15 Clever Real Estate Prospecting Ideas to Boost Your GCI

Real estate prospecting is the act of generating new real estate clients through active outreach and outbound communication. Rather than waiting for the phone to ring, a real estate prospector picks up the phone (or emails or texts or knocks on the door) to initiate contact with potential clients.

Learning how to prospect in real estate can be one of the most rewarding pursuits, and without a doubt, it’s the best way to generate new leads. If your real estate prospecting needs to level up, here’s some expert prospecting advice from five top producers in the residential and commercial real estate game to help you generate more business.

1. Learn the Art (& Science) of Real Estate Prospecting Letters

The first tool in a real prospector’s toolkit is the prospecting letter. The real estate prospecting letter is a fantastic tool for prospectors because it serves several purposes:

• It conveys a lot of information (like a neighborhood CMA)
• It’s an easy way to introduce yourself and soften the ground before a phone call
• It’s effective: Hand-addressed letters are read more than a cold postcard

Though prospecting letters are great, they’re not all created equal.

Download the 17 Best Prospecting Letter Templates

Make sure your prospecting letters are personalized, professional, and authentic. Nobody likes reading mail addressed to “Dear Sir or Madam.” Remember, your goal with your letter is to demonstrate your value and prompt someone to reach out for more information, so make sure you include a motivational call to action as well.

Get Started Today: Write a prospecting letter to 10 neighbors about the last home you sold. Share exactly what you did to get the job done, and how you are ready to help them too.

The Close Resource: 17 Best Real Estate Prospecting Letter Templates for 2022

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2. Make Your Real Estate Prospecting Decisions Based on Data, Not Comfort

Marc Azfal, Real Estate Broker, Marc Azfal Homes

Realtors who use data to guide their decision-making are going to come out ahead when it comes to real estate prospecting. Here’s what California real estate broker and marketing guru, Marc Azfal, had to say on the topic:

“When you’re real estate prospecting, make sure you’re tracking your results very carefully. If there’s a particular strategy that connects with your prospects well, leverage that strategy and focus more on it, even if it’s relatively uncomfortable.

“For instance, a letter is easy to write and non-confrontational, but if it doesn’t advance your goals, why would you consider sending it?

“That neighborhood garage sale you sponsored was time-consuming and required a lot of face-to-face prospecting, but it netted you three new clients. Even though the garage sale took longer and was more difficult, it’s clearly the way to go.”

3. Remember: You’re Providing Value to Your Community

One of the biggest complaints we hear from new agents is that they don’t want to “bother” anyone with cold calls or door knocking. We get it—no one wants to be seen as the sleazy salesman.

Of course, the reality of the situation is that you’re actually providing value to your community.

When you reach out to potential buyers and sellers, letting them know about your services and expertise, you’re also making them aware of their options in the real estate community. I’m sure we’ve all heard the first-time homebuyer or seller say, “I had no idea I could do any of this!”

4. Make Your Weekly Goals About Work & Your Long-term Goals About Results

Since real estate prospecting is all about picking up the phone and making it ring for your soon-to-be clients rather than waiting for them to call you, it makes sense that you’re going to talk to a lot of people who are interested in what you have to say, but not quite ready to get active in a transaction. Don’t be discouraged by this.

Make your weekly prospecting goals about the work you’re doing: the number of calls you make, the number of texts you send, the number of doors you knock, and so on, and make your six-month goals about the amount of business you close.

The more seeds you plant now, the more you’ll harvest later!

5. Use REDX to Improve Your Real Estate Prospecting Efficiency

Just a few years ago, real estate prospecting involved a huge amount of grunt work. You’d have to gather addresses for mailers and scrounge through various less-than-reputable websites to try to find phone numbers. Don’t even get us started on trying to locate contact information for Expired Listings.

Luckily, these days we have amazing and affordable software that can do the heavy lifting, meaning all you need to do is polish those scripts.

REDX is a prospector’s best friend because they do all the hard work for you, giving you all the information you need to start reaching out on day one, and even tools to make that outreach more efficient. REDX gives you owner profiles on every single Expired Listing, FSBO seller, and more. Their built-in Power Dialer automates your calling, making your phone prospecting up to 400% more efficient.

Visit REDX

6. Sponsor Seasonal, Family-friendly Neighborhood Giveaways

There are few better ways to ingratiate yourself to a community than to give away fun stuff, and there are lots of chances throughout the year to sponsor giveaways—American flags on Memorial Day and 4th of July, pumpkins before Halloween, and Christmas trees in December, just to name a few.

Either go door-to-door offering these items, or set up a neighborhood pickup night where your potential clients can come to a particular location and meet you. However you choose to do it, each giveaway comes with a handshake, some exchange of contact information, and a call to action, helping to make you the neighborhood real estate expert.

7. Create a Lead Generating Website

Real estate prospecting is easier if people are already familiar with who you are and what you do. Create a website that provides visitors with information about selling a home in their community, an opportunity to search for properties currently listed for sale, and a way to contact you with questions.

You’ll be setting yourself up for easier conversations and higher conversion rates when you do actually get to speak to your prospects directly.

