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Part 3 - Prospecting for your real estate business

Prospecting for your real estate business This is the next topic in this series of ten specific tasks that leading real estate agents do to succeed. Ten specific Tasks that leading real estate salespeople do to succeed in real estate These are the ten sections contained in this series of articles to help you succeed in real estate: Part 1 - General ideas, suggestions, motivational quotes Part 2 - Business Planning for your Real Estate Business Part 3 - Prospecting for your real estate business Part 4 - Increasing Your Prospect Base Part 5 - You must "List to Last" for the long term in the Real Estate business Part 6 - Set High Listing Standards Part 7 - Marketing yourself to prove to the clients that you are worth it Part 8 - Real Estate Marketing 101 Part 9 - Concerns and Objection Handling Part 10 - Real Estate Time Management _________________   These are some of the notes that I took during the recent seminar and I am sure you will find them enlightening if not helpful! PART 3 - Prospecting for your real estate business What is the Definition of a Prospect: A prospect is someone who will buy or sell a property now or in the near future. Too many times I see people spending all of their time working with clients who have no intention of buying or selling anytime soon. The time you spend driving people around who are only "thinking about it" is time you could be spending looking for new business opportunities. You need to be able to quickly qualify those clients who are serious and want to work with you. All of the others you can put on a drip campaign and stay in touch with them periodically, but you need to spend your time with people who are serious about buying or selling. How many people are not at this seminar today because they are driving people around that are not going to buy anything? You need to prioritize your time because it is valuable and it is finite. You only have a limited number of hours in each day so you need to spend them wisely. Learn to Embrace Change: Really successful people in today's real estate industry learn to be in control of their careers. They embrace change instead of resisting it. You have to set good goals What is your goal this year? Goals must be specific, measurable and attainable. They must be a reward for your hard work to keep you motivated and you must be able to track your progress toward your goal (how many sales do you need to close to achieve it?) You have to learn to qualify quickly There are certain questions you can ask a buyer to determine if they are serious. The quicker you can qualify the seriousness of your prospects, the faster you can decide how to best utilize your time working with them . You need to make a commitment Commitments are not subject to or conditional on. If you make a commitment it is your word and people must know they can take it to the bank. In order to have happy clients all of the time, make sure you under-promise and over-deliver. Technology will help you but it will never replace belly to belly selling So many people today try to harness technology in order not to have to deal with people. Everything is done bye-mail and internet and salespeople are losing their ability to pick up the phone and talk to people in person. The technology of today is wonderful, but it does not render the fundamentals of yesterday obsolete. Make sure you take time to practice your phone communication skills on a regular basis so that when leads come your way (either through the office, through referrals or through the internet) you are comfortable conversing with strangers to convert those leads into sales. Another key in sales and helping people is that you must Separate the "Suspects" from the "Prospects": A key to being successful is being able to quickly separate the "suspects" from the "prospects". You can do this by asking a few simple qualifying questions: 1 . Ask them to come into your office to have a meeting.  Explain you have a process you work through with every buyer that requires spending a few minutes in the office to run through some questions to determine the best properties for them.  If they are willing to go out of their way to meet you at your office then you know they are serious. 2. You need go determine how motivated they are to move, if they are financially able to move (get a mortgage pre-approval) and how urgently they want to move. 3. Don't make assumptions.  This in no way means that you are forcing them to choose a house today, but you need to know when they would be ready to move. If they say, "Oh no, we are just looking around to get a feel for things - "we don't want to move until next summer", then you need to put them on a drip campaign and send them out to view some properties on their own. Keep in touch but don't waste time driving them around when you could be looking for new business. There are LOOKERS - Make sure you stay in touch to cultivate a relationship. They will buy or sell one day and you want to be the person they come to when they are ready. Set them up to receive regular marketing pieces from you (twice per month) and give them a personal phone call every few months to see how things are progressing . and there are BUYERS - Make sure you work closely with serious buyers - if you don't give them your full attention then your competitors will. You need to make sure you ask for a commitment up front to ensure they are serious about working with you and they are not working with several agents at once. The best way to do that is to get a buyer agency signed BEFORE you start driving them around. Next chapter Part 4 - Increasing Your Prospect Base: The next chapter in this series will teach you the next step in expanding your business, read next chapter    The information contained on this page and this series of articles designed to help you succeed in real estate will give you great insights and knowledge into how your real estate business should be conducted.  (C) Copyright Prospecting for your real estate business All Rights Reserved This page has dealt with real estate sales information, I hope you have found it useful.

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Ten specific Tasks that leading real estate salespeople do to succeed in Real Estate:

Part 1 - General ideas, suggestions, motivational quotes
Part 2 - Business Planning for your Real Estate Business
Part 3 - Prospecting for your real estate business
Part 4 - Increasing Your Prospect Base
Part 5 - You must List to Last for the long term in this business
Part 6 - Set High Listing Standards
Part 7 - Marketing yourself to prove to the clients that you are worth it
Part 8 - Real Estate Marketing 101
Part 9 - Concerns and Objection Handling
Part 10 - Time Management

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