Prospecting For Your Real Estate Business? Here Are 10 Truths To Guide You.

How should you look at the topic of prospecting?

Many years ago, when I started in real estate, the word "prospecting" generated many negative connotations for me. It brought to mind door-to-door sales, cold-calling, breakfast clubs, networking groups, and other superficial activities with the sole intention of generating a sale or getting referrals.

It wasn't that I hadn't done it before; I was a telemarketer for an ERA agent during my polytechnic years and had done my fair share of door-to-door sales and roadshows before joining the industry.

Still, prospecting wasn't an enjoyable task. It just had to be done.

Prospecting = Hunting for prospects.

It was a chore that had to be done if I didn't want to "eat grass" that month (moo...).

But after years of working in sales and with the many digital platforms available today, the term "prospecting" has taken on a new meaning for me.

What are the new distinctions I've discovered? Here are ten of them:

1) Clarify your intentions

Back when I started, I was simply hunting for sales. I hated it, and the people around me could sense it. Such a misalignment meant that no sales were going to come in. Even if a sale did happen, it wasn't a happy event—it was just a feeling of relief.

The stress of leads and listings drying up is very real!

2) Be a farmer, not a hunter.

Prospecting is about planting seeds, nurturing them, and waiting for them to sprout.

It is not about taking out a rifle, hiding in the bushes, and shooting a target. This is analogous to taking the time to build relationships with the intention of serving people long-term, rather than the "one-shot, one-kill" mentality that pervades newer agents.

3) Build connections.

Common bonds will always pull us together.

Discovering your common values is the raw material that will always make building connections easier and the ongoing journey with your client more enjoyable and meaningful.

Take the time to find out what you have in common with your prospects. Common passions and principles draw people together and help you connect more deeply in conversations.

This is more rewarding in the long term for both you and your clients.

Learn to take things less seriously, joke, laugh at yourself and have fun in the process.

4) Discover Your Ideal Client

Prospecting allows you to discover who your best customers are and who is not a good fit.

When you repeatedly talk to new people over a prolonged period, you gain the ability to filter and assess their suitability as a client. After all, as a business owner, you have the freedom to choose your clients as much as they choose you.

As you become more experienced, you will learn which types of clients and personalities you enjoy serving well and which you don't.

This means you will discover your strengths and weaknesses, leading to better decisions in client selection and greater career fulfillment.

5) Create Space for Emotional Bonds

Prospecting provides the space for emotional bonds between you and your prospects to be built and strengthened.

For a bridge to be built from your heart to theirs, you need time and space—time to explore who you are and what values you stand for, so you can provide the space for your prospects to connect with you.

Eventually, this process becomes so fulfilling that it doesn't even feel like work. When you seek out those similar to you, you are embracing who you are every day. It can be life-affirming.

6) Listen and Recognize Patterns

Prospecting means having regular one-on-one meetings with prospects and taking the time to listen to their problems.

The more people you meet, the more patterns you can recognize.

With pattern recognition, you can predict what your prospects will say before you even meet them.

The result? You become that expert agent who seems smarter and better prepared than average. Of course, this comes with hard work and practice.

7) Create Pathways for Clients to Find You

Write that article.

Record that video.

Conduct that webinar.

Share your insights on social media.

Make it as easy as possible for your prospects to find you.

Leave as many breadcrumbs as you can that lead them to you.

The trick is to just start somewhere, and eventually, you will become the expert you wish to be.

Blogging and conducting talks has helped me generate a regular and infinite stream of leads today.

8) Make People Fall in Love with Your Value

Have you ever fallen in love? Do you remember what it was like?

You can't stop thinking about them.

Now, think about how to make your prospects feel that way about your business.

What value can you add to every meeting?

What "shortcut traps" are other agents falling into that you can avoid?

How can you go beyond the call of duty to surprise your clients?

The thought and effort often count more than the most polished presentation.

9) Embrace an Abundance Mindset

Prospecting means believing that what you offer is the best solution on the market while also realizing that it isn't suitable for everyone.

You will find that you cannot serve everyone, which means you will soon realize there are more than enough prospects and sales to go around.

This helps you align your thoughts with abundance.

I noticed that being able to embrace abundance is a key indicator of future success.

When you feel abundant, you won't care about competition—you will remain focused on your own lane, doing what you need to do to attract the tribe you wish to be surrounded by.

10) Understand That Consistency Breeds Success

Consistent prospecting means success is only a matter of time.

If you write one article per month, you will have 12 articles in a year.

After two years, you will have 24.

If each article attracts 100 visitors per month, you would have 2,400 visitors reading your content.

If your articles are informative, that means 2,400 people per month will be impressed by your expertise.

The best part?

It happens in the background, whether you are working, on holiday, or unwinding with your favourite pursuits.

Conclusion

If you show me the number of hours you spend prospecting each day, I can predict the number of meetings you will have and, ultimately, your level of success.

On average, top producers meet at least 50 new prospects per year, which is about one new prospect per week.

If you are a new agent, start with active prospecting.

Eventually, as you build your foundational base, you can spend more time on passive prospecting, content creation, and brand building.

This base consists of:

• Insightful, SEO-optimized online content

• Higher visibility, both online and offline

• A network of happy clients who provide referrals

• Lots of experience and stories under your belt

Play the long-term game. You will eventually build a sustainable business and enjoy the fruits of infinite and regular leads.

Stuart Chng is an Executive Group District Director of Huttons, and a renowned leader and personality in the real estate industry.

He adores music and can play a few instruments decently without upsetting his neighbours. When not doing so, he enjoys pillow fighting with his son and coming up with silly puns which barely amuses his wife.

Professionally, he is a licensed real estate agent, an avid stocks, options and real estate investor, business owner, team leader, speaker and columnist for several property newsletters and blogs and is often quoted in media interviews on 938FM, Channel 8, PropertyReport, PropertyGuru and other publications.

Throughout his career, he has helped many clients grow their wealth through selecting great property investments and managing their portfolios actively. Read his clients' reviews here.

Stuart has also coached many top million dollar producing agents from different real estate agencies in Singapore. Read his agents' reviews here.

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