Mindset & How to Set Up Your Database for Success.
Everyone wants to know: How do you create a steady flow of repeat and referral business? Here’s the answer…Create a twelve-month plan so you can get into action and out of ‘getting ready to get started to someday actually talk to my people’ mode!
Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206.
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First, we’ll ensure you’re set up correctly and understand how to maximize your database; then, we’ll get into the 12-month plan. This is the first part of a 3 part series to get your database out of chaos and into cashflow.
FACT: When you look at that amazing new listing that just hit the market, and you see the listing agent and ask, “How did THAT agent get THAT listing?!” It is almost always because the seller already knew the agent!
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GOAL: BE that agent who the seller already knows and gets that listing.
FACT: Everyone loves repeat and referral business. Why? The prospect already knows you and trusts you. They know you are honest and ethical and will take good care of them. If you could choose who your next buyer or seller would be, wouldn’t you always choose someone you already know?
FACT: A minimum of 10% of your database should be buying or selling with you every year, assuming that you speak with them regularly. Many of our coaching clients track closer to 40% of their business to their ever-expanding database. You can only get these results when your regular communication is systematized. It won’t happen if you only speak with your database when you’re starving for new business, when you ‘have time to get to it’, or when you have a random assistant with time to burn. It must be systematized by you for you to get the results you desire.
Do the Math.
When you have 100 names on your list, you should have ten deals from them yearly, following the 10% rule. If you don’t, you either don’t have a great Past Client and Center of Influence plan, or you aren’t working on your plan consistently. Email is not enough. Posting on their Facebook and Instagram is not enough. Going to their holiday party is not enough.
When you build your list to 500 people, you can create as many as 50 or more deals per year when you do this right. We have many coaching clients who have achieved this, but they didn’t do it in 30 days.
Incidentally, when asked at our ‘Top 100 Most Influential Agents’ event the question, ‘What would you have done differently looking back on your career?’, the #1 answer of top producing, long-time veteran agents and broker was….
You guessed it, ‘I would have done a much better job with my past clients and sphere. I would have communicated with them earlier and more consistently, and it would have saved me thousands, if not tens or hundreds of thousands of dollars, on producing NEW leads when I could have just had more repeats and referrals!’
Secret: Avoid dependence on electronic communication! There’s no guarantee they got it, opened it, looked at it, or watched it. It’s too passive and unpredictable.
How to Set Up Your Database (so you’ll actually use it!)
1. Set up and maintain your database using KV Core or another CRM. Gather phone numbers, email addresses, and social media information for each entry.
2. Who goes into your database? Enter your past clients, people from your sphere of influence, and adopted clients into this list. Adopted clients are buyers who bought your listings. They worked with another agent (most times) but you are adopting them. Treat them like your own. You can also add your professional sphere of influence like home inspectors and mortgage lenders. Add details to each person to help you remember them.
3. Commit to adding at least five new people per week to this list from your closings, clubs, meetings, organizations, etc. Get into the habit of exchanging information on the spot when you make new connections. You can create ‘micro lists’ using What’s App. Examples of this are your kid’s 4th grade class parents or your 5 best golfing buddies. Your What’s App contacts should ALSO be part of your larger database, so they get all of your real estate updates, not just your golf intel, for example.
4. Update your database weekly as part of your daily minimum standards. Commit to never letting it get out of control, neglected, or outdated again. You have to actually use it for it to work!
On the next podcast, we’ll discuss your communication plan so you can start monetizing your list. Do the homework from today so you’ll have a great database to work with!
