In Real Estate Sales, What Is A Prospect?

     The best definition I have ever heard of a prospect is someone that needs or wants your product, can afford it, and will likely buy it from you or your competitor sometime in the near future.

     If a person walks into a Realtor's open house, is that person a prospect?  If a person answers a Craigslist ad for a house for sale, is that person a prospect? Is a forsalebyowner a prospect?  Is someone whose listing expired in the MLS yesterday a prospect?  Is a homeowner that just got a new job in a new city a prospect?  Is a man and his wife with three kids living in a two bedroom house a prospect?  Is a person that was served foreclosure papers yesterday a prospect? 

     If you want to make money selling real estate, you have to talk to prospects. Did you talk to a prospect yesterday?  Have you talked with a prospect today?  Some real estate sales people can go for days without talking to a prospect.  Those sales people do not make a lot of money selling real estate. You have to talk to prospects.

     The best way to find prospects is to set 'prospect traps'.  What is that?  A Realtor's open house is a prospect trap.  You pick a nice house in a nice neighborhood.  You put out a few open house signs.  You sit there on Sunday afternoon and wait for a prospect to walk in.  Sounds easy to me.  Signs in front of your listings are prospect traps.  You list a house.  You have a sign with your name rider on it in the front yard.  Prospects call.  You run ads on your listings.  Prospects call.  What a deal!

     If you have a blog, that is a prospect trap.  You write articles that a prospect would be interested in .  They read your article.  They are impressed with your knowledge and your willingness to share that knowledge.  They call you.  WOW!

     Your You Tube channel is a prospect trap.  You have a ten minute You Tube video explaining how wonderful XYZ estates is.  Mrs. Prospect googles XYZ Estates.  Your video comes up on the search.  They are interested in buying or selling a home in XYZ Estates.  They call you.  Why not call you?  You seem to be the XYZ Estates expert. 

     Why not just be a walking prospect trap?  You are volunteering for a charity work project.  You are wearing a baseball cap with a Realtor logo.  Your fellow volunteer asks,"Are you a Realtor?"  "Yes", you reply.  He starts asking about prices and values over in ABC Estates.  Can you take it from there?  Do you wear your Realtor pin on your lapel all the time?  It seems like a good idea to me. 

     Prospects are everywhere.  If you can get them to call you, that is cool.  If that isn't working as fast as you want it to, perhaps you should call some prospects.  They are easy to find.  Forsalebyowners are prospects by any definition.  They have a house for sale.  Their likelihood of success with their current marketing plan  is rather slim.  Listing with a Realtor is inevitable.  You could use your blog and your You Tube channel to get them to call you.  That is a good plan.  Write an article that a forsalebyowner would be interested in, something like,"Seven Mistakes A For Sale By Owner Should Avoid"  .  Mr. Forsalebyowner reads your article.  He is impressed.  Two weeks later after he is sure his current marketing plan is not going to work.  He is not going to be able to save the commission, he calls you.  If you don't like to write, you could make this a video.  You could do both. Saaaaaaay that is a good idea. 

      Alas, if the phone is not ringing, you better start dialing.  Why not call a few forsalebyowners.  They are harmless.  They are going to list with someone.  What they are doing is probably not going to work.  Go look at their house.  Go visit with them.  These guys are HOT prospects by any definition.  What else are you doing with your time?  Here is a helpful video.  https://www.youtube.com/watch?v=7BYAiA7ayLw  

     Prospects are everywhere.  Every day in your MLS, listings expire.  These owners are red hot prospects, Why not call them or go knock on their door.  They need a Realtor.  They are going to list with someone.  Why not you? 

     Anyone that owns an empty house is a prospect.  Why would a person that lives in Cleveland want an empty house in Orlando?  Taxes are due every year.  Maintenance is necessary.  Grass is growing.  Call this guy and ask if he would like to sell this liability.  Chances are fifty fifty that he wants to sell.  If he doesn't want to sell, ask him if he would like to buy another one to sit empty.  You never know.

     Prospects are everywhere.  Set some prospect traps or call a prospect today.

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