10 Proven Strategies to Grow Your Real Estate Database Using Contact Management System
When was the last time you took time to clean up your closet? If you are like most of us, not lately! It takes time, sorting, clearing and organizing to get the job done. It’s a lot like having a garden where there is a recurring demand to prune, weed and otherwise provide constant attention. Would you believe that these same activities apply to pruning and updating your client database on a regular basis?
When interviewing agents, it is not surprising to find out that:
- Many agents admit to not having an organized database.
- They have a type of database, be it an excel sheet or notebook, but rarely spend any time working with it
- They have a software program such as a real estate contact management system or a CRM that houses a database, but do not utilize any kind of engagement strategy to keep the contacts nurtured and viable
- They do not implement any kind of ongoing database growth strategies at all.
Clients Are Your Most Important Resource In Real Estate
- Customers are your most important asset – you have to realize that they are critical to growing your business. The closing may signal the end of a process, but is the gateway to future business. You need a contact management software or CRM, preferably a real estate specific one that will deliver consistent, systematic contact features that deploy relevant information to keep your brand and name top of mind. There are countless real estate software programs that function on both web and smartphones to help organize your contacts before, during and long after the transaction has been closed. You can get started here by checking out Shark Agent to learn what you may be missing.
- It’s easier to get repeat business from an existing customer. According to MarketingMetrics.com, you have a better chance of selling to an existing customer (60%) than a new prospect (the percentage drops from 60% to as low as 5-20%). Take at least one day per week to work on your database. If possible, set a task in your CRM or a reminder somewhere to remind you to work your database. Start from your current year and work backwards to organize, review and upload customer information so you can begin the process of contacting, nurturing and informing.
- Save 5 times the marketing dollars. Forrester Research reports that in today’s market, it costs five times more to acquire a customer than it does to keep current ones. Retaining customers is the next step in managing the relationship to keep the client for life. Client relationship management (CRM) or real estate Contact Management System is a key action step that you need to continually nurture and maintain strong relationships with this important segment of your database.
- Build your database effortlessly, cheaply and easily. Many agents are so busy working with current prospects that they can’t keep up with prospecting for new customers. Setting up something as simple as a website will improve your prospecting and marketing edge. Be smart and choose a website that is effective at managing your prospecting leads with lead capture features that are coupled with ongoing communication and marketing messaging, to help you stay connected with the prospect during the incubation process.
- Need to figure out a way to entice past clients back to your business? Well guess what, you can’t go wrong with a good old-fashioned phone call with a follow up handwritten thank you note. Once you’ve reignited the connection, be ready to continue the engagement with consistent communication touches that keep the connection warm. Set up a reminder at least once a month contact. Send out email newsletters which can include offer reports or market statistics. Fun gift certificates for coffee or movie tickets. Engage your SOI by offering some seasonal competitions or small social events to maintain the relationships.
- How about a Five-A-Day Contact Program? It’s always easier to make small steps that have big impact! Start your day by thinking of 5 names of past clients, referral sources or solid prospects and enter them into your contact management system. Set 5 consecutive follow up reminders on each contact. Make 5 “touch” calls every day for 5 days a week. You’ll end your month with a healthy rotation through your database and the number of touches will be around 100 calls! The scripts are easy. A simple script may be:
“Hi! This is (your name). I was driving through your neighborhood and thought I would check in and say hello. Let me know if there is anything I can do to answer questions or serve your real estate needs.”
- Send a note! If you are just plain embarrassed because you haven’t connected, think about sending a fun note that states, “I’ve missed you!” and include a call to action to get information about neighborhood news, property updates or current real estate activity in their area.
- Who doesn’t love parties? Throw a party! You can throw an annual party with a theme, with plenty of fun activities for kids like face painting and games. Regardless of when the client bought or sold, every year they knew they would be invited. It’s a great way to stay connected! The local party permits are pretty inexpensive, and he invited his lenders and support contractors to share in the fun and help out with expenses… a win-win for everyone.
- Be visible in the community. Take part of if possible set up a charity event for your local town or community. Think of ways to contribute to having your name at top of mind.
- Be a resource to others! Setup monthly or quarterly real estate events so that people can learn what they need to do to buy or sell real estate. Make it a joint venture with attorneys, title companies, credit repair services and more at your local library or church to meet more people to grow your database.
These simple ideas can make a huge difference in growing your real estate business. With consistent updating of your most valuable asset – your prospects – you can be assured you will never have to “clean house” again, and will be ready to leverage the power of your sphere of influence!
How do you stay in touch with your past clients?