The Executive Suite: Real Estate Leads

Monday, December 9, 2013

Getting Real Estate Leads

Prospecting for listings can be fun and rewarding or dreary and frustrating; it's all up to you. There are many approaches to getting listings, but you need to find a method that fits your personality or you're not likely to stick with it. You can cold call homeowners with expired listings or try a more passive approach and place magnetic signs on your car. You don't have to be a gregarious, outgoing person to obtain listings, but you do need to know what you're talking about and what else is for sale in the neighborhood.

Suggestions

Tell everyone you know that you're in the real estate business -- beautician, pool cleaner, church members, teachers, neighbors, relatives and friends. Network in your local community and participate in charity fundraisers. Join a local real estate investment club, or start one. Wear a distinctive company name badge that lets everyone know you're in the business. Hand out business cards and ask everyone for their email address, so that you can create a contact database.
Develop a farm area. Many agents do well selling properties in a particular subdivision or condominium. Attend all the broker open houses in a specific area and familiarize yourself with the different floor plans and owner renovations. Keep track of real estate statistics for the area; know how many properties are listed, list price, average number of days on the market and the sale price. Walk around the neighborhood and introduce yourself.
Advertise other agents' listings if your listing service allows it. Don't spend a lot of money on ads if you're targeting sellers, but you may get calls from homeowners wanting to know the value of homes in a particular subdivision. Try to keep the conversation flowing and it may result in a listing appointment. Have magnetic real estate signs made for your car and make sure your phone number is in a large font that can be read from a distance.
Buy leads. Commercial vendors may be too expensive for you, so ask the vendor if two agents can split the cost and then find another agent in your office who's interested. Some lead sources are better than others, so ask around. However, you may be disappointed in the responses because it's a competitive business, and other agents might not want to disclose productive sources. Don't commit to a long-term contract until the company proves its value.
Ask for referrals from satisfied customers. Create a database of names and email addresses, and stay in touch with clients on a regular basis. Sending an email costs nothing. Every month send them all something; a newsletter, a market update on a particular subdivision or an update on your business. End every email with the statement "Referrals are always welcome."

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Friday, May 17, 2013

How to Sell Your Real Estate Leads

In times of economic downturn, rises in unemployment invariably lead to foreclosure. The increase in foreclosures provides an opportunity for real estate investors to capitalize on heavily discounted property. If you lack the capital or credit to invest, you might choose to sell leads, or "bird-dog," to other real estate investors by placing the property under contract. Build your network of real estate investor contacts to help further your chances of success in selling sales leads. As you gain credibility among your contacts, selling real estate leads will become increasingly easier.

Suggestions

Attend local real estate investor meetings. Network with investors at the meetings to learn more about their specific investment needs. You can either sell them existing leads or go out and find a deal that meets their goals. Collect a business card or write down their most current contact information so you can reach out quickly in case you uncover a lead that interests them.
Analyze your deals thoroughly before attempting to sell a lead to an investor. You can lose credibility by selling a poor lead to an investor. Savvy investors will often immediately recognize the poor deal and associate you with poor investment information. Create a solid list of potential buyers by only selling the deals you research and find to be exceptional investments.
Place a property under contract to ensure it doesn't leave the market before you can sell to another investor. Some cash is required in this instance to secure the contract. Your contract should include a clause that allows you to "assign" the deal to another investor. Having a property under contract when you attempt to sell the lead decreases the chance of an investor going around you and buying the property without compensating you.
Create a website with pages of real estate investment leads. You can charge investors an upfront fee to subscribe to your website and gain access to real estate deals. Alternatively, you could list lead information excluding the property address and have investors purchase each lead individually. Maintaining a list online opens the door to selling to investors around the country.