Why Cold Calling Still Works—And How to Do It Right in Today’s Market
Let’s be real—cold calling gets a bad rap.
You’ve probably heard things like:
“People never answer their phones anymore.”
“Cold calling is outdated.”
“Digital is where all the attention is.”
But here’s the truth: cold calling still works for CRE brokers who work it right. The problem isn’t the channel. The problem is the strategy—or lack of one.
In this article, I’ll break down how to modernize your cold calling approach, target the right prospects, use tools like Reonomy effectively, and boost your appointment-setting game.
Let’s dive in.
Cold Calling Isn’t Dead—It’s Just Misused
A Baylor University study showed only 1% of real estate cold calls convert to an appointment—not exactly encouraging, right?
But here’s the kicker: That same study revealed that for every 209 calls, one appointment is set, and that appointment could be worth thousands—or even six figures—for a CRE broker.
➡️ ROI Reality Check: If a broker can land even 1 listing or client per 7 hours of cold calling, the math works. Especially in CRE, where commissions can be substantial.
The key is not calling everyone, but rather calling the right people with the right script at the right time.
Step 1: Start With Better Data
Here’s where most brokers go wrong—they waste time calling random numbers or stale lists.
Use a tool like Reonomy to pull targeted lists based on:
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Asset type (e.g. multifamily, industrial, office, etc.)
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Location or ZIP code
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Sales history (hasn’t sold in 10+ years = more likely to sell)
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Ownership info (pierce through LLCs and reach real owners)
This kind of filtering gives you quality leads—people with the right kind of property, in the right area, and who may be ready to sell or buy again.
Step 2: Build Cold Calling Lists You Can Scale
Once you’ve built your Reonomy list, export it as a CSV and load it into your CRM or a spreadsheet.
Here’s what this gives you:
✅ A trackable process
✅ The ability to prioritize warmest leads
✅ More consistent outreach without reinventing the wheel every time
Pro tip: Plan your call blocks (e.g., 10-12 PM and 1-3 PM) and work your list methodically. Consistency trumps volume.
Step 3: Tailor Your Script—Don’t Sound Like a Robot
Generic scripts are dead. Personalization wins.
Here’s how to tailor your approach:
🧠 Know the property: “I see you renovated in 2018—how did that investment work out?”
📊 Know their history: “When you bought in 2003, was this always intended to be a long-term hold?”
🏢 Know their portfolio: “I noticed you own three other office buildings in the neighborhood—would you be open to an offer on all three?”
Scripts that show insight build trust. And trust gets you meetings.
Step 4: Use the Right Script Framework
Here’s a script used by top brokers:
“Hi [Name], this is [Your Name] from [Your Company].
I know this is out of the blue—do you have 1 minute to help me out?”➡️ If yes, pitch briefly: “We’re representing several buyers looking for [asset type] near your property. Are you open to having a quick conversation about market value?”
➡️ If no, still provide value: “Totally fine—just curious, how’s your current building working for you?”
➡️ Close with a soft in-person ask: “I’ll be in your area next week—could stop by for 5 minutes so you can put a face to the name.”
Don’t over-talk. Be curious. Be helpful. Leave the door open.
Step 5: Don’t Ignore Voicemail—Use It to Your Advantage
80% of calls go to voicemail. If you’re not prepared, that’s a missed opportunity.
💡 Keep it under 14 seconds. Leave value. Speak clearly.
Example:
“Hey [Name], this is Jeff from [Brokerage]. I have a few buyers looking at your block and wanted to run something by you. I’ll try again tomorrow. Appreciate your time.”
Repeat that 3-5 times over two weeks, and you’ll be in the top 5% of follow-up consistency.
Step 6: Track Attempts—Don’t Give Up Too Early
The average salesperson makes 2 call attempts per lead. But research shows it often takes 8 to 18 touches to get a response.
➡️ Most deals are lost not because they said “no”—but because you gave up too soon.
Use a simple tracker or CRM tool to log:
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Call attempts
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Voicemails left
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Follow-up dates
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Meeting outcomes
📸 [Insert sample screenshot of a call tracking spreadsheet or CRM dashboard]
Final Thoughts: Cold Calling Isn’t Everything—But It’s Still Powerful
Cold calling isn’t the only channel in your prospecting toolbox—but it still opens doors that email or LinkedIn can’t.
What matters most?
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Use better data
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Be relevant and prepared
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Be consistent and methodical
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Follow up like a pro
Most CRE brokers aren’t failing because cold calling doesn’t work.
They’re failing because they haven’t optimized how they use it.
