After nine years in the operations and support role to real estate agents, I've observed a common trend: almost no one is leveraging their database to its full potential. This realization is startling because the database is a real estate agent's or any sales professional’s most valuable asset. Yet, many agents don't even know:
- Who is in their database
- How to pull up a list of the people who already know, like, and trust them
- What to do with that list once they have it
The Reality of Ignorance and Pretending
What's even more troubling is the tendency to pretend we know how to handle these tasks. We act as if we have it all under control, even though, deep down, we might be clueless. This facade prevents us from seeking the help we need, stunting our growth and potential.
As a result, we close a fraction of the deals we could be closing. This gap in our capability leads to self-doubt about our effectiveness as business owners and leaders. In moments of frustration, we might blame the market, our CRM systems, marketing strategies, team members, or even friends and family for our lack of success. But the real issue lies in our failure to adopt a proven, systematic approach.
If you feel like this is you, you should check out the program that Meagan Henry at Your Ops Community. She has a fantastic 12 week program that can have your database feeding your Christmas shopping fund by Thanksgiving. If you’re ready to take the next step and become one of her VIPs this quarter, then Schedule an appointment with her to discuss whether or not this is right for you right now.
The Missed Opportunities
This is a shame, especially in today's challenging market. Many agents are struggling to pay their bills, get their businesses back in the black, or create opportunities for their team members. Team members who trust us to help them build their own lives by design are depending on us. You owe it to them—and to yourself—to master the basics of database management and leverage.
Steps to Leveraging Your Database
So, how can we stop this cycle and start making the most of our databases? Here are some actionable steps:
- Identify Your Database: Understand who is in your database. These are your past clients, leads, friends, family, and anyone who knows, likes, and trusts you. Use your CRM to categorize these contacts.
- Segment and Prioritize: Not all contacts are created equal. Segment your database into different categories based on their relationship with you and their potential to generate business. Prioritize those who are most likely to refer or use your services.
- Engage Regularly: Develop a consistent communication plan. This could include monthly newsletters, personalized emails, birthday and anniversary cards, and regular check-in calls. The goal is to stay top-of-mind without being intrusive.
- Provide Value: Your communications should offer value. Share market updates, home maintenance tips, local events, and other information that your contacts will find useful. This positions you as a knowledgeable and caring professional.
- Ask for Referrals: Don't be shy about asking for referrals. If you have provided excellent service, your clients will likely be happy to recommend you. Make it easy for them by providing referral cards or an easy online referral process.
- Track and Adjust: Monitor the effectiveness of your communication strategies. Use your CRM to track open rates, response rates, and referral generation. Adjust your tactics based on what works best.
If all of this seems like it will take you a long time to get going, we have a partner who handles the database set up for you. The Option Database team has been doing database set up, clean up and migrations since 2018. Once your database is set up and you know who is in there you're set to work with Megan and her 12 week program, or hire a VA from ExecAssist to make sure you database stays in production!
The Benefits of a Systematic Approach
Implementing a systematic approach to database management will not only help you close more deals but also strengthen your relationships and reputation. You'll transform from being reactive to proactive, from uncertainty to confidence, and from scattered efforts to focused strategies. At ExecAssist we have been the leverage arm of many agents and brokers since 2018 running the system and partnering with the agent to drive their database to revenue.
It's time to stop pretending and start leveraging the power of your database. By doing so, you'll not only improve your own success but also better serve your clients and team members. Make the commitment today to harness this untapped goldmine and watch your real estate business thrive.