We know you want to close real estate deals faster and at a higher price. You want to find homes for listing. But connecting with homeowners who are likely to sell seems like a mountain to climb. Real estate prospecting has never been straightforward, yet some of us excel in it. So, what are the secrets to prospecting?
A decade ago, one of our current team members set foot on the real estate industry doubling as a broker and agent. Like many other rookies entering the realm of prospecting, he was eager to generate and convert leads. But, he didn’t know-how. Leads were hard to come by, and butting heads with rival brokers was common.
We can summarize his first few months of prospecting as a catastrophe. Not even cold mails, warm calls or residential visits could work for him. When he met a veteran in the industry, (also, our team member) it was his turning point. He was taught the art of prospecting offline and online – warm and cold.
Today, he closes up several real estate deals on a month. The most vital skill a real estate person will ever master is to prospect. Prospecting is an art. An art honed through time.
We have been in this industry for decades, and we want to share vital prospecting tips with you today.
Technologies change, people change, but ingredients to ultimate prospecting remain the same. Have a quick look at these real estate prospecting tips to gear up your selling touchpoints.
1. Leverage Technological Tools
If you are a broker, lender, or an agent lurking in the shadows of traditional prospecting methods, you deny yourself a raft of opportunities.
Think of how much change the real estate sector has undergone over the past ten years. Then, imagine how it could be in the next five years. Mindboggling, right?
To remain relevant, you need to use tools that propel your lead acquisition process. Tech tools ease the process of collecting key facts about real estate markets. They give you better visibility of the market.
For instance, ProspectNow uses an algorithm that enables you to see which houses are likely to sell. The tool considers historical data to map out a homeowner’s selling or buying behavior.
Also, count on digital marketing to give you an edge over your rivals. Digital tools give you the power to search thousands of property records and retrieve accurate contact details.
2. Create a Plan and Stick to It
With years of experience, few things in the real estate industry surprise us. But the number of people entering the market without a business plan is quite a shocker. A plan is a roadmap that guides your prospecting goals.
It is easy to put a plan but following it is often challenging. As an agent or a broker, you have to incorporate prospecting into your daily routine. And that means you need a schedule, calendar, and objectives to follow.
Your plan should include:
- Daily prospecting schedule which should be approximately 60-90 minutes
- Your target market and associated demographics
- Market segmentation strategies
- Competitive advantage strategies
- The strategic lead acquisition process
- Daily, weekly and monthly goals
Note that performing a SWOT analysis could also help you create a plan whose goals are easy to actualize. Proper planning provides you with a chance to outline KPIs that align with your ROI.
3. Dictate Your Market through Events
Trying to chase on every lead sounds like a good idea. However, it may prove to be daunting and unyielding. You should find the market to delve in, create a scope within which you will concentrate your marketing and exert your prospecting efforts.
Organizing weekly social media live shows or offering free coffee for your prospects can payoff. Take advantage of local events, take part in charitable activities and do not miss trade shows. Such events give you a lifetime chance to meet prospects in person.
Events make the process of establishing your brand seamless. Use them as tools for building and strengthening your database. If you do not want to put off prospects, avoid direct sales pitches. Focus on building relationships and widening your networks.
No one wants snobby realtors. Property owners get to trust you when you have an extensive network and significant knowledge of the industry. Dictate your market by showing that you have what it takes to get listings to fetch high prices.
Once you dictate your market, create data for it and start prospecting. List potential sellers and/or buyers and their contacts and try to match their needs with properties that excite them.
4. Know More about Your Market
It might be an uphill task exhausting opportunities in a market you have no clue about. You need to research, master the rates, understand the market culture and identify real estate dynamics in your area.
Get to know the movers and shakers in the market and how they affect your prospecting channels and goals. Know what you can, and keep learning while adjusting to the changing market needs.
At times, physical boundaries act like the determinants of your market. But they do not have to limit you in any way. You can choose a certain caliber of people; for example, high earning entertainers or a given income class and make them your chosen market.
5. Focus on Data
No more guesswork. Collect, analyze and use prospecting data to your benefit. Tools such as ProspectNow have millions of real estate concrete data that facilitate the creation of accurate reports. Use such tools to gather data.
Data is indispensable in understanding your clients. It assists in knowing things like zoning, building regulations, and upcoming government projects in your area. Data not only helps in knowing more about leads but also informs your prospecting decisions.
Undoubtedly, data enhances your understanding of the prospects across the marketing funnel. Sellers will go for agents and realtors who have bespoke knowledge of trends, laws and real estate economic outlook.
6. Be Quick To Grab FSBO Opportunities
Contrary to your belief, most for-sale-by-owner properties end up in the hands of professional agents and brokers.
Try to find out owners who have listings that have overstayed in the market. Approach them and give them tips that would make them sell fast.
Oft-dreaded cold calls have low conversions. So, do not bother cold emailing or calling a prospect. Use FSBO service or tools such as ProspectNow. Also, leverage your networks to engage FSBO owners.
7. Create a Sphere of Influence
We have relied so much on social media and digital channels that we have forgotten the importance of face-to-face conversations. Be active out there. Attend community events and use every prospecting opportunity to create relationships.
