Taking Real Estate from Hustle to Harmony: CHAPTER 4

Successful real estate agents understand the critical difference between having a database and cultivating a databank of valuable relationships that generate consistent business.

• Agents with years of experience still struggle with inconsistent results despite having hundreds of past clients
• Average people know 250-600 others who could potentially need real estate services
• Stay top-of-mind with past clients through quarterly calls, automated messages, and anniversary recognition
• 80% of people would refer or reuse their agent, but less than 20% do because agents don't maintain contact
• Choose a CRM system carefully and feed it consistently with client information
• Collect four key pieces of information...
and much more!

• Consider working with a coach to accelerate your success and identify blind spots

Next week, we'll dive into "No Secret Agents" – stay tuned and make it a great day!

Chapters

• 0:00 Data Bank vs Database Explained
• 1:51 Leveraging Your Sphere of Influence
• 3:25 CRM Ownership and Strategy
• 5:46 Running Your Business Like a Pro
• 7:57 Next Steps and Final Thoughts

Transcript

Speaker 1: 0:38

Data bank, not database. That is chapter four of my ebook and I'm going to dive right in. See, I'm in a few groups on social media and I keep seeing agents who have been in the business for years asking how to get business. They have dozens, sometimes hundreds, of past clients and they're asking where they should buy leads from. Their business is up and down and they can't achieve consistent results. And I see this all the time and it blows my mind.

Speaker 1: 1:12

You see, whether you're new or have years in this business, you have a data bank, not a database. A data bank If you have past clients. Your SOI sphere of influence consists of people who know you, like you and trust you. You definitely have transactions waiting. If you have a phone with numbers in it, you have clients waiting. Quit stepping over $50 bills to pick up pennies. Buy leads. If you want to buy leads, just don't make the mistake of not having your data bank working for you.

Speaker 1: 1:51

You see, on average people know 250 to 600 people. So let's say, you help the Smiths buy a home last year. Now you assume Judy and John Smith aren't moving anytime soon. You still reach out to John and Judy Smith, often Call them quarterly. Make sure they're getting automated messages from you throughout the year. Call them on their home anniversary. You see, it's not about Judy and John. Well, it is, but not entirely. It's about the 250 to 600 people that they each know Parents, siblings, friends, cousins, aunts, uncles, co-workers the list goes on. When one of those people mentioned real estate around John or Judy, your name should be the first that comes to mind, and the only way this is going to happen is if you are top of mind. You need to say in front of them and why wouldn't you? You had a great transaction the year before and they more than likely would refer business to you if you make it easy for them to do so. 80% of people would refer and or use their agent again, and less than 20% do because they don't know how to get a hold of the real estate agent, because they aren't top of mind.

Speaker 1: 3:23

Which brings me to your CRM, customer relationship management system. Automation is key. If your clients prospects sphere of influence are not in your data bank or your CRM, they are in someone else's. They need to be in yours. Now, as far as choosing which CRM is right for you, well, that would be a book in itself, so I recommend doing some research and ask around. Many CRMs have trial periods and all the ones I know have the option to export your contacts and then import them into the new system. So in the event you change CRMs, you should be able to export and import your contacts into different CRMs. Now, data is more valuable than oil. Now data is more valuable than oil. Just ask Mark Zuckerberg. The agent who has their CRM running like a well-oiled machine and feeds it every day will win.

Speaker 1: 4:30

Your goal is to get the four key pieces of information, which is the phone name, cell phone number, email address and physical address. Own your data and I highly recommend getting your own email address that can follow you anywhere you go to any brokerage state team, anywhere, and if a team or brokerage insists that you use their signature email address, just know they own that email and, in the event you leave, they can go in and will shut it off and forward it to another agent. The same goes for CRMs. If you're using a team or brokerage CRM, they own the data, not you. So my tip for you when you join a brokerage and if you join a team, be sure to review your ICA. This is your independent contractor agreement. This agreement outlines commission splits, business practices, regulations, fees, policies, compensation, what happens when you leave. This includes pending transactions, active clients lead your sphere of influence, etc. Many agents don't even know what this is when I ask them about it. So always review your ICA if you're thinking about leaving, so you can put together a solid exit strategy. Now, next week, we're going to dive into no secret agents a whole other topic that I'm really passionate about and, to wrap up, today's data bank versus database.

Speaker 1: 6:23

It's really important that you go back and maybe listen to the entrepreneur versus amateur, because you see, if you're in real estate, you're an independent contractor, you're 1099, you are it. You are a business owner. So I encourage you to take a moment and sit down and reflect on your business. Are you showing up like a business owner? Are you running it like a business, or are you running it off and on Willy nilly, letting your emotions and how you feel dictate whether you show up to work or not?

Speaker 1: 7:01

It's all so very important and I want you to just really think about it and be honest with yourself. You know we all have room to grow, and that's why having a great coach or mentor is so important because they can peel back the blinders and help you see what you currently cannot see in your business. They'll quantum leap your results and get you from where you are to where you want to be in a quarter of the time. It would take you to do it alone, if not less. So be honest with yourself, look at where you're at, look at where you want to go and start closing the gap and start showing up as if that person, as if your goal is already done and come from your goal versus working to your goal. And that's the first step in really collapsing the timeline that it will take you to get there. So, until next week, make it a great day and go out and sell something.