You ring the door bell and you hear footsteps as someone is approaching to open the door. Your heart starts to race and you begin to sweat. It’s a scary feeling, right? Let me walk you through a bullet-proof strategy so you can control your fear and get the results you are striving for when door knocking for business.
Success in real estate is about meeting people, discovering their needs and helping them satisfy those needs. The more people you meet, the more people you will find who need your services. Door knocking is a great way to meet people. On average, you can knock on 60 doors per hour (10 per cent open rate) and expect one appointment to discuss their real estate needs for every 100 doors knocked.
100 Doors = 1 appointment
6 appointments = 1 listing
3 listings = 1-2 sales, or about $30,000 in commissions
Looking at it another way, each door knocked, whether answered or not, is worth $16!
Given a 10 per cent open rate for each door you knock on, what happens to those 90 per cent of doors that aren’t opened? Never let an opportunity slip by because the doors weren’t answered. Bring a black and white copy of a new listing in the neighborhood with your card stapled to it. Write “sorry I missed you” with your signature in pen.
If the door opens, it’s the moment of truth.
Keep it simple and introduce yourself. Then say, “I am canvassing the neighbourhood to introduce myself and promote new listings.”
Here are some questions you can ask to plant some seeds for future prospecting:
- “Municipal assessments will be out soon; do you need any help ensuring that your assessments are fair?”
- “The market has changed; would you like to see a current assessment of how much your home is worth?” They will either say yes or no but not to worry. It won’t be your last chance to plant the seeds.
- At the end, you can ask, “Would it be okay if I kept in touch with you to let you know about any new listings or sales in the neighborhood?” The person will more than likely agree, and you can get their contact information.
Once you have provided value, you can then ask:
- “Have you lived in the neighborhood for long?”
- “We have a lot of interested buyers in the neighborhood. Do you have thoughts of moving?”
- “Do you know of anyone interested in selling their home?”
These questions have a twofold purpose. They allow you to determine their real estate needs and offer the opportunity of the person giving you referrals. Most importantly, you have broken the ice and you can follow up with them in the future.
Fear is a normal reaction to new situations, because we are nervous about the outcome. The psychology of what you are doing will help you overcome the fear. Focus on these key thoughts and overcome your fear.
- I am helping people with the most valuable asset they will ever have.
- I am providing valuable information.
- I succeed when I focus on activities, not results.
- I can’t make anyone want to sell their home, I am just trying to find the one out of 100 who is considering it.
- I am making $16 every time I knock on the door!
Knocking on doors is a tough task and it requires having persistence and the right strategy. Prospecting is the key to a successful real estate career. Set a goal of door knocking on 50 doors a day. You will meet lots of people, make new friends and build a great career.
Remember, if it were easy, everyone would do it.