Last Updated on May 8, 2019
I would estimate the average agent loses between $20,000 and $80,000 a year because they don’t know how to handle sign calls, ad calls, or any other inquiries from buyers or sellers. And chances are, YOU are losing money too. Even many veteran agents, who think they knew how to work a call, are making costly mistakes.
If you simply master the art of handling inquiry calls, you will see an strong increase in your income…and you’ll stop letting money run through your hands when you prepare correctly and know what you’ll say even before someone picks up the phone to call you.
Here’s the 5-step process:
Understand Your Primary GOAL. Most agents think when they receive a call, their job is to sell real estate. It’s not, and this could be the very first mistake you’re making. People don’t buy real estate from a stranger over the phone. The primary goal of your conversation over the phone is to…
Get A Name, Phone Number, And Face-To-Face Meeting!
Be Prepared Beforehand! Your success will be related to how well you prepare for the calls you’ll get. PEOPLE WILL TELL YOU WHAT THEY WANT IF YOU’LL JUST ASK.
You need to think through the questions you’ll get from prospect calls, and have a prepared, straight-forward answer for them in a way that sells your services.
For example: If you have a listing in a resort subdivision, you better know about dues for joining the club, complete market values, EVERYTHING about the home you’ve listed, and other benefits of living in the area (schools, shopping, transportation, community services, etc.).
You also need to think through the questions you’ll ask your buyers to do 2 things: 1) Qualify them as real buyers/sellers (their motivation), and 2) Motivate them to meet with you.
Know Your Inventory So You Can Motivate A Phone Number, And A Meeting. If you have a listing in the $250,000 price range, you need to know at least 5 additional GREAT homes in that price range. The chances of a caller buying your home can be thin, but the chances of selling them “A HOME” are good – if you know what you’re doing. Here’s the approach you use to motivate a phone number and a meeting.
No one will want to meet with you without a specific, irresistible, self-serving reason for meeting with you. And no one wants to get sold! They simply want their problems solved.
So, what will you DO for them?
For example, if you get a sign call, you know a lot about them because they called you regarding a listing or other property. And you know what they’re looking for because they answered your questions above. What do you think will motivate a meeting? The perfect HOME!
- Mr./Ms. Prospect, I have 2 homes – and perhaps one more if it’s still on the market – that perfectly match what you’re looking for. Let me pull out my information on them and I’ll call you back with details. Are you going to be around in the next 15 minutes? What’s your phone number?
You now have a lead…now it’s time to find the exact home they described to you from your questions above. AND CALL THEM BACK EXACTLY WHEN YOU TOLD THEM…NO LATER THAN 15 MINUTES! And when you call them back, you need to tease them with features and benefits of the homes – to perfectly match the ones they gave you earlier. And you need to set-up a meeting to look at those homes.
Take Detailed Notes. Don’t rely on your memory. I know this sounds simple, but you could get 20 calls a day, and you need to keep track of details. So, go out and buy a set of 5 X 7 inch cards. And on each card, get down as much information as possible on your prospect’s desires. Also get as much personal information as possible. And work your cards diligently, or put them into your online contact manager for regular follow-up.
Get Your Head Straight. 90% of working prospect calls is YOUR mental state and preparedness. Here’s what I suggest you do to close your calls to clients:
- Get prepared mentally. When your phone rings, tell yourself, “I’m going to meet with these callers.” That’s your single goal.
- Create a script of items or QUESTIONS you need to use during your prospect calls. Don’t rely on your memory to come through during a tense situation.
- ASK FOR THE APPOINTMENT. “Ask and you shall receive.” I can’t tell you how many agents I meet who simply don’t ask for the meeting…or the sale. Many agents lack the confidence to ask for the business. Don’t expect to be successful in real estate if you can’t ask for the business.
We’d love to hear from you- what’s your go-to plan for dealing with prospect calls? Please share them with us and the other Agent Inner Circle member agents!
7 thoughts on “Do You Handle Prospect Calls Correctly Or Are You Losing $$$?”
Great tips and pointers – nice article!
Thanks Val! Let us know how it works for you if you implement the steps.
I knew all this 40 years ago. But somewhere along the line, I forgot a little here and a little there. It’s good to have it in front of me again. And I WILL use it. thanks much
Thank you Ruth! YES, it’s always good to re-visit the basics.
I loved it ! It was very informative and did not talk down to anyone. It made it sound like you were talking to a friend and not trying to sign a contract . You did not sound like you were a used car salesman but you were just trying to help the prospect find what he needed!
Thank you Pat! That is definitely the tone that you want to strike- building that close, personal relationship from call 1- without being pushy. Appreciate the comment
I followed you in the 90’s Craig. Nice to see you’re still on top of your field