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2008-02-12 18:02:00

Win the Real Estate Game by Prospecting More Effectively

 

Here’s a question that could make the difference between you having a really good 2008 in real estate and just a mediocre 2008:

 

If you’re playing basketball, would it help you to know the score? 

“Bob, have you finally lost your mind? Of course it would help. How else would you know how many points you need to win the game? Duh!”

Glad you’re paying attention. And yes, you’re absolutely right. You have to know the score to win. True in basketball (and most other sports, too), and true in real estate.

And one score in real estate you must know is your “prospecting score.” Sadly, many of the agents and brokers I meet don’t have a clue about their prospecting score.

Here’s an example: I had a client, Debra, who was complaining of a slow market and that she didn’t have enough leads. Sound familiar?

But she didn’t really know the score – she didn’t know how many leads she needed to make the kind of money she wanted to make.

One thing we do at Corcoran Consulting is share with our clients how other brokers and agents are doing in their prospecting through our proprietary program called the Tele-pro System. They see the numbers and it gives them the road map they need to start succeeding. In Debra’s case, she simply compared her numbers with others and it became instantly obvious that she wasn’t prospecting enough.

With Tele-pro, we can tell our clients exactly how much commission they make per dial, per hour (our clients make about $120 per dial and $1,873.00 per hour).

Debra was able to see the direct correlation between her prospecting and her sales. So she set up a daily prospecting schedule and stuck to it. Her sales skyrocketed and she no longer thought it was a slow market because she had plenty of leads, new and old.

To know your prospecting score, you have to get serious about the numbers. We can help you do that by timing minutes per dial, per contact, per appointment, per listing, per future follow up and per sale.

So, with that said, here are a few tips to make your prospecting more effective:

  • Call on Thursday, Wednesday and Tuesday between 7:30 - 8:30 PM. The best weekday time is from 3 - 4 PM. For weekends, Saturday between 10 AM. and 1 PM and Sunday between 11 AM and 2 PM are best.
  • Prospect at least one hour daily. 
  • Follow your script to keep you on track (And remember, scripts have only one purpose: to close for the appointment. Does your script do that?)
  • alk to between 50 and 75 people per day (that’s how many top agents talk to).
  • Know that the two best words in prospecting are ANSWER and ASK. When a statement is made to you, acknowledge it, and immediately ask a question. And answer questions asked of you, then immediately ask a question. For example: “What is the asking price of this home?” “This home is priced at $229,000. Is that a price range you’re looking to buy in?” 
  • Practice prospecting through role playing (We have a great document free of charge that gives you guidelines for role playing on our Web site at http://www.corcorancoaching.com/RealTown.php)
  • Make phone prospecting fun. It’s a mindset.

Success at prospecting is a mindset, too. And when you know the score, prospecting is slam dunk. It’s how the game is played – but more importantly – it’s how the game is won.

Now get busy and best of luck!  

(Bob Corcoran is a nationally recognized speaker and author who is founder and president of Corcoran Consulting Inc. (CorcoranCoaching.com, 800-957-8353), an international consulting and coaching company that specializes in performance coaching and the implementation of sound business systems into the residential or commercial broker or agent’s existing practice. We look forward to hearing from you.  Sign up TODAY for your complimentary business consultation. http://www.corcorancoaching.com/site/Realtown.php) 

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