The real estate market is recovering. It may be a slow recovery, but it's a recovery just the same. But while the market is recovering, is your real estate business recovering? If the majority of your business comes from referrals and the referrals aren't coming in what do you do? What do you do when the phone stops ringing?
Time to Start Prospecting
If you haven't had to prospect in a while you may need a refresher course on how to jump start your business. What seems like common sense to some real estate agents may be new news for others. So here are a few things you can do now to market yourself and get some people into your pipeline.
Pick Up the Phone
The fastest and most inexpensive prospecting activity you can do is make phone calls. You can do cold calls if you like, but that's not what I'm suggesting. Start by calling the people on your contact list that you enjoy talking to. These could be friends, family or past clients...it doesn't matter. Many agents fear calling people they know because they don't want them to think they are "begging" for business. If you really want to jump start your business you'll have to get out of your own way and do some activities that might make you feel a little uncomfortable. Since these are people you know and like, the conversation should be easy and natural. When they ask you how you are doing you can ask them if they know anyone who is looking to buy or sell real estate. The interest rates are still low in comparison to past decades and are projected to increase next year, so now is a good time to buy. Don't worry so much about how the conversation will go, just pick up the phone and say, "Hi, how are you?"
Do an Open House or Two
Open houses are a great way to meet potential clients. If you don't have any listings, ask some of the agents in your office if you can hold their listings open. Since so many home searches begin on the Internet you will find there are a large number of people who aren't working with an agent. On your sign in card or sheet ask the guest if they are working with an agent. If they aren't, you know this is a potential client. If they say they are working with an agent you are still polite and extremely helpful. Remember, people change agents all the time. They just may like you better than their current agent. Try to engage everyone who comes through the door. By the time you leave you should feel exhausted. That's when you know you did a good job.
Get Out and See People
If you are looking to fill your pipeline you can't be a secret agent. You have to get out in front of people of might buy or sell real estate. Make it a goal to attend at least one function a week where you don't know the majority of people in attendance. Before going to the event have a goal in mind as to the number of new people you are looking to meet and engage. The goal is to meet new people, not hang out with people you already know.
It Takes Time
It will take some time to fill your pipeline and you might get impatient, but it's important to remember that your business didn't dry up overnight. Of course there are lots of other activities you can do to jump start your business, but these three activities will get you in front of people. When you are trying to rebuild your business you can't hide behind postcards, emails or a web site; you have to get in front of people. Set some realistic goals, be consistent in your activities and you will see your real estate business grow.
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