Residential Real EstateWhat Prospecting Is - - And Isn"t
Prospecting is one of the easiest but most misunderstood concepts in the field of sales.
Sales trainers are always trying to sell their "prospecting-free systems" on worldwide speaking circuits by saying, basically, "You will never have to prospect again if you use my system." And, because salespeople secretly don"t want to prospect, they readily buy into the too-good-to-be-true, no-prospecting philosophy.
Our readiness to take the easy bait makes us like the wolves that are hunted above the Arctic Circle. Pardon the graphic imagery, but the wolf hunter dips a sharp knife in blood and freezes it. He repeats this over and over until the knife is thick with layers of frozen blood that attracts the wolves" keen sense of smell. They begin to lick the knife, working themselves into a frenzied rage to find fresh blood. Eventually, they succeed, taking their passion for the knife even higher. What they fail to realize is that the fresh blood is actually their own. They bleed to death from their own actions.
As salespeople, if we buy into the myth of a prospecting-free sales system, failing to learn sound prospecting approaches and abandoning the need to continually develop new leads, we risk ending up like the wolf -- chasing false promises and endangering our livelihood in the real estate business.
Webster defines prospecting as "seeking a potential customer, seeking with a vision of success." Notice there"s nothing in that definition about waiting or hoping. The definition revolves around action being taken by the salesperson, starting with the word "seeking." Prospecting involves finding people to do business with.
The other key phrase is "with a vision of success." Prospecting requires positive expectations. It requires a positive-results mindset, in part to overcome the influences of all the other agents who don"t prospect, don"t value prospecting, and stand by to negatively influence your vision and expectation of success.
As a new Realtor in 1991, I joined an office full of experienced agents who were doing well. I knew that to succeed I needed to prospect. I didn"t know much more than that, but I understood the value of prospecting based on the results I"d experienced in my previous sales jobs.
I"d come into the office at 7:00 a.m. and by 8:00 I"d be talking to expired listings, FSBOs, people within my sphere of influence, whoever I could reach on the phone. The snickering from the other offices didn"t escape my notice, nor did it redirect my efforts. The laughing died down within six months when my listings and sales put me on top-performing lists -- and it stopped altogether when I made over six figures in my first year in the business. I became the number one agent in that office after my third year in the business. And my commitment to prospecting hasn"t stopped yet.
What Prospecting Is:
Calling past clients
Calling people in your sphere of influence
Calling expired listings
Calling FSBOs
Cold calling for listings and sales
Knocking on doors
Hosting open houses
Calling absentee owners
Cold calling from lists of names
What Prospecting Isn"t:
Mailing magnets, calendars, and almost anything else
Setting up a website
Joining service organizations
Wearing your name badge
Placing magnetic signs on your car
Sponsoring a community sports team
Doing floor time
Answering e-mails
Pinning your business card on bulletin boards
While marketing is all well and good, prospecting is the pathway to sales success.