If you do not currently have a database, it is time to start. To ignore your CRM is to leave a significant opportunity untapped<\/p>\n
I am always curious as to how agents build their practices, so when talking to agents, I ask a few basic questions, including:<\/p>\n
In a huge percentage of cases, all I get in return to my queries are blank stares and a shrug of the shoulders.<\/p>\n
It is my belief that your SOI (sphere of influence) should be the single most important component of your business.<\/p>\n
As an example, between 50 percent and 60 percent of our business comes directly out of our\u00a0database<\/a>\u00a0every year. For some agents, this number is even higher. It makes sense, then, that Realtors should be actively working their database, so it not only stays current but continues to grow to<\/p>\n Here are 8 key steps to building and maintaining an effective database:<\/strong><\/p>\n You need to be proactive in building up your database \u2014 the more you include the better. People can always ask that you remove them if they do not want you communicating with them. It is better to err on the side of over-inclusiveness than to not include some in your SOI.<\/p>\n These include:<\/p>\n To have an effective\u00a0database<\/a>, you should really have a minimum of 200 contacts. Some agents shy away from including friends and family \u2014 truthfully, they should be the inner core of your SOI because they know you, hopefully trust you and can be your greatest advocates for introducing you to others.<\/p>\n If you are having a hard time getting to 200, I suggest you plug into environments such as clubs, service organizations and the like that have a lot of members. Unless they have a specific \u201cno-advertising\u201d policy, include them all.<\/p>\n At a minimum, you want the following:<\/p>\n If you cannot get all their basic info at the beginning, keep in touch and over time ask for the missing items. Make sure you preface the request with a commitment to provide value.<\/p>\n As you stay in touch, you can increase their information by adding birthdays, children\u2019s info, anniversaries, hobbies, likes and dislikes, whether they own or rent, and so on. The more data you have, the more effectively you can\u00a0communicate<\/a>.<\/p>\n The key to an effective CRM is that it will do much of the work for you. When asking agents which CRM they use, I typically get the following responses:<\/p>\n I am frequently asked what\u00a0CRM<\/a>\u00a0is the best \u2014 in reality, it is the one you actually use. If you are a sole agent, the CRM provided by most brokerages will be more than enough to get you started. Some MLSs or Realtor associations also provide CRMs at little or no cost. Other options include platforms such as Wise Agent, Follow Up Boss, LionDesk, Top Producer, Realvolve and so on.<\/p>\n Once you begin growing a team, you will need a more robust solution such as Brivity or BoomTown. These platforms are very extensive, include in-depth marketing capabilities and a host of other features, and are priced based on the number of seats on your team. In most cases, they will also connect with auto-dialers.<\/p>\n Brokerages frequently provide programs to help their agents work their databases. As an example, Keller Williams has a 36-touch program to help agents develop an effective rhythm. Recommended touches include:<\/p>\n When a client reaches out, it is critical that they receive an immediate response. In many cases, it is not possible for the agent to respond in person immediately, so\u00a0autoresponders<\/a>\u00a0should be set up that not only let the client know their query has been received, it alerts the agent in a meaningful way so they can respond back as quickly as possible.<\/p>\n If they visit and register on your website, they should receive an instant notification that their query has been received. Your database should be linked to your phone so that you know if the call you are receiving is from your database;\u00a0you can respond with an auto-text message if unable to answer.\u00a0You can also set up auto-responders on your email account.<\/p>\n Bottom line, not only respond immediately but actually follow up in person as quickly as possible \u2014 preferably within a few hours. A response a few days later is simply unacceptable.<\/p>\n As you interact with your sphere, keep notes. Make sure you write down when you called and what you discussed. These notes should be entered in your CRM. We use the post office Address Service Requested feature to maintain correct addresses. If a contact moves, we are notified of the move and, in many cases, provided with the forwarding address.<\/p>\n When we receive a notification, we go into the MLS to see if they sold their home. If they used another agent, we remove them from our database. If they were renters, we update the new address.<\/p>\n If they kept their original home, we also look up the new address to see if they are renting or if they purchased the new home with someone else. This also gives us a chance to contact them to see what their plans are for their existing home.<\/p>\n You will discover that, over time, some contacts will need to be removed from your database. It is critical, therefore, that you are constantly building your\u00a0SOI<\/a>. Look for every opportunity to expand, including:<\/p>\n Actively ask all your allied resources (services you use such as lenders, title companies, contractors, etc.) for leads. Let them know that in the same way you are referring them to others, you anticipate that they will refer potential clients to you, as well.<\/p>\n A VA (virtual assistant) is a very effective way to keep your data up to date. They can also help with mailings, tracking clients and a host of other activities surrounding your database. A great place to start in looking for a VA would be companies such as Cyberbacker or Brivity.<\/p>\n If you do not currently have a database, it is time to start. To not do so is to leave a significant opportunity untapped. If you have a database that you are effectively working, there is always room to improve. With so many agents and teams pulling in over 50 percent of their business volume from their database, this should really be Job One.<\/p>\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n