For those who feel 'stuck' or need tips about building their database, I thought I'd share a quick motivational story...

Today I noticed a neighbor down the street who's had a Winnebego Class A RV parked in front of the house all day. I've never met the guy, so I stuck a few cards in my pocket and headed over to 'chat.'

I've now got the names of my neigbhor and his wife. I know they are thinking about RV'ing full time upon retirement, which means they may sell in the next few years. And I also have the business card of the guy who runs the RV business who was out servicing the vehicle. After exchanging cards HE switched gears from selling me on RVs to explaining how frustrated he was that his 7-acre, $1.2M plot of land and house didn't sell last year!

I've already got the expired listing pulled up in the MLS and he has my card in his wallet, along with a handshake and a friendly smile.

Took all of ten minutes.

Anybody else want to share a good news story?

I am very new to the RE world, licensed last month and just started in my office July 1st. So of course I am trying to wrap my brain around this prospecting thing! Along with my traditional SOI- family, friends, old co-workers etc - I am trying to maximize routine, positive interactions with people that aren't in that group. People such as salespeople waiting on me, barber/beautician, vet, doctors, etc etc.... without being overly pushy or appearing too anxious for business.

Today I bought a new living room set and had a good sales guy who at the end of the sale gave me a few of his business cards asking to give them to any friends or family that might be buying. So I said "Sure!" as I whipped out mine and asked that he do the same. He of course stated that he certainly would - now who knows if he will or if the cards are in the trash. But, that is what I am trying to focus on right now - realizing the hidden potential in daily, seemingly meaningless interactions with people.

That's a great story Kalli! Realtors aren't the only folks who are out there looking for leads by passing out business cards, flyers, and advertising on our cars! My brother-in-law is a pool salesman. So he also does the networking everywhere he goes.

One of the keys I've found in order not to appear to be just another 'pushy salesman' is to try to manage the conversation so that the person I'm talking to thinks THEY brought up the subject of real estate, not me. For instance, I walked into a local small business a few days ago and started chatting with the owner. I asked her 'How's business?' and she just started chattering away for about fifteen minutes. I basically learned her life story! As well as lots of great info on which shops are doing well and which aren't in that little shopping center. After a while I asked her whether she thought the new subdivision down the street was going to bring her many new customers... and that got the real estate topic going. She had quite a few questions about development plans in the area. And fortunately I knew most of the answers. So again... I've got a good new name in my SOI who knows me and thinks I'm the local expert. She's got customers coming in all day and there's a good chance she'll mention my name. I suspect no other agents have gone in to chat with her. In a couple weeks I'll pop in and hand her some more info about the development projects she asked about... that will solidify the relationship just a bit further.

BTW... I even know her little dog's name! Pets and kids are very important to all of us. Always remember the pets and kids' names.

The great thing about prospecting FSBOs is that they all have a timeframe for when they plan to give up, all you have to do is find out when that is. For example the calls I made this week resulted in half a dozen or so requests for a callback at their appointed time to bail on the FSBO idea. Those follow-up requests range from the first week of August to the middle of September.

A few of them will successfully sell between now and then. A few will give up early and list with someone else. The others will be ready to deal and chances are I'll be able to head straight over and get a signature.

RealDealer do you suggest sending a FSBO letter or just calling? I have a decent letter that I was considering mailing out to the FSBO's in the area.

Kenzie, I don't send letters to FSBOs but I would be inclined to do so as a follow-up to the phone call rather than a replacement. Even if you get a spectacular response to your letter (average is around 1-2%) it's still just a fraction of the percentage you can reach by phone. I normally speak to 60-70% of the people I call on the first pass.

So you could make initial contact by phone and then reinforce your name in their mind with a letter thanking them for their time and give them a pen or magnet.

That's for the people who aren't hot prospects. For the ones who want you to call back to list them at a certain time you might want to mail them a thank you card right after you get off the phone.

RealDealer, what kind of thank you cards do you have? Generic or something more specific with your name and logo?

swflagent, I haven't done that yet, it was just an idea I got from someone else recently. I might start implementing it next month but I'm not set up for it yet.

