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