Data Base & Contact Management
Have you ever heard the saying, “Money doesn’t grow on trees”?
Of course, it would be great if money did grow on trees. But when it comes to your real estate success, money truly does grow on…
Your business’s single most valuable asset isn’t your cell phone… your car… or your office.
It’s your “Power List” of past clients, friends, family, acquaintances, hot leads, etc., who can bring you new clients, referrals and repeat business.
Your power list is your market share in this business.
No power list – no market share.
No market share… and you’re destined for a life of non-stop frustration and struggle in this business. That’s because…
REALTORS® Who Are Relationship-Driven Will Leave The Competition In The Dust!
So…if your “power list” is the most valuable asset of your business, then the second most valuable asset in your business is your Power List.
We’ll discuss creating your Power List using a simple database (or contact manager / CRM system) as your foundation.
Before we begin, I want you to know that creating your Power List is faster and easier than you might think – once you put your mind to it. Many agents create their entire system in about 30 to 45 minutes.
What are the components of a Power List?
Quickly put, your database will allow you to have a more personal relationship with more people. And remember, nothing distinguishes you better and makes you beneficially different from every other agent…than a deep, personal, and REAL relationship.
Your database will also allow you to keep your contact consistent and regular – so you never fall behind and lose market share. Plus, it will allow you to “track and categorize” your clients and other power list members so you can have more targeted contact with them.
So, for example, if you want to send a personal birthday card to a power list member…or a “happy home anniversary” promotion…or even send a special letter to your “Top 20% Power Players” who have referred to you in the past (you’ll learn more about his shortly)…your database lets you do it in a snap.
But your Power List Tracking System is MORE than a database…
Here are a few ideas:
- Want a list of all the people who sent you a referral in the past year?
- Want a list of your power list members living in a specific subdivision?
- Want to manage your farming mailing list and contacts?
- Want a list of everyone who has a birthday in February so you can send them a card?
- Want to know who your highest quality clients are – so you can have a special event for them?
- Want to pull a list of all the leads you need to follow up with and call today?
It’s all at your fingertips!
Imagine creating a personalized letter to each one of your power list members (or even your target farm) – and it took you just minutes to create using “merge” fields (from your database) in your letter.
And this is important…
You can also include information from your database in your letters – such as their subdivision, home anniversary date, names of referrals they’ve sent you in the past, and more.
Any information you’d like to track on people can be done with your database. You can make personalized contact with thousands of people in minutes with a database.
That’s what I call “leveraging the efficiency” of your client-generation system.
What kind of database should you consider using?
There are public databases and specialized databases for our industry. Either one will work for you – but you want one that will track the information you want and will be EASY for you to understand and use; over the years, I have looked at many systems, and I am still using the same base!
Sutton Group Envelope pays for and supplies an online database program for real estate. This is great because you can access your database from different locations and any place in the world. You never have to worry about losing your data as it is backed up instantly.
The “secret” is knowing what information you want to track beforehand. (See our training manual.)
What information will you want to track on your Power List?
Here’s where the “rubber meets the road.”
Here’s where we think through all the information you want to track in your business.
The excellent news is…I’ll give you everything you need, so you don’t have to figure it out alone.
You can create your database any way you want – there’s no right or wrong way to do it, as long as you know what you want to track up front. Knowing what you want to track upfront will help you create a simple database that will work for years.
Two things you want to understand when setting up your database: Records and Fields.
A database works like a stack of 3 x 5 cards in which you have a card for each client and enter specific information about that client on the card. The actual card would be called a “record,” while each piece of information on the card (name, address, etc.) would be called a “field.”
Thus, every Power List member would be a new record, and the information you track on them (name, address, phone, children’s names, etc.) would be fields on that record. Make sense?
There are 5 “Levels” of information you want to track…
You don’t need to track every information on your power list – just the items you’ll need. For some, you’ll only want their name, address, phone and email address. For others, like your clients or “Top 20% Power Players,” you’ll want to track much more.
How do you get information on people?
The first way is by knowing what you need from the person, then being perceptive and taking notes when you meet or work with them (such as a client). The second way is by creating a simple survey for your “Power List.” You’ll be surprised how people will provide that information to you if you ask – and tell them WHY you need it (more on this later).
Here are the 5 “Levels” of information you want to track:
LEVEL 1: BASIC INFORMATION.
Basic information is the most common item about someone. It includes the fields: First name, last name, Address, City, Province, Postal Code, Phone, Office Phone, and Email.
However, it also includes other fields of information you’ll want to track – probably at the top of your database record. These fields include…
- A “Category” field. This field is critical because it refers to what “type” of contact you’ll have. For example, you may choose a Supplier (printer, home inspection, etc.) or Real Estate Agent in your network (yes, you should have other agents on your list.) For example, if you want to send a letter about a new listing only to other REALTORS® on your list, you’ll want to be able to query just those folks, right? That’s why you have a “category” field.
- A “Quality” field. This field is critical and should go at the top of your record. Here you’ll enter the actual quality of your contact. For example, you will assign our 5 Star systems (see our Lead Coordination & Data Base Management)
LEVEL 2: PERSONAL INFORMATION.
