If you’re a professional property manager, chances are you know just how important it is to gain new clients and put your business out there. You also know that this can be a daunting and tiring task. We understand this struggle!
That’s why we have written this guide to help you hone your skills when it comes to cold calling prospective leads and turning them into long-term clients.
How to Cold Call Your Leads Effectively
Before you start to call prospective clients, make sure that you have properly refined your sales pitch.
If they are not conducted properly, making cold calls may end up annoying the recipient more than anything. This is obviously not the desired effect, so if you want to succeed in gaining new clients, it’s crucial to build a solid foundation for your sales pitch that you are able to back up using facts and your skills in the industry.
To get the most out of every unique opportunity, make sure to keep multiple cold calling scripts on hand. Make sure that the scripts can be easily switched depending on the surrounding circumstances and tone of your call. Making a cold call doesn’t mean using the same cold call script on everyone!
Asking questions and listening intently will help you tailor the call to their specific needs.
For example, the sales pitch script that you give to the experienced owner of a large apartment complex should be different from the one you give to a brand new landlord who just purchased a single-family home to rent out.
This makes active listening essential on these calls. Ask how they think the management of their rentals could be improved. When you listen to their needs, you’ll be able to tailor your pitch more accurately, meaning it’s more likely your cold calling works.
The 5 Keys to Successful Cold Calling
Regardless of your cold calling script or your circumstances, there are five elements that you should have in every cold call to help it be as successful as possible.
Keep reading to find out what they are and how you can apply them to each and every call you make to a prospective client!
1. Establish Your Goal
When you are cold calling a prospective client, your goal should always be made clear early in the call. However, you don’t want to move too fast or come across as pushy.
When it comes to your initial cold call, your goal should not be to sign a contract or make a deal immediately. Your ultimate goal at this point in your relationship with the client should be to build rapport with them and get their permission to send a follow-up and share more about their business.
2. Bring a Positive Attitude
When making a cold call, it is always important to note that you are creating a new client’s first impression of you and your business. That’s why you should approach the interaction with positivity and enthusiasm.
Keep your tone upbeat and professional, and avoid coming on too strong with your eagerness to work with the client.
3. Show Empathy
As a property manager, it is always important to show empathy when it comes to a client’s frustrations and needs.
Being able to empathize and show that you understand what they are going through will help you build rapport with the client. You also want to highlight everything that you are able to do in order to help take those issues off their hands.
4. Ask Questions and Get Curious
One mistake that is common in the practice of cold calling is making clients feel as though you are talking at them, instead of engaging in a conversation.
This is why it’s important to ask your prospective client as many questions as you can about their properties and their situations. Get curious! Listen to their answers intently to make the interaction more memorable for them.
It may even be helpful to take notes to help you remember the specifics for your next interaction.
5. Communicate Your Value
After you have listened intently to the client’s frustrations and obstacles when it comes to their properties, it’s important to communicate the value of your services.
Offer solutions to their challenges in order to highlight your unique expertise in the real estate industry. This will help you to build trust with the client and provide an incentive for them to work with you in the future.
6 Different Types of Cold Calling Scripts
Now that you have a good understanding of what elements make a great cold call, let’s dig into the different kinds of effective cold calling scripts that you can use to make new business relationships and gain new clients.
1. When You’re Calling Unexpectedly
Let’s begin with the standard cold calling script. This is the one that you would use if you are contacting a property owner who is not familiar with you or your property management company.
In this situation, you would be giving your first elevator pitch for your business and introducing yourself. This is where it’s important to make a positive first impression and build rapport with the client quickly.
This script is used most effectively for gauging the prospect’s interest and figuring out what issues they may have with their current property management setup.
Using this script, you’ll be able to effectively introduce yourself to the prospect, in addition to getting to know them as well as you can.
When you are cold calling a brand new prospect, it is very likely that they will immediately write you off and try their best to get off the phone as soon as they can. That’s why it is crucial to quickly build rapport with them to ensure that they hear you and your company out and give you a chance.
Ultimately, the goal of this script is to get the client to agree to a second follow-up conversation or a more in-depth talk about your services, whether the follow-up is via email, a phone call, or an in-person meeting.
