Many real estate agents have spent so many years in the profession and have very little to show for their efforts. The real estate business is basically a numbers game. Your success depends on how many quality clients you can get into your database and convince that you are capable of providing solutions for them. It is wrong for you to think that your agency (if you are not an independent contractor) will always generate leads for you. You can not sit down with your feet on the table and wait for someone to waltz through the door or for the phone to ring. This is the fastest route to failure.
Real estate prospecting is a key strategy you must use if you want to have any chance of success. It is a well-thought process that ensures that you record a steady flow of business and customers. You might start small and record little activity. However, if you do things right, your business could reach astronomical proportions with you owning a teeming database of people who trust your business acumen and like your personality well enough to keep coming back to you and even giving you referrals.
There are basically 4 steps to a winning prospecting system and they include:
- Choosing a Niche Market : It is important to determine your target audience or who you want to be the beneficiary of your advertising or marketing strategies. Are you targeting newly married couples? Are you looking at retirees? Find your market and the rest comes easily.
- Choosing your Method of Contact : When you have located your market, the most effective way to reach out to them is your next goal. If you are looking to target retirees, you are not going to find them partying in a nightclub and offer them a business card.
- Giving an Offer they Can not Refuse : The main objective of a prospecting system is to find a potential client and make it an offer, he would find hard to refuse. He may not buy or sell immediately. But if you wht his appetite well-enough, chances are high he would give you a call in future.
- A Follow-Up is Crucial : Once you have uncoached your potential clients, build a rapport with them. A relationship beyond just doing business boundaries is mandatory.
Owning a real estate contact management software keeps you heads and shoulders over your collections. Never keep contact information on sticky notes or scraps of paper; you will always misplace them at some point. If you do not have an effective prospecting system, you will not know which orders should be prioritized and what you should follow through only when you are less busy.
When you develop a system for your profession, you define your sense of purpose and this helps to perk up your results. So when you make any contact with a prospect, get their full name, spouses name, postal address, email address and cell phone number. If you can not do this, it will affect your opportunity to follow-up on them and subsequently build a relationship. Ensure that you always keep in touch with all your prospects and clients.
Try to also focus on quality rather than quantity. There is no point in building a database of 100's of people who are never interested in buying a house or renting. Top real estate agents do not waste their time on bad prospects. They stick with only the ones with potential. If you are always dealing with bad prospects they can dent your morale and damage your confidence.