1. Keep the Marketing Department Open
Very few real estate agents consistently and proactively lead generate for new business every day, even if it is just one or two hours per day, the small percentage of agents who do that earn the vast majority of all real estate commissions.
Avoid the business roller coaster by generating leads every day. Top, high-volume agents don’t just focus on their existing business, and then once it is closed start lead generating. They, instead, block time to do something each day that gets them closer to earning a new client. Simply put, if you want a successful real estate business, you need to build it; time-block a small portion of each business day to proactively generate for new leads
2. Top Real Estate Agents Focus on Listings
Real estate agents can handle four times as many listing sides than buyer sides at the same time. So, top producing real estate agents always focus their lead generation activities on the listing side.
3. Build a Referral Business
The first thing a real estate agent must do is put together a database of everyone they know, that can be accessed easily. Then, they need to and contacting them regularly. Top agents are constantly building this referral base and have a system for staying in contact.
For tips on how to build a referral network from business relationships, refer to our June Market Update, and stay tuned for tips on systematizing your contacts.
4. Don’t Be Afraid to Prospect
For real estate agents looking for immediate business, top agents know that the quickest conversion ratios come from contacting FSBOs (for-sale-by-owners) and expired listings. Although many agents are reluctant to reach out to people that they don’t know, these are people who typically want to sell their home right now.
5. Use Scripts
Scripts are important. Although scripts at first can seem unnatural or intimidating, it’s much easier to talk with people if you already have a template of what you want to say. It’s far less professional and far less effective to stumble over your words. The best most memorable speeches were written and rehearsed long before they were made in front of audience. It’s a very rare orator that is eloquent the first time they say something new.
Successful real estate agents understand that whether they use their own, or someone else’s script, they’ll eventually start saying the same things that they know will work. Using tested real estate scripts created by others simply eliminates the trial and error process and enables agents to start seeing desired results more quickly.
6. Be of Service While Lead Generating
To not “bother” the general public when prospecting for new business, top real estate agents always tie the reason they’re contacting people to providing some type of value. Always come from a mindset of contribution. When marketing a listing, try coordinating these activities with opportunities to generate new business at the same time. For example, when calling neighbours around a listing make part of your conversation about if they, or anyone they know, are looking to buy or sell anytime soon.
7. Leverage Work to Others
When real estate agents consistently do not have time to prospect for new business, because they are too busy servicing their existing business, it’s time to hire someone to help out. Your first hire should be an administrative assistant, not a buyer’s agent. Administrative assistants help free up time for agents to perform more important revenue-generating activities.
8. You’ve got 30 days, no database and only $1,000, what should you do?
Start contacting people. Preview properties, knock on doors around listings, call FSBOs and expired listings, they are the people who are looking to sell right away.
Then start building a business referral database by contacting businesses that can refer you business (see our June Market Update for tips on how).
To discuss this or anything else to help you generate business, please contact me. I’m always interested in grabbing a coffee and learning more about your business.
Co-written with Martin Breeze, Mortgage Broker, TMG The Mortgage Group
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