Here is an example of a strong opener to a new lead:
“Good afternoon! I’m [insert your name here], it’s great to finally meet you. I am a property manager with [insert property management company here]. Do you have a few minutes to chat?”
Now, let’s review some responses that you may receive from the lead by using this script.
It’s possible that you have caught the prospective client at a bad time while they are driving or otherwise busy, but they would be interested in learning more about your company. This means that you should be prepared to reschedule the call. Offer to schedule a follow-up call or even an email.
By intentionally asking for their permission to chat with them, you are showing the client that you respect their time and schedule, and you will avoid coming across as pushy or too eager.
It is entirely possible that the prospective client may say no and immediately inform you that they are not interested in hearing about your property management services. Regardless of how they may answer, it’s important to use empathy in this stage.
A great response that shows that you understand their frustration could be “I completely understand that you may be busy at this time. Is there a better time that I could call you back or email you?”
If after this response the client gets irritated or expresses that they are still not interested, it will be time for you to give up and move on. Kindly thank the client for their time and hang up.
Keep in mind that it is important to avoid pestering prospects who have clearly indicated that they are not in need of your services. Pestering can cause damage to your relationships and your reputation, so always keep these boundaries in mind.
2. When You’re Showcasing Your Involvement in the Community
Using this script is a great way to showcase your involvement with the community in order to build trust with new clients, their residents, and the communities you work in. It is an excellent way to build a positive relationship with a prospective client, maintain a strong rapport, and show the human side of your business.
Here is an example of the script that should be used:
“Good morning [client’s name], this is [your name] from [your property management company’s name]. I just wanted to take the time to connect with you, as I manage a fair amount of properties in your neighborhood.
“I was wondering if you have ever considered working with a professional property manager to help out with your rental home. Would you be open to chatting with me to talk about what your needs are in regard to your property?”
This script is short and to the point, which is crucial when contacting a potential new client. The client on the other end of the call will either say yes or no, and you will need to be adequately prepared for either answer.
The goal for this kind of cold call should be to build a decent amount of name recognition with the prospect and help them to connect your business to their neighborhood in their mind. Hopefully, this method will identify some common ground between yourself and the client and spark a deeper conversation about how your company can serve them.
As you continue the conversation, take notes of any details that are brought up in the call. Even if the prospective client is not currently searching for a new property management company, you can still build a relationship that may end up proving to be useful in the future.
The prospect could end up needing your services in the future, or they could recommend your company to their friends, family, or industry contacts.
Sometimes, when it comes to gaining a new client, playing the long game is the best choice. Should the client ever be in search of a property management company, this script will help you be the first one that comes to mind.
3. When You’re Making Your Elevator Pitch
Regardless of what industry you are in, every business owner should have a solid elevator pitch that they can use at a moment’s notice.
Your pitch should be a short one or two-minute description of you and your company’s services. As a property manager, having an elevator pitch that is strategic and refined is crucial for the development and growth of your company.
First and foremost, it is important to ensure that your elevator pitches sound natural, conversational, and convincing. Try to avoid coming across as robotic or over-rehearsed.
If you end up sounding too robotic, the prospect will get the impression that they are just another lead on your cold calling list, rather than an essential and valued potential client.
Keeping your pitch personal and casual is the key to success in the cold calling game.
Here is a good example of a solid elevator pitch:
“Would you be willing to set up a meeting so I can share my strategies with you to help your property attract new, high-quality tenants that will stay long-term? If so, which day works best for you?”
Here is an alternative script that you could use:
“My mission as a property manager is to help 20 property owners in the area increase their income as much as possible. I would love for you to be a part of that goal.”
“My objective is to help you create an excellent and effective property management strategy that can generate more income for you than ever. Are you available tomorrow to sit down and chat about how we can make this possible?”
The end goal for your elevator pitch should be to pique the interest of your prospect and incentivize a follow-up with them.
If your lead seems hesitant, this is the time to show empathy toward their situation and acknowledge that they are busy. Then, you will be able to offer them a solution.
