In real estate, prospecting is the act of locating buyers who are interested in purchasing property and sellers who plan on selling property. As a business, real estate pays agents only on commissions which means the amount of income earned is contingent on the number of deals a salesperson can close.
In marketing terms, prospecting is the process of acquiring clients through the sales funnel. The larger the opening to the sales funnel, the more leads you can qualify and the higher the potential for sales conversion. Another way to look at prospecting is it establishes the base of your sales triangle. The wider the base, the more leads you can qualify as you move up the triangle and hopefully convert prospects into sales.
But prospecting is an activity that requires strategy, resourcefulness and most of all, time. In real estate, time is a highly valued commodity.
With all the things needed to get done in the business, you have to make sure time allocated is time well spent. This presents a challenge in prospecting because it is simply an activity that you have to designate time in the day to do. Unless you have a tried and tested program in place, your prospecting activities may yield wasted efforts dealing with unqualified prospects.
In any endeavor that requires the acquisition of massive data, your primary objective should be to get organized.
- Embrace technology and use a reliable Customer Relationship Management system. If you’re the type who scribbles prospect information on a piece of paper and piles it inside a box or inside your organizer, chances are you’ll misplace the information and fail to capitalize of a potentially viable prospect. There’s a reason companies develop Customer Relationship Management programs or CRM. It provides businesses with a system of organizing their data. Take note of the word “Relationship”. In real estate, establishing solid relationships with clients and prospects can go a long way in building your career. A CRM gives you an automated process of keeping track of who your prospects are.
- Approach prospecting with a focus on quality. In business development, sales are considered the “lifeblood” of the organization because they bring in the revenues that keep operations funded. In the same manner that you would not want to feed your body unhealthy food that breaks down into harmful toxins which blood will transport to its vital organs, you should not waste your time with unqualified prospects. Generating qualified prospects requires steady research on target markets, key geographic areas as well as consistency in developing a referral system.
The question you have to ask yourself is, “How much time in a day can I allocate for prospecting?” For some real estate agents, 20 hours is nearly not enough time in a week to build a viable data base of prospects. In addition to the act of prospecting itself, you will have to find time in the day to upload information in your CRM, update some entries then develop the prospecting strategies for the following day.
The best solution is to hire a Virtual Assistant with experience in prospecting and data management. A Virtual Assistant will save you time and money and ensure greater productivity because while you attend to matters that require your attention, the Virtual Assistant will undertake the other tasks of your business including prospecting.
Our Virtual Assistants have the necessary skills and experience to manage your entire prospecting program and data base entry. In fact, our staff has the ability to qualify the prospects you should correspond with, create a contacts list and schedule the appropriate follow up tasks in your CRM. With our systematic approach, agents become more productive and able to manage their time efficiently.
By hiring our virtual assistants, most of your time will be spent responding to the e-mails that were sent on your behalf. That helps focus your attention on the more productive work.
If you’re interested in our prospecting services, go to our “Contact Us” page, drop us an e-mail or give us a call.