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Hot Prospecting. Definition of prospecting: the continuous set of activities performed by a sales partner that will ultimately allow the sales partner to get a “ face-to-face” appointment with a buyer or seller . The flow chart of prospecting . - PowerPoint PPT Presentation
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HOT PROSPECTING
Definition of prospecting: the continuous set of activities
performed by a sales partner that will ultimately allow the sales
partner to get a “ face-to-face” appointment with a buyer or seller
The flow chart of prospecting
Contacts: someone you have had contact with by buying or selling
Leads: someone who has said “YES” they might be interested
Prospects: someone you have an appointment to show a home or a listing presentation to make on their property (will they get in the car with you on Saturday?)
Clients: someone who has written a contract to list their home or purchase a home with you
Categorized your clients
Hot Warm Cold Dead 1 2 3 4 A B C D
Contact Strategies
Ready to buy Right away Marry them and don’t let them know your site!
Ready to buy 1 to 6 months Stay in close touch, once or twice per week
Might buy “Eventually “ Put them on a mailing list and contact them 4 -6 times a year
Lost the need Put them on your mailing list, to buy or sell and contact 2 – 3 times a year
Average Agents Income Flow
I N * * ** ** * * C * * * * * * * * O * * * * * * * * M * * * * E T I M E
Activities must be Frequent and Continuous
Active prospecting activities Cold and warm phone prospectingDoor knocking: FarmingFace-to-face: “seven second presentations”
You go to them
Activities must be Frequent and Continuous
Passive prospecting activities Advertising Floor time Open housesFarm mailings
They come to YOU!
Follow up to activities
Follow up notes to open-house clients Follow up notes to people you have met Follow-up calls (within “ Do Not Call”
guidelines only)
Effectiveness of various types of prospecting
Mail outs 2-1000 Phone calls 1-100 Door knocking 1-100 Expired listings (in person) 1-20 Expired listings (mailings) 1-100 FSBO (in person) 1-20 FSBO (mailing) 1-100 Print advertising 1-10,000 Open houses 1-10 Floor time 1-10
Do your prospecting math Collect your “NO” rejections and have some
fun $300,000 home at 3% commission =
$9000 60% agent commission split = $5400 100 “NO’s” before getting a “YES” =
$54.00 per call
Every time you get a “NO” it is worth $54.00 to you!
Phone and Face to Face Prospecting
They should always be: 1. Be Brief 2. Be Polite 3. Be Direct
What to do when you get a “YES”
You should always: Ask for an appointment to meet Offer to show them what you can do for
them Find out what THEY are looking for Confirmed the appointment Thank them and get off the phone or
leave the house!
FSBO’s (For Sale By Owners)
What you should know: Nearly 90% of FSBO’s end up listing with
an agent FSBO’s change their own oil, as they feel
they can do everything themselves Working FSBO’s is like shooting fish in a
barrel Average FSBO list after eight weeks of
trying to sell themselves
FSBO’s (For Sale By Owners)
The average agent contacts a FSBO 3 times
Persistence pays: there are only two reasons to stop calling a FSBO
1. They have sold or are listed with another agent
2. They had change their mind and now don’t want to sell.
FSBO Campaign You should contact them: 1. Called to see if they will pay you a
commission if you bring them a buyer (yes or no)
2. Make an appointment to see the home so you can tell your buyers about it!
3. Meet the FSBO and give them a card. Ask them if you can stay in touch to show their home when you find them a buyer.
4. Set a schedule to follow-up and… Follow-Up – Follow Up – Follow Up
Expired Listings
Create a system for follow-up: - The date expires - Two weeks after it expires - 30 days after it expires - 6 months after it expires
Sphere of Influence What to look for in a Sphere of Influence: Usually, a higher referral rate than other
types of prospecting How many names to having your phone book Do you have a good accountant? Hand-written notes are very powerful! 3
notes a day x five days a week x four weeks a month = 60 personal notes
It’s not about your friends and acquaintances buying or selling. It’s about every one they know that might buy or sell.
Geographic Farming Choose area – drive the area and note
how many or who has the listings Call Orange Coast Title for owner/non-
owner names Create a marketing plan to make contact,
a minimum of once a month Deliver scratch pads, postcards,
refrigerator magnets, newsletters, etc. ( an item of values)
Be consistent. If you don’t farm consistently you might as well not start. You want to become “ Famous” in your farm
Geographic Farming
The ideal farm is between 500 – 1,000 properties depending on your budget.
Farming Math: 1,000 homes in an area with a 5% turnover rate per year will equate to 50 listings. If you have 10% of the market share in that neighborhood, you will have five listings in one year. If you have 30% of the market share, you will have 15 listings!
Geographic Farming
Something to keep in mind when farming: the person who is going to sell their house next month does not know it today. There is going to be an event that will trigger the sale but the event has not happened yet. (Death, birth, job transfer, job loss, job promotion, marriage, divorce, etc.)
Geographic Farming
How long will it take? Geographic farming is a long-term investment. Seeds need to be planted and watered to grow. Only after much “farming” do you reap the harvest
How much as a cost? Farming costs can vary substantially depending on how you design your campaign, what materials you decide to mail, and what mailing methods you use. First class mail will cost more than bulk mail.
Geographic Farming
Bulk Mail: for bulk mail, Dilbeck Real Estate offers a program that will reimburse to sales partners for a portion of their direct mail costs. The amount of reimbursement is based on the commission schedule at the time of the mailing. The company will reimburse up to $.20 per piece for the allowable number of pieces.
