- December 8, 2023
- Reading time about 6 minutes
Prospecting is essential to succeed in the commercial real estate business, but many agents and brokers hate doing it because of its time-consuming and tiresome process. A study by HubSpot says that more than 40% of salespeople believe that prospecting is the most challenging thing in sales. This happens because more than 60% of customers say no four times before saying yes.
As we know prospecting can be time-consuming with lots of effort, it is essential to help your business foster interest among your target audience, generate leads, and grow your client base. Taking help from experts of a reliable Real Estate Offers Management Platform who can share the best ideas and practices to be followed for a streamlined process is essential.
Let’s check the best strategies and latest technologies that can help in making prospecting easier and less painful.
Why You Must Not Stop Prospecting?
Regardless of the years of experience you have in the competitive real estate market, you need prospecting to win leads and increase your client base. Many real estate businesses avoid continuous prospecting for many reasons such as time-consuming, tedious process, and so on! This can hamper your business growth and make your clients jump to other competitors.
Before learning tools and tips to help in prospecting, you must know why prospecting is so important for your business’s sustained growth.
– Keep Your Pipeline Full
You may have to deal with multiple clients all at once but that doesn’t mean you should stop actively prospecting. It’s always better to have an overflowing pipeline with plenty of leads to work on for your business rather than have a tricking pipeline.
– Build a Strong Network
If you are a real estate broker with year-long expertise, you may have a customer base through client referrals. However, it is always advisable to go beyond referrals as it may limit opportunities. And for new and mid-level brokers, there is a struggle to grow the network! No better way than prospecting can help build long-term bonds and even lead to referrals in the future.
– Connect When Prospects Need You Most
The best thing about non-stop prospecting when used with the right technology can help you connect with the right people at the right time. For instance, your audience may be looking for property that has just come to the market and prospecting will help you gain the attention of that client giving you a competitive edge.
Best Practices for Prospecting That You Must Follow
Though you can build a top-notch IDX Website for Realtors to reduce your prospecting efforts, you must check out some of the most effective practices that we will discuss today. Here is the list of top practices that are followed by most successful brokers during their prospecting journey to win clients without giving headaches.
– Ask for Referrals
If your clients are happy and satisfied, they will be more than willing to bring their family, friends, and colleagues to your business through referrals. Take time to request your best clients for referrals.
Many reports show that people trust peer referrals more than any other marketing technique. Focus on referrals from existing clients and bring in new customers without investing much.
– Schedule Time to Connect
Always ensure that you schedule time to reach out to your leads. A report by Salesforce data shows that more than 92% of all customer interactions happen via phone. People expect you to call them before they invest in your business.
Though cold calling may be effective sometimes, many salespeople dread and the best way to overcome this is to make a habit of calling cold potential leads at a particular time every day.
– Know Your Community
Once you have chosen your territory or niche, focus on building relationships in that community. You can start by attending events, networking with business owners, etc. to help build your reputation as a reliable broker in that area.
How to Use Technology for Consistent Prospecting?
With technological advances, the real estate sector has transformed over the years making it easier for real estate professionals as well as clients. We know consistent prospecting can be full-time work even after following the best practices. So, what can be done to simplify the process? Making use of the right technology can help you continually fill your pipeline despite being busy working on active deals.
Here are some of the ways that shows how real estate business can use CRM technology to streamline the process-
– Give Access to Data
Using the right real estate technology can not only provide access to accurate data for quick identification of trends but also help unlock opportunities. Integrating your real estate website with your CRM ensure that you don’t spend unnecessary time on details and help you pinpoint good opportunity.
– Automate Manual Workflows
Another best thing is to choose automation that can save time, effort, and headaches at any phase. This will give you more time to focus on prospecting and connecting with clients. Automating workflows and follow-ups will save countless hours that would have been spent on repetitive manual updates.
– Nurture Every Lead
Working with a reliable real estate technology will help in driving deals forward ensuring that no lead is skipped or ignored in the process. This not only helps to nurture every lead but also keeps existing leads on track and accelerates time to closure.
Whether you are a new broker or an expert with years of experience in the real estate market, prospecting is essential for your business’s long-term growth. Making use of the right technology with best practices can help you make the whole process less tedious. Ensure that you check out all the points stated above to incorporate ideas aligned with the suitable technology for prospecting with a streamlined process and save your valuable time to meet other business goals.
If you are struggling with the tiresome prospecting process, BidHom, our Real Estate Auction Software can help take your business to new heights of success with a well-planned prospecting method aligned with the best technologies and generate business goals in no time. Connect with our experts today and gain more insights on how we can add to your business value.