Real estate agents have no end of tools they can use to help manage their business. One of them is your database, but how powerful a tool is it, really? The truth may surprise you. Here’s why maintaining a real estate database is so crucial to the success of your real estate career.
A simple explanation of what a real estate database is would be a list of everyone you have come into contact with in the course of your career as a real estate agent. More specifically, a database contains contact information with people you’ve worked with in the past, such as clients and professional contacts, people you’re currently working with on an active project, and people that you may begin to work with in the future (i.e., prospects).
The physical form of your database can also vary. Particularly disorganized real estate agents might have a folder full of scrap paper with names and addresses scrawled on them, but it’s much more common to have an organized Excel spreadsheet that you enter the information in to keep it organized. Even better is the use of a customer relationship management system, or CRM, as these database platforms offer incredible additional capabilities (more on that later).
So it’s obvious that having a real estate database is important for keeping your records clear and organized, but there’s much more to it than that. A good database also helps you keep track of when you last spoke with a contact, what you spoke about, and other important details regarding what they’re looking for from a business relationship with you.
This is where a good customer relationship management system comes in so handy. CRMs feature ways for not just recording all this crucial additional information but also offer innovative tools for reaching out to contacts in appropriate ways, depending on the nature of your relationship with them. An example of how CRMs can help is by grouping your contacts in a prospects database that’s kept separate from one that has your established ones to make it easier to target them with marketing materials.
Whether you use a CRM, a carefully crafted Excel spreadsheet, or a file folder stuffed with scraps of paper (why?), there are strategies you can employ to both build your database and market to the individuals who populate it. The first strategy is to adopt a marketing strategy that encourages high attention to detail. Building your list requires marketing research, consistency, and diligence on your part, and it begins with entering new contacts into your database in a timely manner.
Past that, you need to create a marketing plan to stay in touch with the individuals in your database. Create email, text, or direct mail marketing campaign plans that offer added value to the people you contact, such as developments in the real estate industry that would be of interest to them. This isn’t a “hard sell” situation; instead, you’re simply keeping yourself relevant and visible in ways that bring your contacts some benefit without asking for anything in return. Again, this is where a good CRM can help, thanks to the marketing tools many offers.
Looking for even more information on how you can grow your database and increase your reach? Consider researching the most effective ways to market your services in the context of building real estate business. This should include digital methods as well, such as social media marketing and leveraging new technologies as they emerge to make the lives of your clients and professional contacts easier. Above all, though, keep your database organized and use the information within it wisely!