Real estate prospecting can be challenging. It’s a competitive field, and many agents are trying to make it in this business.
Fortunately, you can find leads through a variety of methods. These include referrals, FSBOs, and expired listings.
Referrals
Real estate referrals can be one of the best sources of business for real estate professionals. Referrals come from current and past clients, as well as from friends, family, and colleagues.
In addition to generating real estate leads, referrals also help build a strong network of people who can continue referring you to others. It would help if you focused on creating referral programs to grow your real estate business.
As part of your referral program, you should offer branded materials to your clients so they can easily pass along information whenever they are referring to their friends or colleagues. These branded materials should also align with your social media and website and reflect your business’s personality.
Your client referrals are essential to your business and must be respected. Ensure you are providing an excellent experience for them, and they will be more likely to give you their business in the future.
When a real estate client is ready to purchase a new home, they must talk with multiple professionals. This includes other agents, mortgage lenders, inspectors, contractors, and more.
A successful real estate agent can build relationships with these other professionals and cross-promote their services. This is a great way to grow your real estate business without spending money.
FSBOs
For sellers, FSBOs can mean saving thousands of dollars in commission fees. In addition, they can make it easier for home buyers to find a property. However, this option also comes with its risks.
If you’re considering buying an FSBO, it’s essential to do your research. This will help you learn more about the neighborhood and other aspects of the house. You’ll want a good idea of its value and how much work it will take to maintain it.
Real estate agents are trained to price a home correctly, market it efficiently and show it in its best light. They can also provide advice on contracts and the legalities of a sale.
FSBO sellers often price their homes higher than they should, which can lead to problems with financing. They may also need to become more familiar with local comps.
To avoid potential issues, working with a real estate agent with experience in FSBO sales is a good idea. Alternatively, some agents will offer to help a seller as transaction agents, who handle the paperwork, negotiations, and other tasks involved in a deal for a flat fee.
Moreover, you’ll need to take more time to tour the FSBO home and inspect it thoroughly before making an offer. Having a licensed inspector is a great way to check for structural flaws and other shared concerns.
Expired Listings
Expired listing leads are the bread and butter of real estate prospects. They’re homeowners that need to move but didn’t sell on their first go-around.
Expired listings are a unique and lucrative real estate lead source for agents. Property owners are motivated to sell their homes and are willing to pay a premium for an experienced agent who can provide them with a high-quality marketing strategy.
Nevertheless, expired listings can be hard to find, and many real estate agents need help to generate these leads. Real estate agents can use several strategies to make finding and contacting expired listing leads easier.
The first method is to search the MLS for properties that are about to expire. This can be time-consuming, but it’s an effective way to find expired listings and create a list of viable contacts.
Another effective prospecting technique is to search through public records in your area. This can be tedious, but it’s a great way to find expired listings that fall into your expertise.
To get the most out of this strategy, set up a marketing plan and research the expired listings on the market in your area. This can help you understand the seller’s motivation and identify potential closing obstacles.
You’ll also need a pre-written script for contacting the owner of an expired listing. This script should start with a short introduction and end with an invitation to meet with you to discuss real estate marketing.
Warm Calling
Warm calling is a great way to follow up with prospects who have reached out to you for more information. It is a more personal approach than cold calls, which can be uncomfortable for some people to receive.
It is also much easier to convert these warm leads into appointments. It also allows you to establish a rapport with your prospect, which is crucial to winning them over for the long term.
When making a warm call, it is essential to tell your prospect why you are calling. It is crucial not to over-sell your services or products; it is necessary to listen to the prospect’s needs and work based on them.
Before you make a warm call, take the time to prepare by researching your prospect and their company. This will give you a better idea of their needs and values, which can help you tailor your pitch to them.
Another critical aspect of warm calling is to find a time that works for your prospect. They may be slammed in the morning or go into focus mode every day starting at 3 pm, so you need to target these hours when they are most likely to answer your phone.
It is a good idea to keep your scripts in your CRM so that you can save them for future use. However, you should also not be so rigid that you feel compelled to stick to them. Often, your conversation will be more interesting than the script you have prepared, so it is a good idea to be flexible and ready to change your strategy as necessary.