How do you do this? By spending 30 minutes on MLS and identifying market segments that are more active than others. You want to look for segments with the highest sales activity in your market.
There may be a hot price range. Or a geographic area. Or there may be types of homes selling well (such as bungalows, near schools, townhouses or apartment condos).
Step #2: Find a Few Great Homes to Use as “Buyer Attraction Magnets.”
OK, you’ve found a hot market – a segment with great potential. Now, you must ask yourself, “What are buyers looking for?” Answer: “The perfect home!”
So, let’s go out and find “the perfect home” you can use to attract your buyers. You want to locate several truly great homes in that market…homes with great locations, beautiful features, priced right, etc.
You’re looking for homes that perfectly match the type of buyer you want to attract.
Conduct an MLS search based on the markets you found from Step #1, and suitable homes will soon be staring at you from your computer screen. Now, you only need to select a few that stand out.
If you need to preview a few, that’s even better. You’re looking for truly exceptional homes. Some of these homes could be your listings, and some could be with your brokerage. And some are listed by other brokerages.
If you don’t own the listing, you’ll need to contact the listing agent/broker and ask them if you can help them promote their listings with a unique marketing program you’re creating (after all, they want to sell their listings, and here’s free marketing).
Step #3: Create Your Buyer-Generation Promotion(s)
OK, you found your market – or several markets. You found a bunch of “buyer attraction magnets” (listings) that perfectly match the type of buyer you’re targeting.
It’s now time to get buyers to call you.
There are two steps here: 1) Select the suitable medium for your promotion, and 2) Create a compelling message practically forcing buyers to call you. Let’s look at each one.
First, when looking for the right “medium” for any marketing, you must ask yourself, “Where does my target market go to locate information that is important to THEM?”
Think about it. You’re looking for buyers. Where do THEY go to look for information when in their situation?
Maybe they look through “homes” magazines. There may be homeowner newsletters their friends read that may bring a listing to their attention. Some may only look at Kijiji, Facebook, Instagram, other social media sites, or your webpage.
Once you find a medium you want to use, it’s time to write irresistible messages buyers can’t refuse – our second step in the process. The best way to write an excellent home promotion is to use the (Words That Sell Booklet) I use. (If you are not a member of my brokerage, send me a quick message, and I will email you a copy.) This manual will teach you how to write an ad for a home…an ad that will cause people to call!
You’ll also want to have some way to take calls when you may not be available. And don’t forget, if you use an answering service or your voicemail, program it to page you when you receive a call. This way, you’ll talk to the buyer when they’re genuinely interested in real estate. Timing is everything.
Did you know that 85% of buyers work with the first person who contacts them?
Step #4: Convert Callers to Buyers
If you’ve followed these steps correctly, your phone will ring, or your email will zing with calls from people interested in the home you have marketed.
What do you do now?
So that you know – the first thing you should do is respond as quickly as possible. Believe it or not, Realtors lose more than 81.6% of leads because they never even responded to the prospect inquiry or responded too late. Shame on you!
Odds are the calls you receive will be from the exact type of buyer you’re trying to find – whether it’s a price range, area, or type of home. Your goal is to interest them in the home you have marketed or another home that better matches their needs.
Remember your focus here: You’ve generated an inbound lead. You already know something about your caller before they call (because the ad they called on qualified them). And that’s crucial information.
So, how do you convert an inquiry to a client?
First, talk about the home you have marketed. Understand its unique features so you can speak with authority. Your initial discussion aims to establish credibility as a knowledgeable Realtor and build a relationship.
Second, ask questions about their needs, and LISTEN. They will give you essential information about themselves and their needs, which will become crucial in converting them into clients.
You’re looking for what I call “bridges” that will create a unique bond with the client – a “common connection” that will take your relationship to a new level. When you find something familiar or discover specific needs, you must communicate how you share how you can help.
Finally, you need to schedule an appointment if you feel a sincere interest. So make an OFFER to help. It could be a customized list of homes, and it could be an appointment to talk about their needs. Or you’re going to send them a report.
If you learn how to transition those prospects into buying from you, all your previous efforts will be well-spent. If you’re new to this process, practice your closing techniques in front of a mirror so it becomes second nature when working with prospects.
One thing you should understand about this little strategy is that it’s scalable. So, will you use this strategy in your practice? Want to know a secret? Statistics say less than 1 out of 20 Realtors will use this strategy.
Many Realtors will think of why they can’t do it – some will even email me with wacky criticisms or why it can’t be done. Many Realtors will say they’re too busy or attending meetings to create prospecting systems for more business and income (too busy to make any money).
And a bunch will read this, say, “That’s interesting,” and forget they saw this by lunchtime.
But one or two Realtors will grasp this idea and take action. And it’s those Realtors who become the top 5% of big producers in real estate, and they take action.
Which one are you?