3 Mistakes You’re Making in Your Real Estate Database
Your database is your secret weapon — your end-all-be-all money maker.
BoomTown conducted a study and found that there is a direct correlation between database size and transaction volume. In other words, the more leads you build into your database, the more money you can make.
But, a lot of agents don’t properly work their database and end up leaving money on the table.
To leverage your database successfully, you need to focus on:
- Fueling your pipeline through strong lead generatiON
- Nurturing those leads through lead follow-up
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Here are three mistakes that you’re making with your client database, as well as some best practices to help you make the most of your ultimate secret weapon.
#1. Thinking Leads are Trash When They’re Actually Just Cold/Lukewarm
“The goldmine in your database is those 3 and 4 year-old leads that are sitting in
BoomTown that no one is working. I like to go in and look in one of my agent’s
trash leads and work through them and say, ‘Hey look I just did four contracts
with your trash.” — Verl Workman, Workman Success Systems.
In most cases, leads don’t convert overnight. When you add new leads into your database, you should be ready to work them for the long-term until they’re conversion-ready.
Instead of thinking that leads are worthless if they’re not ready to convert immediately, leverage a system that allows you to follow up and check in regularly to remain top of mind.
- You do want to have a continual stream of business months down the road.
- You don’t want to ignore cold or lukewarm leads only to lose them to a competitor when they’re finally ready to proceed with a transaction.
#2. Not Having a System in Place for Lead Engagement/Follow-Up
Agents need a strong model for continual lead engagement and follow-up.
If you don’t have a system in place — ideally a technology that does it all for you, like BoomTown’s Lead Concierge Service — you won’t be able to access the power, money, and opportunities in your database.
In addition to technology platforms that generate, engage, and follow-up with leads, working with an ISA (Inside Sales Agent) service to focus on sales will allow you to keep your lead funnel active. This is critical for bringing out the full benefits of your database.
Engage your leads by regularly sending them a variety of relevant messages.
7 Email Outreach Ideas for Real Estate Leads:
- An introduction email
- An email to establish service expectations
- Content (market reports, buying and selling guides, local events calendar)
- Testimonials from past clients
- A “get to know you” email
- The “where have you been?” email
- Requesting a review after closing
Pro Tip: When reaching out to leads, focus on sharing relevant content that they’d actually want. Agents should earn their way into their leads’ inboxes by providing them with vital information, advice, and insights.
Get creative and strategize your lead outreach and follow-up to establish yourself as a local expert and an indispensable part of a real estate transaction.
Remember to follow up with past clients, as well. Referrals and repeat business can be an incredible source of business for agents, but you need to stay in touch and engage your database contacts.
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#3. Not Leveraging Bulk Actions
When you have an organized database, you don’t need to go from contact to contact and engage leads one by one. Instead, you can put your leads into categories or tag their contact with indicators that allow you to leverage bulk actions.
For example, you can tag all of your past leads by their closing date. This will allow you to send out a bulk “Happy Closing Anniversary!” message with a complimentary market report attached. Not only does this help you stay current with past clients, but it also sets you up to generate repeat or referral business opportunities.
Having your contacts tagged by transaction category, like “buyer” and “seller,” gives you the chance to send out targeted content and email outreach that’s relevant to specific needs.
Using bulk actions for large groups can provide the leads with a customized experience through personalized messages — while saving you the time and effort of writing thousands of emails. It’s a win-win that can strengthen your lead communication by smart use of your database.
Stop making these three common mistakes that agents make when working with their databases, and start working with your database like the best in the business do.