Do you dread prospecting because it takes up so much of your time (which you could be spending on more lucrative activities)? To prospect effectively, you need as much information as possible to gain insights into prospects and what they need. But, researching this information can take hours. And, you might save the details in one place but be unable to find them next time you need them.
Do you find yourself pushing off prospecting and not doing it daily? While focusing more on the deals you have now can seem like a better way to maximize your earnings, prospecting every day ensures that you have deals in your pipeline next month (and next year).
So, how do you balance needing to prospect with never having enough time (and not wanting to waste it with prospecting)? You start prospecting more efficiently – so you spend less time generating more leads. Wondering how? Read on to learn how CRE tech can help you reduce your prospecting time and simultaneously increase the results you see from prospecting.
Step 1: Use a CRM that centralizes your data
You interact with so many prospects and clients every day – making it hard (and time-consuming) to keep track of every detail about them. Do you use Excel (or even Post-it notes) to track all your information about your clients? Have you ever lost a key piece of information and looked unprepared in front of a prospect or client? Or, worse, lost a deal because of this?
If you’re using an Excel spreadsheet or paper methods to organize prospect/client information, you’re bound to forget crucial data. Best case scenario – it’s an unimportant detail that is missed. Worst case scenario – you lose a multimillion-dollar deal because of your unpreparedness (which is embarrassing as well). What can you do to avoid this embarrassment and potential lost deals?
You can use a CRE specific customer relationship management (CRM) tool that centralizes all your prospect information. With a CRM, you simply create a profile for a prospect or client and fill in all relevant information you have. That way, you’ll have all the information you need in one place. Plus, you can save time prospecting by choosing a CRM that syncs your data with other places you might use it – like in call lists and marketing materials. So, you only have to enter client and prospect data once – instead of multiple times.
Your CRM should also track key performance indicators (KPIs) for you – like how many calls it takes to get a meeting. Or, how many meetings it takes to close a deal. That way, you’ll know exactly how many calls, meetings, or listings (among other KPIs) you need to complete to reach your goals. You’ll save time by doing only as much prospecting as necessary to make the money you want.
Using a CRM will not only ensure you’re always prepared in front of prospects and clients. It will also save you time inputting prospect/client data and let you know how much time you need to spend on prospecting activities. So, you can do more prospecting in less time and earn more money.
Step 2: Use CRE tech to segment your prospecting database
While having a CRM is essential to keeping track of your prospect data, you can put that data to work with CRE tech to get more leads (and deals) in less time. When you do find the time to prospect, do you have a system for calling prospects? Or, do you haphazardly go through your spreadsheet trying to remember who might be a good fit for one of your properties?
Going through a spreadsheet (or an unorganized prospecting database) not only increases the time it takes you to prospect. It also decreases the efficacy of your prospecting efforts because you don’t have an effective system to generate high probability leads. The solution?
Use a CRE tech tool that segments your prospecting database. This segmentation feature is built into some CRMs specifically for CRE, but you could also use a separate segmentation tool. To segment your prospecting database, you add a tag to each prospect or client profile that separates them into relevant groups – like core clients, top owners, and prospects in specific industries. Then, your CRE tech tool can help you create lists by group and type – so you know exactly who to call every day based on your goals, the listings you have, or date of last contact (to name a few).
With targeted lists, you can easily prospect every day because you don’t have to allot time for prepping or researching. And, with segmentation, you can quickly find the highest probability leads based on their specific tags. So, you can spend less time prospecting and generate more results.
Step 3: Use automation to be on top of follow-up
To maximize the results of prospecting, you need to follow up regularly – which automated reminders make easy to remember. Has a prospect ever told you to follow up in a few months and you’ve forgotten to? Or, have you meant to follow up with a promising lead in six months and never did?
If you keep your reminders to follow up on a variety of Post-it notes and paper planners scattered throughout your workspace, it’s easy to forget to follow up. But, neglecting follow-ups can be a costly mistake – potentially losing you a once in a lifetime deal. And, if you aren’t in front of prospects at exactly the right time, you’re going to miss out on deals when they take their business to more timely brokers. How can you ensure you never forget to follow up?
You can use a CRE tech tool that automates your follow up schedule. Instead of storing reminders on papers scattered throughout your office, you can use a CRE tech tool to keep track of follow-up dates. When you put in a follow-up date, you can schedule a reminder to follow up on a specific day. So, you don’t have to waste time each day wondering who you’re supposed to follow up with. Instead, you can spend more time on prospecting and working on current deals.
A CRE tech tool that automates follow up reminders can help you never miss out on a potential deal again. Plus, it will save you time during prospecting, so you have more time to focus on closing deals (and making money).
The Bottom Line
Prospecting is essential to being (and continuing to be) an expert commercial real estate broker. It keeps your deal pipeline full so you’re making money in the future. But, it can be a time consuming and tedious process that’s easy to put off.
However, CRE tech can make prospecting easier and save you time. With a CRM that centralizes your data, a tool to segment your database, and automated reminders, CRE tech can make prospecting effortless and fast. So, you have more time to close deals and earn more money.
Looking for a CRE tech tool that cuts your prospecting time in half and helps you generate more leads? Apto has all of these features and more.