To be successful in Real Estate, we need clients. And to get clients, we need to practice business development. Business Development ought to use up about 50% of your resources (time, energy, and money) and yet, many REALTORS® end up accidentally spending a huge amount of ineffective money and energy on business development by fostering worry, and not being deliberate about balancing prospecting and marketing.
Prospecting and marketing, while they serve the same goal, are profoundly different. It’s important that we differentiate between the two, understand what the benefit of each is, and start to explore how they can compliment each other.
Marketing is any business development activity that invites the prospective sellers or buyers to reach you. It is your website, social media posts/ads, flyers, blog writing, advertisements, billboards or bus shelters, etc.
Prospecting is any business development activity where you reach out to prospective sellers and buyers. It includes: calling your circle of people and/or your past clients, going to networking events, visiting neighbours around a property that was just listed for sale, holding/attending a community event, making calls, and beyond.
Here’s the important thing to know:
Marketing is expensive, slow and comfortable
Prospecting is free, fast and uncomfortable.
By realizing this, we can see that there’s a balance between marketing and prospecting. If we only use marketing, we’ll run out of resources before a client comes around and reaches out to us. However, if we use some smart marketing to build recognition and trust, it can make the powerful work of prospecting warmer, smoother, and more effective.
Prospecting takes talent, great communication, and creativity. So share with us: what are your favourite prospecting tips and stories?