I have a three letter "FSBO mailing system" I use as a follow up to my initial call... I also include my local mortgage banker in the letter (who also pays for half of the costs), so not only do I talk about all the great things I can do as a Realtor but we mention all the great things he can do for the prospective buyers which usually makes the seller feel better... It's worked quite well, I usually get 1-4 listings a month from it that sell...

Dan Ortiz ABR CRS CREOS (Hablo Espanol)
Licensed Broker/Owner
Manor Gate Real Estate of NY Inc

"If you think hiring a professional is expensive, wait till you hire an amateur" Red Adair

I am subscribed to byownerdaily and receive a daily email with names of FSBOs. They also send me a csv file.

I can't come up with a system to track all these leads. I make notes next to the name and doodle a lot...I have to follow up with a few and can't find the lead, my notes, nada. I struggle with this.

I used to have the RedX contact management system and one day cleaning my laptop I decided to uninstall it. I took a small sabatical from real estate so at the time it wasn't important to keep it. I know that you can download the csv files that byowner sends into RedX.

I don't want to spend money on Top Producer. I was subscribed for a while, used it for a while, then forgot about it while paying for the subscription as I was just using the RedX contact management system.

Are there any other options...what works for you?

Call FSBO'S first it's that simple - don't try and list their home over the phone. In fact, after I tell them who I am the next thing is I'm not calling to try and talk you into listing your home.
With a few more questions I find out most people do NOT pay much attention to the mail, that is what they (FSBO) have told!!!

Most agents don't work FSBO'S for different reasons, where I'm at out of 3500 agents only about 15-20 work FSBO'S.

This is the real world of sales --- talking to people!!!

Money making sales people have to talk to people.

Morris Fresno,Ca Keller Williams

Better than calling... go to their door!

Every FSBO will get probably several dozen mailings which all go into the trash. They may get half a dozen calls from agents with moderate to poor telephone skills. If you show up at their doorstep and impress them with your knowledge, you'll be heads above all those who've mailed and called! Besides, it's easier for them to hang up the phone than it is to slam the door in your face.

Here's another thought I had as I was working on building my SOI. If your goal is to build your list of friends and associates who will provide solid referrals, doesn't it make sense to weight that list with people who know and interact with lots of other people? I.e., networking type people!

For instance, joining a knitting club probably isn't the best way to build your SOI. Will the other knitters in the club choose you as their Realtor? Probably. But how many people do they talk to each day while doing their knitting? Not many.

Another problem with real estate networking is that many of us find ourselves networking with other Realtors, lenders, escrow agents, home warranty salespeople... etc. Which is all fine and dandy. But I don't expect to get many referrals from all those other agents I'm socializing with.

So part of my new business plan has been to get out and strengthen my contacts in the local business community. I've been walking into local shops and meeting the owners. Not a sales pitch... but perhaps I'll buy a small product and then engage in a conversation... which of course will lead to a discussion of the local market. Most small business owners, like us, LOVE to talk about their business. And they LOVE it when you tell them how nice their store is and how you'll recommend it to all your clients! And not only do they want to hear your thoughts about the local housing market, which impacts their business... but they can also give you the inside scoop on what's going on nearby. Which businesses are on the way out... what's coming in soon... all kinds of good info that you can use to prospect or simply to impress your clients with your knowledge.

latley it has been all phones for me. i have not had the time that i once had(i love doorknocking) to doorknock. there is to much listing maintainance, you know, making sure that everything that needs to be done gets done. the fsbo's are a call that i make while on the road if i see a sign. they used to be the staple of my business, however the expireds are easier to find and convert than a fsbo any day of the week and there really is not that much competition.

One of the good things about working on our SOI is that it can be done while we're going about our daily activities. I know many like to take their Realtor hat off when they go shopping or go out to dinner. But it really makes sense to keep that hat on 24/7... or at the very least, know when to switch gears quickly when the opportunity presents itself. Everyone you do business with should know you're the local real estate expert... from the hair stylist to the local bank president to the maitre d's a the fancy restaurants in town. Just chat folks up. Not all these immediately become a name in your SOI. I keep a list of mets, which is people I've talked to but probably wouldn't refer me. The goal is to move them into my SOI. I've also got my list of 'unmets.' These are local people who I WANT to meet and eventually work into my SOI.