Do you remember ever being consistently excited about prospecting? How do you feel now thinking about the leads you are prospecting to? Indifferent? Dismayed? Frustrated?
If you feel this way, take heart – there may be a simple fix for you. Invest your time and money into a more effective lead source. Before you make any decisions though, listen to what you peers have to say:
You probably know that prospecting is the most effective way to expand your sphere of influence and generate more business, but the last thing you want to do is pick up the phone and get rejected over and over again.
You may be working your guts out… yet you barely seem to scrape by from month to month. Or perhaps you’re new to the industry and are still trying to figure out this whole prospecting thing.
Knowing what to say and how to say it means getting listing appointments where others couldn’t. The average real estate professional converts a little more than 1 in 5 of their conversations to listing appointments, but a top performing agent (like yourself – an agent who makes over $250,000/year in GCI) converts almost 1 in 3.
The reason for the gap is that top producers have proven, practiced scripts that enable them to:
1) Connect with more homeowners 2) Know what to say to the homeowners.
One powerful way to immediately bump up your prospecting power is to use a dialer. In fact realtors who make $250K or more a year are 94% more likely to use a dialer while prospecting (calling on past clients, center of influence, geographic farm, just listed and just sold leads, expireds, FSBOs, and many others). Without the help of a dialer you will spend way more time manually punching numbers in your phone versus actually connecting with your leads.
“Prospecting expired [leads] in the real estate market is wonderful because it takes a negative experience out of the consumer’s mind and it makes it a positive one,” said Scott Cramer, Realtor® in Orange County.
This is one of the reasons that many homeowners are grateful to be on an expired lead list when their home doesn’t sell.
Don’t believe me yet?
Read on and watch this video to see why Bertha (a widowed homeowner) was thankful to be contacted by real estate agents after her home expired on the MLS.
“Prospecting expired [listings] is good for the industry because we take a bad experience where clients are frustrated and unhappy and we come in and show them what we can do to sell their home and get the job done.” – Kelly French, Realtor.
Read on and watch the video to see why Lee and Wendy Malik were excited to receive so many calls from real estate agents after their home was taken off the market.
Whether you’re brand new to the real estate realm or you’re trying to kick your long-standing business up a notch, there is one key thing that you need to focus on—prospecting. The world of real estate is all about making connections and developing relationships, and prospecting is the best way to get the ball rolling.
The Pains of Prospecting
The most efficient way to initially prospect is by phone. Unfortunately, cold-calling can be an extremely tedious and time-consuming task. You have to hunt through your list, pull up a lead, punch in the number, wait for someone to answer—if it’s even still a good number—and then wait to leave a voicemail that you’ve already recited 100 times today. Lather, rinse, repeat.
Let’s reflect on just exactly how tedious this process can be by taking a look at the five most annoying time-wasters when prospect calling: (more…)
Early in my career at REDX, I caught the real estate bug and purchased a couple of rental properties. I have a love-hate relationship with my rental properties. When I have great tenants who care about the place, who pay their rent on time – I love having rentals. But when the lease is up, or when you get a move-out notice, or when someone just up and leaves, I am reminded how quickly my rentals can transform turn into a time-sucking, money-draining, stress-causing liability.
I wanted rental properties for passive, easy income. To maximize the return I opted for self-management like most small-time landlords do. So when it’s time to fill a vacancy, the work falls solely to me. And when the showings take me away from my family, or important meetings at work, I get further and further away from loving my properties.
Needless to say, the peak of my frustration comes when there is a vacancy.
You have two resources available that will help you grow your business: time and money.
When you understand how best to use your time and money, you’ll know how to make both work for you so that you get a higher return from your investments.
How $250k Agents Invest
In a survey of the highest earning agents in the country, we discovered an interesting pattern about how they use time and money as investments and get high-yield returns. Agents who earn $250k consistently invest money early in the process. They spend money on leads and technology. Then they invest time on conversations, appointments, listing presentations, and the close.