The Other 95%

Posted by
Mike Lyon
Date
 March 29, 2012
Comments
2 comments

Most home sales executives focus on the top five percent of their prospect list. Be honest. Take a mental inventory of the top sales prospects you’re actively working with right now. When I ask sales execs to do this, they pause and think about it for a few moments, sometimes longer. Then they come up with about three prospects.

Three.

There’s not a question in anyone’s mind that a good salesperson has those top prospects down. They’re doing everything they can to write that contract—calling, emailing, and working every detail. I refer to that as “riding your customers like a pony”. (How is that for a visual?)

Meanwhile, they might be ignoring the other 95% of the prospects and potential homebuyers.

So think about this. If you have 30 prospects, you will probably pluck the top two and fixate on them because you can almost taste the sweet success. But if you’re good at what you do, you can work those homebuyers in your sleep.

What are you doing with the remaining 95%? Do you have a process for staying in touch? Do you regularly communicate with them and nurture their interest? I’ve seen many sales executives who haven’t created a toolkit for working this majority of new homebuyers. The number of prospects mounts up, maybe to 200 over a few months, and they just can’t keep up with this crowd.

Of these people, how many do you think will go on to buy a home from someone who made them a hot prospect? You should really be afraid of some other sales executive getting the sale that you let get away. Fear of loss is more powerful than fear of gain.

I encourage you to invest some time in developing your “95% Process”. Create a system to stay connected over a long period, whether they purchase a home or not. It doesn’t have to be complicated. Work your CRM and set reminders. Build some follow-up messaging that can be easily customized to make it more personal.

Realistically, you’re only going to convert 20% of this group to the next step. The other 80% will do what they do, but you should still keep in touch. At the end of the day, if they don’t buy, you have maintained your own personal brand and the brand of your company. And your professionalism, attentiveness, knowledge, and diligence might at least earn you referrals.

  • Jeff Shore

    Preach it, my brotha’!!!  

    You know, I’m one of those people who might be very interested in a major decision, but very busy in my life at the same time. It doesn’t mean I’m not interested even though I am not as responsive as you would desire. What it does mean is that I pay even more attention to those who actually follow-up. 

    Following the “other 95%” is all about avoiding passive elimination – the kind of elimination that happens when they just plain forget about you. Inexcusable. 

    As always, Mike, you’re on the cutting edge. 

    • Interested and busy…I think this is a classification for a large amount of homebuyers. What does it take to cut through the clutter. Persistence. Thanks for the note Jeff.