How Good of a Job Are You Doing Prospecting
Here’s a question for you: Take any prospecting activity and pretend this one activity is the “only” activity that you are allowed to perform in real estate to make money. Now ask yourself, how you would do it differently
The “SEVEN Second" presentation
“Will you do me a favor?I’d like you to keep my card.
When you know of someone interested in buying or selling Real Estate,
ANYWHERE,Will you please ask them to give me a
call?”
Prospecting Make Prospecting a Habit! Prospecting is either a
habit or a problem, but never both. Make prospecting a daily habit. Just like marketing, you never stop prospecting. Make prospecting activities a part of your daily calendar and where ever possible, make it automatic by using a contact management system like the Real Living Business Center.
By scheduling prospecting into your daily calendar, it will become a habit and not a problem.
Floor Time Agents are looking for Clients
Floor time…. Do’s and Don’ts
You must know your inventory, both listings and other well priced homes on the market
Make sure you have seen ALL of our listings in your market place, whether they are listed by your office or another Dilbeck Office
Look at the ads that were advertised. Talk to the previous floor agent or the receptionist about what properties buyers have been calling about
Floor time…. Do’s and Don’ts
Always be familiar with 3-4 listings that you feel are good values and preferably in various price ranges that you can discuss with perspective buyers. You never know who you may run into at the market, car wash, soccer games, etc.
OPEN HOUSES THAT PRODUCE RESULTS
Why Open Houses?
Emailing Door Knocking Distribution Phone Calling Mailing
Marketing system that builds on Multiple Prospecting Techniques
11 days before (Wed)
Familiarize yourself with the Property
Familiarize yourself with the Neighborhood
Determine High Traffic areas
Select the property YOUwant to hold open
11 days before (con’t) Consider additional agent to assist Confirm with Listing Agent Prepare Advertising Send to Ad Coordinator Know regulations regarding permits, flags and
balloons
10 days before (Thurs)
Select Area(s) to Invite Surrounding Neighborhood Lower Priced Area that would move up to
this property Your Prospects Your Sphere of Influence
10 days before (con’t)
Determine Marketing Piece(s) Invitation Flyer Door Hanger
Create or Order
E-Flyer
9 days before (Fri) Preview Property Preview Comparable
Properties Active Contingent (if possible)
Preview Neighborhood Properties
6 days before (Mon)
Mail Invitations Install Open Sunday
Rider Door Knock
Invitations Door Hangers
5 Days before (Tues) Have Escrow Prepare Buyer Closing Costs Have Assurance Mortgage prepare Financing Flyer Continue Marketing Efforts that you selected
4 Days before (Wed)
Collect Local Area Information
Chamber of Commerce School District Association of Realtors
Schools Shopping Parks Transportation
4 days before (con’t)Start the process over for the next Open HousePrepare E-Flyer as Open House Personalized with your name (if not your listing) Make copies Email to Sphere Of Influnce, Prospects
3 Days before (Thurs)
Prepare Handouts for Open House Copy of E-Newsletter Local Information
Check comparable properties Availability/Status Open same day?
2 days before (Fri) If using laptop, prepare slide show of
comparable and or neighborhood properties
Prepare, Personalize, Print Active Comparable Listings from MLS as handout
1 day before (Sat)
Add to Craigslist as an Open House
The later in the day the better to get better placement when searched
Open House Day
Gather Information to Take Flyers Business Cards Local Information
Name Tag Comparable
Information Guest Book or Registry Laptop
Check advertising to be aware of other open houses in the area
Open House Day
Stop at the Market Buy a bag of ice
Put in kitchen sink with water bottles
Dry Candy/Mints Flowers Gift Card for Drawing ($25)
Open House Day Arrive in time to set up
Go to the home FIRST! Prepare home for showing
Get seller’s permission A/C or Heat Fireplace
Candles or Air Freshener No Animals!! No Land Mines Lights On, Drapes Open
Open House Day (con’t) Put note on door…back in xx minutes Go to furthest point out and place
open house signs Often consumers will follow you to
the house…and you’re ready!
Actual Open House Wear your name tag
Your safety is most important. Be aware of your surroundings and security of the home.
Your attitude is key!
Guests Arrive
Greet them with a warm welcome Ask them to sign the guest registry on your laptop
“The seller requests that anyone who wants to see the house please give their name and contact info”
Ice Breakers Do you live in the neighborhood? How did you find out about this Open
House? Are you working with an agent? What size home are you looking for? Have you seen any homes that you’ve liked?
During the Open House Have your laptop running a slide show of
comparable homes Offer copy of comparable homes that you
have personalized with your name, email, websites etc
Buyer Broker Agreement…just in case you can sign one up!
Buyer Sale Package
Your attitude dictates your success Be Positive Be Helpful Listen to them and Learn their needs and wants Provide Premier Service to both the Seller and Buyer
Closing the Open House
Put a note on the door that you’ll be back in xx minutes
Go to the furthest sign out and pick up signs…often there will be someone looking until the last minute, they’ll follow you…again you’ll be ready!
Return the home in the condition in which you received it.
Closing the Open House (con’t) Leave a note for the
seller
Thanking them for the opportunity
Recap Activity
Day 1 After the Open House Add Contacts to your Real Living Business Center
Contact Manager Contact all guests through whatever means possible
Set the contact up on a campaign Ask for feedback on the home Ask for appointment to qualify and get their
commitment to you Offer to show them properties that fit their needs
Miscellaneous Thoughts If you are working the open house with
another agent Have a written agreement on how you will be
handling the public that attends Referral? Split Commission? If one of you brings the buyer?
Miscellaneous Thoughts Consider yourself as putting on a performance:
A buyer or seller may be evaluating you to be their agent
People will look for your enthusiasm, confidence, trust
This is your opportunity to show your Premier Service Attitude
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