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How Long Do You Hold On To A Prospect?

By
Industry Observer

Picture 14Time is one of our most valuable assets. As life and business rolls on, for me, most days end and I feel I needed a couple more hours. I spend a lot of time working on potential leads and clients. With my business, a certain part of it deals with internet leads and calls to the office on duty days.

I do my best to give service to this unknown person on the end of a call or e-mail. For example, someone inquires about a certain property in a certain area. As all of you know, you may be working off of a first name only and no telephone number. From this tid bit of info, I try to imagine what criteria may fit this potential prospect.

I generally set this person up for a weekly contact from me by email. I usually send a listing that is similar to the one they inquired about. It is not unusual to send several emails and never receive any response at all. You wonder if they are receiving your message or not. This is a time consuming process. Every now and then, you get an email or a phone call out of the blue from one of those prospects. Those are the times when your time may have been well spent.

My question is this. How long do you hold on to your prospect? Do you have a certain system worked out that tells you when to move on?

Comments(11)

Michael Shankman
Award Realty - Las Vegas, NV
Selling Las Vegas 702-498-3383

I will work a prospect until they tell me to stop...If they say they plan to buy something in the future, I will followup with them every few weeks.

Jul 24, 2008 01:25 AM
Dana Couch-Davis
Kendall Haney Realty Group - Memphis, TN
CRS, GRI, ABR, SRES

I agree with Michael.  I work it and work it and work it.  I have one that I've been working for over 3 years now and they called me the other day saying they were ready to move forward.

Jul 24, 2008 01:36 AM
Kimberly Grant
Exit Leon Crawford Realty - Huntsville, AL
Real Estate Agent - Huntsville Alabama

I would have to agree too.  I work it until they say stop.  Until then you nothing to loose but everything to gain.  And if they do say stop, you can just move on to the next one.

Jul 24, 2008 02:03 AM
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert

I work with a prospect until they buy or decide not to buy. I have a closing with someone coming up that I was in contact with them for over 3 years.

Jul 24, 2008 02:17 AM
Anonymous
Not Yet Licensed

It is not unusual to send several emails and never receive any response at all. You wonder if they are receiving your message or not. This is a time consuming process.

Hi Steve,

I heard one successful agent say she uses the Buy, Die or Cry rule.  She stays in touch until they buy a home, or they die, or they cry for no more contact.  Also, the more you can automate your follow up process, the better.  Are you sending out these emails manually?

Jul 24, 2008 06:36 AM
#5
Dawn LoPresti
United Country/Country Lanes Real Estate - Rutherfordton, NC

I try to hold on as long as possible-meaning they tell me they are tired of receiving emails from me.  I do as much as possible to keep them in contact with me.  Hoping I can find them the right home or piece of property they are looking for.

Jul 24, 2008 10:51 AM
Chris Pollinger
Berman & Pollinger, LLC. - San Diego, CA
Consulting for Luxury Teams and Brokerages

The problem lies in the word "prospect."  You have to determine very quickly if they are a client (which you will have forever) or if they need to be put in an automated system.  Automated doesn't take any time, automated costs next to nothing, automated systems give you back your time and allow you to pursue the more important activities with your clients (and friends and family).

Carpe diem,

Chris

 

 

Jul 24, 2008 12:49 PM
Carol Clay
Looking Glass Realty - Brevard, NC
Broker/REALTOR, Brevard NC Real Estate Specialist

Have you ever heard the phrase "A prospect is a prospect until they buy or die." I don't go that far, but I have some systems in place that seem to work. I send a month newsletter that is totally automated. I don't have to spend a lot of time on it, and it keeps my name in front of prospects at least once a month. For prospects who are more forth coming with what they are looking for, I put them on a prospect manager program available through our MLS.

Every few months I will send an email to say hi...are you getting my newsletter and my listing updates? If you are and you want to continue to recieve them, let me know. Or if something has changed and you want off the list, let me know that too. I am always surprised at how many people I hear from.

It's hard to know when to cut people off. If you ever figure it out, be sure to let me know, too! LOL

 

Jul 24, 2008 02:13 PM
xxx x
Albany, NY

Not Yet Licensed...I am sending out manual responses.

 

I'm currently using Top Producer. Are any of you who responded using something similar that is automated?

Jul 24, 2008 11:45 PM
Lanre-"THE REAL ESTATE FARMER" Folayan
Samson Properties - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

Nobody really knows. I have some people in my Database for over a year some two. Do I want to get rid of them? HECK YEAH. Every single one of them. But I am holding on because you never know.

Part of the reason why some people have not made their decision is because of the market. 6-9 months later from now,me or you are going to write a blog on how some of our prospects have not only decided to buy but they are referring people to you as well. It is stuff. But things are bound to get better soon. If we can make it this far,we are bound to be rewarded bountiful for not giving up. Much success to you bro. Have a great weekend.

Jul 26, 2008 08:13 AM
Paula Knauft
Berkshire Hathaway HomeServices California Properties - Monarch Beach, CA
Coastal Luxury Homes Specialist

Buy or die!  You never know and it does not cost a thing to keep them in your lead stream.

I am closing this week on a lead I received while in the middle of the sea on a cruise in Europe!

I spent 3 hours each day on the computer. My clients just sent a huge flower arrangement thanking me for my hard work!  I arrived home the week of Memorial Day, spent Memorial Day showing property (who cares, I just completed the best European holiday ever)

Price point on my lead 1,000,000!  Paid for that vacation and I have already booked a transatlantic cruise for same time next year.  All paid for by a few hours work each day on my May Cruise.

 

 

 

 

Jul 30, 2008 04:19 PM