show of good faith. It’s a sign that you matter and that you are making a difference. 

The last thing that people buying or selling a home (making one of the biggest, life-changing decisions ever) want is to be sent an automated message or an email. No, they want to know that their case is in safe hands, human hands.

Personalization

Personalization is always near the very top of your audience’s priorities list. Even with email or chat marketing, the last thing they want is to be addressed as some sort of general entity. They want you to use their name and address them with a specific purpose that relates to them or is relevant to them.

In other words, they want you to tell them that you’re reaching out regarding something they’ve already shown interest in. Since, in 2024, everyone understands cookies and how they work, this is no longer seen as that invasive. Everyone understands that you have the info and how you’ve got it.

The most important thing is that using cold calls gives you an easier way to customize it. After all, on your end of the line, there’s a trained professional who will adjust to the flow of the conversation. There’s just no approach that’s more personal than that.

Even by just using cold calls, you’ll already give your audience more of your personal time and effort. This is worth to them more than you think. This is especially important in real estate, seeing as how you’re asking them to commit to one of the most expensive investments of their lifetime. 

Instant feedback

Compared to other forms of outreach, what’s so unique about cold calling is the fact that it gives you instant feedback. 

You see, there are a lot of people who just don’t answer your calls. There are those who just end the call as soon as you tell them what you’re calling about. Then, there are those who just say no thank you a few seconds or minutes into the conversation. The thing is that you can just cross them all from the list. 

With an email, things are a bit different. Some people open emails in hours; others do so in days. Most of the time, you have no idea if they’ve even opened your email. Not everyone who doesn’t respond or follow the link is uninterested, either. They may have memorized it; they’re just not responding to you right away. You just don’t know, at least for a while. 

One more thing: we’re definitely not suggesting that you should just give up on email marketing. What we’re suggesting instead is that you combine the methods in order to make a system that really works for you.

This way, you can make a prospects list and enhance it by getting some immediate results.

Also, this is amazing for getting some market insights. You can directly ask your clients questions and get responses in real-time. 

Gaining momentum

Previously, we’ve already mentioned the fact that you’ll know if they’re interested right away. Well, this instant feedback is not the only way for your agency to gain some momentum. Namely, you can follow up on a lead with an opportunity for immediate sales. 

You can ask them if they would be interested in buying or selling right away. Of course, you’re not offering them to sign a contract on the spot – you’re just asking them if they’re interested. You can ask this question formatted even more hypothetically so that they’re more open to your suggestions. Just ask them what it would take. 

This way, you can get some incredible insights into your own business model, your practices, and even your own cold-calling approach. If not, why not? These market insights can be immediately transformed into actionable information.

Also, keep in mind that you have a significant competitive advantage when on a direct call with them. The thing is that email correspondence can be quite slow, and, in this field, you already want to get them to hop on the call so that you can get things done quicker. If they’re already talking to your assistants on the phone, you’re halfway there. 

Wrap up

Whether or not cold calling is more effective than email or IM communication is completely irrelevant. You’re supposed to use all of these methods simultaneously, anyway. Still, it’s undeniable that it’s effective and that its applications in the field of real estate seem like a natural fit. In an industry where transactions are as valuable, you want the communication to be as direct and personal. There’s nothing that feels more attentive than handling business in calls, and cold calls are sometimes the best way to establish this type of relationship.