Circle Prospecting - How To Dominate Your Local Market With Ease
Circle prospecting is a real estate technique that has the potential to be very successful. On the surface, it’s merely making phone calls to a specific area to inquire about each person’s realtor needs. But beneath this, there are certainly a lot of different ways to go about it.
What is Circle Prospecting?
To begin circle prospecting, you’ll need to select a geographic area. This is the area where many realtors strike out before they even get started. After all, finding out how to get phone numbers for circle prospecting can easily be the hardest part of the entire process. You could pick up a phone book or work off of another realtor’s list. However, both of these options aren’t going to give you much success. Fortunately, SalesPype offers a much better tool to utilize.
Within the SalesPype dashboard, simply click “Find New Leads.” When the map pops up, select a neighborhood where you’ve recently had some interest. If possible, make it a neighborhood where you’ve either gained a listing or had a sale in the past month. Once you’ve selected your target area, you’ll be able to see the phone numbers of each person. This alone would be helpful, but the SalesPype tool takes this process several steps further by giving you a wealth of information about each prospect. For instance, you can see whether each person rents or owns their home, along with their income.
If you were wondering how to get a circle prospecting list, you can see that it’s really easy when you rely on SalesPype! But now that you’ve got phone numbers, what’s the next step?
Circle Prospecting Scripts
When you call a prospect, you must have a script in place. One method is to send them a ringless voicemail, which gives them the power to call you back or not. You could say something like:
“This is X with Century 21. We recently listed a home in your community. If you or anyone else you know is looking to move, give us a call!”
Believe it or not, this simple circle prospecting script usually works very well. It’s been especially beneficial lately, so be sure to get started right away! If you want to take a more personal approach, you could always directly call your circle prospecting phone numbers. In this scenario, you’re hoping to speak to a live person. Your script can start with something like:
“Hi, I’m X with Century 21. We just listed a home in your neighborhood. We’re working hard to sell it as quickly as possible, and we wondered if you know someone who’s looking for a house in your neighborhood?”
In most cases, the person will respond with “no.” Don’t let this get you down. Instead, move on to your next question.
“I really appreciate your taking a minute to try to help. So, tell me, do you have any plans to move?”
Keep a positive attitude throughout this encounter, even if they tell you “no.” As long as they’re not trying to rush off the phone, you can follow up with several questions:
“How long have you lived in your neighborhood?”
“Where did you used to live?”
“How did you come to live in this neighborhood?”
Finally, ask them the question that will start them thinking about moving:
“If you did decide to move, where would you go?”
As long as they have an answer to this question, ask them when they think they’ll move. If they say something like “in a couple of years,” thank them for their time and close by saying you hope you can help them when it’s time to move. Of course, you’re going to continue to follow up with them every three to six months, but don’t divulge that yet. If, however, they say “in about six months,” you’ll know you’ve got a live one on the line! Continue asking them questions such as:
“Did you know that getting a home prepared, marketed and sold can often take up to six months?”
The odds are high they’re going to say “no.” This gives you the opportunity to say:
“Great! We can get you started on your move to X by picking a time to get together. Would Tuesday or Thursday at 3 p.m. work better for you?”
Remember to always offer two specific times. They might respond that neither is good for them, but most people will select a timeslot when they’re given two options. Once you’ve got your foot in the door, you’ll be able to turn your circle prospecting lead into a listing.
When is the Best Tie of Day for Circle Prospecting?
Okay, now that you’ve got a couple of scripts, you’re ready to start finding clients! But what time is best for circle prospecting? Should you perhaps call in the morning? Not according to industry surveys. Instead, the absolute best time to catch someone is between 4 and 5 p.m., so that’s when you should pick up your phone. Alternatively, as long as you’re comfortable knocking on their door, you could try out the following scripts in person.
Open House Circle Prospecting Script
Why should you get neighbors to attend an open house? The answer is simple: to show them how good you are at selling homes. Prepare a circle prospecting letter to send to homeowners that invites them to the open house. Follow up a few days to a week later with a phone call. The most important aspect of this call will be getting them to commit to stopping by, so that’s what part of the script we’re going to highlight:
“I’ve found that the best way to sell a home is by inviting the neighbors to check it out. This gives interested buyers a good look at the area. We’re going to have free food and beverages. Do you think you could stop by for a bit?”
Whether they agree to come over or not, be sure to also say:
“I’m not sure if you know this, but your neighbor’s listing may have changed the value of your house. Would you be interested in finding out more?”
As long as they say yes, you can invite them to meet with you. This may or may not turn into a listing, but it’s definitely part of building your community. Once they’ve met with you, they’re much more likely to remember you down the line when they need a realtor. You might want to snatch everybody up at once, but realistically, you must play the long game in real estate.
Just Sold Prospecting Scripts
If you’ve sold a house in the neighborhood within the past month, you can try to gain interest with a “just sold” pitch.
“Hi, my name is X and I’m with Century 21. A house down the street from yours just sold for X. I’m calling because I have many qualified buyers who are still looking for a property in your neighborhood. Do you know of any neighbors who are thinking about selling?”
As you can see, it’s common to ask circle prospecting leads if they know someone who wants to move instead of getting straight to the point. First, it makes them more comfortable and just might provide you with information about a different prospect. Second, it gives them permission to introduce the idea that they themselves are thinking about moving. It may seem silly, but this reversal is actually really powerful psychology, and you should use it whenever possible.
Agent Circle Prospecting
Before we wrap up, let’s consider how to proceed with a prospect who says they’re not looking to move within six months. Instead of simply letting them go, follow up once every three to six months. Situations change, after all, and your first call might have started them thinking.
Now you can officially answer the question of “what is circle prospecting in real estate?” You’ve seen how much power these simple scripts can have, but you have to reach out before they can work. Therefore, it’s time to start calling people!
How SalesPype Can Help?
Using SalesPype’s software can dramatically cut down on your research time, while simultaneously giving you a better group of potential prospects. You can learn more about SalesPype’s targeted marketing by visiting our Venmo video! In just a few minutes, you’ll really see the power of our “Get More Leads” tool.
Don’t forget that SalesPype does much more than answer the question of “what is circle prospecting?” You can also take advantage of our full customer retention management capabilities, as well as our marketing automation platform. We can even help you build a 12-month drip marketing campaign that targets each person in your selected area. The best part? Once you’ve gathered the necessary information, the entire process only takes a few minutes!
Stop by SalesPype.com today to check out our many tools, and while you’re there, be sure to sign up for a free trial!