How to Make the Most of Your Database
Your real estate database is arguably the most powerful tool you have for growing your business. A strong, thriving database is your key for maintaining a steady stream of quality leads. But in order for it to work in your favor, you have to ensure that you’re building and managing it correctly. Here’s how you can do just that:
What Is a Database?
To begin, you need to properly define exactly what your database is. A real estate database is not just a mailing list or a bunch of purchased leads comprised of people you don’t know. It is a list of people you have worked with in the past, are currently working with, or who may be interested in working with you in the future. As you can imagine, this list can get lengthy and difficult to track. That’s why it’s crucial to invest in a quality real estate CRM (customer relationship manager) that makes it easy to organize and manage your database.
Building Your Database
Focus on building a solid database and not one that’s based on the latest marketing trends or quick sale strategies. Think of all the places you go and the people you know – maybe your child’s baseball coach, your local barista or your accountant. Many of the people you already interact with can make for great leads or referrals. Keep an eye out for new contacts as well. When you meet someone for the first time, consider whether they might be a good lead and add them to your database accordingly.
Then, implement a system for keeping in touch with your database. This includes calling your relationships periodically, sending them monthly marketing mailers, writing personal notes and emailing. The best way to effectively build your database is to be consistent and diligent – but never pushy. By establishing trust and engaging with your leads, they will be much more likely to do business with you and give you referrals.
Maintaining Your Database
In order to ensure that your database is working for you and not against you, you have to consistently sort and qualify your client relationships. No matter how big your database is, go through it and rank each client from highest to lowest. High-ranking clients are those who appreciate the business you provide and have or will refer you to others, while the lowest ones are working with another agent and should be deleted. You can find how each client ranks by reaching out to everyone on your list. Be cordial and ask them how they’re doing, and then ask if you are their go-to agent and the one they would refer friends and family to. This can take some time, but if you don’t sort your client list on a regular basis, you risk losing even more time and money by focusing your lead generation efforts on people who will do nothing for your business.
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