Prospecting Mistakes in Real Estate and How to Avoid Them

Prospecting for clients is one of the most fundamental ways you will grow your business as a real estate agent.  Simply put—do it the right way, and you’re setting yourself up for success; do it the wrong way, and you’re going to have trouble staying afloat as a business owner and entrepreneur.  There’s just no other way around it.

The first question you should ask yourself is “am I prospecting the right people?”  If you aren’t, all of your prospecting and marketing efforts will be essentially wheels spinning, going nowhere.  If your goal is to draw in clients that will earn a higher-end commission for you, prospect to that demographic.

Another mistake that many agents make when prospecting for new clients is not asking your prospects for referrals.  Remember: when you speak to someone as a prospect, you are not only speaking to them—you’re speaking to their entire network of friends, family, and co-workers.  Regardless of whether or not the prospect you’re speaking to is looking to buy or sell a home—ask if he or she knows someone who would need your services.  Then tell them you’d appreciate the referral.  If they like you and trust you, regardless of their current needs, they will refer their friends and family to you.

Finally, once things get going for you and you see a lot of prospecting turn into leads, don’t make the mistake of stopping.  Many people get so excited when the work from their prospecting pays off that they forget to continue what they were doing that work so well before.  Prospecting should be an on-going process, and one that is always on your daily “to-do” list.  Make it a habit and your efforts will continue to pay off.