Real Estate Prospecting
In the California Gold Rush of 1948, prospectors persistently panned through millions of pounds of clay in hope of striking the mother lode. Much of their work was fruitless, but an occasional lucky discovery would justify weeks of patient work.
Real estate prospecting is a similar process!
To get clients you have to establish ties with people likely to hire you for services. It is possible that only 1 in 300 people that you talk to will lead to a transaction, but this is a necessary part of the job. Chances are that prospecting will be a part of your daily routine throughout your career, but the good news is that as you become more established, you will do less of this as clients will come to you!
Proven, successful real estate prospecting strategies include:
- Calling expired real estate listings (perhaps their listing price was too high or their previous agent was not of the highest quality; a word of caution – these people are likely frustrated with real estate agents and so you must work extra hard to convince them that you are hardworking and smart)
- Talking to For Sale By Owners (over 85% of people trying to sell their own homes give up and hire an agent)
- Going door-to-door
- Calling past clients
- Sending holiday cards/ small gifts with your name and contact information (my family is a big fan of magnets)
- Calling people in your social network (everybody knows someone that wants to buy or sell a house)
- Calling out-of-town owners (a lot of them may be facing frustrations with managing a home from a distance and be ready to sell)
- Sending a notice to your alumni or fraternity/sorority newsletter (there could be alumni in your area)
- Paying for the White Pages to make your name distinct, such as bold or large lettering
- Organizing neighborhood parties (what better way to build rapport with the people that live around you)
- Creating a quarterly neighborhood newspaper that includes news such as weddings, honors, college acceptances, move ins and outs, selling prices of homes, etc (of course the newsletter will include your photo and contact information)
Q: What do these tips have in common?
A: They all contain active words. Nowhere on the list did it say to mope by your phone and pray for a call. Instead, have a great time as you socialize and meet your fellow community members. Don’t be afraid to get your name out there as long as you do it in a respectful way. After all, your intention is to let people know that there is a capable and eager real estate agent on the job, so there is no need to be embarrassed about prospecting.