Prospecting: The Path to Successful Real Estate Agency and Consultancy

prospectingAs a real estate agent, you will either be prospecting or working. Prospecting is simply looking for work to do. Working includes consulting, letting, selling and managing real estate. If you do not go out there to look for work, you will not have any work to do. If you do have, then someone else has brought it to you.

Working

It is interesting how many real estate consultants break their backs working. Indeed they work very hard. They beat unrealistic deadlines, often correcting mistakes made by others. By those who secured the job first then engage the consultant. If the work is brought to you, the best part is already over. Money has already been made. You are only being called upon to do the hardest part for less money. The one who brings the job dictates the price. And you the professional is only required to ensure the project works since you cannot afford a mistake. You are under the watch of the law and the professional institutions and associations you subscribe to.

Prospecting

Prospecting on the other hand, is the easy part of the business and the most rewarding. No one cares how you ask for the job. There is no professional negligence in asking for the job. There are no restrictions on how creative and innovative you can be. And there are no limits to how many potential customers you can network with. Yet it is here that the work is created. I have observed that leading estate agents seem to get projects after projects. They prospect a lot.

Since not all prospects lead to a job, you must multiply your efforts prospecting. For example, you may need to prospect five projects to win one job. If it is a sales job, that means to make two sales you need to prospect ten potential customers. And to make ten sales you need to prospect fifty potential clients and so on. You will learn that rejection is just but part of prospecting. Soon you will build a large portfolio of projects.

Prospecting is the surest way to expand your real estate business. You need to allocate more time to prospecting. If you are not sure you may try this: allocate 80% of your time prospecting and 20% of your time working.

Stephen Omengo
Registered Valuer, Registered Estate Agent & Registered EIA Expert
Chairman, Valuation & Estate Management Surveyors Chapter, ISK &
Real Estate Consultant at Tysons Limited, Nairobi-Kenya
Personal blog: www.StephenOmengo.com
Personal email: stephen@StephenOmengo.com

  1. It’s true… spend 80% of your time prospecting.

  2. Thanks for sharing this great article! That is very interesting I love reading and I am always searching for informative information like this.

  3. Fantastic blog! Investment in real estate always return good value.

  4. Thanks Steve; very true.

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