Building a great database for real estate sales leads is not only advisable for new real estate agents but absolutely crucial to the long term viability of your business. Sure, you can work with expireds and FSBOs and open houses, etc. But sooner or later you will begin to burn out unless you’ve built a mechanism that, if properly supported, will be an endless stream of leads for your real estate endeavors.
What is a database?
The database I’m talking about for real estate agents is a list of names, addresses and contact information for people that you currently know, will meet and/or have done any kind of real estate transactions with. It’s that simple. Building the database takes time and it’s a task that is never finished.
Is there software that is helpful?
Absolutely. I’m a big fan of Top Producer. Others really like Contactually. The system you use isn’t nearly as important as that you build your database. Because even if you start with one set of software you can almost always move the basic information to another through a csv file. Heck, we have one agent in our office that sells between $6 -8 million each year and her data base is the contact information on a 3×5 card and one of those Office Depot files that has twelve pockets labeled January, February, etc. When she talks to someone in January, she marks it down and puts the card in March’s slot…and so on.
Why is there a picture of a sales funnel?
Think of that sales funnel as your database. Seriously. All your efforts should be directed to building a pool of people that will know you are a real estate agent and who may be willing to buy or sell their next property from you. All of your efforts for lead generation; open houses, expireds, people you meet, people you know… they all go in to the database and, therefore, in to your sales funnel. We’ll talk about how to treat different leads differently. But in to the funnel they go.
How often do you contact your database?
Well, the answer depends;
- How well do you know the contact?
- Do you like the contact?
- Is the contact actively looking to buy or sell real estate?
- Is it their property purchase anniversary?
- Are they more of a business contact or family?
If you’ve never read the The Millionaire Real Estate Agent: It’s Not About the Money…It’s About Being the Best You Can Be!
We’re going to make working with and building a database a priority on this coaching website because the topic ties in nicely with building websites and learning this business. Without leads you are nothing in real estate. Your database should be your One Thing. Because all the other lead sources are there to fill your database. Make sense?
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