Is Your Database (CRM) A Dumpster Fire or ATM Machine?

Real Estate Training & Coaching School

Business, Careers

4.7 • 669 Ratings

🗓️ 22 February 2024

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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. Welcome back to America's #1 Daily Podcast, featuring America's #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206 IMPORTANT: Join #1 Real Estate Coaches Tim and Julie Harris's Premier Coaching now for FREE. Included is a DAILY Coaching Session with a HARRIS Certified Coach. Proven and tested lead generation, systems, and scripts designed for this market. Instant FREE Access Now: YES, Enroll Me NOW In Premier Coaching https://premiercoaching.com HUGE Announcement: You will love this! Looking for the full outline from today's presentation? Our DAILY Newsletter featured lead generation systems, real estate scripts, daily success plans and (YES) the notes or today's show. Best part? The newsletter is free! https://harrisrealestatedaily.com/ Is Your Database A Dumpster Fire or Lead Generation Machine? 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 Ready to become an EXPIRED Listing Agent? As promised, here is the discount link for the EXPIRED LISTING LEADS: https://www.redx.com/affiliate/tim-and-julie-harris/?aff_code=670699 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. REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, https://alltheleads.com/harris

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome to Real Estate Coaching Radio starring award-winning real estate coaches and number one international bestselling authors, Tim and Julie Harris.
0:10.2	This is the number one daily radio show for realtors looking for a no BS authentic real-time coaching experience.
0:18.2	What's really working in today's market, how to generate more leads,
0:21.8	make more money, and have more time for what you love in your life. And now your host, Tim and
0:28.3	Julie Harris. Welcome back, listeners. So I've got a great question for you. Is your database or
0:34.7	your CRM a dumpster fire, a frankly lost opportunity, or an ATM machine of found opportunity?
0:42.3	Well, why do we bring this up? Because study after study has shown that nurturing your database should yield at least a 10% return.
0:49.3	Now, that's according to our own experience, thousands of coaching clients, as well as Housing Wire Media and Real Trends.
0:56.0	And the list goes on. They all come up with the same results within a point or two.
1:00.0	Now this means that when you have a hundred people in your database and they're hearing from you regularly with something of value,
1:06.0	at least 10 of those contacts or 10% should either transact with you or refer someone they know to you
1:13.0	who will work with you buying or selling real estate. That's yearly. So that can translate to this.
1:17.2	I'm a level off there. So here's the fallacy and the whole center of influence past client
1:21.3	marketing that a lot of you guys, and frankly it's the first thing we want all of you to do
1:25.3	because it's the easiest way for you to generate business because, let's be honest, it requires the least amount of sales skills because your friends, family, and loved ones will probably choose to do business with you anyway, provided you let them know that you're in real estate and are here to be of service. And there in lies the problem. So just because you have 100 people in your database or 300 or 500 or 10, and just because
1:46.9	you're marketing to them, let's just assume you're marketing to them passively.
1:51.7	In other words, you're mailing them stuff.
1:53.2	That doesn't mean they're going to choose you to do business.
1:55.9	So yeah, the 10% rule, let's just assume that's true.
1:59.4	Well, those 10% or those 10 people of your, you know,
2:02.5	group of 100, your list of 100, they're also hearing for probably 10 other realtors that are also
2:06.6	sending them stuff, sending them postcards, forget me not, seeds the whole thing. So what you've got
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Real Estate Training & Coaching School, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Real Estate Training & Coaching School and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.