Cold Call Questions
I’m about 13 months into multifamily brokerage.  I spent my first year learning how to underwrite and market properties because I’ve done it for all 5 active brokers on my team.  It was fast paced learning at first but now I’m settling in to my routine and finally earning more time to call.  

I get the numbers, and the transaction in general.  What I don’t understand is how some people are so incredibly effective at opening up their clients over the phone.  Sure, if you call a principal enough times maybe you catch them at the right moment.  But some of the other younger brokers who joined around the same time as me are making contact for the first time and a fair share of the time they open up their clients to a point where they feel a genuine connection.

What questions can I ask that would help me open up my clients?  
[{"id": "e5ykk1n", "text": "Start looking at a productive cold call as a call that you walk away with some sort of info. Most clients won't tell you yes the first time but follow ups are key.", "replies": [], "depth": 1}, {"id": "e5ymiuq", "text": "Why are you calling, what can you provide them, why you want to meet and talk? Answer those three questions in the first minute and they\u2019ll want to hear more. \n\nPut yourself in their shoes and approach the call by saying what you it is you think they\u2019d want to hear. At the end of the day your value as a broker is information. Market info, just completed deals, who\u2019s talked about selling, what land is available, who is currently developing and how that effects them. \n\nI had a huge issue cold calling because I thought I was bothering my prospects. Once I had 20+ meetings and learned the right questions to ask I began to understand that I had information these people really wanted and that they should meet me to get that info. Once I knew my phone call added value the switch flipped, and I had zero anxiety for the call. I made twice as many and was much more comfortable on the phone, with a lot of success. \n\nMy goal was never to cold call for a meeting to then lock down the listing. It just never worked like that for me in Multifamily sales. Instead, I approached every meeting 1. as a way to show my market knowledge and explain what I can do for them once it\u2019s time for them to sell and 2. get information that I can use to further my knowledge to get other future meetings. ", "replies": [], "depth": 1}, {"id": "e5yqg3i", "text": "One tactic is to use a deal you think might be a fit to lead into a discussion about their investment motivations.  What deals is he going after and what are they seeing that motivates this?  Ask \u2018why\u2019 while offering your own market expertise to show you are trying to help them meet their own goals (vs them thinking you are just taking their time/info)", "replies": [], "depth": 1}, {"id": "e65vgxi", "text": "I am no cold calling god but I just treat them like a friend. I call with information to share and slowly build a relationship. If they are quick with me, I let them go and try again in 30 days. If I really need them (assembling a site) I show up at their door. Another effective strategy I have seen is a coworker who has a buyer in his back pocket (somebody that will write on a site, and then decide if they actually want it or not) they can bang out 50+ calls a day to their multifamily database with \"hi it's X from X, I was touring one of our clients around X and they identified your building for acquisition. Would you be interested in taking a look at an offer\" If they answer no, \"would you be interested in meeting for a coffee  and getting a report I put together showing the recent sales and purchases in your neighbourhood?\" I'd say you get 1/20 with this approach but you GRIND until you strike. GL \n\n&amp;#x200B;", "replies": [], "depth": 1}, {"id": "e6ovj9a", "text": "I don\u2019t have high cold call numbers but I have a lot of success in getting meetings and ultimately broker agreements. (I work on the debt side.)\n\nI\u2019ve found that honesty takes you a long way. I know that sounds cliche, but here\u2019s what I mean:\n\nI tell them why I\u2019m calling (to see if I can add value to your financing assignments). \n\nI tell them what I want (to sit down with them for lunch and get to know each other).\n\nI schedule a date on the phone. \n\nAnd I follow up with a calendar invite. \n\nA lot of folks wouldn\u2019t agree with this approach, because I don\u2019t learn a whole lot over the phone. And I\u2019ve bought plenty of pointless lunches. \n\nBut you never know what value someone could add to your business if you dump them because you don\u2019t feel like you can make a dollar off them in the next 6 months. \n\nThis world is fucking small. Once you\u2019ve said your name once to a prospect, it\u2019s out there for their friends to hear as well. \n\nBe polite, be HONEST and don\u2019t charge upfront fees to build a loan package. \u201cEat what you kill\u201d was something my very first client told me. I\u2019ve stuck to that. It keeps me honest and I\u2019m grateful to have heard it. ", "replies": [], "depth": 1}]