How to Prospect for Real Estate Leads

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Real estate sales is a business that is often paid only on commissions. Therefore, income is solely based on the number of deals a salesperson can close. In a business where only a small percentage of leads turn into closed deals, it is crucial to gain as many leads as possible. Prospecting is key to a successful real estate career. Here are a few helpful steps that will help you attract potential buyers.

  • Send out postcards to a target area. Choose an area of 100 to 500 homes or properties to "farm." Farming is simply the process in which you work a certain area for a long period of time in an effort to gain most of the business in that area. Become a local celebrity to those property owners. Farming got its name because you must plant the seeds, fertilize them, and watch them grow. This can be a lengthy process, but can prove rewarding after time. Do a "farm" mailing once a month.

  • Mail letters to those living in apartment buildings or rental properties offering to help them buy a home. Why pay a landlord instead of oneself? Do this once a month.

  • Attend open houses every weekend. This is a great way to meet active buyers in the marketplace. Do something unique at your open house, such as serve refreshments, hand out gifts or have a loan officer on hand to talk with prospects.

  • Set up booths at local fairs, festivals and business expos. Be sure to have plenty of handouts for everyone. Think of a nice little gadget that people will keep for a length of time. Calendars and pens are great, but remember they have a shelf life.

  • Contact all "For Sale By Owners" in your area within a week of seeing their home hit the market. Offer to provide them with some free paperwork if they will pass out your card to everyone who looks at their home but chooses not to buy it. Sellers love the less threatening and pushy approach and will call you when they are ready to list with a Realtor. It may also provide you with some home buyer leads as well.

  • Contact all expired listings from your Multiple Listing Service daily. Don't wait, because other agents may have the same idea. Be the first to contact them. Telephone calls are fine, but personal visits are better. If homeowners are not home, leave a bag on their doorstep with your brochure and a listing booklet. Offer them your services and explain why you can probably help them where their last agent failed to do so. Never put down fellow real estate agents, but be prepared to explain why you are able to help them.

Tips & Warnings

  • Keep a calender to plan your prospecting schedule. Prospect first thing every morning.
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