Real Estate is sales.
No matter how you look at it, prospecting is fundamentally similar to other sales jobs.
A lot of the time, it is a game of persistence.
Imagine having a conversation with an owner. They aren't ready to sell.
How you handle the follow ups with them will determine whether or not you get the listing.
But the first step is to plan out how and when you'll contact them.
Don't give up on a lead until they list with you or someone else.
This is how agents waste their time over and over again.
They get in contact with a lead and have a friendly conversation.
But that's it. They move on to the next lead and forget about the seller they spoke to.
Take a look at this graphic below.
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Click to enlarge.
Look at the percent of people that give up by the time of the fourth sale.
Don't ever give up on a lead until they work with someone else.
Not only is that missing out on their business, but it also makes the time you spent on them completely wasted.
These stats were from a Microsoft study. Even if the numbers don't line up exactly with real estate prospecting, they are close.
How do you make this many contacts with a lead?
Follow a solid plan.
This is what the best agents do. They know exactly when and how they will get in touch with a lead.
They know exactly how they will lead the conversation. Last week I wrote about planning out your week.
This falls right into that and may even be more important.
It's about trust and familiarity. You build that by building your rapport with an owner.
Once you separate yourself from the agents who don’t approach them right, the listing is so much closer to being yours.
When you separate yourself, even by just touching base with them more than once or twice, they'll start to remember you.
Having a purpose for each conversation other than asking for the listing is huge.
This is where having a fine-tuned script that you change based on each situation comes into play.
Before calling prospects back, it's smart to make this carefully worded script that will help you identify their needs.
Once you know them and their situation, each call gets easier and easier.
You are literally calling them with an answer to a problem.
This is how to demonstrate your value.
It's also going to let you know their timing. Then you can plan out your folluw-ups with them.
So an expired, or a FSBO isn't listing with anyone. They get called by agents over and over.
Most of the agents drop out and don't call them back after the first try.
Then 89% of them don't hear from them after four tries.
This is how staying persistent sets you apart.
And no other agent is going to be contacting them just with the intent of solving their problems.
Our members do it with books. Any agent can do it with tips and by answering their questions.
Emailing them continuously or repeatedly dropping off your information at the home isn’t any better.
Some agents think this is different and less intrusive. That may be somewhat true, but it is pointless as well.
Being respectful of them and their lines of communication is a must. Sellers HATE when someone calls or emails and simply asks for the listing.
When you come off as helpful and not scripted, sellers can tell.
They still know what your end game is, but there is a different level of respect and reciprocity when you treat and help and owner out like that.
Think of the graphic and the statistics when you are prospecting.
Each no you hear, statistically brings you closer to a yes.
It is not only important to stay persistent with a lead.
Keeping your prospecting plan going is just as important.
If you sit down and plan to call expireds or do drop-offs certain days, but don't have much success, do not change that plan to soon.
This is another huge mistake agents make all to often.
You can't start to get close to success if you are constantly changing your efforts.
Don't get me wrong, if something is not working at all and you've tried it enough times, change that.
But don't give up on drop-offs or old expireds after two weeks because you only have a few viable leads.
Don't forget how quickly a cold and uninterested lead can change into a warm or hot lead.
It all leads back to the graphic from the start of this blog.
Tracking your results and tweaking them accordingly is the way to go.
On any advertising or prospecting, knowing how it is working right away will allow you to make the right choice from there.
It will also let you maximize your dollar.
Remember that immediate success is rare.
Real estate just doesn't work this way. It takes time to get the ball rolling in most situations.
You go out, and you plant seeds. Then each time you call an owner or give them some useful information, it's like watering those seeds.
It's going to take a little (or a long time) for those seeds to grow into full grown plants for your harvest.
You don't plant seeds and watch them grow in a day. Use the same concept for real estate.
Don't give up on leads or your plan.
This is just another way to separate yourself from other agents.
We offer a lot of these ways at Smart Agents. One way we do it is by listing and working with FSBOs differently than the normal agent.
In fact, our team wrote a book on that exact process.
This Book Shows You The Easy Way To List FSBOs - With No Rejection.
FSBOs will welcome you with open arms. Just like agents call these sellers the wrong way, most go about prospecting FSBOs wrong too.
It is about being persistent, but how you are persistent makes the difference.
See more about the book below.
Our book "The 5 Step Plan That Makes It Easy To List For Sale By Owners" will teach you:
- How to prove that you can sell a home for more money than the owner can sell alone.
- A simple method that easily over come the objections that FSBOs use to justify not selling their home with an agent.
- How to get FSBOs to refer you to their friends and family.
- The 5 Step Plan that proves to FSBOs that you will be able to sell their home for more money.
Just like other types of leads, FSBOs need to be shown what you can do for them. They can be harder to talk to than other sellers.
This book will show you how to win them and prove yourself as the permier agent.
Joe Nickelson is a real estate professional dedicated to helping home buyers and sellers achieve their dreams of owning property, and helping real estate agents stop using the sometimes-vicious tactics that weigh on their consciences. He believes that the Smart Agents books will, quite literally, change people’s lives for the better. Check out his full bio here!
