prospecting

I was out with a group of REALTORS not too long ago and some were complaining that business was so slow that they had nothing to do.  I thought to myself, "how is that possible?"  In this business there is ALWAYS something to do.  I asked, ‘how about prospecting for leads?'  They all agreed that, yes they could spend more time actually looking for more business.

We then had a discussion on how to go about it and I was, frankly, a little stunned at some of their definitions of 'prospecting.' So, I wanted to just provide a little refresher on what prospecting is...and what it isn't.

What Prospecting Is

 What Prospecting Isn't

Call past clients

 Mailing magnets, calendars, etc

Calling people in your sphere on influence

Setting up a web-site

Calling expired listings

Joining service organizations

Calling FSBO's

Wearing your name badge around town

Cold calling for listings and sales

Putting signs on your car

Knocking on doors

Sponsoring a little league team

Holding open houses

Doing "floor time"

The Four Pillars of Prospecting

1. Set a daily time and place for prospecting: You can't work your prospecting around your day; you must work your day around prospecting. You have to establish the habit and engage in the discipline of prospecting on a daily basis and from a controlled environment.

2. Fight off distractions: Let's face it most agents will welcome ANY distraction to avoid prospecting.  The difference between prospecting avoidance and prospecting success comes down to how you handle distractions. 

3. Follow a plan: You must know who you're going to call each day and for what reason.  The best approach is to set-up each day's prospecting plan a day in advance.

4. Be faithful to yourself and finish what you start: Stay faithful to your daily objectives by completing all of your prospecting contacts down to the very last one!  Don't settle for less than your daily goal.

Success is built on a series of fundamentals.  One of those fundamentals is prospecting.  Remember, there is a difference between activity and accomplishment, don't confuse the two.

 

 

 
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33 Comments on "I don't have anything to do." WHAT?!?

20 Most Recent Comments Displayed Show All

MAY
21
2011
1,441,775 Points 43 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

We can disagree in different methods of prospecting. . but the fact remains. .no prospecting -- no money. .simple
6:56am • #14

Looks like a list that will keep any agent pretty busy.  Some of the ideas on the other list can't hurt, but they won't replace the effectiveness of the prospecting activities.
7:13am • #15
333,942 Points 5 Featured Posts Outside Blog Attended Rain Camp

Cindy, you're right, it is the "KW way."

Tamara, I agree that marketing is VERY important, but not MORE important than prospecting.

Gina, yep, one is 'proactive' and one is passive. And again, both are important in building that foundation.

Jim, you're right, most of my listings come from active prospecting (calling FSBO's and expireds), buyers come from my other activities.

Mike, sounds like you got the 'numbers' worked out.  As they say, a 'no' puts you one step closer to a 'yes.'

Laura, yep...and I'm just as guilty as the next guy at finding 'something else to do.'

Jeanne, as I said, "we can't confuse 'activity with accomplishment.'"

Ruthmarie, it's not about drinking the 'KW Kool-aid,' it's about using ones resources wisely. I don't go door knocking either as I think it a waste of time. But it is a prospecting tool.  And I very rarely use scripts, I use my own, non-manipulative language that centers around providing a service and being helpful...and it works.

Stacey, thank you for reading this in the context that it was meant.  These folks were complaining of not having anything to do...as I said, in this business there is ALWAYS something to do.

Evelyn...I couldn't have said it better.  It does require practice and it does require discipline.

Praful, thanks, I'll have to see what Mr. Buffini says.

Raine...exactly!

Fernando, exactly, again!!

Phil, succinctly put...and absolutely correct.

 
7:39am • #16
990,423 Points 6 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I really like this post. Most of the things to do start with a C as in Cheryl. I bet I could think of a C for the last two! Come to my Open House and Come meet me at the Door make this an easy way to remember the action list for Successful Prospecting.
8:49am • #17
825,798 Points 13 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Karl, this post is right on. Agents often don't obtain the results they're seeking because they prospect in too BROAD of an area. They need to start in a specific area , saturate it and THEN grow it larger !
9:12am • #18
1,371,760 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

The words 'floor time' equal 'wasted time' in my book. My broker does not even offer it! I remember the days when it was mandatory at my last broker's office............and it was time to do computer work since it was normally dead time!
9:12am • #19
742,339 Points 16 Featured Posts Outside Blog Called Shot Master

Karl, I guess what you are saying here is there is a difference between prospecting and lead generation. Both have their place. Good Post!
9:43am • #20
2 Featured Posts Attended Rain Camp

Great stuff, i have reblogged your site and linkback.  Great post!

- Evan
9:54am • #21
1,113,098 Points 52 Featured Posts Outside Blog Called Shot Master

A real estate agent, broker, REALTOR is never slow, looking for things to do. Busy means putting your time in to whatever is needed in the market you are working with. Less phones and email traffic, then get out and knock on doors to get new listing inventory that is priced to sell. Make the phone and email go the other way if the traffic coming in is light. Stay busy, creative, productive like a farmer who works all the time but loves what he does and is driven, passionate. Having fun.
11:14am • #22
998,160 Points 363 Featured Posts Attended Rain Camp Called Shot Master

Your four pillars are fabulous Karl.  Right out of my MBA marketing class!  Without prospecting the bucket empties.  THEN and only then do you have nothing to do,

except more prospecting!
1:53pm • #23

What do you mean the KW way, seems they want credit for any positive. It wasn't the KW way when I started in 1965, and it wasn't the KW way when my "mentor" started in 1909, it is just the right way. If one of my agents told me that there wasn't much to do, I would buy him a newspaper and turn it to the help wanted section.

As was said don't let the bucket get empty, but don't allow it to get full of rotten fruit either, unless your really fond of flies..

And as for the music comparison of practice, practice, practice, don't forget to inject and improve, so practice and improve, practice and improve, practice and improve. Days of practicing poor playing just perfects poor playing. The last statement is from my wife, who was a first chair concert cellist at 16.

 
Brian Park
3:02pm • #24
1,138,433 Points 91 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Prospecting is what keeps you alive in this down business. Good work!
3:55pm • #25
231,878 Points 8 Featured Posts Attended Rain Camp Called Shot Master

Great post and the four pillars are right on. There are things to do no matter what the economy is if you want to survive in the business.
4:59pm • #26
564,585 Points 152 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Good stuff, Karl.  Thanks for the reminders, and I definitley need to enlist that four step plan into my day!
8:15pm • #27
121,336 Points 9 Featured Posts Outside Blog Attended Rain Camp

Consistency is the key!
8:51pm • #28
515,389 Points 26 Featured Posts Outside Blog Called Shot Master

okay okay. I see I have lots to do. thanks for the list!
9:20pm • #29
1,363,859 Points 42 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Karl - There's so much busy work in our business that it's possible to do lots and accomplish absolutely nothing.
10:25pm • #30
2 Featured Posts Outside Blog

Great post and I appreciate the reminder to NOT BE DESTRACTED.   That is one I struggle with every day and love when I'm reminded to toe that line.   Thanks for the nudge.  
11:33pm • #31
MAY
24
2011
145,246 Points

I think that you have hit the nail square on the head with this post!
2:15am • #32
JUN
29
2011

You are spot on.  I am rather ADD so I have distilled it down to "Focus and Discipline".  It works for prospecting, Lead conversion, client service and successful conclusions. Repeat often.
7:17pm • #33

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