For Real Estate Sales Professionals

June 2, 2003 E-zine

June 2, 2003





























Read by More Than 30,000 Agents

Always be determined to become the
best real estate agent in your territory!

In this Issue:

1. How to "Funnel" More Real Estate Business Your Way

2. Where is the Technology in Commercial Brokerage?

1. How to "Funnel" More Real Estate Business Your Way

If you're looking to capitalize on more of the real estate transactions that are going down in your marketplace, you may find the following analogy helpful to you. I call this my "funnel" analogy and I've utilized it with many of the real estate agents that I've coached.

Imagine for a moment the vast number of real estate transactions that are closing in your territory each and every year. Now out of all of these transactions, what percentage do you think represents your average share of these transactions in any given year? Whatever percentage you choose here probably represents a relatively small percentage of all the transactions that are being closed by all the real estate agents who continually work in your territory.

So why are there so many transactions closing every year in your territory that you're not involved in? Well, part of the reason is because you have competition in the form of other agents in your territory. But the other part of the equation here, the part that is truly within your own control, lies in the effectiveness of the system you are utilizing day-in and day-out to generate leads for yourself in your real estate business.

The potential leads you want to uncover are constantly manifesting in your territory every single day. You just need to locate these people and enroll them in working with you as their real estate agent before your competitors do.

So how do you maximize the number of leads that come your way early enough in the prospects' search cycle to then enroll the prospects in working with you exclusively? Well, you may want to first imagine that your lead generation system is very similar to a funnel, and that the wider your funnel is the more leads in your territory it will capture for you and bring to your attention. The more proactive you are in implementing systems and approaches to locate leads for you in your territory the wider your prospecting funnel becomes, making it easier for more leads to be captured by it. If you're not prospecting, mailing, or utilizing electronic technology to generate leads for yourself through the Internet, then your funnel for locating leads is extremely narrow. In situations like these the leads you then find are fewer and farther between and are normally of the worst possible quality. It's as if there is an entire wealth of great opportunity waiting for you out there and you have completely shut yourself off from it. You're busy "being busy" instead of finding great new prospects to work with. But your competitors are also busy, uncovering all of these great prospects that you're missing out on, and they're making deals all over the place with them.

The more approaches you utilize to proactively locate leads in your territory the wider your funnel gets. What you are then effectively doing is maximizing all the different avenues that will then allow you to discover all the great leads that exist in your territory. 

In some ways this can be metaphorically compared to successfully running a commercial fishing operation. You can have one fishing line in the water, a great number of fishing lines, or you can utilize many large fishing nets. The latter two approaches will enable you to catch a far greater number of fish. The fish are always out there for you, but you just need to employ the system that maximizes the number of fish that you catch for every hour that you work.

So take a look at your current system of prospecting and ask yourself if it's continually producing for you all of the quality leads that you want to be working on. If not, what is it you need to be doing differently to consistently locate a much greater percentage of the best leads in your territory?

The truth is that great new prospects are always out there for you. You just need to have a great proactive prospecting system in place that continually funnels the great leads to you before they get discovered and capitalized on by your competitors.

2. Where is the Technology in Commercial Brokerage?

There is so much great technology being utilized nowadays to generate solid new business for real estate agents. What amazes me, though, is that most all of this technology is being put into play on the residential side of the business with very little of it making its way into the commercial side of the business. 

In a recent discussion I had with a nationally known commercial real estate technology expert, we both agreed that the commercial real estate brokerage business is about 5-7 years behind the residential side of the business in employing new technology at the agent level. As a result of this, commercial agents are working so much harder than they need to be.

On the residential side of the business agents are utilizing their own agent Web sites to generate millions of dollars of additional sales each and every year for themselves. Some of the top level residential agents even generate tens of millions of dollars in additional sales each year through their own personal Web sites.

On the commercial side of the business it is almost non-existent to find an agent who has his or her own personal Web site. At most, and still not very often, an agent might have their own individual Web page somewhere inside of the Web site of the company that they work for.

Residential agents utilize E-mail autoresponders to follow-up with their clients and prospects. When a prospect visits an agent's Web site and enters their name and E-mail information, a series of custom messages are then sent over time to the prospect mail-merged with a salutation to the prospect personally by name. This then builds credibility and a relationship with each prospect to help ensure that the prospect selects the agent as the real estate expert they will do business with. Other autoresponder campaigns are also utilized by residential agents to follow-up with potential buyers, sellers, past clients, and, in some cases, almost anyone who lives in the territory that they serve. This really puts an agent's prospecting and follow-up communications on auto pilot.

On the commercial side of the business, I do not know of any one agent who utilizes autoresponders in their real estate brokerage business.

Continuing on, a good number of residential agents send E-mail newsletters to their clients and prospects regularly. They recognize both the ease and incredible cost savings in doing this when compared to utilizing traditional mail. They also recognize that the agent who dominates their territory first with a good E-mail newsletter will be shutting-out their competitors as other agents who try to follow this approach will have much greater difficulty gathering the E-mail addresses of the people in their territory. No one wants to receive two, three, or four E-mail newsletters discussing what's happening with real estate in their area.

The only commercial agents I know of who send out regular E-mail newsletters to their territory are the ones I've coached and personally taught how to do this.

Even when it comes to a technology as simple as mailing to one's prospects on a regular basis, residential agents traditionally do this day-in and day-out. Commercial agents, on the other hand, rarely mail to their prospects at all. Any commercial agent who implements a regular mailing campaign, similar to what they receive in the mail at home from residential agents, will gain an unbelievable increase in business in their territory in a very short period of time. There is virtually no competition in this arena for the commercial agent who decides to send out quality mailers to his or her territory once or twice a month. You simply can't prospect thousands of people every single month by phone or in person, but you certainly can reach them effectively and build your image as an agent with them every month through the mail.

And finally, when it comes to education and training, both residential real estate companies and their agents have been utilizing telephone seminars for many years. The ability to have people calling in from all over the world, listening to one or more real estate experts talk about what it is that has them be so successful, is a phenomenal training opportunity. With today's vanishing training budgets it is also tremendously cost effective, too. Although I'm currently talking with one major commercial real estate company and one national network about hosting a series of telephone seminars for all of their agents, I know of no commercial real estate company that has ever utilized this technology to date for their own training.

With all of this great technology available it's time for both the commercial brokerage companies and their agents to embrace the technology and implement it into their own real estate businesses. The ones who do so now will easily find themselves leaving their competitors way behind them.

Click here to visit my Web site. There you'll find many articles and previous editions of my E-zine to assist you in taking your real estate career to the next level.

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If you find yourself trying your hardest in your real estate career and still not making the amount of money you know you can, you may want to find out more about my one-on-one real estate coaching program. If this is something you may definitely be interested in, send me an E-mail or give me a call at (909) 694-6655.

"Working with Jim has increased my productivity to a higher level. As the top agent of my firm for the last eight years I was at a point where I thought I had hit a ceiling. With Jim's help I found that I am
only just beginning and am now experiencing my most successful year ever! I can attribute a lot of my success to Jim and his ability to keep me focused on success combined with the tools that he has to get me there."

Scott Caswell
Delphi Business Properties

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Advanced Real Estate Sales Coaching
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