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Real Estate Prospecting & The Right Tools

Real Estate Prospecting & The Right Tools
In real estate terminology, “prospecting” means looking for new buyers and sellers!
Renowned agencies and stand-alone agents are continuously engaged in prospecting, the search for next client and customer never ends. This involves “seeding”; targeting a particular neighbourhood or mailing list of customers you’ve transacted with earlier. 
As property sales business is entirely commission based, income is generated on number of deals a salesperson can close. Therefore, it’s crucial to close as many deals as possible not just to earn revenue but for survival of the business. To “prospect” the right way and with the right tools, check below.

“Section – A: Prospecting Techniques”

- The Target Area

Select the target area comprising of 100 to 500 homes or properties and distribute postcards. Another important term is known as “farming” which is working in a specific area for a long time to build a large customer network. “Farming” got its name because you’ll plant the seeds which involve distributing cards, fertilize means the right approach and growing that accounts for building customers. Form an alliance with local landlords who’ll definitely help you with the process. Indeed it’s a lengthy process but the reward is worthy. Do “farm” once in a month targeting apartment buildings and rental properties.

- Open House & Local Fairs

Whenever there’s an open house, do visit as it’s a great way to meet active buyers in market. Try a creative approach such as serve refreshments, distribute small gifts or have a loan officer talk directly with prospects. Be responsive for upcoming business expos, local fairs and festivals to set-up booths. Come with plenty of handouts for everyone. A nice little gadget to keep the crowd occupied longer is a swell ideal. Pocket pens and table calendars are other items but remember they’ve a shelf life.

- Aggressive Marketing in Calm Way!

There might be a lot of “for sale by owners” boards in your area so contact all to see whose home gets immediate market attention. Provide free paperwork and they’ll probably pass it further, creating a chain. This is usually known as aggressive sales approach which enthusiastic agents and sellers love however carry the process in a less threatening way. Don’t be too pushy on customers or they’ll probably eye you suspiciously. Use subtle approach while marketing on a broader spectrum and this’ll definitely generate successful leads.

- Don’t Overlook Expired Listings

If you’ve overlooked expired listings on websites or property directories, establish contact immediately before other agents get the same idea. Though telephone might work, personal visits are much better for immediate and optimistic response. Lest owners aren’t home, leave a flier and a listing booklet at their doorstep. 
Explain clearly about your services and prove how you’re different from their last agent, it’s about defining your competitive edge. This certainly doesn’t mean to put down fellow agents but just highlight more about your products and approach. Decision about Dubai real estate agents selection rests on customers so leave no stones unturned to win their trust.

“Section – B: Prospecting Tools”

- The Postal Service

Before internet, postal service was considered a primary tool to utilize in real estate prospecting and other deliveries. Still, there’re many countries that didn’t gave up on this traditional method. It’s expensive and slow as compared to online options but more reliable. You can mail “farming” letters to targeted neighbourhoods with a new listing or imminent sale. Title companies usually provide landlords address to agents for specific areas as part of their service so there’s no need to react violently if mailman knocks at your doorstep. Newsletters, post cards, fliers, regular mails or property tips in a booklet are a few marketing elements. 

- Previous Clients

Former clients, especially those satisfied with your services are an excellent source to harvest new customers. You must keep in regular contact with old clientele, reminding them about your business before requesting for referrals. Monthly email, occasional phone calls, wishing e-cards on birthdays and holidays are a few ways to remain in good books.

- Internet

Let’s talk about the most wonderful source of marketing that has a global reach; none other than internet. There’re hundreds to thousands of websites interlinked with real estate and marketing plus they’re also cheap. Social media marketing is a sub-category of internet and among the most powerful promotion tools. 
Connected websites like MySpace, Facebook, Twitter and even emails give you a competitive edge and a platform that none other offers. Subscribe to newsletter, blogs and promotional advertisements to receive updates. With social media, you’ve the power to encompass global customers within a matter of minutes.

- Direct Approach

Participate in property expositions or join local clubs and organizations. Remember that a direct approach leaves quite an optimistic impression over customer but you must come prepare with the right marketing tools. A creative approach such as slide presentation, interactive demo class over laptop or handheld tablet is superb. Distribute information freely, while you can also put up a small banner in exhibition hall.

Summary

This completes the discussion on real estate prospecting and fundamental tools. Hope you’ll find it useful!
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