Real Estate Agent – 7 Ways to Spring Clean Your Commercial Real Estate Database

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  More often than not the database they have or use will be well out of date and poorly maintained.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agent databases that are many thousands of people only to find that most of the contacts are redundant, incorrect, or outdated.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:

  1. 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!
  2. 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).
  3. 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.
  4. Check websites for the business people that you connect with.  You will find changes in information worth talking to them about.
  5. Segment your contacts into VIP’s, Sellers, Buyers, Tenants, Business Owners, and Developers.  Ask them about their property preferences and update your records accordingly.
  6. 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.
  7. 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.

Golden Rules in CRM Databases for Commercial Real Estate

woman working in office
Your database in Commercial Real Estate will help build your business faster in sales and leasing enquiry.

Like it or not, the database process in your commercial real estate career will make a significant difference to your listings and your commissions.  On that basis the top agents develop a significant database of leads and opportunities as early as possible in the career.  They work the database and every person in it.   Here are some tips for commercial real estate agents from our Newsletter.

The management and growth of the database produces opportunity.  That being said, the growth process always comes back to the diligence and focus of the individual in growing the database.  At the end of each day, any leads and opportunities should be entered into the database so that future action can be taken at the right time.

So, here are some golden rules that should apply to the database system within your real estate office and perhaps even in your personal business management processes.

  1. Split the categories of prospects you are working into different groups such as buyers, tenants, landlords, property investors, business leaders, and professionals.
  2. Given the previous point, it is necessary to note the types of property and the factors of property that apply to each particular person and or company.  They will have limitations as to price, rental, timing, property improvements, location, and property usage.  Somehow this information has to be merged into your software program.
  3. Tracking of all meetings and contacts made will always be important when it comes to your prospects and clients.  Many software programs can capture the comments regards each and every meeting, document, proposal, and submission.
  4. It is wise to choose the right computer with the appropriate software configuration and storage to safely run the database program.  You will need to keep multiple backups of your CRM program so that your hard work does not get lost or damaged.
  5. Split all of your prospects into frequencies of ongoing contact.  The ongoing contact should occur based on the opportunity that the prospect provides in sales, leasing, or property management.  Every prospect and client in your database should be contacted at least once every 90 days.  More frequent contact should occur where a business opportunity has been identified.
  6. Most customer relationship programs should or will integrate with the e-mail client program within your computer.  This should allow mass broadcast of common messages and the tracking of individual emails to particular people.
  7. Lastly, it should be said that the convenience of data import and export is really important with the CRM program that you have chosen to manage your customer relationships.  Some database programs make it reasonably difficult to merge your export information to and from other software programs (they do not want to make it easy for you to move your business elsewhere).  At some stage in the future it is likely that you will want to export and use your data in a particular way.  Make the right choices with regards to the CRM program so this doesn’t develop into a major problem.

When you make the right choices regards the CRM program, you can collect and collate many types of opportunity within commercial real estate.  From that point onwards, the work really starts and your diligence in maintaining the accuracy of the program will become a personal process of daily discipline.

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