How To Get More Business From Your Database
How large is your database?
Are you working hard to build it and connect with those in it daily?
Are you and your staff carefully collecting accurate data and contact information so that it truly is a powerful pipeline of quality business?
I read a book recently that said that customer loyalty is down by 50% in all industries. Why?
The book mentioned that marketing has become more sophisticated and the internet gives consumers the ability to access information quickly, information that in the past they could only get from us. Also it makes it easy for them to compare prices and services.
In fact with todays technologies the average consumer is hit with over 60,000 high quality ad message per week.
Why does this matter to you?
It matters because if you want to keep your customers for life, if you want to be at the top of their mind when they think of buying or selling or when they have referrals they could give you, then you are going to have to work hard to keep them.
I know that some of you might prefer to work cold leads vs the people you know. Agents often tell me this, and usually it’s not because they don’t love the repeat and referral business, it’s just that they are not comfortable reaching out and staying in touch with these people. I will help you with that!
Sometimes agents tell me that their people know they want the referrals and that since they do such a good job the referrals just flow in. This is terrific and yet I am sure you are aware that while some people will be very proactive about sending you referrals others just don’t. It’s not because they are unwilling, they just aren’t connectors. It’s just not something they will bother to do unless you specifically and directly ask them to.
Also some agents tell me that they feel like they are begging for business and it makes them uncomfortable. Let’s think about this for a minute….every business in the world needs customers to grow. You are no different, there is no shame is needing and wanting to grow your business!
In fact, they love to hear from you. You are their trusted conduit to real estate news and updates. We are fortunate to be in a business that people love to talk about.
If you plan your calls so that you are bringing them something of value then you will not be so hesitant to call. Let’s review a few themes for database calls.
- Market updates
- Changes in interest rates
- Investment opportunities
- Move up opportunities
- Industry news that might impact them The Bottom Line…
If you are like many of the agents I meet then most likely you have room for improvement in this area.
In fact, I find that in the top agents I coach this is one of the biggest areas of lost revenue and opportunities for quality business and referrals.
So that’s the bad news, the good news is that if you dig in and work this slice of your business diligently you can expand your business and have the greater benefit of working with people who know and respect you.
To dig in here lets answer these questions: Write down your answers as we go and we will spend a few minutes addressing each one.
- How large is my database?
- Who is in it?
- What % of my business currently comes from it?
- When is the last time I purged it?
- Have I added every single person who knows me and what I do?
- Do I have complete contact information for all of them?
- Do I have a systematic plan to market to them?
- How often do I call them?
- Are my scripts effective?
- Am I asking directly for referrals?
- Do I have a AAA list and what do I do for them that is special?
- What is my mindset towards this group?
- If I really worked it how much additional business could I extract?
To Do Steps:
- Print list if possible and purge, highlight AAA decide who you or staff will call.
- See scripts in script book-‐ read the scripts to them.
- Look at cell phone, check book and CC statements for more to add.
- Add vendors and affiliates
- Add the family of those already on it.
- Have someone research and add any missing data
- Divide your contacts by 60 business days in a quarter and call the required daily amount to complete a 90 day cycle of calling them.
- If staff is assisting you in calling see the script in our script book for staff making customer service calls (review the script with them)
- Decide on what you will mail them, create it calendar it and get it out!
To make it easy use a mail house or any other tools to make it easy to manage. Discuss with them ideas for mailing pieces!
Building a Referral Culture:
- Start asking for referrals at the first meeting
- Deliver outstanding service so that they will be delighted to send them your way.
- Each time you go the extra mile or deliver good news ask again.
- Thank them at the closing and ask again.
- Adopt their friends and family into your system and prospect them.
- You and your staff end every call with who do you know today that we can help?
- Press your vendors and affiliates-‐ see the script book for approach and script.
Set Your Goals For Expansion.
At the end of the call today I want you to leave with at least 3 – 5 action steps that you will take immediately to grow your database, with timeline and deadlines for completion.
Next I want you to create 3 – 5 action steps to improve your marketing and systems for reaching out to them.
Choose a script from the script book that you are comfortable using and practice it.
Figure out how many you need to call per day to cycle through in a quarter and start making the calls! Start with your AAA’s.
Post signs in your office – “Who do you know who needs my help?”