Real estate professionals need to break out of the Prospecting-Closing-Prospecting cycle — which involves aggressively prospecting until enough deals are in the pipeline, focusing on these transactions until they close, and then returning to heavy prospecting. The cycle can be broken with technique, touch, and time, says veteran real estate marketing and management expert Joe Cooke. As far as technique, he says it is necessary for practitioners to implement data management systems that are easy to use, can be moved from one brokerage to another, and have the ability to send mass e-mails without triggering spam blockers. As for touch, he underscores the importance of categorizing prospects and following up accordingly. The prospects who require the most frequent attention are those who make regular purchases or continually make referrals. Practitioners should then concentrate on qualified prospects who need a little more time before making a move, sending them market updates, newsletters, and other information on a regular basis. Finally, they should devote the least amount of time to prospects with limited interest in their services, offering quarterly market updates and mass mailings only. With regard to time, Cooke says agents must make prospecting a high priority every day in order to create a steady — and likely increasing — stream of income.
Source: RISMedia, Joe Cooke (05/29/08)
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