With the ever-increasing cost of online leads, many real estate agents wonder if there’s a better way to bring in new business.
As a matter of fact, there is.
It’s not a fancy new strategy, something pushed by an expensive real estate coach as the be-all, end-all of sales. In fact, it’s not new at all; it’s something agents have done to generate business for decades — door-knocking.
Done right, not only is door-knocking incredibly affordable (essentially free), it’s a highly effective strategy for drumming up new business
Don’t believe me?
The strategies described below all helped relatively new agents find fast success in their markets. Read on and discover how easy it can be to make door-knocking a valuable part of your prospecting routine.
Door-knocking around an open house
Door-knocking strategies don’t have to be intricate or highly involved to be effective. Agent Madison Kazes utilized a simple strategy to door-knock her way into the NAR’s coveted 30 Under 30 list with more than 30 homes sold in the past 12 months alone.
Kazes’ door-knocking efforts always revolve around a subject property. This could be a new listing, an open house or a property that she’s just sold.
For an open house, she starts by printing flyers that contain information on the property, including the listing price, the address and the time of the open house.
Kazes then targets specific neighbors when door-knocking: five to the left, five to the right and 10 across the street.
In addition to providing these neighbors with her flyer, she introduces herself and invites them to the open house. She presents it as an opportunity for them to see exactly what the market is like in their neighborhood — that’s it.
Although it might seem simple, it works. For nearly every open house she hosts, Kazes brings in at least a couple of neighbors. Over time and through repeated contacts, she turns these open-house attendees into clients, sources for real estate referrals or both.
Door-knocking FSBOs and expireds
Mark Pattison is another highly successful agent who strongly believes in door-knocking, especially around open houses. Door-knocking helps him and his team sell over 75 homes per year. Besides, it’s a low-cost alternative to buying leads — one that’s helped him maintain an impressive 46 percent profit margin.
For Pattison, open houses present an excellent opportunity to bring in business from FSBOs and expireds. Instead of targeting neighbors in the immediate area like Kazes, he’ll find nearby FSBOs and expireds to invite to his open houses.
Typically, Pattison will door-knock the Thursday prior to the weekend of the open house around or after 5 p.m. to increase his chances of catching people at home.
When talking to an expired, he’ll say something like, “Hey, wasn’t this house on the market? Are you the new owner? Oh, you didn’t sell — what happened?”
For FSBOs, Pattison likes to jokingly hint that he’s about to sell the neighbor’s house before theirs, but it’s fine to opt for a less-aggressive approach.
In both cases, Pattison then invites the prospect over to see what he’s doing for the client’s open house. When FSBOs or expireds attend, that’s usually all it takes to get them warmed up to the idea of meeting with him for a listing appointment because of how many people show up.
So, if you want Pattison’s strategy to work for you, you must ensure that you’re effectively marketing your open houses first.
Door-knocking your neighborhood farm
Sharing good news with potential prospects is another door-knocking strategy that can be quite effective.
Here’s how it works: Instead of relying on a set script, she focuses her talking points around good news for sellers in the neighborhood. This could be anything from home values rising to eager buyers looking for properties just like theirs.
When a homeowner isn’t available, Grant doesn’t just walk away.
Instead, she hangs a clear newspaper bag on their door with materials detailing the types of information described above in addition to fun items like candy, sparklers and cards, depending on the time of year.
Consistent contact, whether or not it’s through a face-to-face conversation, helped Grant cement her place as the neighborhood’s real estate agent, and it’s a strategy that you can use to do the same.
Pat Hiban sold more than 7,000 homes over the course of his 25-year career in real estate. Now, he dedicates his time to helping others succeed as agents and investors. As host of the Real Estate Rockstars Podcast, Pat interviews real estate experts to explore what works in today’s markets. He also founded Rebus University, an online training platform for real estate agents and sales professionals.