ad-dic-tion (ə-dĭk'shən) n. The condition of being habitually or compulsively occupied with or involved in something.
pros-pect (prŏs'pěkt') v. To search for or explore a region for possibilities.
Habits are formed by repetition. Money comes from possibilities. Therefore, to become addicted to prospecting a person must first begin to develop such habit. When you prospect, you get many options and possibilities naturally unfold from this. The more you prospect, the more possibilities you get. The more possibilities you get, the more likely you are to earn money.
Start your habit small, with two hours each day. Start by going to your favorite places and engaging in real estate discussion and ask for referrals. Start by calling the people in your cell phone and always ask for referrals.
I've heard experienced agents claim that their business is nothing but referrals from people they know. When I ask if they called upon those people and ask for referrals, they usually answer, "No." This is not "working" a sphere of influence (not spear of influence, as I sometimes hear it called). This is simply the benefit of years of being in the business and knowing lots of people. These agents would have money falling outta their ears if they were proactive with prospecting to this vast well of contacts!
I've heard experienced agents claim that their business is nothing but referrals from people they know. When I ask if they called upon those people and ask for referrals, they usually answer, "No." This is not "working" a sphere of influence (not spear of influence, as I sometimes hear it called). This is simply the benefit of years of being in the business and knowing lots of people. These agents would have money falling outta their ears if they were proactive with prospecting to this vast well of contacts!
I know an agent that was brand-spanking new to real estate and got 18 listings his first month in the business because he prospected for six or more hours each day!!! That agent went on to sell 52 houses that year! He tells me that if he does not prospect for at least four hours each day, that he feels naked, and that he's failing his family.
Get good at prospecting. Practice scripts. Spend time thinking of new scripts to develop. When the market changes, see it as an opportunity to develop new scripts. When interest rates drop/go up, see it as an opportunity to develop new scripts. When national home sales numbers are released, see it as an opportunity to develop new scripts. When... anything real estate-related happens ...see it as an opportunity to develop new scripts. That's a BIG part of your job!
Prospect in many different places, and do it whenever you are not either sleeping or working with a client. If all your time is spent with clients, leaving very little time to prospect, then it is time to hire an assistant and/or a buyer's agent.
Learn statistics and keep abreast of current events that affect real estate. Use these statistics and knowledge of current events to steer discussions. Knowing that today's average 30-year fixed rate of 4.78% is the lowest-ever in recorded history (data began in 1971), then sharing this info with everyone you meet during the next two weeks, will surely develop dozens of leads.
Simply speaking about real estate with everyone you meet will lead to possibilities, and we know where possibilities lead...
Places to prospect:
-college campus - carry a clipboard and ask passersby to participate in a "survey". Question 1) Do you own or rent a home? Question 2) What is your perception of the current real estate market? Question 3) Who do you know that is currently looking to buy or sell real estate?
Through repetition comes perfection. Imagine two people are challenged with the task of building a perfect clay pot. One is allowed to build hundreds of pots, over and over again throughout the month, while the other is required to work on only one pot, the guy that built many pots is much more likely to build a perfect pot, while the other guy will have an ugly ashtray for mom.
Prospecting has a negative connotation, but it does not have to.
Simple ways to feel good about prospecting:
-Let's face it, real estate is a sexy subject. Most of the wealthiest people made their money in real estate doing something or another. Everyone knows that. People also have a compulsive urge to watch a train wreck. Put the two together and it's an easy subject to discuss.
-Have discussions about real estate. Learn to initiate and steer discussions about real estate with natural ease.
-It's a contact sport. Communicate with as many people as possible. Say the right things and the possibility of earning money increases exponentially!
If you get addicted to prospecting, money will become plentiful! I promise.
Get good at prospecting. Practice scripts. Spend time thinking of new scripts to develop. When the market changes, see it as an opportunity to develop new scripts. When interest rates drop/go up, see it as an opportunity to develop new scripts. When national home sales numbers are released, see it as an opportunity to develop new scripts. When... anything real estate-related happens ...see it as an opportunity to develop new scripts. That's a BIG part of your job!
Prospect in many different places, and do it whenever you are not either sleeping or working with a client. If all your time is spent with clients, leaving very little time to prospect, then it is time to hire an assistant and/or a buyer's agent.
Learn statistics and keep abreast of current events that affect real estate. Use these statistics and knowledge of current events to steer discussions. Knowing that today's average 30-year fixed rate of 4.78% is the lowest-ever in recorded history (data began in 1971), then sharing this info with everyone you meet during the next two weeks, will surely develop dozens of leads.
Even if this process yields more referral leads to refinance loans than leads for your business, you will benefit in several ways by: 1) strengthening your relationship with your go-to mortgage gal 2) helping lots of people save money or avoid foreclosure 3) creating lots o' goodwill 4) strengthening your habit to prospect.
Simply speaking about real estate with everyone you meet will lead to possibilities, and we know where possibilities lead...
Places to prospect:
-college campus - carry a clipboard and ask passersby to participate in a "survey". Question 1) Do you own or rent a home? Question 2) What is your perception of the current real estate market? Question 3) Who do you know that is currently looking to buy or sell real estate?
-on the phone/internet - Call on likely buyers and sellers. Call on friends/acquaintances. Post ads on craigslist. Send monthly newsletters via email.
-anywhere you currently are - Talk to the guy on the train. Talk to the cashier. Talk to the dentist and her assistant. Talk to your pet groomer. Talk to your bookie.
Through repetition comes perfection. Imagine two people are challenged with the task of building a perfect clay pot. One is allowed to build hundreds of pots, over and over again throughout the month, while the other is required to work on only one pot, the guy that built many pots is much more likely to build a perfect pot, while the other guy will have an ugly ashtray for mom.
Prospecting has a negative connotation, but it does not have to.
Simple ways to feel good about prospecting:
-Let's face it, real estate is a sexy subject. Most of the wealthiest people made their money in real estate doing something or another. Everyone knows that. People also have a compulsive urge to watch a train wreck. Put the two together and it's an easy subject to discuss.
-Have discussions about real estate. Learn to initiate and steer discussions about real estate with natural ease.
-It's a contact sport. Communicate with as many people as possible. Say the right things and the possibility of earning money increases exponentially!
If you get addicted to prospecting, money will become plentiful! I promise.
1 comments:
Hey, Mom likes that ugly ashtray!
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