One of Australia’s perennial seven-figure real estate agents believes every client call he makes is an incremental investment in his business.
REB Top 100 Agent, Marcus Chiminello, regards the calls as deposits in a savings account – every time you put a dollar in, it’s growing.
“In the same way, every call you make in your database is a long-term investment in your business,” he says.
Mr Chiminello believes every client call has a monetary value, and understanding this will not only change the way you perceive your database, but also the importance you place on tapping into it.
“I look at my database at the moment which is worth about $5,000 per annum per client,” he told Tom Panos on the Real Estate Gym series.
“I will look at that and understand that if I don’t make this call, that’s potentially a $5,000 loss to me.”
Mr Chiminello said another upside of rating your client’s monetary value is that it will cause one of two things to happen.
“Either it will be a real light-bulb moment to say your database is not working as hard for you as it should be or you will suddenly have a dollar value attributed to the phone calls that you make.”
Mr Chiminello said assigning a dollar value to your database will help you play the long game – the call you make today might only pay dividends tomorrow.
However, he acknowledged that this is something people may struggle with.
“People want instant gratification and that is the problem,” he said.
“They want the deal that is going to happen now. And there is a bit of that. There is the short, medium and long-term play with everything when it comes to setting up a successful real estate career.”