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3 [New] Real Estate Prospecting Strategies

by blogger1
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on Tuesday, 21 August 2012
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While prospecting is perhaps 90% responsible for the success or failure of real estate investors today, many fail to have a real strategy to guide them.

Instead most investors fly by the seat of their pants, jumping on whatever appears to be the thing to do at the moment. This doesn’t just apply to individual or different marketing tactics or materials either, most investor’s marketing and branding is so incredibly fragmented it is difficult to make them out.

Real estate investing companies need a mission, vision and overall, master prospecting philosophy which guides their brand, marketing tactics and daily decision making. Without this it is difficult to stay on course and achieve goals not to mention ensuring longevity.

There are 3 approaches to choose from, pick one:

1. The Car Salesman

Aka the stock broker or door-to-door salesman strategy revolves around the hard sales pitch. It means capitalizing on every opportunity to the ‘maximum’ or in essence refusing to hang up on the telemarketing call till the deal is closed or the prospect hangs up first. There are advantages to this technique and it often works. It may not make friends but it can make dollars in the short term. The only problem when it comes to applying it to real estate is that unlike selling a car or switching phone service it takes a long time to close on a home and leaves a lot of room to back out. Plus, of course it means burning through staff fast, poor moral and making enemies of the public fast.

2. The Politician

Realtor Mag recently proposed adopting a “Mayorism” philosophy to marketing. Or in other words market as if you were running for an elected office. The meeting and greeting and choosing a policy (niche) to stand on and even using TV and fancy dinners can work. Though you might want to gift the sleaze, competitor bashing and lies a break if you plan to be around for the next election.

3. The Philanthropist

What if instead of focusing on ‘selling’ prospects or simply boosting up your own personal brand you focused on serving more customers? This is hard to fake and will back fire if you do. However, it only makes sense. What would happen if you put all your energy into and focus on helping more people own homes, helping more struggling homeowners escape foreclosure and get out of debt and helped communities by turning around more homes and improving neighborhoods? The more you help, the more you profit. However, in order to be authentic it may require most to make some fundamental changes to their structure and systems.

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