‘Prospecting’ is the activity of searching for people who may want to sell their property.
You know … when salespeople door knock, tele-market, stuff things in your letterbox, hound, harass, chase, keep in touch, pretend to be your friend … all in the hope of one day winning your listing and collecting a huge commission.
According to real estate commentator Alistair Helm…
“Agents spend over 64% of their working week prospecting for business”
Put another way…
“The productive time spent on behalf of their clients in facilitating the sale of a house represents less than 25% of their working week.
Yet their income from sellers supports their full working week.”
So those big traditional commissions are effectively paying for the real estate industry – to spend most of their time, effort and resources… looking for, and convincing you to sell.
On reflection – You are paying for a massively inefficient real estate industry