Prospecting & Business Development Flashcards
The process of locating owners interested in selling their property and buyers interested in purchasing property is called
(a) searching.
(b) farming.
(c) prospecting.
(d) cold calling.
(c) prospecting.
Successful door-to-door canvassers
(a) know the number of people they must contact to obtain one good lead.
(b) set goals of the number of contacts to make to achieve the desired number of leads.
(c) ignore rejection.
(d) all of the above.
(d) all of the above.
If you decide to prospect by telephone canvassing, you should do so only after checking the
(a) local telephone directory.
(b) National Do-Not-Call Registry.
(c) for-sale-by-owner registry.
(d) all of the above.
(b) National Do-Not-Call Registry.
To be effective, a direct mail advertising piece must
(a) use a window envelope to convey professionalism.
(b) get attention and result in action.
(c) imitate a government letter in its appearance.
(d) always use a mailing label.
(b) get attention and result in action.
E-mail solicitation is most effective for
(a) sales solicitations.
(b) listing solicitations.
(c) loan solicitations.
(d) refinancing solicitations.
(a) sales solicitations.
When contacting owners whose listings have expired, the goal is to
(a) explain why their property failed to sell.
(b) convince the owner that your plan will lead to success.
(c) both (a) and (b) are correct.
(d) neither (a) nor (b) are correct.
(c) both (a) and (b) are correct.
A major reason that owners try to sell without an agent is
(a) They may have had an unpleasant experience with an agent.
(b) They feel they are saving a commission.
(c) They may feel that agents don’t earn their commissions.
(d) All of the above.
(d) All of the above.
Prior to listing a property that is in foreclosure, it is a good idea to obtain a
(a) commission guarantee.
(b) property profile.
(c) lien waiver.
(d) notice of default.
(b) property profile.
Since visitors to your Web site may briefly look and then go elsewhere, it is a good idea to have a mechanism in place to obtain information for follow-up. A good method to gather information on visitors is to
(a) track them back through their IP address.
(b) have your web site plant a tracking cookie on each visitors machine.
(c) offer to provide free e-mails of new listings.
(d) have your web site track hits by geographic region.
(c) offer to provide free e-mails of new listings.
You can gather visitor information with a nonthreatening offer such as offering to provide e-mails of new listings before they are even advertised. The visitor would have to fill in their name and email address to obtain the information.
The process of using prospects to recommend other prospects is called the
(a) infinity prospecting method.
(b) exponential referral method.
(c) endless chain method.
(d) referral multiplier method.
(c) endless chain method.
An area often overlooked by new agents is
(a) professional trade organizations.
(b) employment professions.
(c) his/her own neighborhood.
(d) the neighborhood surrounding the broker’s office.
(c) his/her own neighborhood.
Influential people in the community that can help the agent obtain prospects are called
(a) centers of influence.
(b) referral pools.
(c) pools of acquaintances.
(d) bundles of friends.
(a) centers of influence.
A tool used to help agents keep track of and follow up on prospects is called a
(a) day planner.
(b) referral list.
(c) rolodex.
(d) contact tool.
(b) referral list.
Working or prospecting an area of interest for buyers and sellers is called
(a) cropping.
(b) cultivating.
(c) farming.
(d) sowing.
(c) farming.
Prospecting for clients can be much more difficult without a
(a) gigantic sphere of influence.
(b) bullet-proof ego.
(c) sparkling personality.
(d) definite prospecting plan.
(d) definite prospecting plan.
A reverse directory allows an agent to have the:
Quiz Question
(a) legal description from the address.
(b) owner’s name from the tax number.
(c) occupant’s name from the address.
(d) address from the occupant’s name.
(c) occupant’s name from the address.
The fine for making a single unauthorized solicitation call to a residential number listed on the do-not-call registry can be up to:
(a) $16
(b) $160
(c) $1600
(d) $16,000
(d) $16,000
A major reason owners attempt to sell without an agent is to:
(a) have a quicker sale.
(b) save paying the commission.
(c) avoid seller disclosures.
(d) get a higher gross price.
(b) save paying the commission.
Prospecting from legal notices can be effective. Which of the following is NOT a legal notice?
(a) Probate
(b) Evictions
(c) For Sale By Owner
(d) Code violations
(c) For Sale By Owner
The endless chain refers to:
(a) always selling a new home to the seller.
(b) asking every prospect to recommend another prospect.
(c) prospecting your farm area on a continuous basis.
(d) staying with a prospect until you have a contract.
(b) asking every prospect to recommend another prospect.
The phrase centers of influence refers to:
(a) properties that set the neighborhood value.
(b) institutions within an area that influence behavior.
(c) the factor that makes a neighborhood cohesive.
(d) influential people in the community.
(d) influential people in the community.
In real estate, the term farming refers to:
(a) working an area for buyers and sellers.
(b) delegating paperwork to others.
(c) advertising by season.
(d) using one period to list and another period to sell in a never-ending cycle.
(a) working an area for buyers and sellers.
A geographic farm could be a:
(a) particular subdivision.
(b) particular ethnic group.
(c) type of property.
(d) special interest of buyers.
(a) particular subdivision.
Non-geographic farms include:
(a) ethnic groups.
(b) properties in close proximity.
(c) a particular subdivision.
(d) a particular mobile home park.
(a) ethnic groups.
__________ is specialization in a narrow segment of the marketplace.
(a) specialized marketing.
(b) focused marketing.
(c) niche marketing.
(d) narrowed marketing.
(c) niche marketing.
