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Question:SOURCE:DEVELOP A PROSPECTING PLANThough some brokers will help salespeople with theearly steps of being an agent, people’s success will be dependent on their work. After learning a little about prospecting and business development, how will people find you their first clients?Without a definite prospecting plan, prospecting becomes more of a “when you think about it” activity. The results will be far less than optimum. Figure 4.5 shows a sample prospecting plan.You can evaluate the effectiveness of your prospecting plan by keeping track of the sources of new prospects as well as the results of working with the prospects. Quality of leads is really more important than quantity of leads.By considering the time spent on your prospecting activities, you may discover that your interests would be better served by a reallocation of time, a change in your plan, or both. Your initial prospecting plan should not be cast in stone. It is a guide that may change, based on your interests and effectiveness in working with different types of situations.FIGURE 4.5:Sample Prospecting PlanEach Monday morning call on the weekend FSBO ads as well as FSBO signs you have observed so you can view them for your buyer clients.Contact owners within a one-block radius of every new listing taken within three days of listing.Send letters or make personal contact each Friday morning on foreclosures and evictions listed in a legal newspaper.Contact at least one former buyer each week to ask about friends and/or relatives interested in your area or neighbors who might be relocating.Have lunch at least once each week with a person who has provided or can provide referrals.Make a minimum of 30 contacts each week to locate a home for prospective buyers with whom you are working.For new investment property listings, contact owners of similar property within the neighborhood of the listing. (You need not be limited to your office listings.)Conduct at least one open house each week.Ask at least three people each week for referrals and buyer-seller leads.Contact people whom you have previously asked for help at least once each month.Send weekly e-mails about new listings to previous buyers and sellers, as well as any new contacts you are working with.Give out at least five business cards each day.SOCIAL MEDIAThe term social media refers to websites and applications that allow users to interact by participating in social networking. It is sharing of information and experiences. Some 84% of real estate professionals use social media.Facebook is the largest of social networks. You can share photos, updates, engage in discourse, and even include videos. Facebook Live allows live video streaming. What you put on the Internet may be available to the whole world. Because your personal information may be available to the whole world, it may be misused.A Facebook business page can be linked to your office website, personal website, MLS, and financing.Anything unique on Facebook can attract viewers such as unusual photos or videos of a celebrity home. Don’t duplicate a long list of properties such as what can be found on Realtor.com.The use of an old photo captioned “Our City 100 Years Ago” will attract attention, especially if the photo is changed on a daily or weekly basis.A video of the most expensive home on the market will attract attention, but you also should indicate where the price range begins. You can showcase an open house and educate your viewers.YOUTUBEYouTube is a video-sharing service that allows users to watch, comment, upload, and share their own views. It can be used for video blogging by preparing your own video presentation. Registered users can offer their own material. Unregistered parties can only view.Viewers use YouTube to search for various areas, tour homes, locate specific features, check testimonials, and obtain general information. YouTube provides guides to set up and manage a YouTube channel.TWITTERTwitter is an online news and social networking site where users interact with messages known as “tweets.” Tweets are restricted to 280 characters, so abbreviations are common. You must register as a user to post tweets, but anyone can view them. In 2018, 319 million monthly active users and 1.6 billion search queries occurred each day on Twitter. You should use a Twitter name that identifies you as a real estate agent. For example, JONES SELLS [email protected] cold canvassing, you can use a Twitter search to find people in your area on Twitter. You can start a conversation, provide news, etc. You can upload your website by posting your URL. Great ideas can be obtained following top-producing agents on Twitter.SNAPCHATThe Snapchat app allows you to instantly share photos with others as well as add text and videos. The app is free.INSTAGRAMInstagram is a simple way to share photos and videos. You can record testimonials, provide homeowner tips for increasing the salability of homes, provide time-lapse videos, and share material with your other social network assets.PINTERESTPinterest is a mobile app designed to discover information on the web. You pin images on an online board with links to your website. To create interest, consider photos of the home of a celebrity or the most expensive listing in the area. Your board could feature an architectural style. You don’t want to appear as a Zillow or Trulia website. You want to attract the viewers’ attention. You will get repeat viewing by updating the material.LINKEDINThis is a business-oriented website with mobile apps. It allows you to create a personal profile and emphasize your area of activity. With so much data available, prospective clients will want to check out parties they are considering working with.A new agent should become familiar with the major apps in use and register with them. However, an active presence could leave the agent with little time to list or sell. To start, be selective in your use of social media. Many successful agents use administrative assistants who handle most of the agent’s social media contacts. Firms are available that handle profile postings, news items, and other material for your blog and/or social media accounts.YOUR OWN WEBSITEDeveloping a personal website using your resume is a good way to market yourself as well as properties. You can include your own listings and links to other office listings. You can offer free loan qualifying as well. All of your social networking sites as well as printed data should include a link to your website.Selling yourself will lead to selling others on your services which will lead to successfully completing real estate transactions.DATA MININGData mining is the process of discovering patterns in large amounts of data. You can discover the following:Listings expiring unsold todayProfile of buyersProfile of sellersValuation based on the property computer dataInternet programs are available for real estate data mining.SUMMARYProspecting is a process used to locate prospective buyers and sellers of real property. There are many methods of prospecting, including door-to-door canvassing, direct mail canvassing, emails, expired listings, newspaper leads (For Sale by Owner ads; rental ads; trades; engagement, marriage, and birth announcements; and death notices), legal notices (foreclosures, probate, evictions, building permits, code violations, bankruptcy, tax delinquency), advertising, looking for problems, the internet, social media, property neighbors, investors and speculators, lenders, chambers of commerce, open houses, endless chain referrals, your sellers, your buyers, your neighbors, centers of influence, and community services.Telephone solicitation has been significantly limited by the do-not-call regulations. Emails must comply with CAN-SPAM regulations, and fax solicitations are limited to recipients who have given written permission for the fax.The use of the internet has grown in significance, allowing buyers to visualize properties before the first contact.Farming is working a particular segment of the market intensively. It can be a geographic area or a nongeographic area, which could consist of a certain type of property or an ethnic group.A prospecting plan forces agents to evaluate how they will prospect and to evaluate results. It is important to have a contact management system so that contacts don’t slip away.Arts & HumanitiesCommunicationsMarketingRE 172