We’ve distilled the top sales techniques into a single list with the goal of making 2018 more successful for your business. With sales techniques covering commercial real estate efficiency and strategy, this short list can guide you to prosperity in your business. Whenever you find yourself working unnecessary overtime, or seeing a dip in your bottom line, skim through these top sales techniques to right the ship.
Top sales techniques to help you crush it in commercial real estate this year!
1. Map out your success
Quantifying your commercial real estate goals is an extremely powerful sales technique for achieving success because it allows you to reverse engineer your path to reaching your goals. If you know how much commission you want to earn, you can easily calculate how many deals you must close and how many prospects you must reach to hit your desired earnings. For a simple map of actions needed to achieve your goals, use our commission calculator.
2. Best times to contact
You can spend countless of hours cold calling prospects with no luck. Or you can follow this top sales technique to get more people on the phone to find your next deal. A study by Lead Response Management found that Wednesday and Thursday are the best days to cold call a prospect. The best times are from 8-9am as well as 4-6pm. So, be sure to call your commercial real estate prospects on Wednesday and Thursday. And for best results, call during the hours of 8-9 am and 4-6 pm.
Email marketing has 2x higher ROI than cold calling, according to Close.io. However, your must be strategic with your emails. If you are sending emails on Monday during the morning rush, you’ll most likely never hear from your prospect. A study by GetResponse found that Tuesday is the best day to send emails. They also recommend emailing from 8-10 AM and from 1-4 PM. Midmorning works well because we usually start out our day by checking emails. Also, afternoons are effective because people usually check their emails right after coming back from lunch.
3. Follow up tenaciously
We can’t stress this enough. Following up 5-12 times is the single most important practice in sales. 92% of sales reps give up before the 5th follow up. But, 80% of sales close after the 5th follow up. In other words, the 8% of tenacious reps are closing 80% of the deals. If that isn’t enough incentive, Demand Gen Report found that nurtured leads result in 20% more business opportunities. Perseverance builds rapport and trust in a way that a single cold call never can.
4. Meet face-to-face
In our own study of over 2000 commercial real estate deals, we were shocked by how effective a simple meeting can be. A prospect has a 3.69% closing rate if they’ve only been contacted by phone and email. However, after a face-to-face meeting the closing likelihood jumps to 13.51%. It’s a simple, cheap way to boost your sales by nearly 10%. It also helps reinforce the rapport and trust that you’ve built throughout your follow-ups.
5. Skip the voicemails and callback within 5 minutes
Ring DNA found that a salesperson spends around 20 hours a month leaving voicemails. And all of this work yields a meager response rate of 4.8%. Save up to 5 hours a week by never leaving a voicemail again. Instead, make sure to return every call within 5 minutes. A 5 minute response is 21 times more likely to get a response than a 20 minute callback.
5. Leave your data entry on cruise control
Find technology that automates work and doesn’t need to be done by person with your skillset. Allow your business tools to take care of the menial tasks while you focus on selling. If possible, try to find an all-in-one platform that specializes in commercial real estate to save you time and effort from shuffling through several different programs. These top sales techniques are only effective if you can automate as much tasks as possible.
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