Check out Placester

8. Follow Relevant Hashtags on Social Media & Engage in 1-to-1 Real Estate Prospecting

Claudine O’Rourke, Associate Real Estate Broker, Compass

Prospecting isn’t about cold calling and mass mailers—it’s about starting and then cultivating a relationship with people who you think will be great buyers and sellers, either now or in the future. One-to-one prospecting is a great way to build this relationship, as explained by Manhattan real estate expert, Claudine O’Rourke:

“When I see a baby bump or a stroller, I know there’s a potential client who needs more space! So, not only do I engage in any way I can in person, but I engage on Instagram with those in my sphere who are posting about being a new mom. As a mom myself, I can relate. Instead of offering mommy advice, I offer NYC real estate advice. #nycmoms.”

9. Dedicate 90 Minutes a Day to Real Estate Prospecting

Your prospecting efforts will only be as successful as they are consistent. Prospecting is a lot of work (and has a lot of potential reward), so thinking that you’re going to get your prospecting done in just a couple minutes a day isn’t realistic.

Successful real estate agents set aside 90 minutes every day and dedicate them to prospecting. Those who can commit to a regular schedule will be amazed at the results that 7.5 hours of prospecting each week will get you.

10. Call Expired Listings Every. Single. Day.

Expired Listings are golden opportunities for real estate prospectors (no pun intended). After all, the owners of these homes have raised their hand and said, “Yes, I want to sell my home.” For one reason or another, their home didn’t sell, but chances are, their desire to sell their home hasn’t changed.

The only question is whether you’re going to list the home or a more aggressive agent in your office will get to it first? Before you get an expired listing owner on the phone, have the background on each listing. What was it listed for? Was it priced right? Was it marketed correctly? Be ready to overcome objections and move quickly.

11. Call FSBO Sellers Every. Single. Day.

Just like Expired Listing sellers, FSBOs are fantastic prospects to nurture because the sellers have proven that they want to sell their home now.

However, the approach is different with FSBO owners than it is with Expired Listing sellers because these owners are convinced (or at least they claim to be) that they don’t need a real estate agent to sell their home. Either that, or they just don’t want to pay the commissions.

You’d think that these folks would be impossible to convince otherwise, but you’d be wrong.

We know that more than 91% of homes in the U.S. are sold using the services of a realtor. According to Realtor.com, the median home sale price for a FSBO home is close to $60,000 less than the median sale price of a realtor-listed home. Usually all it takes to win these listings is a savvy pitch and persistent follow-up.

12. Stop Fearing the Word ‘No’

According to a study done at Baylor University on real estate cold calling, it takes an average of 209 calls from a real estate agent to a farm area to set an appointment or get a referral. For those of you with a fear of rejection, the takeaway here is that you’re going to have to endure 208 gut-wrenching “no’s” before you finally get a yes.

For those of you who have already gotten over your fear of “no,” this statement is music to your ears. It means that for every “no” you get, you are quantifiably closer to a “yes.” It means that if you can make 627 calls in a week, you’re going to get three appointments out of that hard work.

13. Get Some Face-to-Face Time With Your Real Estate Prospects

Hans Hansson, Founding Partner, Starboard Commercial Real Estate

If real estate prospecting is about establishing a relationship with potential buyers and sellers, there’s no better way to take that relationship to the next level than a little face-to-face time.

Just shaking hands with someone you’d like to do business with is a powerful experience, as explained to us by one of California’s leading commercial real estate experts, Hans Hansson:

“Keeping your face in front of your current decision-makers, as well as getting it in front of any new decision-makers, is a must for real estate prospecting.

“In the commercial world, I’ve learned the hard way that I could have worked miracles for a client, but the decision-maker had been replaced, and since I didn’t have any face-to-face time with a new decision-maker, they wouldn’t have a clue as to the great work I’ve done in the past. The same idea can be applied to residential real estate.

“People need to see your face; they need to shake your hand in order to really establish a relationship so you become their go-to real estate resource.”

14. Use Video Marketing to Soften Your Prospects

Evan Roberts, Real Estate Agent, Dependable Homebuyers

Prospecting letters aren’t the only way to soften a particular set of future clients. Social media advertising provides some very specific targeting options when it comes to who you want to see your content. Texas-based real estate expert, Evan Roberts, told us:

“YouTube Ads now allow real estate agents to run video advertisements within a specific geographic farm area. We found that recording testimony videos from past clients and running these videos as YouTube Ads to be a great way to build brand awareness within our farm area.

“Using YouTube’s targeting features, we were able to reduce our audience size to only homeowners and those likely to buy a house in the near future. YouTube Ads have been cost effective for our marketing efforts since they cost 3 to 5 cents per view and are targeted to only be shown to qualified, potential clients.”

15. Create Facebook Groups Your Prospects Will Flock To

Will Friedner, Broker, Montana Life Realty Team

Social media is a popular place to prospect, but it’s not the easiest place to do it unless you know what you’re doing. In fact, a study done by Kuno Creative showed that for business pages with less than 500,000 followers, on average, only 6% of your organic following actually even sees your post, much less engages with it.

But that doesn’t mean that you can’t prospect profitably on Facebook. Take, for instance, the strategy used by Will Friedner, broker with the Montana Life Realty Team:

 

“We’ve had great success using Facebook Groups to generate real estate leads. I now have four real estate Facebook Groups around the state of Montana with a total membership now over 30,000 people (almost 3% of this state’s population). These groups now account for over 50% of my business.”

Over to You

The Close has a ton of great real estate lead generation tips for real estate agents of all experience levels. Not sure where to get started? Check out 37 Underrated Lead Generation Ideas for 2022 to get inspired.

Have a great real estate prospecting strategy that we’ve missed? Let us know in the comments below—let’s keep the conversation going.