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Prospecting Isn't As Bad As You Think

Jun 29, 2016 4:21:59 PM

Prospecting has long been thought of as something unappealing, rough and time consuming. But it doesn't have to be that way.

If you're smart about it and come in with a plan, then it doesn't have to be countless cold calls, letters and seemingly rewardless effort.

Start off By Being in the Right Mindset

You already know what type of work this might and probably will end up like. So approaching it as positively as you can might change how it feels at first. You have to remember and keep reminding yourself how profitable it is (and necessary).

Yes, there are a lot of ways to get listings without prospecting, and we've covered a whole bunch of those on this blog. But there's always time to prospect and it will usually be worth it at the end.

Understand Your Strengths 

Don't try to hit every platform and spread yourself thin throughout them all. There's a lot of different ideas you can use for prospecting but stick to the ones you've had the best success with and are the most comfortable with.

Phone calls, door-to-door visits, Facebook and social media marketing, home seminars and advertising at community events are just a few of the ways realtors prospect. Choose your best and go with that.

Celebrate When You Hear "No"

First of all, think of hearing no. Then consider each time you hear a no it's another step closer to getting a yes. Just keep going and never take it personally because that's when people get down the most on this process.

The same as any other type of sales, real estate is a numbers game and the more people you talk to, the more good leads you'll get and the more sales you'll make. Did you know that 80% of sales are made between the 5th and 12th contacts you have? So that is even after you get them into warm leads.

Prospecting

Keep Track of Your Hot Leads

These are people who have contacted you in any way such as visiting your site, etc. more than a couple times. Keeping track of these leads is key, since they have the highest chance out of anyone for doing business with you.

Have a Detailed Plan

This makes a world of difference. This is probably the biggest reason that causes agents to give up on prospective clients. 90% of agents don't even do any type of tracking. They are missing on opportunities to discover trends about their market and themselves.

Sticking to a schedule and experimenting to track and find out which times are the best to contact leads is important. Having a script that you follow or somewhat follow is a good strategy as well. Tweak it and change it around until it works the best.

Follow the Numbers

We mentioned it before in this post, this is a numbers game and every number will statistically move you closer to getting business. For each 165 minutes agents spend prospecting, on average that results in one sale. 

Every 7.83 people that you say hello to equals an appointment. 1.61 appointments equals one sale. This is key to not getting discouraged after getting turned down a bunch of times in a row. For every two and a half hours that you’re prospecting, you’re generating a sale.

Classify Your Leads

This could fall under having a detailed plan. Separate them into three different groups. Under 30 days is group one, where they are ready to buy or sell quickly. The next would be the middle tier of 30 to 90 days. The last would be anything over 90 days.

It's best to get the people from the last two groups into an email campaign or to just send them emails every now and then. When you get someone under 30 days, you need to make an appointment with them on the spot.

Ask For Referrals

This is a form of prospecting since you're still approaching someone with a request or question. The best time to ask for a referral is right after the sale or right after you've provided some sort of valuable service for them. Asking before the sale is closed is horrible and could even ruin the entire sale.

When the sale is over the customer is usually really happy and so much more receptive to that sort of thing. When you ask for referrals, your goal is to get as many names written down as you can.

 

avatar_joe Joe Nickelson is a real estate professional dedicated to helping home buyers and sellers achieve their dreams of owning property, and helping real estate agents stop using the sometimes-vicious tactics that weigh on their consciences. He believes that the Smart Agents books will, quite literally, change people’s lives for the better. Check out his full bio here

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