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Real estate cold calling

Real estate cold calling: A comprehensive guide to boost sales 

Key Takeaways
  • Establishing a rapport over the phone can set the foundation for lasting client relationships for real estate cold callers.
  • A good real estate cold call script should guide the conversation toward a meaningful outcome while allowing for a natural conversation flow.
  • Regular follow-ups and resilience in the face of rejection are key to unlocking the potential of real estate cold calling.
  • Advanced real estate CRM with Built-In Calling and a Power Dialer like Salesmate is the best to boost your cold calling game.

Cold calling in real estate isn’t just about dialing numbers and pitching properties.  

It is about initiating conversations, discovering needs, and planting the seeds for future business.   

A recent survey revealed that 68% of real estate professionals report successful follow-ups after cold calling, showing its effectiveness in fostering client relationships.

You need to understand that buying or selling a property is a significant life event, so your potential clients need someone they can trust.   

This blog uncovers the right way to do real estate cold calling with proven scripts from top property sales agents and tips to be the champions as real estate cold callers! 

Let’s begin with the definition of a real estate cold calling. 

What is cold calling in real estate?

Cold calling is the practice of reaching out to potential clients via telephone, often without prior contact, to offer your services as a real estate agent.

It’s a direct approach to lead generation, where agents initiate the first point of contact rather than waiting for leads to come to them.

If you’re wondering, is cold calling effective in real estate, the next section will provide insightful answers. 

Real estate cold calling statistics 

These statistics demonstrate that using cold calling strategies can yield profitable outcomes for real estate businesses. 

Here are a few statistics about cold calling real estate: 

  • Cold calling ranks as the second most effective prospecting method for real estate agents at 57.1%, only behind referrals which stand at 92.8%.  
  • Real estate professionals who commit to making 20 cold calls per day can expect to achieve a 10%-20% success rate.  
  • Despite 63% of real estate agents believing that cold calling is no longer effective, 57.7% still consider telemarketing as a key method for lead generation.  
  • A survey found that more than 200 real estate professionals earning over $250,000 per year attribute their high income primarily to cold calling.  

Insightful read19 Problems of being in a real estate industry [With solutions]

Next, we are discussing some compelling reasons that prove cold calling is an irreplaceable tactic in the real estate industry. So, let’s dive deep in.

Why cold calling for the real estate industry is important – 3 Reasons!

In today’s digital age, sourcing phone numbers of cold call prospects and compiling cold calling lists for real estate agents has become much simpler. Thanks to the new age strategies such as digital lead generation and inbound marketing.

However, it’s important to recognize that not all data generated are real estate leads.

The true strength of cold calling lies in its capacity to swiftly verify and qualify this data, ensuring that your efforts are focused on the most promising leads.

While there are several alternatives to cold calling, the following three reasons why cold calling for real estate is irreplaceable: 

Advantages of cold calling in real estate

1. Building personal connections 

Real estate is an industry where trust and personal relationships are crucial, and cold calling offers a human touch that digital communication cannot match.

Also, the voice-to-voice interaction fosters a sense of familiarity and trust that emails or texts fail to create.

Making decisions, especially buying a property of your own is often emotionally driven.

Cold calling allows real estate experts to pick up on subtle cues like tone and emotion, enabling them to connect more deeply and empathetically.

This emotional connection gives real estate cold callers a chance to persuade prospects, enhancing engagement and leading sales conversion.

2. Immediate feedback and adaptability 

Unlike other marketing strategies that often lead to delayed feedback, cold calling provides immediate responses from prospects.

This instant interaction with a prospect (home buyers, property owners, or investors) allows real estate agents to quickly gauge interest levels and adapt their approach or pitch on the fly. 

Cold calling allows agents to promptly address pain points, objections, or concerns, providing explanations, reassurances, or alternative solutions right away.

Quickly addressing hesitations during cold calling is essential to encourage prospects toward a successful real estate transaction.

3. Effective qualification of leads 

Cold calling allows agents to determine the likeliness of a lead for the sales.

Through direct conversation, agents can assess the needs, interests, and readiness of potential clients, saving time and focusing efforts on the most promising leads. 

Additionally, cold calling enables a targeted approach where agents can tailor their communication based on a prospect’s specific characteristics or requirements.

This personalized approach often leads to a higher success rate in converting leads into clients. 

Cold calling helps to create personal connections, offer immediate feedback, and effectively qualify leads making it indispensable to any successful real estate agent’s toolkit.  

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How to create an effective real estate cold calling strategy?

Your prospects often communicate with multiple real estate agents, making it crucial for you to stand out and effectively address their needs.

A powerful strategy is all you need to execute successful cold calling and win more real estate leads.

