This year’s NCAA March Madness tournament has fully kicked off with the First Four games concluding yesterday—Kansas State winning over Wake Forest (95-88) and Mount St. Mary’s winning over New Orleans (67-66). The first two days has certainly been filled with lots excitement and unforeseen events and the happenings in the First Four showcase what college basketball fans can expect on the upcoming games over the coming weeks. Surprisingly, basketball fan or not, if you are a real estate leads prospector, a number of key takeaways from this segment of March Madness can teach you a thing or two about your prospecting efforts.
You’ve probably heard this countless times: that real estate is a “contact” sport. And just like the First Four, there are a couple of things that real estate professionals can learn to take that winning shot in their leads prospecting.
Skill? Luck? Both.
Oh, my gosh… Oh, my gosh… OH, MY GOSH!! You can see this in the faces of those who watched the match between Mount St. Mary’s Mountaineers and the New Orleans Privateers, with the Mountaineers beating the latter, 67 to 66, after they stole a full-court pass, denying New Orleans a second shot. It was certainly a close victory, and one could ask if this was just because of pure luck.
Whether its skill, luck or both, each team certainly prepared to the fullest and played their very best. In the world of lead prospecting, this is certainly the case—every real estate leads prospector should always start their calls warmed up with their scripts and dialogues and prepared with their lead management plan for every contact they make. Sometimes, you may just chance upon the most motivated of prospects from the least favorable lead sources; and when the time comes, you should be prepared to take that winning shot and set that appointment!
Expect the Unexpected
There is nothing more true in this year’s First Four. In the game between the Kansas State Wildcats and the Wake Forest Demon Deacons. The Wildcats, being rather underrated and disadvantaged a couple of occasions in the game, won by a good margin against the Deacons, 95 to 88.
Just like in prospecting, a real estate leads prospector will probably be on the wrong side of the fence for the greater part of his or her calling efforts. But just because you get a stream of no’s does not mean that these leads are not interested “forever”. It simply means that they are not ready to buy or sell a home during the time of your conversation but that may not be the case later on. So, don’t be afraid to circle back to these leads because you’ll never know until you get to talk to them again.
It’s Not Over Until It’s Over
Looking back at the match between Mount St. Mary’s and New Orleans, it must have been a nail-biting wait for both teams (and fans alike) before the final buzzer. This is a classic buzzer-beater win, but it simply proves that it’s not over until it’s over!
Just like that game-changing steal that denied New Orleans their shot, when you prospect, a real estate leads prospector should find other ways to get in touch whether they get a yes or a no from a lead. For example, if a seller says that he or she is not interested to put their home in the market, come out of contribution and offer to send a free valuation of their property. Who knows, when the time (or price) is right, they may just consider to sell and get you simply because you offered to give free info rather than be pushy. Again, it’s not over until it’s over.
Lead prospecting is the easiest and most profitable solution to scale your business. Every successful real estate professional or team works with an effective and easy to understand lead management solution to get the best quality leads and have the most number of conversions.
As we are well into the second week of March, many fans of college basketball wait in great anticipation of the NCAA's March Madness. As we come closer to Selection Sunday and to the First Four, I can imagine this year’s top teams going full throttle with their preparations to make sure that they get all their shots covered and avoid making the tiniest (and often critical) errors in the game. And speaking of errors, in the real estate arena the spring market is in full swing across the United States; and agents just as well should up their game in their prospecting efforts. As it is a seller’s market in most areas, with less inventory to go around with, real estate leads prospectors should stay sharp and avoid making mistakes that can cost them finding and getting that appointment set with a strongly motivated prospect.
In a highly competitive spring market, agents should be mindful of their leads prospecting habits to avoid wasting time and resources. Here are 5 common mistakes that agents that agents do that let them miss out on sellers, big time!
Not blocking time enough time for leads prospecting
Yes, there is a lot of competition in spring. So, if you do not allot enough time to prospect for leads, you are definitely missing out on a lot of possible business opportunities. Remember that prospecting is a dollar producing business practice, and it is important to be diligent when prospecting. Block off at least 2 hours a day for calling leads, and JUST calling leads. During this time, you and/or your team should be performing intensive prospecting calls, going through as many leads as you can in your system. This ensures that you do not let any potential seller out there slip through the cracks and end up doing business with your competition
Not adjusting your call window
Alright, so you decided to block off time for doing calls. However, you’re getting almost nothing but voicemail. With that in mind, it is important to adjust your call window. Almost everyone today owns a cellphone, so performing your prospecting calls strategically will increase the chances of getting a live conversation. Mostly, the best times to prospect are during low-activity portions of the day—between 10AM to 12NN and between 4PM to 6PM. Weekends are also a great since there is a very good chance that your leads are not at work.
If you are unable to prospect during these chunks of time, consider hiring a dedicated real estate leads prospector or ISA to cover your business on these critical hours so that you do not miss out.
