The size of your real estate sales business will be in direct proportion to the size and quality of your database
To truly impress upon you the importance of your database health, I’m going to use a language you know very well. Money.
What’s your database worth? What would your database be worth if you were to sell me your business today?
It may be hard to consider your very human contacts in such a way, but we want to look at your investment in your contact list as a whole for a second. If you have been in the business for a while, consider all of your contacts for the duration of your career thus far:
When did you last calculate the investment you’ve made in generating each contact?
How many contacts have you archived over the years that you have actually invested in and just felt like they were ‘junk’?
How much money have you spent on leads that have become contacts through your career?
How much time have you invested in nurturing relationships within your sphere of influence? (Multiply your time by an hourly rate to get this number)
We know that with every investment, you should see a return. If you’ve done some pretty solid ball-park math on that and feel your gut-wrenching just a bit because maybe you’ve not seen the return you’d like off of that investment, your gut is correct.
You know you have left money on the table with those contacts, but you don’t know how to fix it.
So, let me guess, you’ve ignored the problem. Now that time has passed, it feels like the solution will be expensive, so you leave it for another day.
The solution to a higher return on your investment - doesn’t involve spending more money on leads or paying an admin.
CLEAN YOUR DATABASE
KW Command is a powerful resource and can help you automate consistent client communication - saving you time and money! However, your database health must be excellent to truly utilize those features.
I know you think you are too busy to try and tackle your database health - think again. To automate your database, you must have an email address and phone number for everyone!
Complete missing contact information while scoring a ‘touch’!
Reach out to clients individually who have missing data.
This is an easy conversation starter with a client! See how things are on their end and obtain your missing information all in one call.
If you find yourself overwhelmed with who is missing what information…
Don’t try and do it all at once! Create a smaller database using the data you have. For example: If you have client information with phone numbers but not email addresses, filter that information in KW Command and export that list to a spreadsheet. Conquer your database with smaller lists, one at a time!
Use Whitepages.com, Facebook, and Linkedin for missing information as well! The rule of thumb: if people have shared birthdays/anniversaries/moments of life on social media, it’s fair game for you to utilize in business.
Tag your contacts
Your future self will thank you, but your leveraged services will thank you even more.
Spoiler alert: Your leveraged support team doesn’t know that you met Joe in a coffee shop, Mary through a club, and Sam through your days in the military. You’re going to have to take on this task by yourself. If you haven’t leveraged services yet, imagine pulling up a contact and having a complete reminder on how you met, the last marketing campaign they were in, and so much more. Here are a few things that can be done with a tagged database:
Send text or email targeted drip campaigns with content specific to those you’ve tagged, making your marketing even more effective.
Can run targeted social media campaigns to your database, allowing you to run ads that generate leads and nurture contacts
Run reports on the contacts you’ve tagged, gaining critical analytics for your business.
So settle in, grab your laptop, binge some Netflix, and start tagging!
Expert tip: Use tags to categorize your contacts into VIP, Group A, Group B, or Group C clients. Those groups will become invite lists for budgeted and planned events, making your marketing more cost-effective!
RETURN ON INVESTMENT
Let’s get back to talking about money.
With a database that has complete information, your marketing reach has now expanded.
As you work your database, people who were previously ‘ice cold’ leads in your database will begin to warm up. Your marketing systems and efforts already in place will encompass more people who already know your name.
Warm leads turn into clients.
Once you tackle this project, you’ll learn to create new habits when obtaining someone’s information that will prevent having to do this again in the future!