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.
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.
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.