Prospecting For Life

Let’s face it: if you are to have a successful career in real estate, you’ll always be prospecting. Sure, it gets easier as you build a reputation and gain more referrals, but you will never stop seeking out qualified prospects.

The start of a new year is the perfect time to examine your habits and processes and nothing is more important to real estate professionals than continuing to fill the pipeline, so let’s launch 2019 with a review of best-prospecting practices.

1. Set goals. A rule of thumb is to expect to convert one lead from every 25 prospecting calls, so before starting, think about how much business you want and create a workable formula for reaching your goals: that will determine how many calls you make daily, weekly, and monthly.
2. Block time for prospecting calls. You must be deliberate about the time you spend making calls, and we recommend you start each day with a block of call time. By calling in the morning, you’ll be at your most fresh and you’ll leave time in the day for potential clients to return your call.
3. Prep materials early. You don’t have to be a Boy or Girl Scout to buy into the motto, ‘Be prepared.’ Every night, prepare your call list with phone numbers for the next day, so as soon as you hit the office, you’ll be ready to go without fumbling for lists.
4. Practice makes perfect. Preparation includes not only keeping your materials close at hand but becoming mentally alert and top of your game. Select one of two real estate scripts and learn them well you can perform excellently and with confidence. Partner up with another agent so you can roleplay tough questions before launching calls: think of it as a mental warm-up, in much the same way you warm your muscles before an intense work out session.
5. Know your numbers. Inevitably, the prospects you call will have questions and you better have the answers. It’s tough to keep figures for several different markets at the ready so we recommend you work through one geographic area at a time or specialize in one, so you can become an expert on the market: how much inventory is available and what the average of number of days a property remains on the market are some of the pieces of information you’ll need to be familiar with.

Finally, remember there’s one other aspect of prospecting you’ll need to become used to, if not comfortable with: rejection. Try not to take it personally and remember the person on the other end of the line doesn’t know you – they simply don’t need your services – and keep plugging away. By following our tips, you can establish a routine that will serve you well throughout your career.

Doug Spak

Doug Spak has over four decades of experience as an advertising copywriter, agency creative director, blogger, and content creator. He joined Vulcan7 as a Content Specialist in 2016. In addition to ongoing website copy refreshes, Doug has produced over 300 blog posts while developing content for Vulcan7’s social media platforms.