By setting up the conversation as a solution to their rental property’s pain points, you will be able to stand out from the crowd, which will help you in being able to schedule a follow-up conversation in the future.
4. When You’re Calling Someone You’ve Already Met
Now that you’re familiar with what to say when you’re calling someone new, you may be wondering: what should I say if I am already acquainted with the prospect?
This pitch is a great option for situations where you have already started building rapport at an earlier time, and it will help you get straight to the point without the need to formally introduce yourself and your company.
Since you have already established a relationship with the prospect at this point, you should use this foundation as a jumping-off point for a more in-depth conversation about what services you will be able to provide for them.
Here is the script that you can use:
“Hi there, this is [your name]! We met recently at [insert the specific event you met them at or a mutual acquaintance that you share]. How are you doing? Do you have some time to chat?”
In this situation, it is important to avoid coming on too strong on the business side of the conversation at first. Try to open the conversation with your already established mutual connection or relationship.
Avoid going directly into a sales pitch and instead, try to keep strengthening your rapport with the prospective client and gauge their interest through their responses.
After your opening, you could follow with this:
“I know that you own a few properties in the neighborhood. I actually run a professional property management company! Do you currently have a property manager that you work with, or are you considering hiring a property manager at all?”
From this point, depending on their answer, you can move forward to the stage of scheduling a meeting or a follow-up in the next few days. Ultimately, this type of cold call is an ideal setting as you are already familiar with the prospect and you have an established relationship to base your pitch off of.
5. When You’re Calling a Property Owner That Is Struggling
While this scenario may require you to conduct a bit of background research on your end, you will be able to use their current situation to emphasize how valuable your management services can be to them. This can lead to a more in-depth conversation about your company and what you do!
Start this cold calling strategy by specifically targeting your cold calls to property owners who may be struggling to manage their properties on their own. These prospective clients will be more open to hearing your solutions to their problems, and your services will very clearly add value to their business.
Try saying something similar to the following:
“Good afternoon! This is [your name] from [your property management company’s name]! I noticed that it seems like you may be having a difficult time finding new tenants for your property in [area]. Do you have a few minutes to chat?”
Their answer to your opening is very important. The client may be open to hearing all the ways that you and your company can help them with their situation, or they may insist that they are able to handle it on their own.
In this case, it is important to ask engaging questions, get curious, and find out more about their pain points regarding their rentals.
If the prospect is not interested in hiring a property manager, it may not be the end of the road. Keep tabs on this property over time and see if the landlord is able to find tenants. If enough time has passed without finding tenants, they may end up changing their mind!
6. When You’re Following Up on a Previous Conversation with a Prospect
So what do you do when you have already connected with a prospective client but haven’t heard back from them after following up? While this may seem like a dead end, don’t give up hope just yet!
After you have allowed some time to pass, try cold calling again to gauge the potential client’s interest in your services. This may help you to re-open the conversation. If the client was interested in your services in your previous conversation, try to use that to your advantage.
Here is your script:
“Hi, this is [your name] from [your property management company’s name]. We recently connected to talk about your property and what you need to help it succeed. Do you have a moment to chat? I know that sometimes things change, so I just wanted to see where you are at with your rental properties!”
The key to a solid opening statement in a cold call like this is to acknowledge your previous connection with the client without blaming or shaming them for failing to get back to you. This is also a great way to ask the client for more information about their properties and current property management setup.
This script is a way to reopen the conversation without applying pressure or scaring the client off by coming on too strong. Treat these calls like a fresh way to reintroduce the prospect to your company and to make a more valuable business connection.
Now that you know which cold calling scripts will be most effective, here are some additional tips to help you win over that new client:
- Make sure your workspace is in the right state for a productive conversation. Have your pen and paper ready for notes and stay in a quiet and calm setting while making calls.
- Stay engaged in the conversation and ask a few questions that will deepen your connection with the lead.
- Call at the right times. According to recent studies, the best times to make a cold call are between 10 am and 4 pm.
- Prepare an effective voicemail message in case they don’t answer.
We hope that this article helped you to feel more prepared for the next time you cold call a prospect!
By using these tips, you’ll be sure to secure some new clients for your property management company and ultimately grow the success of your business.