There are three words you will hear over and over again as a real estate agent. Prospecting and Lead Generation. To be clear, they mean the same thing. You'll hear them over and over again because without doing some prospecting, you won't be in business for very long. The difficult part about prospecting is this, you know you should be doing it, but you don't know what you should be doing. As a result, you do little or nothing, get frustrated and quit the business. There is a better and easier way.
Types of Prospecting
You already know that prospecting is the life blood of the successful salesperson. Just in case you were wondering; as a real estate agent, you are a salesperson...we are all salespeople in one form or another. If you ever sat down and talked with a successful salesperson you would learn that there are two types of prospecting. Prospecting for the long term and prospecting for the short term. My new online course, Prospecting with Purpose will outline the various ways to prospect and will give you step-by-step instructions on what you should be doing and most importantly, how to do it! If you are new to real estate your focus should be on short term prospecting because those are the activities that will deliver you more immediate results.
Long Term Prospecting
Long term prospecting is the most passive way to prospect. For real estate agents it usually consists of sending direct mail pieces to a geographic or demographic area. Direct mail can work, however it is one of the more expensive ways to prospect simply because of the amount of time it takes to achieve name recognition. Some research has shown that it can take up to three years before agents see results. If you have that kind of time to wait for the leads to come in and the money to pay for the monthly mailings, direct mail can be very profitable.
Short Term Prospecting
Short term prospecting is much more aggressive than long term prospecting. With long term prospecting you are waiting for buyers and sellers to come to you. With short term prospecting you are going out trying to make something happen every day. You are making phone calls, attending networking events, sitting on floor duty, posting on social media and putting yourself in the position to get business. You are telling everyone you know that you are a real estate agent and welcome more business. Short term prospecting is often free of out of pocket expenses and just requires your time.
Regardless of your method of prospecting there is one common denominator to real estate success...consistency. If you're going to do direct mail, than you must mail on a regular basis...monthly, bi-monthly, or quarterly. Consumers need to get used to seeing your pieces. If you are making phone calls, designate a specific time and day every week (hint: you should be making calls every day) to call through your list. Plan what you are going to do on a monthly basis so it becomes automatic. The less you have to think about, the better.
Have a Goal and Evaluate
What are you looking to achieve through your prospecting? Without a goal you will never feel successful. With each activity have a goal and be intentional. When you attend a networking function, know in advance how many people you want to connect with. When making phone calls, know how many calls you intend to make each day. Successful real estate agents plan virtually everything. Every activity they do is also reviewed to assess the effectiveness. If they are running a direct mail campaign, they know the return on their investment. When making calls they know their capture rate. Every activity is planned and has a purpose. If it does not align with their goals, they don't do it. For more details on how to effectively prospect, check out my new online course, Prospecting with Purpose. Sign up today and receive a 50% discount. Not only will you get a structured, detailed course, but you'll get checklists and templates to help you stay focused and track your success.
You can also sign up for my Free Email Course, 5 Things Every New Real Estate Agents Need to Know to start building your real estate business on a solid foundation. Click here to get started.
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Real-Life Real Estate Training – Real Training, Real Results!
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Inman News named Candy Miles-Crocker as one of the Top 25 Real Estate coaches in 2016. Candy, “The Real-Life Realtor”, coaches, mentors and trains new and experienced real estate agents to transform their business by mastering her proven systems for success. She is a firm believer in managing expectations and her goal is to elevate the perception of real estate agents among the general public through education so every client has an amazing real estate experience. Candy’s unique training methods have shown agents what it takes to be successful!
Learn more about her training program at www.RLRETraining.com or send her an email at Candy@RLRETraining.com.