4 Ways Real Estate Agents Can Use Their Database to Be Productive Right Now
In times of unprecedented circumstances, there really is no go-to playbook or magic wand. That’s why it’s important to focus on concrete, actionable steps that you can control and tackle day-by-day. While we’re navigating these new waters of “social distancing” and taking a pause from our typical daily tasks, find the opportunities within your digital sphere. Here are a few ways you can stay productive simply by leveraging your database.
1. Double (Or Triple) Your Prospecting Time
While it’s important not to make sweeping claims, there is one thing we know fairly certainly. It’s going to take more leads to accomplish your goals today than it did yesterday. Which means, your prospecting time will have to increase. Prospecting has always been one of the most important weekly tasks for agents. In fact, Tom Ferry did a study a few years ago that revealed agents who prospect five or more hours per week make over $200,000 a year. Whereas agents who did not prospect at least 5 hours a year made less.
The important thing to remember is that there is still opportunity. There are still leads, still buyers and sellers…there are just fewer.
Take this time to audit your lead generation efforts. It’s a good time to double up on your online lead generation and pivot your marketing strategies that are no longer feasible in the coming months. For example; pivot your open house plans to include virtual tours. Instead of hosting an event, consider doing a live webinar for your community.
Remember! Most online leads are 6-9 months out from a transaction. This is your chance to make the best first impression.
2. Find the “Gemstone” Opportunities That Already Exist in Your Database
Keep in mind that before this health crisis, buyer demand was at an all-time high. Interest rates are at an all-time low. There are people in your community that were looking prior to the crisis and will continue to look during and after the crisis. In fact, there may be a wave of people who weren’t seriously looking to move or buy prior to this situation who have since realized their house is too small, they’d like more space for a home office, or they’re thinking of expanding their family.
These are the “gemstone” opportunities to keep an eye out for. During this time period of social distancing, people are spending a lot more time online, so it’s important to stay on top of your CRM and keep an eye on not only who is registering on your site, but also who is revisiting properties.
Take this opportunity to reach out and say, “How are you doing and how can I help you?”
3. Reconnect with Your Sphere & Guide Your Community
What is the one thing that everyone is looking for right now? Leadership. Now more than ever, people want to be reassured and they want trustworthy information. You have a chance here to reconnect with past, current, and prospective clients to check in and offer help. Make a list of the ways you can serve them, whether it’s simply connecting them to another useful resource.
Understand that while you may be hearing “It’s time to hustle!” from all angles, it’s also important to be human and be a public servant. Carefully consider your wording and make sure it doesn’t sound too opportunistic. Lead with education and service and the business will follow.
For active leads, focus on how they are engaging. Look at patterns in their search. Set up an eAlert in your CRM and make sure it’s tailored to match the homes that they consistently click into and view multiple times. For leads that are not engaging, or have no alert at all, now is the time to get an eAlert set up. eAlerts are also a good way to give a softer touch right now. Providing helpful information without being invasive.
Remember: A lot of people are stuck at home in front of their computers and will inevitably be spending more time looking at their next dream home or simply one with more home office space.
4. Figure Out Your Numbers
Now more than ever, being a data-driven business is critical. There are plenty of numbers you can glean from your database to help dictate your new game plan for 2020. For example, figuring out the average number of leads that you need to generate in order to get a conversation going. Or the average number of conversations you need to have before moving forward with a showing, getting a closing, etc.
If this is something you haven’t been tracking – now is the perfect time to start.
Follow-Up & Response Time: Generating leads isn’t enough. It’s the follow-up and persistent communication that comes next that truly matters. Ask yourself, how is your follow-up? Track and measure your speed-to-lead as well as your response rates. If you’re using a CRM that tracks these things for you and schedules to-dos, be diligent with your system. Take advantage of accountability tools and dashboards that show you concrete numbers reflecting your follow-up habits.
Lead Conversion & Close Rates: These numbers are critical to stay on top of because they directly tie to your transaction volume. When you’re crystal clear on how many leads you’re converting to opportunities and how many deals you’re closing, you can (A) pinpoint where you need to improve, and (B) estimate how many leads you need in order to reach your sales goals.
If your CRM has a dashboard that allows you to measure you own performance (and your agents’ performance if you’re a broker/team lead) now is the time to hone in on those numbers and see where there is room for improvement.
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