This week’s edition of our series on Building Agents’ Business circles back to expand on a prior recent topic. We just have too much to say about prospecting and follow-up specifically, the most effective form of prospecting you can do! Last time we covered the topic, it was regarding the definition of a prospect and how effective real estate agents treat prospect more like a verb and less like a noun. This time we’re throwing out a few details on low-hanging fruit within the prospecting game. Here’s the prior content if you’re just joining the series.
Our prior dialogue on prospecting admits that agents have to do their prospecting in manageable and aggressive levels relative to the size of their CRM. The following are blanket situations and areas where any agent, new or old, can excel and generate great results for their transaction log and their brokerage.
Here’s a pro tip on getting the most of out of leads that you meet or are introduced to. Always get the easy information that makes your follow-up a lot easier. That means getting, in the course of your initial conversation, things like their birthday, any commitment end dates (leases!), and their real estate goals.
In Open Houses
Holding Open Houses, even for other agents’ listings at your brokerage, is a great way to meet leads in targeted price ranges. That means if you’re sitting in a $500,000 2 bedroom condo for 2 hours on 3-6 Sundays in a row, you’re going to meet home shoppers near that price range. It’s a great source of a leads for agents wishing to raise their average transaction level. Here’s who you meet in an Open House and what you do with them.
- Neighborhood homeowners: They often pop in curious about what’s for sale and what it looks like for the price. Homeowners = future sellers for the smart Open House agent. Share your neighborhood knowledge, give feedback on what buyers & agents have been saying about the home and neighborhood, and offer guidance and assistance at multiple points in the conversation. These valuable leads go in your long-term neighborhood farm, get immediate outreach and offers of real estate guidance. The fact you’ve met them face-to-face gives you an agent edge over the people putting letters in their mailboxes and the other realtors emailing them spam.
- Self-Shoppers: Got folks coming in without an agent with them? You learn quickly how to spot cues that tell you if they are agent-free or in a representation relationship, but the key thing here is to again offer assistance. If you’re prepared for the Open House, you know what is selling nearby and you’re happy to share. These leads get immediate same-day follow-up, get presumptive listings sent to them from the same geographic area and price point, and become a prospect for regular CRM follow-up. If you’re in the lower ranges of market price ($200,000’s to $350,000’s), then they probably, somewhere in their heads, have questions about financing and mortgages.
- Agents & their Clients: Always follow up and make sure they have the information they need for their own prospects. This group of people you meet are a great source of feedback you can use to feed your conversations with the valuable Self-Shoppers and Neighborhood Homeowners sector. Also, you may accidentally sell the house you were sitting in!
Zillow / Home Search Leads
We’re using Zillow as an example of a purchased home search lead. This type of lead is available from any number of online portals if you get your wallet out as an agent or brokerage. There are several keys to prospecting in this sector. If you’re thinking about chasing paid home search leads, the secrets are Speed of Engagement, Persistence and Patience (they could be very early in their life cycle). We rate the quality of most of these leads as far lower than the Self-Shopper you can meet in person at a Sunday Open House. Those hitting the button on the computer or forced to “register” while searching online just may not quite be ready to talk to you about how much you want to sell them Home A or Home B just yet.
Those With Financing Questions
You may not be meeting a lot of new prospects that fall into this category, unless your brokerage is actively promoting assistance. If you’re already an UrbanLand Company agent, you’re used to this sector. Our Agent Leads Generation Program draws in a constant flow of first time home buyer with financing questions or who just want to get pre-qualified for 1 of the area’s many Down Payment Assistance Programs. “This is a lucrative source of business over here,” commented Gerard, “In our 5th year of focused financing prospecting, we’ve met a total of over 2,500 local residents who wanted guidance. It’s a great source of leads.”
- This is a specialized topic at UrbanLand Company. If you’re curious about what goes into generating 160+ closed sales off of guiding people through mortgage assistance, the answer is lots of follow-up and nurturing of leads.
- If you’re a new agent or trying to increase your volume, give us a call! We’re happy to discuss the ins & outs of Follow-Up during our interview process.
Old Co-Workers, Friends & Family
Your Sphere of Influence doesn’t really have much influence unless everyone knows about the great things you’re doing in real estate and how knowledgeable you are. Social media remains the best way to keep your name in front of people who are personally tied to you from the past.
“Social media is a key issue for agents, as it can take a lot of time and not generate immediately visible short-term results,” said DiRuggerio. “However, the medium- and long-term benefits are huge and essential to building your agent business. It’s why we require every new agent to set up a business Facebook page for us to pipe in ALL of our locally generated content for them. All they have to do is push people onto that page.”
Call 202.759.4114 to discuss the topic – we’re actively recruiting and happy to share what we do in our Agent Leads Generation Program at UrbanLand Company!
Our in-house Agent Leads Generation Program naturally maximizes your in-the-field exposure as an agent. It doesn’t matter if you’ve been licensed 5 minutes or for 5 years. Our firm’s Program for lead generation and realtor development is highly effective. The main requirement for entry into the Leads program here is 2 things – your time commitment and a desire to max out your in-the-field exposure as an agent with the public.
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Here’s some recent closings from our Agent Leads Generation Program!