In real estate, your database of past and potential clients is the most critical asset you have when it comes to ensuring success.
This database allows you to establish yourself as a household brand and create a future pipeline of sales by nurturing leads with relevant information, consistent communication, and timely contact.
That said, it’s important to distinguish what the “data” in your CRM really is because when you do, chances are you will want to get to know it well and value it highly.
It’s not data; it’s real people.
The information housed in your database represents real people. Names in your CRM are not “data”. Each and every entry is a person, and the phone numbers and email addresses in your database belong to these real people.
When you understand this, you value your database more highly. And I’d argue if you’re looking to kick the year off on the right foot, you will want to get very intimate with your database in 2022.
1. Permission to speak
If people have taken the time to provide you with their name, mobile phone number and email address, they have given you “permission” to speak with them.
They have provided you with their details on the understanding they want to hear from you. Permission-based communication is invaluable and should be the desired aim with every new relationship.
2. A Large percentage will be sellers
Statistically speaking, between 5 per cent and 10 per cent of the people in your database will be selling their property in the 12 months ahead.
That means for every 100 names, if you have an average selling fee of $15,000, there is the potential to earn between $75,000 to $150,000 gross commission income in 2022.
With that in mind, you can appreciate the value of your database and why you need to nurture each person within it.
3. The effort required
Creating a new contact requires effort, which makes tending to your existing contacts all the more important.
In fact, statistics indicate it takes six times more effort to find a new contact than it does to nurture an existing one.
4. The data challenge
Due to privacy concerns and people’s increasing resistance to hand over their personal information, it’s getting harder and harder to collect data and ensure it remains clean.
That makes your existing data highly valuable, and you should tend to it with care. It’s worth noting, our results today are a direct reflection of the work we did three, six, or 12 months or more ago. Nurturing past data is leveraging past efforts.
5. It’s about creating raving fans
Collecting data isn’t the goal – it is the means to a specific end, which is the opportunity to get intimate with your clients.
When you know your clients, you can leverage that knowledge to improve your client experience and satisfaction, thus creating raving fans.
And, of course, those fans will refer you to even more clients. Reaching this point of your career is what is known as becoming an attraction agent.
As you set about getting intimate with your database, there are three critical things that your current contacts need to know about you:
1. You sell homes consistently. They need to know you are active.
2. You have a database/pool of buyers, or you are working with buyers who have missed out on a property previously and are still looking to purchase. It’s one of the core selection criteria of most sellers.
3. You have deep market knowledge. They want to feel confident in their choice when they are engaging with an expert. People on your database need to know you are a current, active and leading expert in their marketplace. That’s the importance of becoming a recognised household brand.
And there is no better way in doing that than creating and becoming the director of your own boutique agency. That’s where Eview can help even further and expand your reach, your leads and build an exciting business in 2022. We would love to help you on that journey.
Wishing you every success in your real estate career.
Manos Findikakis is the chief executive and co-founder of the Eview Group.