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Architecture Guide
Cost vs. Value Report
Good Neighbor Awards
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Take a Quiz
30 under 30
Young Professionals
REALTOR® Emeritus |
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THE SALES AND MARKETING BUSINESS SUPPORT CENTER TOOL KIT: PROSPECTING |
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Income-Planning Worksheet Advanced tip: Permission Marketing Warm Calling Advanced tip: ABCs of Prospects Broker tip: Add Rehab to Your Business Prospecting Buyers Call-Ins Advanced tip: Use Personal Assistants for Prospecting Advanced tip: Public Speaking Community Involvement Prospecting in Print Tracking Prospecting Results Advanced tip: Lead Analysis Quiz: Prospecting Bright Ideas: Prospecting Code of Ethics: Prospecting More Resources: Prospecting |
Note: Due to the implementation of the National Do-Not-Call Registry on Oct. 1, 2003, this article needs to be revised and edited to conform to the new rules. This page should remain "not live" until these changes are made. Prospecting is the lifeblood of any successful real estate career. It's that simple. The more people you come in contact with, the more listing and sales you can achieve. All it takes is a plan and some persistence. A 7-STEP PROSPECTING PLAN 1. Set a goal. Experts say you get one lead for every 25 contacts you make by phone or in person. Decide how much business you want to do—either volume, income, or number of transactions—and work backwards to determine how many people you must talk to each month. TIP: One response in 25 is a 4 percent response rate. 2. Get a regular schedule for prospecting. Sales guru Jim Pugliese, Jim Pugliese Seminars, Guilderland, N.Y., says you should spend a minimum of one or two hours a day prospecting. Plan your time in terms of how many people you want to speak to each day. You can easily cold call 40 to 50 people an hour by phone and probably half that in person. 3. Decide whom you want to target. Targeting can be by neighborhood, by market niche, or by price range. TIP: Be sure the target market you select is large enough to meet your income goals. Also remember that you aren’t the only real estate salesperson in your market and won’t get all the business. 4. Decide the best method of reaching people, either by phone, in person, or a combination and the best time to reach them. TIP: Saturdays are often the best day for prospecting since people are working at home or in the yard. Never call at the dinner hour. Sales trainer Walter Sanford, Sanford Systems, Long Beach, Calif., favors 7:30 p.m. until 8:30 p.m. during the week and 10:30 a.m. until 1:00 p.m. on Saturdays. 5. Determine your approach. Ask directly about an interest in selling, or ask some more indirect questions to assess interest first. Try each approach to see what works. 6. Track your efforts. Use a computerized or manual system to track success. Look for patterns: Which niches are most responsive? What time of day works best? How does your success rate compare to the norm for your area? Adapt your program accordingly. 7. Do it every day. No excuses, no exceptions. TIP: Sales guru Jim Pugliese says never let that pipeline go dry. If you stop prospecting when you’re busy, you’ll have no deals to turn to when things slow down. And it will slow down. Income Planning Worksheet, next page > |
Keep It Ethical Never direct specific solicitations to prospects who have exclusively listed their property with another company while the listing is in force. Standards of Practice 16-2, 16-3 |