Study after study has shown that nurturing your database should yield at least a 10% return. (That’s according to our own experience, thousands of coaching clients as well as Housing Wire Media and Real Trends.

This means that when you have 100 people in your database, and they’re hearing from you regularly with something of value, at least 10 of those contacts should either transact with you or refer someone they know who will work with you buying or selling real estate.

Are 200 people in your database hearing from you all the time? That’s at least 20 transactions this year.  20 times the average commission of nearly $10,000 equals $200,000.  In other words, if you’re running the dumpster fire version, that’s the minimum potential income you’re missing out on.  

Take this easy test to determine which type of database you may be running.  Your answers will help you determine the action steps to take next.

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Is Your Database A Dumpster Fire or Lead Generation Machine? 

1.     Do you have a database?  

-Don’t stay stuck on ‘what’s the best database?’

-Don’t over-spend on one you’ll never figure out.

-Commit to using ONE and stick to it.

        2.     Do you know how to use your database?

-Do the tutorial, and take the training.

         3.    Do you update your database at least once per week?

-Add new contacts, including adopted clients and professional sphere

-Remove duplicate entries

        -Add adopted clients

        -Add contacts you make after joining new groups and clubs

-Delete bad contacts and partial contacts

-Add social media handles

-Add details like kids and pets names, birthdays, anniversaries

-Curate specific lists 

         4. Do you regularly update passwords for security?

         5. Are you utilizing your database to communicate regularly?

  Just ‘having’ the database is meaningless. You have to use it.

Examples:

-Phone conversations (add notes to your contact entries)

-Digital newsletter campaigns

-Pop-by list for ‘top 30’ contacts, most influential / referral givers, etc.

-5 Thank you or Congratulations cards daily

-Free Comparable Market Analysis delivered/discussed

-Market Updates

-‘Wanted’ outreach for buyers you’re working with

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         6. Do you follow a systematic calendar of communication?

-Daily calls, ex: 5 contacts daily x 5 days / week = 25 contacts per week       

-Weekly pop-bys for top contacts

-Monthly newsletter

Bottom line?  To generate at least a 10% return from your database, it must be regularly updated, cleaned for accuracy, used to communicate at a high level, and continue to grow.  Done correctly, your database is a highly valuable asset.

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