How to Find Prospects in Real Estate

download (88)1. Know your market

In prospecting, there is such a thing called, ‘Cold and Warm’ market. The cold market refers to people you do not know and have no relationships with. Warm market, on the other note, applies to your family, friends, colleagues, neighbors, and acquaintances. The question is, does it really matter? Some sales agents swore by starting with the ‘warm market’, since they are most likely to give a friendly ear. Others, on the contrary, states that it is wiser to focus on the ‘cold market’ as there are no relationships at risk. Both are true but it all boils down to the agent’s manner of approach.

Warm Market

The warm market list consists of friends, family, neighbors, co-workers, and acquaintances. They are a significant part of a trader’s life and business, so in order to grow profit without hurting relationships, a sales agent must take extra precautions. They may not consider your proposal at first and might even disregard your ‘money talk’. So, it is better to opt for subtle selling to avoid compromised relationships.

Cold Market

Although cold approaches tend to lead to higher possibilities of rejection, it can also feel easier than warm ones. Since you are interacting with strangers, a sales specialist doesn’t have to experience rejection from people they actually know. It is also easier to define if a prospect truly needs the service you are offering.

2. Sort your prospects

A longer list doesn’t always equate to better results. In the art of probing, an individual must keep in mind that a quality list will always win over a more sizable one. But how does one identify a quality lineup? A target client base is classified to be a potential lead if they are already in search of the service that the company is offering and if they have the budget to pay for the product. By sorting prospects, a sales specialist can maximize his time and see better results in a shorter period of time.

3. Create a foolproof script

In real life, a trader only has 10 seconds to get a hold of a prospect’s attention. This doesn’t only apply to cold calling, but to open presentations as well. When a sales agent is prepared, they are able to express their point accurately and even have room for extra tactics.

4. Enrich relationships

When interacting with a prospect, a sales specialist has to build a positive relationship from scratch. Prospects are more likely to be convinced if they were to hear real feedback from previous customers, so this makes testimonials and referrals very valuable in a transaction. Aside from that, once a sales agent has a customer, they should ensure that they preserve the client’s interest in their product/service. By enriching the relationship with and keeping in touch with them even after the purchase, they can appreciate the service that awaits them in the future.

By sticking to these simple guidelines, you can now confidently explore the real estate market. Once you’ve mastered the art of prospecting, you’ll be counting leads in no time.

Olivia Coore is a catapult of ideas waiting to explode. She basically writes about anything she finds amusing; may it be a new found hobby, a recently opened coffee shop, visiting a new place, life goals, documentaries, investing either in personal affairs, such as experience, skills, and travel, or in general trade like real estate, stocks, career and business opportunities. She hopes to find meaning in everything she does and makes her learning available for others to take inspiration in. She is currently working as a Senior Director of Correspondence at an investment firm in Miami, and believes that the best stories are always found between the pages of a passport.