Do you know any real estate agents that always seem to have active listings, pending sales, and closings every month? Whether it is two per month or seven per month – they always just seem to have things going on. What sets them apart? They come into the office with confidence, a smile, an easy air as they go to their office and begin to make the magical calls, write the notes, and create the materials that seem to morph into production on a daily basis. How do they do this? And how can you create the same success for yourself as a REALTOR?
The key to consistent results for a real estate agent is simple (well, simple to say – complicated to create and execute at times!) – the key is your database. Not only to have a database – but to actually communicate with your database on a regular basis in a way that will be meaningful. Who should be in your database?A real estate agent should have an actual database of made up of past clients, friends and family, vendors who support your business, and owners of properties in the areas where you and your office have market share. Then, once you have created this database, your need to communicate with them on a regular basis through phone calls, note cards, market information, and real estate trends (to name a few).
As you all know – there are statistics for everything. Were you aware that as an agent, if you create a database that you communicate with on a consistent basis that you can reasonably expect a 10% return on your efforts? yes, you read that correctly. For every 100 people that you put into your database, and actually interact with regularly regarding real estate you can anticipate 10 homes sold. Are you doing the math in your head as you read this? If you want to sell 50 homes per year, you need to have 500 people in your database.
Now, obviously, the quality of the people in your database matter. Can you just go to the internet and randomly download 500 people and start talking at them? No. You want to take the time to add people that you know, that know you, and that you have at least a tenuous connection to either socially, professionally, or geographically.
So where do you start? Here is my foolproof starting point:
- Sit down with a legal pad and pen.
- Put on some of your favorite music and grab a cup of coffee.
- Write 1-100 down the side and middle of the legal pad.
- Start writing the names of everyone you know.
When you start, you want to go off of the top of your head. The people that jump to top of mind without any prompting from facebook, cell phones, or scanning email addresses are usually people that will be important to developing your business! Most people can come up with between 50-60 people without any prompting. Once you hit a roadblock, then scroll through your phone or facebook until you reach 100 people. This is your core group to start your database!
After you “go old school” with your legal pad and pen, it is time to go “new school” with your computer, and create the database. There are several options available to real estate professionals. Top Producer, Market Leader Pro, and You Don’t Need A CRM are three of my favorites. At Century 21 Hilltop, we provide a Customer Relationship Management (CRM) backed by Market Leader Pro for all of our agents just being part of our company. You can even use Outlook if you like; however, outlook is not customized to the real estate industry.
All of these programs have an option for importing a CSV (comma separated values) spreadsheet into their fields to give you a quick start. Even if you can import the CSV, you will want to add additional information to customize each person’s profile. Here are some ways to get started:
- Set a target for entering 1-2 people each day four days per week, and 10 people on the fifth day.
- Set aside one afternoon per week for a month and add as many people as possible in a three hour sprint.
- Hire a teenager or college intern to create it for you (pay per profile not per hour – you will be amazed how quicky it will be created and how complete!
You have to approach this as if you are training for a marathon OR conversely, attempting to lose 50 pounds. Slow and steady wins the race. And doing a little bit everyday will bring you better results than doing it one day every three months.
What information should you add to each person’s profile?
- Mailing address
- Phone numbers
- Property addresses of homes owned
- Spouse (create a separate profile for each owner that you know)
- Any businesses owned
- Any charities involved with
- Notations on any referrals they have already given you
- children and pets
- Anniversary date of the PURCHASE of their current home
One date that I advise avoiding is marriage anniversary. One never knows what is happening behind the scenes in that regard.
Give yourself a deadline for having the first 100 people added into your database within the next two months. Follow our blog to receive the information automatically via email. Thank you so much for stopping by our blog – I hope that you enjoyed it.