How convenient would it be for any real estate professional if every prospect that came your way was referred to you by someone who says, “Hey, hire <your name here>. That agent is super awesome!” Reality, however, is quite different; and for the most part, agents should allocate a good amount of time and energy in prospecting for real estate leads. With that, it is crucial to make every call count; and understanding a prospect’s motivation will greatly help real estate leads prospectors make the most out of their calls and get that appointment set with the right kind of leads. Motivation is the key driver for anyone to do… well… just about anything. So, understanding a prospect’s motivation is one of the best practices that agents should do since it serves as a barometer to gauge whether or not a home buyer is ready to take the next steps in the home buying process. Often, when an agent gets push-back from a lead, it is because there is something about the prospect’s motivation that the agent did not fully understand. Here are 5 questions that leads prospectors should ask their real estate leads to help understand their level of motivation: What is the motivation for your home search?This is the very first thing that agents should understand. Often, there is an important reason driving the home search—a job transfer, someone who wants to be nearer to family, an elderly couple downsizing, et cetera. Buyers with a real need to buy have a sense of urgency to get things going. Keeping your lead focused on their motivation during your conversation will help make your prospecting calls as meaningful as it is as personal. The last thing you want is to waste your time setting an appointment with a lead who just wants you to bring them around town to view a couple of homes without any real intention of purchasing. How have you been doing your home search?The amount of time and effort that a prospect goes through in their home search will give you a good idea on how motivated they are. Those who would take the effort to go to open houses on top of performing multiple home searches—whether through the internet portals or other whatever means are available—are most likely more motivated to buy. How soon do you need to be in your new home? Timing is another important aspect that agents should know and appreciate. Leads who need to be in their new home within the next 30 days are definitely more motivated to go to the next step in the buying process than those who are 6 months out and beyond. Of course, just because a lead is a few months out does not mean that they are not ready to buy. A follow up question you can ask is if they found a home that perfectly fits their criteria, will they be ready to write an offer. If the answer to that is yes, then you are talking to a very motivated lead. Are you currently renting or do you own your home?The home ownership situation of a buyer is another huge factor that real estate leads prospectors should consider. Renting, for instance, can be double-edge. On one end, renters would have a monthly budget set to pay for their rent, ergo, if an agent can find a home and setup a mortgage plan that equals the buyer’s monthly rent, then we have a lead that has the capacity to pay for a home. On the other hand, a renter can be on a long-term lease and may be unable to buy until the lease expires (unless there’s a clause in the contract that can allow the renter to get off the lease sooner). For homeowners, there are a number of things that a leads prospector should take into consideration as well. Do they need to sell before they buy? How much do they still owe on their home? These questions will determine how ready your prospect is to make that home purchase. Have you spoken with a lending professional?When you go out shopping, it is almost instinctive for you to check if you have your wallet with you—when you find what you want to buy, you got to have enough to pay for it. The same goes for real estate, a truly motivated buyer make sure to get pre-approved by a lender to know how much he/she can afford. If a lead is not yet pre-approved, if they are willing to talk to a lending a professional and get that pre-approval, that is another good sign of a motivated buyer. What is a realistic budget for you every month to pay for your home?Here is a question that not every agent asks—what budget is realistic for you? Even if a buyer lead got pre-approved, the pre-approval is usually based on the numbers that the lender is privy to. However, this does not take into consideration the lifestyle that the prospect may want to maintain. Although the numbers might say a lead can “ideally” afford x-amount for their home, it may entail them to make sacrifices to their current lifestyle—sacrifices that they may not be willing to make in the long run. Every agent should dedicate enough time and effort in understanding the motivation of your real estate leads. The level of motivation of a prospect will determine what kind of service we can provide to our leads: whether to give them the most updated listings to aid them in their home search or set that appointment now to help them fulfill their real estate needs. For more prospecting tips, visit www.RealEstateLeadsProspector.com. Need help managing your leads? Call 407-401-9225 to find out how we can make prospecting easy for you.
