I will start this blog by asking you what makes more sense: Waiting around for low quality leads to come to you, or talking to as many high quality leads as you possibly can? I will never understand this one. So many agents are waiting on low quality leads to come to them when they could take that same time and talk to 100’s of the highest quality leads every week. Now, when I say low quality, I mean two things. That they are mostly prospects who are not interested in pursuing a deal (but just inquiring, or looking to rent), and that there is no previous relationship established between the prospect and the agent. Wouldn’t it be incredible if you had a business that had prospects that came to you when they got ready to buy or sell, who were serious and have already established a great working relationship with you? Well, that would be the most efficient way to build your business. It took me six years and a market crash to figure this out, and another six years to implement it (with a multitude of deals along the way of course).
You can spend your time building your business either way. It takes the same effort, and you will make the same amount of sales within the first few years. However, there will come a year in which one path will lead to 5 and even 10 times more transactions with even more upside. So, picture that for a moment. Either path you chose will look the same in the first 3-5 years in terms of effort and transactions, but after 3-5 years, one of the paths will take you to the motherland of real estate, your dreams and goals. Everything you want your life to look like. But, its up to you to realize that there are different paths with different outcomes over time, and chose the most efficient one. Most agents chose the wrong path. The one that looks the best in the short term from the outside. This is the scary part for new agents. They do not know any better, and get sucked into the web of possibilities.
Create Your Own Leads
The most efficient way to do real estate is to create your own leads. Right? That is the correct path. However, lets go deeper than that. If we are going to put the effort in and spend valuable time in our life doing something, don’t you want to do it right? I do, and I wish I knew all of this when I was a new agent. The goal is to create a real estate business that the most prime prospects come to you when the become serious about buying or selling. So, we first must backtrack who is the most prime prospect. Well, anyone who follows me knows that Property Owners are the highest quality prospect in any market. Why? Because they can buy or sell, and they are already fully educated in the ways of property ownership. Which makes transactions easier. Which in turn, allows you to do more transactions. The list goes on and on about why property owners are the highest form of a prospect. So, once you establish who your target audience is, it will then be time to figure out how to create a situation whereas they come to you when they are ready to buy or sell. This is the best real estate lead generation.
Lay The Foundation
The way that you build a magical business that yields plenty of buyers and sellers in your market that are high quality and ready to pull the trigger is Circle Prospecting (you can read my past blog about the Power of Circle Prospecting here). Let me explain. Once you carve out your niche in the market (type of property and price range you want to become a specialist in and dominate), you will then Circle Prospect that area like its going out of style. Circle Prospecting is a term used to describe cold calling a group of targeted owners in hopes to find out if there is anything you can do to help them and create a lifelong relationship that will yield decades of repeat business and referrals. Using the Zero to Diamond phone scripts, your objective is to be low-pressure and laid back. If they want to do a deal, great. If not, you secure that they do not already have a current relationship with another real estate agent and establish that you will stay in touch for future business when they are ready. If you do this over 1000’s of property owners and have a system in place to stay in touch with each and every one of them, after a few years you will have so many people calling you ready to buy, sell or both.
Building your business this way gives you dual purpose. You are working very hard everyday to find deals to close today while securing huge opportunities for the future.