Practice to Perfect - The Real Estate Agent Database

1. Set tangible goals around the future growth of your database to help you reach your net income goals

2. Segment your database to match the motivations and issues important to the people in those groups

3. Communicate systematically with your database to stay top of mind and gain future new, repeat and referral business

The real estate agent database is HUGE important, for many reasons! Real estate is a contact sport & we need to be developing as many relationships as we possibly can. Unfortunately it's not enough to just go add someone to your Consumer Relationship Management "CRM" & wait for the transactions to roll in! No, we need to systematically & strategically reach out to database numerous times throughout the year, every year!

One thing that real estate agents need to do is determine what they want their net income to be for any give year. Once we know this dollar amount we can figure out what their cost of sales will be, their operating expenses which will then lead us to the total Gross Commission Income "GCI" . When we have the GCI we can then take the average commission amount in the area & figure out how many families we need to help to achieve the net income! Check out the example below.

After we have collected this data the next step is to figure out how many contacts we need in our database to reach our goal! The research shows us that 6% of our database is looking to buy, sell or invest in real estate every YEAR! So, adding people into our database is important because the more people the more opportunities to help families with the largest single purchase of their lifetimes.

The Three Levels of a Millionaire's Database

Level One : Essential

1. Obtain their preferred name

2. Collect valid contact information

3. Record past communication & past business

4. At-will communication

Level Two : Effective

1. Obtain permission

2. Collect personal information, insights & preferences

3. Segment & group your database on the information gained in prior steps

4. Engage the segments with purposeful & consistent communication

Level Three : Exceptional

1. Automated, custom communication built around triggers.

As a real estate agent it's important to know the people in your database! You should know their family, whats going on in their occupation, any recreational actives on the calendar, & what are their dreams! When I talk to agents they tell me their phones "weight 500 lbs" when I ask them why I am told because they don't know what to say when they get their Sphere of Influence "SOI" on the phone & they don't want to be "salesy". When you come from curiosity & contribution it makes the call so much easier. And better yet, when you take great notes you have a reason to follow up to ask them how "blank" was they you talked about on the phone last time.