Gathering personal information is used to help build the depth of the relationship. It will give you information about children’s names, sending birthday and anniversary cards, sending something very personal to them when they send you a referral… or letting them know that you remember details about your relationship with them – such as when talking on the phone or writing.
The information you want to track here includes the following:
- spouse name
- children names
- pet names
- wedding anniversary
- interests (such as hobbies)
Why do you want such personal information? Because people “light up” to personal gestures – such as birthday cards, anniversary cards, and gifts aligned with their particular interests (such as golf or fishing, etc.). And if you want to stand out as an agent, you’ll treat people as unique. And your database makes it incredibly easy.
LEVEL 3: HOME INFORMATION.
You’re in the real estate business, so it’s essential to know about the home your Power List members own. This is especially true with past clients. Track only the most essential information – otherwise, you’ll get overwhelmed.
The fields you want to track here include:
- Buyer/Seller field (indicate whether a client was a buyer or seller)
- Area (subdivision, etc.)
- Price, Date (of purchase or sale)
- Remarks field that includes narrative about their home preferences, etc.
LEVEL 4: REFERRAL INFORMATION.
Would you like to know which Power List members sent you a referral and “who” that referral was?
Of course, you do. Sending you a referral places them in your highest “category” (and A-level person), and they should be treated as unique.
Why? Because behaviour that gets rewarded gets repeated.
The simple information you want to track is as follows:
- Referral Name
- Referral Date
You can query your database for any referral information you need. Most “specialized” industry software will have this ability already created in the database.
LEVEL 5: NARRATIVE INFORMATION
This is an open-ended field you can type in to track comments or information relating to conversations and other details on clients and prospects.
For example, when you need to call a client, you can pull up their record and remind yourself of the details of your previous conversation. Again, most industry databases and contact managers will allow you to track this information.
How do you maintain and refine your Power List?
If you’re like most agents, your natural inclination will be to “dump” as many people into your database as possible – maybe thousands. And unless you truly have a personal relationship with these folks, you’ll likely be making big, costly mistakes.
The success of your Power List marketing is related to TWO essential elements: SIZE and QUALITY.
You may have thousands of people on your database, yet get worse results than agents with 200 or 300. Why? Because they have a deeper relationship with those 200 or 300 – their list is higher QUALITY.
The good news is, with regular, personal contact, the quality of your list increases automatically.
Managing your power list is not just a one-time exercise – it’s a WAY OF DOING BUSINESS. Look at any truly successful business, and you’ll find they track their clients closely.
Managing your Power List will require you to do three simple things:
- You’ll need to ADD names to your database continually. It would be best if you adopted the mentality of building Size and Quality.
- Second, you’ll want to UPDATE the information in your database continually. That’s why I recommend you conduct a “survey” of your power list members every six months and with our database manager – it’s not only a great way to stimulate referrals, it will keep your database current (I’ll give you a letter for this).
- Third, you’ll want to PURGE people and information from your database continually. If, for example, you find that many of your “2 Star” Power List members are not being responsive, OR, your surveys go unanswered, you may want to consider removing these folks from your Power List.
The BOTTOM LINE: If you START this process… and develop a list of names and addresses of your clients, friends, acquaintances, suppliers, and those you meet or work with on a day-to-day basis – you will be light-years ahead of your competition, and well on your way to creating a hyper-responsive market of people in your business.
The “secret” is to get started.
Did you finish reading this and say to yourself, “oh…this is going to be too much work”…? If you said those words to yourself…I want to know you just made a decision that will cost you… in two ways.
- MILLIONS of Dollars in Lost Commissions
Lao Tzu, the great Chinese philosopher, once said, “The journey of a thousand miles begins with a single step.” If you’re willing to take that “one step” right now, you’ll find it incredibly EASY and FAST to get yourself started on a life of abundance and freedom.
Seriously, think about this: If you think it’s just going to be too much work, then I’m sure your competitors will be thrilled with your decision – all the more business for them.
Ask any top agent… any coach… any expert who knows their stuff in real estate, and they’ll tell you relationship marketing to get referrals is THE SECRET to long-term success in this business.
So please don’t write off your success before you even get started.
2) You leave us! That’s right, if you do not take data management seriously, and are not prepared to learn and use it daily, then save you and us a ton of time; we will not hate you; we understand that some people want to be the lone ranger and broke!
If you already are using our database & contact manager — review the “LEVELS” of information you’ll want to track and get it all set up. It will only take a few minutes. Then start adding additional information for your highest-quality contacts.
I want you to commit yourself to doing just ONE thing in the next week:
This is the foundation of everything you’ll do in your business from this point forward.
If you start adding folks to your Power List, you’ll find a lot of missing information on your list. It’ll be things like birthdays, kid’s names, home anniversary dates, etc.
Would you like a simple resource to help capture this information…and, in the process, get new listings and buyers?
I want to help you get it done. Why not contact me? I can quickly improve your lifestyle with the correct information and tactics.