If lead generation is the proven method to getting more listings, closing more deals and making more money, why are so many real estate agents NOT doing it? “Why don’t we prospect?!” asked KW MAPS Coach, Bill Crespo during his Power Prospecting breakout session. “Why are we letting a little thing like an email distraction get in the way of the ONE activity that is going to put food on your table and give your kids a college education?”
It was a powerful question that had the standing-room only session tuned in. “Now, let’s find out if you have an addiction. I want you to fill in the blank with ‘Not-Prospecting,’” he said.
The “Not Prospecting Addiction” Test
- Do you lose time from work due to _____________?
- Is ___________ making your home life unhappy?
- Do you ____________ because you are shy with other people?
- Is _____________ affecting your reputation?
- Have you ever felt remorse after ______________?
- Have you gotten into financial difficulties as a result of ____________?
- Do you turn to lower companions and an inferior environment when ____________?
- Does your ________ make you careless of your family's welfare?
- Has your ambition decreased since ___________?
- Do you crave ____________ at a specific time daily?
- Do you want ____________ the next morning?
- Does ___________ cause you to have difficulty sleeping?
- Has your efficiency decreased since ___________?
- Is _______________ jeopardizing your job or business?
- Do you _______________ to escape from worries or trouble?
- Do you ________________ alone?
- Have you ever had a complete loss of memory as a result of _________________?
- Has your physician (coach/TL) ever treated you for ________________?
- Do you _________ to build up your self-confidence?
- Have you ever been to an institution (training) on account of _______________?
Agents who answered YES to three or more of the questions, are definitely addicted to Not-Prospecting. To overcome the addiction and beat distractions, Crespo delivered his Power Prospecting plan.
Stay Open but Keep Regular Business Hours
Think of real estate as a retail business and lead generation as the front door. “Every time you don’t get up and prospect you are shutting the door to business,” he said. “You also have to protect your time and take control of your day. What time do you let your customers in,” he asked. “Would you let them in whenever they wanted or would you establish certain hours of operation? We cannot establish a habit a 24/7 open door policy. You establish the hours and your clients will respect it.”
Avoid the Traps
“We want a magic answer to success in real estate. The truth is, this is not a ‘how to stay in bed, never prospect and make six figures in real estate’ career choice. There is no magic answer other than prospecting.” Crespo identified other traps real estate agents experience.
- - Not having a daily schedule.
- - Allowing people and distractions to control your emotions and your day.
- - Not having a pre-prospecting routine.
- - Believing the stories in your head: “I can get it done later.”
- - Not treating prospecting as an appointment.
Create a Powerful Routine
“I’m going to make this easy for you guys because I want you to be successful. Depending on your level of production, choose from one of the following prospecting plans.”
- - Start a one hour-per-day habit if more than 60 percent of your business comes from your database and you do more than 24 transactions per year.
- - Start a two hour-per-day habit if less than 60 percent of your business comes from your database and you do less than 24 transactions per year.
- - Start a three hour-per-day habit if less than 60 percent of your business comes from your database and you want to dramatically increase your business.
- - Start a minimum four hour-per-day habit if you have no money, no leads, no pendings, or would like to dramatically increase your income.
Create a Powerful Schedule
“Why don’t we carve out that three hours of time when we know if we lead generate we are guaranteed a certain amount of money! Prospecting is a behavior that turns into a habit. In order to make it a habit you have to treat it like any other appointment on your schedule and commit every single day. ” He proposed the following schedule:
8:00 a.m. – Arrive at the office
8:00 a.m. – 9:00 a.m. – Prepare, affirmations, role-play
9:00 a.m. – Noon – Power prospect (For every 50 minutes take a 10 minute break.)
Noon – 1:00 p.m. – Lunch
1:00 – 2:00 p.m. – Lead follow
2:00 – 3:00 p.m. – Prepare for appointments
3:00 – 6:00 p.m. – Appointments/Prospect
Make a List of Contacts
“Your database is your business! If you want to make big money you have to have multiple sources.” Crespo suggested calling:
- Past clients (0-24 months)
- Old leads
- People you know
- Just-listed calls
- Just-sold calls
- Geographic farms
- Demographic farms
He also advised agents to give recently closed clients a one-sheet document asking them for names of people to contact. "Every transaction should result in one more transaction." The document led with the question: “Who do you know that I should know?” followed by 10 open spots where the client inputs the name, email address and phone number of someone the agent should know. “This makes people think beyond their friends who are actually looking to buy, sell or invest.”
Play Like A Pro
What does it mean to play like a pro in today’s market? According to Crespo, pro real estate agents:
- Role-play with at least three people per week.
- Lead generate three hours per day—stay on schedule.
- Read your goals weekly—get excited!
- Read at least one book per month … The ONE Thing.
- Study the competition and MLS stats.
- Practice your listing presentation weekly.
- Stay healthy and exercise.
- Take specialized sales training.
- Keep your goals in front of you daily.
- Hire a coach.
Are you addicted to Not-Prospecting? How will you overcome your addiction in 2013?