Here’s what the real estate cold calling strategy should include:

Elements of a successful real estate cold calling strategy

1. Targeted research

In real estate, knowing your market is key. Utilize property databases and local market trends to identify potential leads. Look at recent sales and active listings in your target areas.

Understanding the demographics and preferences of these areas helps you create a more personalized approach for each prospect.

2. Develop a strong, adaptable script

Your real estate cold calling script should start with a brief introduction and a value proposition specific to real estate services.

Include questions about the prospect’s current housing situation, plans, and what they look for in a property.

3. Training and role-playing

To become a proficient real estate cold caller, it’s important to practice regularly. One way to do this is by role-playing with your team members, where you simulate various client scenarios. 

This could include scenarios where a first-time buyer is hesitant or where a home buyer or a seller is considering a market change.

Training in this way will help you improve your skills and become more effective at handling different types of real estate inquiries.

4. Timing and consistency

Identify the best times to reach your potential clients. Evenings or weekends are quite suitable as people are more likely to be available.

Avoid early mornings and lunch breaks, as people are less inclined to discuss real estate matters.

And here’s a pro tip: Wednesdays and Thursdays are your golden days for making these calls!

Besides choosing the right time for your calls, it’s also essential to cold call regularly.

By being consistent with your real estate cold calling will help boost your confidence and increase the chance of connecting with more potential clients.

5. Targeting the right leads

Your cold calling strategy will be enhanced if you target the right leads.

Begin by targeting expired listings, as these property owners have experience with agents but might likely be looking for a new agent or a fresh start.

Further, circle prospecting can be a goldmine, too. This involves targeting neighborhoods where properties have recently been recently sold off.

The idea behind this tactic is that neighbors might get motivated to sell their homes after seeing nearby properties sell, creating new opportunities for you.

Real estate agents who have experience selling houses say don’t overlook FSBO (For Sale by Owner) and FRBO (For Rent by Owner) listings. While these sellers or renters may show resistance initially, with your expertise, they might get convinced to consider your services.

Also, if you want to expand your horizons, consider paid online lead generation services for high-quality leads.

6. Personalization

Tailor your conversation with each prospect to build connections and guide them effectively through the stages of your real estate sales funnel.

If you’re calling a home seller in a high-demand area, mention recent sales or market trends in their neighborhood. 

For a prospective buyer, discuss new listings that match their preferences. This personal touch can set you apart in a competitive real estate market. 

A must-read3 real estate automation that makes agents more efficient!

7. Consistent follow-up

Develop a systematic follow-up plan.

After the initial call, follow up with an email summarizing what was discussed, especially if you’ve promised to send listings or market information.

Regular, value-added follow-ups keep you on the prospect’s radar.

Following up is where the magic happens. Create a schedule that works for you, like following up on days 1, 3, 7, 28, and then every 30 days.

You can schedule and automate your follow-up using a CRM platform. Here is an example of automated email and text follow-up after a cold call:

Automated email and text follow-up after a cold call
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Timely follow-ups with Salesmate!

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8. Tracking and analysis

Use a real estate CRM to track your calls, noting details like the prospect’s initial interest level, property preferences, and the best times for follow-up calls.

Analyze this data regularly to refine your calling strategy and focus more on what works.

9. Compliance with regulations

Be aware of regulations like the Telephone Consumer Protection Act. Ensure you have the legal right to call the various phone numbers on your list, and always respect prospects’ wishes if they choose not to be contacted again.

Integrating these tailored steps into your strategy will create a more effective and professional approach to cold calling in real estate.

Interesting readBuild a real estate sales process in 6 simple steps

Best real estate cold calling scripts you need to win a lead 

Having the right real estate cold call script can be the difference between winning a lead or missing an opportunity.

Here are some carefully crafted scripts from experienced agents who know how to sell properties and understand how cold calling works:

Scenario 1: Real estate agent cold calling script for introduction and relationship building 

Scenario 2: Real estate cold calling script for specific situations and opportunities 

Scenario 3: Real estate cold calling script to deal with challenges and objections 

Scenario 4: Real estate agents cold calling script to target FSBO listings and follow-ups 

Each of these scripts serves a specific purpose and should be tailored to fit your style and the needs of your prospects.   

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Real estate cold calling tips to boost lead generation and opportunities!

Here are some essential cold calling tips to increase your lead generation rate within your target market: 

Best real estate cold calling tips

1. Tailor your approach for each prospect 

Research your prospect’s background, neighborhood, and market trends. Then, use the information to personalize your real estate call scripts.

This personalized approach demonstrates your commitment to addressing their unique needs and can make cold leads warm up to you. 

