Those who fail to plan, they plan to fail. This saying holds true for real estate prospecting. I have been in the Atlanta real estate industry for more than 25 years now, and I am yet to see a successful real estate agent who doesn’t plan his/her activities. In my opinion, real estate prospecting is all about planning. You start with defining your target market and use your preferred real estate prospecting method to connect with your customers. The process may sound simple but it requires intensive planning.
At Platinum Real Estate, we put in extra efforts and time in the planning process and the hard work always gets us extraordinary results. Therefore, I always encourage other real estate agents to devise a comprehensive plan to stay on the track during the prospecting process and to get the desired results.
If you’re ready to find wealth and fortune in the real estate industry, you should start with building a real estate prospecting system. To help you with this task, I am listing 3 steps that you can use to create an effective and results-driven real estate prospecting plan.
Step 1: Define Your Target Market
The first step is to define your target market. You may segment your target market on the basis of the particular real estate niche you want to specialize in or on the basis of location you want to serve. For example, you may define your target market as Atlanta-based high-end real estate or individuals looking to buy or sell a residential property in a particular neighborhood.
Defining the target market is essential because it helps you focus your prospecting efforts and get better results.
Step 2: Build Your Database
This is probably the most exhausting step of building a real estate prospecting system. To build your own database, you should gather information about the properties in your target area. Consider collecting the following information for each property you list in your database.
- Where is it located?
- Who owns it and for how long?
- What are the means of contacting the owners?
Traditionally, Atlanta real estate agents used manual recordkeeping methods to keep the information organized. But at Platinum real Estate, I suggest real estate agents to use Microsoft Excel and import the data into a cloud-based CRM to get on-the-go access to their data.
Step 3: Choose a Real Estate Prospecting Method
Once you have defined your target market and have built your database, it’s time to choose the real estate prospecting method you’re going to use to connect with your customers. Depending on the contact information you have, you may choose any one of more of the following real estate prospecting methods:
- Cold calling
- Social media prospecting
- Expired and FSBO listings
- Newsletters and emails
To determine which type of real estate prospecting method will best fulfill your prospecting needs. Join me for my upcoming Million Dollar Producer workshop. For more details visit www.lutherragsdale.com.