Please note this blog post was largely created with the ChatGPT4, Plus version.

I had the pleasure of working with an experienced new home sales agent just starting her career as a residential resale agent.

Although there are many differences between the two models of real estate sales, the biggest one, in my opinion, is how new business is generated.

I was curious what I could get from ChatGPT that would shed some light on the biz gen process so I asked s very simple question: What is a real estate agent’s lifeblood task?

The following is what I got back:

As an experienced professional in the real estate industry, you’re well aware that a real estate agent’s lifeblood task is prospecting. Prospecting is the fundamental activity that keeps an agent’s business thriving and growing. It involves actively seeking and cultivating potential clients, whether buyers or sellers.

Effective prospecting allows real estate agents to build a robust network of leads, contacts, and referrals, leading to more sales and transaction opportunities. It is a crucial task because without a steady stream of prospects, an agent’s business can stagnate, and their success in the industry may be compromised.

To excel at prospecting, agents use various strategies and techniques, such as attending networking events, reaching out to past clients for referrals, utilizing social media platforms to engage with potential clients, and even door-to-door canvassing in specific neighborhoods.

Additionally, leveraging technology tools like customer relationship management (CRM) software, email marketing platforms, and online listing services can significantly enhance an agent’s prospecting efforts. As someone with a passion for helping agents embrace technology, you understand how integrating these tools can streamline their business processes and ultimately contribute to generating more leads and conversions.

In conclusion, prospecting remains the lifeblood task for real estate agents, and employing traditional and technology-driven approaches can optimize their success in the industry.

You may have noticed that ChatGPT4 has made some personal references to me if you read the above.  This is because it now will allow me to train it on my background or other information I want to remember whenever I ask it for something!

Given that the response above mentions a CRM, I decided to ask it for 10 ways that an agent could use a CRM and to write a paragraph about each.

Here is what I got back:

1. Lead Management: A CRM system can manage leads by categorizing them based on their likelihood of conversion. This can be done by scoring leads based on various factors, such as their interaction with your website, their response to your emails, etc. The higher the score, the more likely the lead is to convert. This allows real estate agents to focus their efforts on the most promising leads, thereby increasing their chances of success. A CRM can also track the source of the leads, helping agents identify which marketing efforts are most effective.
2. Automated Follow-ups: Real estate agents can automate their follow-up process with a CRM. This can be done by setting up a series of emails or messages to be sent out at specific intervals after the initial contact. For example, a thank you email can be sent immediately after a potential client fills out a form on your website, followed by a series of emails providing more information about your services. This keeps your brand at the top of the potential client’s mind and increases the likelihood of them choosing your services when they are ready to make a decision.
3. Client Segmentation: A CRM can segment clients based on location, budget, and property type interest. This allows real estate agents to tailor their communication and marketing efforts to each segment, making them more effective. For example, a client looking for luxury properties in a specific neighborhood can be sent information about new listings. This targeted approach increases the likelihood of a sale and improves client satisfaction as they receive relevant information.
4. Personalized Communication: A CRM can track all interactions with a client, providing valuable insights into their preferences and needs. This information can be used to personalize communication with the client. For example, if a client has shown interest in a particular type of property, future communication can highlight similar properties. Personalized communication improves client satisfaction and increases the likelihood of a sale as the client feels understood and valued.
5. Task Automation: A CRM can automate routine tasks, freeing up time for real estate agents to focus on more important tasks. For example, a CRM can automatically send clients birthday wishes or anniversary messages. While these tasks may seem small, they can go a long way in building a strong relationship with the client. Automating these tasks ensures that they are not overlooked in the hustle and bustle of daily work.
6. Client Retention: A CRM can help in providing excellent post-sales service, leading to higher client retention. By maintaining a history of all client interactions, a CRM ensures that the client’s needs and preferences are always at the agent’s fingertips. This allows the agent to provide personalized service even after the sale, increasing client satisfaction and the likelihood of repeat business.
7. Referral Tracking: A CRM can track referrals, helping agents identify valuable sources of leads. For example, if a client refers a friend, the CRM can track this referral and alert the agent. This allows the agent to provide excellent service to the referred client, increasing the likelihood of a sale. Additionally, the agent can also reward the referring client, encouraging more referrals in the future.
8. Performance Analysis: A CRM can provide detailed analytics about sales performance. This can help agents identify what strategies are working and where improvements can be made. For example, if the CRM shows that a particular marketing campaign is generating a lot of leads, the agent can invest more in that campaign. On the other hand, if a particular lead source is not converting well, the agent can investigate and address the issue.
9. Integration with Marketing Tools: Many CRMs can integrate with marketing tools, allowing for more effective marketing campaigns. For example, a CRM can integrate with an email marketing tool, allowing the agent to send targeted emails to specific segments of clients. This increases the effectiveness of the marketing efforts and provides valuable data that can be used to refine the marketing strategy further.
10. Client Access: Some CRMs provide portals for clients to access and update their information, check on the status of their dealings, and communicate with the agent. This not only improves client satisfaction but also reduces the workload of the agent, as clients can perform routine tasks themselves. For example, a client can update their contact information or check the status of their property listing without needing to contact the agent.

The two things to take away from this post are, one, AI can help you figure out what you need to be doing to increase production, and two, If you are using ChatGPT Plus, be sure to look in Settings and Beta>  Then Beta Features> Then Custom Instructions.