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As we trudge along the first few weeks of 2017, any serious real estate professional should now be going full speed ahead towards the goals they have set for their respective teams at the end of last year. With this in mind, agents should be strictly monitoring their numbers to make sure they do not lose steam mid-year and end up short of their intended goals. This may sound like a cliché, but in the business of buying and selling homes, nothing is more true than this saying: knowledge is power. Knowing this year’s real estate trends will give you an edge in your leads prospecting efforts and help you achieve the goals you have set for your team. Here are 5 trends in real estate that you should consider aligning your business efforts towards. Home Values Gradually Tapering OffAlthough home prices are still on the rise, the appreciation in home values will slow down this year as the housing market continues to normalize. When you are prospecting for sellers, letting them know this piece of information should give them the sense of urgency to act now. For those talking to FSBO’s, if their main goal is to net the most amount of money in their pocket, let them know that it may to their best interest to hire an experienced real estate agent who has access to more motivated buyers and get their homes sold for top dollar especially since home values won’t get any better. Higher Mortgage RatesJust as the appreciation of home values slow down due to the market normalizing, an increase in mortgage rates is also expected. This is another piece of crucial information that agents should put forward when they prospect for real estate leads. There is no better time to buy a home than right now as mortgage rates will increase as the year progresses. Lots of Millennial BuyersBy now, a significant number of millennials will be on their mid-30’s and may be considering to buy a home. This is especially true for those who are now thinking of settling down and having children. Focusing your prospecting efforts on this age group will be an advantage as many of them may be first time home-buyers and will need the help of a real estate professional to help them find a home for their growing families. As far as communications go, incorporating text messaging and social media into your real estate leads prospecting efforts will be an advantage since these modes of communication greatly resonate with this generation. Especially if you are using a CRM with these features built in like Commissions Inc., you should utilize these functions as they will greatly bolster your prospecting. Baby Boomers in the MarketAt the opposite end of the spectrum, we will also see a lot of people in their sixties and beyond in the market. Many baby boomers are now considering retirement, have no more children around, and are thinking about downsizing to cut down on costs. On the flip side, others might be thinking of getting a bigger home to accommodate their grandchildren especially when they come to visit. Also, unlike millennials, many in this age bracket may also have a property they first need to sell before buying a home to fit their needs. This set of real estate leads is certainly a gold mine, and aligning your prospecting efforts towards this age group is an advantage. Technology in Real Estate MarketingIt wasn’t very long ago when drones were stuff of movies like in The Terminator or The Matrix. Today, we see them not shooting down fellow human beings with searing laser beams or crushing flesh and bones with cold, steel tentacles but rather buzzing in the air taking amazing aerial photography shots of a property for sale! Yes, the use of drones and other pieces of technology find more use in real estate marketing today, especially if your target market are the younger generations like the millennials of generation-y or to prepare yourself for the upcoming generation-z (still in their late teens now, but are on their way to finding work soon). Knowing these trends and incorporating this knowledge into your business strategy will help you and your real estate team stay competitive and reach your goals by the end of the year. Need more tips to bolster your real estate leads prospecting? Visit www.RealEstateLeadsProspector.com for more information. There is a notion that real estate slows down during the winter months especially in States that get hit by the cold weather. A lot of real estate professionals anticipate this slump and hold back on their marketing efforts to save a few dollars. However, this should not be the case. Here’s the good news: this so-called slowdown is merely a myth as the winter season presents a lot of great opportunities for agents to keep their businesses going by ramping up their real estate leads prospecting efforts. Although there are relatively a smaller number of leads during the winter season, most of those that you will find will be very active and motivated. It’s just a matter of finding them and getting in touch. Here are 5 very good reasons why real estate professionals should bolster their leads prospecting during the winter months.
There is Little Competition
While most of the competition are slowing down their business in anticipation of the real estate slump, a smart agent will take advantage of this and cast that real estate prospecting dragnet and catch any motivated buyer or seller who may be out there needing help with their real estate needs.
More Motivated Leads
Anyone who is looking to buy or sell a home during the winter months would be a very motivated prospect. Typically, buyers who want to be in their new home by spring tend to move faster with the buying process. For sellers, this is also a good time to market their home as the lack of inventory would present a chance for them to get top dollar for the sale of their property. So, why pass up your real estate leads prospecting?
A Great Time for a Holiday Showing
The holidays also present a wonderful opportunity to have a more personal and intimate showing. Instead of your typical open house where you have a buyer and seller mulling around silently in the property, get those holiday decors on, prepare some hot chocolate and have holiday music playing in the background. This will no doubt help warm up your prospective real estate lead during the showing.
Less Neighborhood Limitations
Real estate prospects looking to buy a home during the cold months often have very little restrictions when it comes to their choice of neighborhoods. This will give you more freedom to show more properties in a wide range of areas and find a home that is a perfect fit to your buyer.
A Perfect Time for Circle Prospecting
Circle prospecting during this season is a very powerful practice. What better time of the year to get in touch with your previous clients and others within your social circle to say “hi” and greet them with a warm happy holiday! Who knows, any one of them may be needing help with a real estate concern or have someone to refer to you. Another great opportunity to get real estate leads! By investing a little time in prospecting, you open yourself to a treasure trove of leads that your competition may be passing up during this season. Need a hand in getting to these leads? Know how our team can help by visiting www.RealEstateLeadsProspector.com or call us at 407-401-9225. We make prospecting easy for you! |