In real estate, all we hear from trainers, coaches, and sales managers is you need to prospect, prospect, prospect. While this is true, prospecting is only one part of creating a long-lasting and profitable real estate business.
The one topic that is not really spoken about in great detail is marketing. I find this funny because while prospecting will help you become a good agent; marketing will make you a great agent.
In this blog, we will quickly look at the difference between prospecting and marketing.
If you look at prospecting, it simply means to go looking for or to dig for listings. We all know that you don’t literally go looking for listings, you first have to find contacts and then nurture those contacts. Those contacts become hot leads, the hot leads become appraisals, appraisals become listings, listings become sales, and of course, sales become cash.
Given that prospecting is a one-to-one model and will eventually pay dividends, it can be a long process. This means that you are door-knocking, talking to one person, creating a relationship with them, and hopefully getting a result from them at some point. Or you’re making a phone call to someone and nurturing them to hopefully one day serve their real estate needs.
Most good agents are good prospectors, however, as I’m sure most of you reading this are aware, constantly prospecting can become tiring and you will quickly become sick of it. Even though you need to learn to love prospecting, it’s a very energy-based game and it can wear you down over the years to the point where you just can’t bear to pick up the phone.
Marketing, of course, is a completely different beast. Marketing is a one-to-many model and if you are able to get it right, you’ll end up having sellers start to call you! This can be achieved by building a profile for yourself and getting people talking about you or having a lot of passive advertising out there where people will get the perception that you’re the celebrity in the area.
In real estate, having people call you is called an attraction business. There are certain keys and strategies and on how to create an attraction business, but the one I’ve come up with and the one I teach to my clients is called the ‘Multi-Layered Prospecting System’, or MLPS.
An MLPS is a combination of both prospecting activities and marketing activities. By blending the two approaches, through one-to-one and nurturing activities, combined with creating profile awareness through the one-to-many approach, you’ll find that eventually your time spent prospecting will decrease and all you will be doing is dealing with repeat referral business, which is the ideal goal for any real estate agent.
Sounds good, doesn’t it?
If you attend my upcoming FREE 2-hour Real Estate Brilliance webinar, I’ll teach you about the Prospecting Speedometer and will go over the high, medium, and low dollar productive prospecting and marketing activities, how to combine them, and how to help you understand what you should be doing more of, and what you should be doing less of.
Take the first step to creating your own attraction-based business by registering to my next FREE 2-hour Real Estate Brilliance webinar. Simply click the button below.