Most commercial real estate agents will have a database. More often than not the database they have or use will be well out of date and poorly maintained. With all of this technology around us today you would think that the life of an agent would be easier?
I have seen agent databases that are many thousands of people only to find that most of the contacts are redundant, incorrect, or outdated. My view is that it is far better to have 600 people that you do know very well, than 5000 people that would not know you from a ‘bar of soap’. Our industry is built around the strength of relationships; remember that!
So, it’s the time of year where we should talk about refreshing and revitalising your database. It’s a personal process, and you can’t delegate it to anyone else in your team. Work your contact list comprehensively so you tap into the future deals in the market. It’s that simple!
A good real estate database will help an agent do all of the following:
- Provide leads and opportunities
- Integrate into automated newsletter systems
- Give you sources of commissions and listings
- Allow you to dominate market share or property type
- Track and measure all client contact
So why do agents let their databases ‘self-implode’? It’s an interesting question; I think the answer has something to do with a personal lack of focus and not enough time to update the database information.
If there was a ‘golden rule’ in commercial real estate brokerage, it would go something like this:
‘Grow and maintain your database each working day.’
It’s a simple rule to understand; keep your business simple and centre your business on local people and prospects. Talk to lots of people every day and track your contact processes in your contact database. Ongoing relevant contact is required.
Here are 7 very good ways to ‘spring clean’ your contact list:
- Make 10 calls into your list every day to update contact information. By calling people you already know you will find ‘changes to circumstances’ and future property needs just waiting to be tapped into. That’s a very good reason to make calls every day!
- Check emails with all of your contacts so you can put them into an auto responder for ease of regular contact (you will need their permission to do that).
- Update mobile telephone numbers where possible so you can keep in direct contact when the right property listing comes up. As part of that process, load all of your contacts into your mobile telephone for convenience of access and a ‘heads up’ when they call you.
- Check websites for the business people that you connect with. You will find changes in information worth talking to them about.
- Segment your contacts into VIP’s, Sellers, Buyers, Tenants, Business Owners, and Developers. Ask them about their property preferences and update your records accordingly.
- Ask your VIP clients and regular contacts about property requirements and timing of needs. Whilst they may not require a property change currently, they are likely to do so in the future.
- Integrate your contact list to your social media, blog and your email newsletter. Keep your communications business like and frequent. You want to be ‘top of mind’ when your contacts are seeking property change or help.
It is relatively easy to ‘spring clean’ your database and keep it that way. It just requires a daily process and consistency at agent level.