Building Your Database & Expanding Your Sphere of Influence
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This document discusses strategies for building and maintaining a real estate database. It recommends selecting a customer relationship management tool, gathering contact information for everyone known, and continuously looking to expand the database. The key is to regularly "touch" the database through mailers, phone calls, notes, market reports, and social media to stay top-of-mind for future real estate needs. Meeting with the top 20-25 contacts individually for coffee or lunch allows focusing on building strong relationships and asking for referrals.
Building Your Database & Expanding Your Sphere of Influence
- 1. 1 BUILDING YOUR DATABASE & EXPANDING YOUR SPHERE OF INFLUENCE
- 2. Open your mouth and hope something flies into it Flight of the confused bumblebee 2 AGENT LEAD GENERATION PROGRAMS
- 3. Top 2 Answers 1. Referred by (or is) a friend, neighbor or relative 2. Used agent previously to buy or sell a home 3 HOW BUYERS FIND REALTORS® 52% 40% 12%
- 4. 4 HOW SELLERS FIND REALTORS® Top 2 Answers 1. Referred by (or is) a friend, neighbor or relative 2. Used agent previously to buy or sell a home 60% 38% 22%
- 5. 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 ten 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 ($153,000) X Average commission percentage (5.85%) X Co-op commission portion (50%) X Agent split (50%) X Berkshire Hathaway HomeServices franchise fee (94%)) 150 5 THE POWER OF YOUR DATABASE 10% 15 10.5 $2,103.37
- 6. 6. Commission income from your database (Multiply #4 by #5) $22,085.38 6 THE POWER OF YOUR DATABASE
- 7. If you increase the number of people in your database 7 PLAYING WITH THE NUMBERS 200 $29,447 350 $51,533 500 $73,618
- 8. 8 THESE NUMBERS ARE CONSERVATIVE
- 9. 9 THE FORMULA DOES NOT ACCOUNT FOR . . . selling your own listings
- 10. 10 THE FORMULA DOES NOT ACCOUNT FOR . . . sellers who also buy
- 11. 11 THE FORMULA DOES NOT ACCOUNT FOR . . . commission split increases
- 12. 12 THE FORMULA DOES NOT ACCOUNT FOR . . . referrals from outside your database
- 13. 13 WOULD BUYER USE REALTOR® AGAIN OR RECOMMEND TO OTHERS * * 2014 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 73% 15% 5% 5% 1% 88%would probably use you again or recommend you to others
- 14. 14 HOW REPEAT BUYERS FOUND THEIR REALTOR® * * 2014 Profile of Home Buyers and Sellers, National Association of REALTORS® 17%used agent previously to buy or sell a home
- 15. 15 THE UGLY TRUTH Unless you do something about it today . . . 80%. . . over will use another REALTOR® in the future
- 16. 16 SO WHERE DO YOU BEGIN?
- 17. 17 FOLLOW THE STEPS TO SUCCESS Select Your Database Feed Your Database Touch Your Database
- 18. 18 1. SELECT YOUR DATABASE
- 19. 19 1. SELECT YOUR DATABASE Get recommendations from peers Find out how much it will cost to use Trial version available? Invest time to learn the program
- 20. 20 1. SELECT YOUR DATABASE Popular Customer Relationship Managers (CRM) Lead REsource
- 21. 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. 22 2. FEED YOUR DATABASE Continuously look to add new people to your database every day
- 23. 23 2. FEED YOUR DATABASE Learn how to ask for referrals The two best times to ask for referrals: Signing contract Settlement table
- 24. 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. 25 3. TOUCH YOUR DATABASE Personal (Handwritten) Notes – Make it a habit of sending three per day to your database (and others) Pop-bys – Visit one person in you sphere of influence per week Hi!
- 26. 26 3. TOUCH YOUR DATABASE Market Updates – E-mail monthly ‘Market Activity Report’ from Seller Advantage within Lead REsource
- 27. 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. 28 3. TOUCH YOUR DATABASE Just Listed/Just SOLD/Open House Notices eCards – Notify your database of your activity. Produce the eCards in the Marketing REsource in minutes. Easily download your database to keep them informed.
- 29. 29 3. TOUCH YOUR DATABASE Just Listed/Just SOLD/Open House Notices Mailers – Notify neighborhoods of your activity. Produce the postcards in the Marketing REsource in minutes. Create mailing lists with the link to XpressDocs.
- 30. 30 3. TOUCH YOUR DATABASE Social Media– Know what is going on in the lives of people in your database and interact with them
- 31. 31 3. TOUCH YOUR DATABASE Coffee/Lunch – Target the very best 20-25 in your sphere of influence (and let them know it)
- 32. 32 3. TOUCH YOUR DATABASE Making phone calls for Coffee/Lunch Have passion in your voice This is a business meeting, not a social Make them feel special Look at their social media sites before you call
- 33. 33 3. TOUCH YOUR DATABASE Coffee/Lunch Agenda Have an ‘I care’ attitude. Ask and listen.
- 34. 34 3. TOUCH YOUR DATABASE Coffee/Lunch Agenda Give them information of value Interest rates Buyer’s vs. Seller’s market Absorption rates Neighborhood conditions
- 35. 35 3. TOUCH YOUR DATABASE Coffee/Lunch Agenda Ask for referrals a couple of times Who do you know that is looking to buy or sell a home in the next 3-6 months? (then keep silent) Do you know anyone about to encounter a life altering event (i.e. divorce, getting married, having a baby)? If they run into someone this year that mentions real estate needs would they be willing to give them your name and number and get the client’s contact info?
- 36. 36 3. TOUCH YOUR DATABASE Coffee/Lunch Agenda Pick their brain for ideas How can I improve what I’m doing? What do I do well? What do you see others doing that I should consider doing?
- 37. 37 3. TOUCH YOUR DATABASE Coffee/Lunch Agenda Pick their brain for ideas What are a couple of things that made them successful in their business? How could you use social media and technology to more effectively help build relationships?
- 38. 38 3. TOUCH YOUR DATABASE Coffee/Lunch Agenda REMEMBER; they are one of a special few. You value their opinion. Make them feel like they will be a part of your team.
Editor's Notes
- #2: Hi everyone. My name is Tom Blefko, I’m an Associate Broker with Berkshire Hathaway Homesale Realty. Today’s session is entitled, “Building Your Database & Expanding Your Sphere of Influence.” This is part of the Quick Start Essentials program for New To Business Agents. Just a couple of reminders before we get started. You’re trainer has provided you with an accompanying handout where you can follow along and take notes during this presentation. In addition, once you have viewed this program, you need to put it into practice. Real estate training programs are worthless unless you, the agent, put the ideas and concepts into action. If you need help getting started, see your Director of Operations who will help you implement this program into your business and ultimately lead you to success in real estate sales.