The Universal Law of Sales

"The death of a real estate agent is the death of the pipeline, it's actually not a law that's specific to real estate it's actually a universal law in all of sales, and that is, that the minute you stop prospecting, your pipeline shrinks, when your pipeline shrinks, opportunities shrink, and then before you know it, you've sold your listings & you've got no stock ...and that's the start of beginning to feel anxious.?Prospecting is the lifeblood of our business." -?Tom Panos, Real Estate Coach

You need to be constantly updating and refining that pipeline so that you know you have a steady stream of business always flowing through.

But, it's hard! We know that. It's hard to find the motivation, the time, the planning space, the mindset and the determination to stick to it day in and day out.

We spoke with Tom Panos recently about how to stay on top of your game with prospecting, and to make your life easier, we've summarised Tom's 12 top prospecting tips right here!

1. Embrace prospecting as the lifeblood of your business: Prospecting is crucial for maintaining a steady pipeline and ensuring future opportunities. Without consistent prospecting, your pipeline will shrink, and opportunities will diminish.
2. Avoid personalising rejection: Prospect with the understanding that rejection is a normal part of the process. Don't take rejection personally and allow it to deter you from prospecting. Making rejection your best friend will help you persevere and maintain momentum.
3. Implement the 30-day rule: The 30-day rule states that your actions today will affect the next 90 days. Understand that prospecting is a long-term investment, and the results may not be immediate. Manage the lag between prospecting efforts and rewards and remain persistent.
4. Collect data as a brand new agent: If you are a new agent, focus on collecting data as your first step. Door-knock, meet people, and gather information. Additionally, become a product knowledge expert within your market, studying property values and understanding the market inside out.
5. Schedule prospecting as a non-negotiable appointment: Treat prospecting as an essential activity by scheduling it in your diary. Set aside a dedicated time slot for prospecting each day, ideally in the morning. Additionally, establish an operating rhythm where you have higher energy levels for prospecting in the morning (AM) and focus on appointments in the afternoon (PM).
6. Make Anniversary Calls: Reach out to your past clients on the anniversary of their home purchase to offer them an update on the current value of their property. This touchpoint helps maintain a relationship and opens the door for future business opportunities.
7. November-December End-of-Year Summary Calls: Use this time of year to make summary calls to your contacts, providing them with an update on the market trends in the past year and a forecast for the upcoming year. This demonstrates your expertise and keeps you top-of-mind for potential sellers.
8. Focus on the ON FM Months: October, November, February, and March are crucial months for decision-making in real estate. Take advantage of this time by actively prospecting and making phone calls to connect with potential clients.
9. Adopt A Pocket Listings Strategy: Introduce the concept of pocket listings to potential sellers who are considering waiting until the next year to list their property. Explain that by listing their property with you now but not launching it immediately, you can sell it at a higher price during the holiday period when there is less competition in the market.
10. Park Your Car on the Top of the Hill: Before going on a break during the holiday season, make sure to sign up listings beforehand. This way, when you return, you can release the handbrake and flow smoothly into the new year without starting from scratch.
11. Prospect with Impact: When prospecting, focus on making an impact rather than just going through a checklist. Let your energy, enthusiasm, and genuine care for your clients shine through. Treat people as students by providing valuable information and education, rather than just trying to sell them something.
12. Overcoming the "Already Working with Someone" Objection: If a potential client mentions that they are already working with a local expert, acknowledge their choice and ask if you could be on their list for the future. Collect their email address and start building a permission-based relationship by providing valuable information and staying in touch.

You can also find Tom's full webinar replay here. Well worth a watch!