Top 5 Ways to Improve Prospecting for Real Estate Agents in 2023
A survey conducted by HubSpot shows that 53% of real estate agents believe that prospecting is the most critical yet the most challenging skill needed to generate leads.
In order to get your real estate business to be successful in 2023 you need to generate a ton of leads. The best way to do that is by an active outreach program. In this article I’ll share new prospecting ideas that will help your business explode.
Cindy Greenya, Team Leader at Keller Williams Realty, Inc, makes prospecting a top priority and said “Prospecting is the most important step in the sales process because you need to identify your potential clients, communicate with and convert them into actual clients. ”
Use the following steps to build an exceptional prospecting plan as a Real estate agent:
1. Identifying the neighborhood you want to dominate
2. Setting realistic prospecting goals
3. Deciding upon the marketing budget for prospecting
4. Stay connected with former clients and increase referrals
5. Create personalized prospecting letters
6. Use the right tools for prospecting
If you are ready to improve your prospecting skills, read on:
1. Identify the Neighborhood You Want to Dominate:
It's easier for you to specialize in an area because you know the people, the schools, the shops. And this helps you make more money with less effort than you trying to sell property to the entire city. As a real estate agent, your most powerful tool is 'Deep Knowledge'. Buyers and sellers respect realtors who are aware of trends, new laws or long-term economic outlooks for an area.
“Get involved in your local government,” says Shelley Griffin, a Harcourts agent who’s ranked consistently among the top producing individual agents in the real estate market in Central Oregon, and ranked No. 10 out of all agents in the Harcourts USA network. “Go to city council meetings or chamber meetings to get a good understanding of how your town works.”
Focus on a single area and spend the necessary time to learn it inside and out. Steps like these will be hugely helpful when talking with prospective clients. Maintain a methodical approach as you study, and take local decision makers out for lunch or coffee to get the real story on what’s going on in your area.
2. Setting Realistic Prospecting Goals:
Setting the right real estate goals and sticking to them is essential if you want to make your 2023 full of appointments, listings, and commissions.
- Calculate how many prospects you need to contact in order to lock down a buyer’s or seller’s listing appointment. On average, a beginner real estate agent starts with 5 contacts per day and one secured listing appointment per week. Set more manageable goals initially.
- According to a recent study by the National Association of Realtors, 83% of realtors are now using Facebook to generate leads and connect with their community. Therefore, direct your marketing campaigns towards Facebook so that you reach out to your target audience.
- Create content that is unique and touches the right chord with the audience. This helps you build a connection with your potential clients even before they become your actual clients. You can use different methods like blogs, behind-the-scenes videos, educational videos or live streams.
3. Get more referrals by staying connected with former clients
Steve Bookbinder, President at Steve Bookbinder Associates said “ Build rapport with your clients by staying in touch more often. This ensures they will do their next transaction with you and send you referrals when anyone asks about a great realtor that they know.”
You can hear more tips on how to grow your business in our interview with Steve [Podcast]
Here are several real estate prospecting ideas to increase Referrals:
- Ask past clients for referrals
- Call former satisfied clients for testimonials
- Volunteer work generates a ton of referrals
- Follow up consistently with past clients so that they will buy again from you
- Work with strategic partners like mortgage brokers
- Send a closing gift to commemorate the completion of the sale or purchase of a new home so that clients remember you and your excellent service
4. Deciding upon the Marketing Budget for Prospecting:
Marketing is an ongoing process that should be constantly nurtured, developed, and reassessed. And the same goes for your marketing budget. Your marketing budget should be 10% of your commission income. According to Deloitte, businesses that invested in digital marketing enjoyed up to 20% more in annual revenue. Marketing as an investment you can use to print postcards, flyers, social media ads, or signage.
When assessing your marketing budget, you need to answer these questions:
- How much have you spent on marketing for the past year?
- What is the percentage of return?
- Have you met your revenue goals?
- What are the projections for the adjusted budget?
5. Use the Right tools for Prospecting:
Even with a great prospecting strategy in place, it’s easy to let some potential customers slip through your fingers. To avoid that, ensure you are using the right tools that speed up the process for you to turn prospects into customers.
Here at No Limits Selling we found Agent CRM to be an incredibly useful tool. It gives you access to unlimited contacts, autoresponders, unlimited emails, texts, and voicemail drop. We save hundreds of dollars each year by using this one tool that does everything.
Do a tool audit to ensure you have the right technology in place. Here are some things to consider:
- Evaluate to see if your tools add value to your business
- Are you actually using the tools or are they being ignored
- Check to see if you have any duplications in functionality between tools
- Ensure the use of specialized tools i.e. a separate tool for Transaction management, marketing templates, social media management tools etc.
For more strategies to become a successful real estate agent, check out this article: 5 Ways to Become a Successful Real Estate Agent in 2023.