2. Craft a flexible and conversational script 

Prepare a real estate cold call script that guides the conversation. It should include an effective elevator pitch and allow room for natural dialogue, making the conversation more engaging.

3. Prioritize active listening

Property sellers or buyers connect with various real estate agents, but the opportunity is given to those who can understand their concerns and provide them with the solution that they are looking for.  

This will be only possible if real estate cold callers focus on actively listening.

It not only helps uncover the prospect’s situation, needs and but also will help to build rapport, as prospects feel valued and heard.   

Further, use the information to guide the conversation, and modify your sales pitch showing your expertise and understanding of their real estate goals.

4. View rejections as learning opportunities 

Use rejections to refine your real estate cold calling strategies. Analyze each call to understand what works and what doesn’t and adapt accordingly.  

Let’s talk about call reluctance. It’s not just your prospects who might hesitate – sometimes, you might feel it too.

The cold calling tip here is that each call you make is an opportunity to help someone with their real estate needs.

Keep reminding yourself of the value you bring. Qualify your cold call leads well, log your calls, and don’t shy away from practicing with other cold calling pros.

Rely on your scripts initially, but remember, practice makes perfect. This way, you’ll turn those ‘no’s into ‘yes’s before you know it!

5. Leverage CRM for efficient cold calls and sales management

Through our research in creating the best resource on real estate cold calling, we found that CRM is one of the most recommended tools to enhance your real estate business overall.  

Whether it is about capturing leads, managing sales pipelines, and improving decision-making, a CRM for realtors has become crucial. 

A study by REDX showed that 23% of real estate agents with well-integrated CRMs maintained a close rate of 16%. 

You can use Salesmate CRM to keep track of your calls and interactions, getting more success with your real estate cold calling lists. 

It also streamlines your management of leads and follow-ups significantly to improve your sales conversion rate.  

Further, you can track the interaction with your past clients and get insights into roadblocks and the success of cold calling. 

Implementing these best practices can transform your cold calling process, making it a more effective and rewarding part of your real estate business.

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Boost your property sales with the best CRM!

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Wrap up on real estate cold calling 

Real estate cold calling can significantly boost lead generation. However, succeeding in your cold calling strategy requires active listening and an understanding of what your potential clients want.  

Remember, cold calling is not solely about selling properties; it’s about building relationships, comprehending client needs, and establishing yourself as a knowledgeable and trustworthy real estate expert.  

To master real estate cold calling, you need to personalize your approach, be persistent, listen actively, and remain adaptable, all while maintaining a deep understanding of the real estate market. 

Frequently asked questions   

Does cold calling work for real estate?

Yes, cold calling can be effective in real estate. While it’s a traditional approach, it remains a powerful tool for personal interaction and lead generation. 

Cold calling helps agents build their client base, establish personal connections, and get direct feedback from potential clients. Its success depends on the agent’s approach, persistence, and ability to build rapport over the phone. 

What is a real estate cold calling script?

A real estate cold calling script is a pre-planned outline or guide that real estate agents use during cold calls. 

It typically includes a greeting, introduction, key talking points, and closing remarks. The script is designed to keep the conversation focused and ensure that the agent covers all necessary information, while also being flexible enough to adapt to the flow of the conversation.

How to make cold calls in real estate?

Follow the below steps to make cold calls in real estate successfully: 

– Research your prospects before making cold calls in real estate to personalize the conversation. 

– Use a script as a guide but be flexible to maintain a natural dialogue. 

– Call at optimal times, typically late afternoons or mid-mornings. 

– Practice active listening to understand the client’s needs. 

– Always follow up for sustained engagement.

How many cold calls a day should real estate make?

A balanced approach for agents is to aim for 20-30 cold calls per day, ensuring significant outreach without sacrificing quality.

What are the alternatives to cold calling in real estate?

While cold calling is a tried and tested method in real estate, there are several effective alternatives for generating leads and connecting with potential clients:  

  1. Social media marketing: Engaging with potential clients on platforms like Facebook and Instagram.  
  2. Email marketing: Sending targeted newsletters and property updates.  
  3. Networking: Building connections through real estate events and open houses.  
  4. Referrals: Encouraging satisfied clients to refer new customers.  
  5. Content marketing: Sharing informative blogs and videos to attract leads.  
  6. Online advertising: Using digital ads to target specific buyer or seller groups.  
  7. Direct mail: Sending relevant marketing materials directly to selected neighborhoods or demographics. 

Sonali Negi

Sonali is a writer born out of her utmost passion for writing. She is working with a passionate team of content creators at Salesmate. She enjoys learning about new ideas in marketing and sales. She is an optimistic girl and endeavors to bring the best out of every situation. In her free time, she loves to introspect and observe people.

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