As a new agent, you can’t just count on referrals, word-of-mouth, and marketing and promotional efforts. To get your real estate business rolling, you’ll need fresh real estate prospecting ideas and a solid prospecting plan.
Whether you’re a seasoned pro or still in real estate school, mastering the craft of prospecting in real estate is essential for a thriving career. Use the following steps to build and maintain a list of good real estate leads.
What Does Prospecting Mean in Real Estate?
Prospecting is the systematic and proactive process agents use to identify, engage, and cultivate potential clients or leads. Prospecting typically involves a variety of strategies, like cold calling, networking, marketing, and community involvement – with the primary goal of expanding one’s client base and ultimately closing real estate transactions.
The process requires a nuanced understanding of the local market, effective communication skills, and the ability to build and maintain relationships. With the right prospecting strategies, agents can sustain a steady flow of opportunities, establish credibility, and thrive in the industry’s competitive landscape.
Setting Realistic Real Estate Prospecting Goals
Calculate how many prospects you need to contact to lock down a buyer’s or seller’s listing appointment. Veteran agents suggest that beginners start with five contacts per day, one secured lead per day, and one secured listing appointment per week. However, it would help if you also talked to your broker about the firm’s average or the standard for your market.
Getting new clients as a real estate agent is hard work, but relying on your brokerage to help you set goals and procedures takes some of the guesswork out of it.
If you are new to the industry, you will need a warm-up period to gain confidence and ramp up your prospecting skills. So, it is better to set more manageable goals initially.
10 Prospecting Tips for Real Estate Agents
Here are ten action-oriented prospecting tips for experienced and beginner real estate agents.
1. Contact your sphere.
One way to generate quality leads is by contacting your sphere and letting them know you are taking new listings. Prospecting isn’t just about finding leads; it’s about nurturing relationships. Stay in touch with your contacts through personalized follow-ups, offering market updates, or even a simple check-in. Building trust is fundamental in converting leads into clients. Realize that you may have to make a lot of calls before you get results.
2. Call expired listings.
The expired listing is the most qualified lead that exists. Reach out to expired listings to offer assistance. Here’s an example of what to say during your call: “I saw your home was on the market previously, and I’m calling to see if you’re still interested in selling. If you are, I’m selling a lot of homes, and home values have gone up since you’ve been listed. I have a creative, proven market strategy that will get great results for you.”
3. Go after listings in competitive neighborhoods.
If you’re working with buyers, and there’s nothing on the market, or the neighborhood they’re seeking is very competitive, send a letter or postcard that says, “I’m working with a pre-approved buyer for your neighborhood.”
Don’t have a buyer? No problem. Go after a neighborhood in high demand right now with that same message. Send a letter or postcard that says, “We have buyers looking to live in this neighborhood. If you’re thinking about moving in the next 6-12 months, call me.”
4. Call former satisfied clients.
Quality real estate leads can also come from past clients. Pick up the phone right now and make ten calls. If even one of those ten phone calls produces an active buyer or listing for you, that could result in $5,000-$20,000. It’s helpful to keep that in mind as you make the calls.
5. Sponsor an open house for a seller.
Open houses are still great ways to find new leads. Even looky-loos who may not be really interested in a particular property may eventually be surprised by the perfect house.
6. Leverage technology.
Utilize CRM (Customer Relationship Management) tools to organize and manage leads effectively. Automate follow-ups, track interactions, and analyze data to understand prospect behavior and preferences.
7. Embrace diverse strategies.
Diversify your prospecting methods. Combine traditional approaches like cold calling, direct mail, and door-to-door canvassing with modern digital tools. Leverage social media, email campaigns, and online listing platforms to widen your reach. You never know where your next client will come from.
8. Provide value through content.
Create and share valuable content. Whether it’s blog posts, videos, or social media updates, provide information that educates and informs potential clients. Showcasing your expertise establishes credibility and attracts leads.
9. Prioritize consistency.
Consistency is key to prospecting success. Set aside dedicated time for prospecting activities each day. Whether it’s an hour of calls, networking events, or social media engagement, make sure to remain consistent in your efforts.
10. Measure and analyze.
Track your prospecting efforts. Monitor what methods are yielding the best results and adjust your strategies accordingly. Data-driven insights will refine your approach and improve your efficiency.
Make Prospecting Part of Your Daily Routine
To create a pipeline of real estate prospects that will grow and sustain your business, you have to prospect every day. Getting new clients in real estate is a large part of your job at first. Making a bunch of calls for two days straight and then nothing for a week won’t cut it. Instead, you need to treat prospecting the same way you would any other important appointment. Clear your schedule and focus entirely on it. At the end of each day, evaluate your prospecting efforts and set objectives for the next day.
Know Legal Policies About Prospecting
Since much of your prospecting will be over the phone, it is vital that you know about and adhere to the legal policies of the Do Not Call Registry (DNCR). The DNCR state and national databases contain the phone numbers of consumers who have elected not to be solicited by companies with whom they do not already have business dealings. Fail to abide, and you could be penalized or fined—up to $11,000 per violation. So register with the DNCR and check what numbers are listed in the national database.
Find Real Estate Prospecting Success with Colibri
Mastering real estate prospecting is an ongoing journey. It requires a mix of perseverance, adaptability, and a genuine interest in cultivating relationships. By implementing these tips and staying committed to the prospecting game, real estate agents can elevate their prospecting game and build a successful career in the industry.
Are you ready to embark on your real estate career journey? Colibri Real Estate School can help get you started in a flexible online environment. With pre-licensing education, exam prep, and post-licensing education options, you can continue learning and growing, taking your prospecting skills – and your career – to the next level. Contact us today to learn more and get started.
