LEADS VERSUS PROSPECTS
In real estate, agents often refer to a prospect as a lead thinking that the two terms are interchangeable even though they don’t actually mean the same thing. In my experience, agents tend to call prospects “hot leads” and call actual leads “bad leads.” This mindset can lead to frustration because most agents are treating leads like they are prospects. When you do this, you quickly reach a point of frustration that results in leads being labeled as bad leads.
Here is a visual representation of leads versus prospects. Below the image, we dive a little deeper into how each is defined.
So let’s take a deeper dive to learn more about leads versus prospects, specifically what a lead is, what a prospect is, and why the difference is important to your success in real estate.
WHAT IS A LEAD?
WHAT IS A PROSPECT?
At the end of the day, real estate agents must have the right mindset when dealing with leads as well as prospects and that begins with a thorough understanding of leads versus prospects. If you’d like to learn more about how to connect and cultivate leads so you can convert them into prospects and ultimately a closing, then check out our blog on the 4 C’s to Successfully Converting Real Estate Leads blog post.