Building & Nurturing Your Database
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The document discusses strategies for building and nurturing a real estate agent's database to enhance lead generation and client referrals. It emphasizes the importance of maintaining consistent communication with contacts and providing value to them, suggesting various methods for engaging with clients. Additionally, it includes financial projections based on the size of the database and highlights the necessity of selecting, feeding, and touching the database effectively.
Building & Nurturing Your Database
- 1. Building & Nurturing Your Database N E W T O B U S I N E S S T R A I N I N G
- 2. Agent Lead Generation Programs ‘Open Your Mouth and Hope Something Flies Into It’ Method ‘Flight of the Confused Bumble Bee’ Method
- 3. How Buyers Find REALTORS® 50%. . . of the time, they are referred by a friend, neighbor, relative or used agent previously to buy or sell a home
- 4. How Sellers Find REALTORS® 63%. . . of the time, they are referred by a friend, neighbor, relative or used agent previously to buy or sell a home
- 5. The Power of Your Database 1. How many people know that you are a REALTOR®? (Insert your own number) 2. Percentage that will move this year (NAR studies indicate that people move, on average, once every nine years) 3. Number of people that you know who will move this year (Multiply #1 by #2) 4. Captured business (Multiply #3 by 70%) 5. Average commission earned (Average sales price ($182,000) X Average commission percentage (5.85%) X Co- op commission portion (50%) X Agent split (50%) X Prudential franchise fee (94%)) 150 11.1% 16.7 11.7 $2,502
- 6. The Power of Your Database 6. Commission income from your database (Multiply #4 by #5) $29,273
- 7. Playing With the Numbers If you increase the number of people in your database 200 $39,030 350 $68,303 500 $97,577
- 8. These Numbers are Conservative
- 9. The Formula Does Not Account For . . . . . . selling your own listing
- 10. . . . sellers who also buy The Formula Does Not Account For . . .
- 11. . . . commission split increases The Formula Does Not Account For . . .
- 12. . . . referrals from outside your database The Formula Does Not Account For . . .
- 13. Would Buyer Use Real Estate Agent Again or Recommend to Others? * * 2012 Profile of Home Buyers and Sellers, National Association of REALTORS® 60% 80% 50% 70% 40% 30% 20% 10% 0% Definitely Probably Probably Not Definitely Not Don’t Know 74% 15% 5% 4% 2% 89%would probably use you again or recommend you to others
- 14. How Repeat Buyers Found Real Estate Agent * * 2012 Profile of Home Buyers and Sellers, National Association of REALTORS® 16%used agent previously to buy or sell a home
- 15. The Ugly Truth Unless you do something about it today . . . 70%. . . over will use another REALTOR® in the future
- 16. So Where Do You Begin?
- 17. Follow the Steps to Success Select Your Database Feed Your Database Touch Your Database
- 18. 1. Select Your Database
- 19. 1. Select Your Database • Get recommendations from peers • Find out how much it will cost to use • Some provide a trial version • Understand there is going to be a learning curve
- 20. 1. Select Your Database
- 21. 2. Feed Your Database • Gather all the names, addresses, telephone numbers and e-mail addresses of everyone you know • Use the ‘Memory Jogger’
- 22. 2. Feed Your Database • Continuously look to add new people to your database every day
- 23. 3. Touch Your Database • Business Cards – What’s in your desk drawer?
- 24. 3. Touch Your Database • Initial Mailer – Enroll them in a ‘Customer Appreciation Program’ and include three cards • Phone Calls – Obtain contact information that is missing from your database
- 25. 3. Touch Your Database • Personal (Handwritten) Notes – Make it a habit of sending five per day to your database (and others) • Pop-bys – Visit one person in your sphere of influence per week Hi!
- 26. 3. Touch Your Database • Market Updates – E-mail monthly ‘Customer for Life’ reports from Online Seller Advantage (OSA)
- 27. 3. Touch Your Database • Items of Value – Send out one piece of information per month regarding real estate (i.e. tax tips, home maintenance, area info)
- 28. 3. Touch Your Database • Just Listed/Just SOLD/Open House Notices eCards – Notify your database of your activity Mailers – Notify neighborhoods of your activity
- 29. 3. Touch Your Database • Social Media – Know what is going on in the lives of people in your database and interact with them
- 30. 3. Touch Your Database • Coffee – Catch up and relax for a couple of minutes
- 31. Promoting Yourself “You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you.” - Dale Carnegie