Create great relationships with the people around you. These are past clients, friends, and family who form your sphere of influence. They can act as a reliable source of referrals. If possible, always offer discounts or gifts to them when processing their real estate deals. Also, add your sphere to your social media handles, and create marketing pieces tailored for them.
8. Social Media Strategy
It goes without saying that social media is a pivotal network for acquiring prospects. Most brokers do not have a robust social strategy. With proper strategy, you can achieve quick engagement, brand reinforcement and establish a solid CRM (customer relationship management) funnel.
You need a strategy that works for your goals – one that harmonizes well with your business plan. Present yourself as a professional expert and entice your audience with news, trends, and happenings in your area. Use stories and polls to engage your audience. If you are still struggling to find an audience, consider using influencer marketers.
When finding potential home buyers, you can consider brand exposure tools such as the Zillow premier agent. Facebook and Instagram are useful social handles for marketing. But don’t forget that the likes of YouTube, Twitter and Pinterest are vital as well.
9. Categorize Your Leads
Uncluttering your sales pipeline by classifying your leads will help reduce churn rates. Potential property sellers have different needs. So, why would you add every prospect to a same email drip campaign?
You can classify leads as cold, warm and hot depending on core questions driving prospects to buy or sell. Consider questions such as: why are they selling or buying? What kind of property are they selling? When do they expect a closing? How do they want to sell or buy?
Such classifications will assist you in scheduling processes and customizing marketing campaigns. It will enable you to organize meetings with leads who have similar desires.
10. Use Content Marketing to Fuel Your Campaigns
Do not push ads to your prospects aimlessly. Take time to craft insightful how-to videos and blog articles that can help them make sound investment decisions.
Content can help you win the hearts of prospects. Look for anything from funny posts to memes that can strike an emotional chord with your audience.
The effect of content marketing is cumulative. So, be consistent with your tone and message.
11. Take Advantage of Scripts
Some say scripts make you sound like a bot. That might be true, especially for those who do not know how to customize scripts to suit prospect needs. The idea is, when prospecting, don’t talk too much but focus on customers’ pain points.
Scripts allow you to stay on track, focus on your prospecting goals and maintain consistency. Qualifying leads is a continuous process, and the message you deliver should be the same all through.
Scripts are useful in building rapport, creating a positive perception and leaving a lasting impression.
12. Consider Postcards and Door Hangers
Joshua Smith was voted the 30th real estate agent in the country in 2013. He revealed that the secret for closing 463 listings in a year is relentless use of postcards and door hangers. This was an eye-opener for many agents and brokers.
If you want to get sellers that would have never considered agents or brokers, postcards and door hangers are essential. By informing potential prospects that some houses in the neighborhood are selling way above their asking prices, they might consider selling their homes.
ProspectNow offers templates for postcards to enable you to create and send direct mails to prospects in a whim.
13. Outline Your Value
Why should prospects consider you instead of dozens of agents out there? Why should they trust you? Anchoring your lead generation, lead qualification and lead acquisition campaigns on your value proposition give you an edge.
Concentrate on your strengths and skills while building on areas of your weakness. As stated earlier, collect enough data to guide you on areas that demand your skills.
Like top agents such as Aida Younis and Jade Mills, develop your own brand to enhance authenticity. Create your website and post testimonials to build credibility. This might take some time, but the results are long-lasting.
14. Create a Thoughtful Pre-listing Presentation
Qualifying leads and landing referrals isn’t that easy. No matter how you get your appointments, persistence, knowledge, and talent always come into play.
A listing presentation can help you outline your experience, contacts, knowledge, and expertise. Consider it as the pedestal for creating engagement opportunities with your prospects.
Some of the things you can include in your pre-listing package include:
- Your goals and experience
- Affiliated real estate agencies and experience
- Your sphere of influence with their contacts
- Comparative market analysis report (CMA
- Marketing real estate tips
- Tips on how homeowners could sell homes faster and a higher price
- Pre-inspection and appraisal benefits
- Real estate trends
Also, include HD images, floor plans and everything else you might think it can interest your prospects.
15. Personalize Your Offline and Online Campaigns
Everyone wants to feel unique and special. Personalization enhances engagement, drives leads and improves customer’s satisfaction.
When you do it right, your lead conversion rate skyrockets and you will make several listings in a month. Consider using geofencing to understand your prospects better. The good thing is that you can get as granular as you want – down from the city to the zip code and the block.
Understand the demographics of your social media audience and take time to craft personalized materials. Personalization draws you closer to your prospect acquisition goals.
Bottom Line
Real estate prospecting is a journey that is unique for everyone. There are no rules of thumb or special guidelines to follow. Some can take years to master the art of prospecting; some can achieve their prospecting goals in a matter of months.
As an agent or a broker, ProspectNow helps you develop the roadmap for success. You can look around on our site to discover our premium services for prospectors. We help agents perform market segmentation by providing them with accurate historical data. Moreover, we conduct analytics that maps out a homeowner’s real estate journey enabling you to identify which prospects are likely to sell or buy homes.