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My database is one of my most prized possessions.
I have seen it referred to as a secret weapon, an indispensable tool, and the backbone of a property business. It is all of these and more.
Our database is the source of repeat and referral business.
When used effectively, it can vastly improve our communication, market and sales.
The first step is to establish your database properly in the first place. You might think I am telling you how to suck eggs, but believe me, there are those who really underestimate the power of a really good database.
You should be keeping track of all the potential customers you meet during your day-to-day activities as a real estate agent. Open homes, for example, are a valuable source of prospect data.
Never forget every single person you come into contact with is a potential customer. Chatting in a supermarket queue or waiting for your takeaway Chinese food may provide the lead you need for a sale.
Get a card from every business with whom you interact.
Many of us grow our database without thinking about it. It is just something we do. But for others, here are a few ideas to grow and improve your database.
- Establish a computerised database. There are plenty of off-the-shelf programs available, but you need to be able to add information easily and then be able to search and create emails as well as just have a list of phone numbers.
- Spend a few minutes each day writing down the names of everyone you know who isn’t in the database. Your kid’s schoolteacher. The guy who gets your coffee every morning. The mechanic who services your car.
- Introduce yourself to local businesses. You probably know most of the folks who run a business near your office, but are they in your database?
- Reconnect with people. You may feel uncomfortable calling people you haven’t spoken to in a while, but usually, they will be happy to hear from you.
- Join local organisations. You should already be in the local Chamber of Commerce or other business groups. What about Rotary, Lions, service clubs and so on? Many of them will be selling their house, so get them on your database.
- Become the local expert. Offer yourself around as a guest speaker at all those service clubs, social organisations and anybody who needs a guest speaker.
Go and talk about the local real estate market, and don’t forget to get everyone’s name, telephone number and email address! - Client functions. Periodically hold an in-office client appreciation function. They will love you for it as everyone likes a free drink and party pie. It will give you the opportunity to do some networking, and who knows, you might get a listing or two as well as details for your database.
A word of caution for when you have established your comprehensive database. Be careful not to spam your contacts. Consumers are getting less tolerant of unsolicited emails. Research shows the real estate industry has an average email open rate of 18 per cent, which isn’t great.
A targeted strategy means you can use your database to create real value for both your recipients and your agency. This means prospects are more likely to respond to and engage with your marketing.
Adrian Bo is a licensed agent and auctioneer, sales training academy founder and author.
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