Vol. 4, Iss. 15, You Tell Us: Does prospecting more involve utilizing people you already know, or reaching people you don’t know?

by Chicago Agent

C. Bryce Fuller
RE/MAX North
Northbrook, Ill.

Great prospecting is a combination of both contacting people I know and earning new business from “strangers.” A good prospecting strategy is built upon several pillars. Just like a building, it won’t stand on just one pillar. Therefore, contacting my sphere of influence for repeat and referral business might be my biggest source of transactions, but it isn’t my only one. I have a geographic farm that adds five to six listings each year. I also stay in close contact with my Internet leads, which might account for another three to four sales.

Heidi Lachel
Prudential First Realty
Carpentersville, Ill.

In order to keep your business consistent and growing, it’s important to utilize your sphere of influence and people you don’t know. I’ve been fortunate to have a large sphere of influence from the start. People who know and trust you are your best source of reference. Be involved in something and establish relationships. My biggest source of business has been from church. I always keep one ear open and listen for any opportunity to ask for a referral. Persistence has paid off for me.

Michael Stangel
The Stangel Group at Keller Williams Realty Partners
Park Ridge, Ill.

In my practice, it’s been a combination of both, as past clients are great sources of recommendations that will help with referrals. Out of sight, out of mind, so you have to stay in touch of your past clients. As for people you don’t know, it takes five times the effort and marketing to secure a deal. In these times, you have to actively pursue those new sources of business more so that in the past. This involves not only direct prospecting, but using prospecting techniques at open houses, where many buyers (and sellers) like to “interview” a potential Realtor to hire. In short, when I prospect, I get business. When I don’t, the pipeline dries up.

Vicky Silvano
Century21 SGR

Definitely both ways. My sphere of influence/past clients is the main source of my continued flow of business as well as calling expired listings and FSBOs has helped me expand my database. You have to reach out to as many people as possible to stay productive thereby increasing your business year after year after year.

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