Neglecting older leads
It is important for every agent (especially the newer ones) to appreciate that buying or selling a home is a very big decision that anyone makes, and not everyone you talk to is ready when you first touch base with them. At any rate, someone you have spoken to months back, or even years back, who was not ready to sell then may be in a different situation now. So, dig deep into your database, harvest those old leads and start calling. There are many cases where leads as old 3 years (and beyond) have suddenly expressed interest in getting their home sold. Some even “needing to” more than “wanting to”. Whatever the case may be, it is to their best interest if you are there to help them get their home sold.
Missing out on behavioral queues
Many real estate CRM’s (e.g. Commissions Inc., Top Producer, Market Leader) do not only serve as a repository for your leads but also have many features that show you the search “behaviors” of those who visited your site. Behaviors such as property views, saved searches, and market report requests, tell you a lot about the level of interest of your prospects. That being said, you can greatly optimize your leads prospecting by creating call lists based on these behaviors.
Desperately selling yourself instead of addressing a need
Ages ago, telling the rest of the world that you are the best there was and the best there is in real estate may (take note…MAY) have worked. Today, however, going this direction makes you no different from a run-of-the-mill telemarketer which, quite frankly, people avoid like the plague! Many seller today would prefer someone who understands their situation and their needs; and will work to having these fulfilled. Coming out of contribution when offering your services is more powerful and infinitely more personal. I’m not saying that showing your team’s capabilities and achievements is not important, but this should come secondary to genuinely offering to help your prospects achieve their real estate goals.
Nurturing good real estate leads prospecting habits and methods opens more opportunities for appointments and closed deals. Of course, with any good habit, just like basketball, should first come proper implementation of a winning strategy and, most importantly, constant practice. For more information, tips, and resources on real estate prospecting and lead management, visit http://www.RealEstateLeadsProspector.com
Need help setting up a lead management system for your real estate team? Let’s talk. Call 407-401-9225 or send us an email at Les@RealEstateLeadsProspector.com
It is the end of winter and a lot of home buyers are completely over the holiday season. They are getting ready to make their home search. The same goes for home sellers—with the cold season gone, many are more motivated and very much prepared to get their homes in the market in anticipation of a robust number of buyers looking for homes. Indeed, the real estate market begins to heat up during this season and, yes, for real estate professionals, there are a lot of home buyers and sellers out there who will need your services. But, given these circumstances, can agents really afford to be lax with their prospecting efforts? For a true real estate leads prospector, absolutely not!
Although the volume of leads start to increase during this season, there are several reasons why agents should beef up their prospecting. Here’s why.
With great volume comes great competition
Does this line sound familiar? (yes, it was derived from a friendly-neighborhood super-hero flick) Never is this truer than in the spring market. With the sheer volume of prospects out in the open, your competitors are also out there ready to pluck away the next prospective buyer or seller that comes their way. For this reason, it is important for you to be ahead in the game by pro-actively reaching out to your leads to let them know that you exist and that you can help them with their real estate needs.
In the sea of leads, you don’t want to be stuck in the shallows
Yes, in the spring, there is a vast sea of home buyers and sellers but the question is how many of them are truly motivated to buy or sell a home? During this season, many “supposed” buyer leads may just be curious to see what homes are available out there but are not exactly intent on purchasing. The last thing you want is to set an appointment with a lead only to end up becoming a tour guide, driving a bunch of people around town showing them homes that they won’t buy.
The same goes for non-motivated sellers. With the confidence that there is a rise in demand, there may be homeowners out there who are just curious to know how much their home is worth but not really intending to sell.
It is because of these reasons why real estate leads prospectors should take extra effort not only to reach out to as many leads as they can, but also to understand their prospects’ motivation. Better prospecting will prevent you from getting stuck with leads with shallow motivation. The more motivated prospects you get in touch with, the more “real business” you can expect for you and your team.
Help people “really” be in the know
Over the past few decades, the exponential advances in information technology has given many home buyers and sellers access to the real estate market by simply going online and tapping into any of the many real estate resources available in the internet. Although, the world wide web has become a powerful tool for real estate professionals for generating and harvesting leads, it has also become a potential source of disinformation for the very leads they are reaching out to.
As the spring market begins, many of these “misinformed” real estate prospects may be out there. Don’t be surprised if you encounter a someone insisting to get their home sold for an amount based on certain websites that supposedly does market analysis for homes in their area. You, being a real estate professional, having access to the actual data, know that this may not be the case; and that the price being demanded may not actually be supported by the market.
That said, it is almost a disservice not to do all we can to find these leads, get them in the know, and help them fulfil their real estate needs. They may not know it know, but these people certainly need you as much as you may need them.
Springtime is definitely an exciting time in real estate, so real estate professionals should enhance their prospecting efforts and not miss out the many opportunities for them to help their prospects find the home of their dreams.
For more information and tips on real estate leads prospecting, visit http://www.RealEstateLeadsProspector.com or call us at 407-401-9225.