Earlier this month I posted a survey for Realtors to examine where we spend most of our time prospecting for clients. I’ll be honest, the survey had another motivation behind it: getting the word out about fighting human trafficking.
It was interesting to learn that 50% of agents (who participated in the survey) spend their most time prospecting online/social media – although, since this was a survey promoted through Facebook, this statistic doesn’t shock me! What number surprised me the most was that “within my own database” only received 29% of the votes. If you were to tell me to guess the survey outcome prior to this, I would’ve flipped those two numbers, based on my experiences with agents and the power of your own database.
Open houses, farming and working with FSBOs/expireds tied for the smallest amount of time spent prospecting, while phone/floor duty received honorable mention with the write-in votes.
Fifty percent of the agents admitted that they spend their least of amount of time with FSBOs/expireds. Between the high-level of competition and the “cold” factor of those leads, this number doesn’t surprise. With only half of the participants utilizing this area of real estate leads, I see room for agents to learn to excel and make this a more profitable leg of their business.
Next up as far as “least time spent” comes farming at 33% and open houses at 17%. I find this data the most interesting of the study –since once you have a farming system in place, you should probably spend closer to 15% of your time weekly prospecting within your farm. On the flip side, open houses should take larger chunk of your time (the good news, your time spent with open houses enhances your farming, so you get extra value out of your time!).
The survey asked for an optional write-in answer for the area you wished you spent more of your time. Many of the participants filled this section out, and all of the areas were listed – open houses, farming, FSBOs/expireds, social media/online – along with a few enthusiastic “all of them!” responses.
When asked, “Do you feel balanced in your business?” only 33% of the respondents said “yes”. However, 66% of the agents who answered “no” felt as though they were on track to becoming more balanced in their business.
The survey is closed, but I’d love to hear from more of you about where you find your strengths/weaknesses when it comes to prospecting for clients, as well as what you think it would take for you to feel more balanced (less stressed) in your real estate career.
And, if you’re interested in learning more about fighting human trafficking, please check out Redeemed Ministries, Shared Hope International or even go buy a shirt from Money and Honey Tees before the end of January!