Have you ever kicked yourself trying to remember the name of a contact you met at your son’s soccer game?
You know the one; she was practically begging you for an appraisal but you forgot to put her number in the database and now she’s selling her multi-million dollar home with Jack, the smug agent from the office around the corner.
You could have sold that place for more than Jack did but that one little slip-up has cost you thousands of dollars in commissions.
We all know we should be putting contacts into our CRM but how many of us are making a conscious effort to add every potential lead.
There are probably a tonne of people that have slipped through the cracks; people sitting on your phone, in your emails or on a piece of paper at the bottom of your drawer. These are a massive waste of opportunity.
The reality is that your data is your most valuable asset but it will only work for you if you are diligent.
Here’s your ROI:
You may have a real estate career spanning twenty years. The amount of people you’ve spoken to in that time is insane. There is no way to keep thousands of people front of mind and ready to contact when the time comes to buy or sell. How would you even know they were ready?
Adding contacts to your CRM will ensure they are all in the one place and categorised with relevant tags. These will help you group and target them effectively.
A little extra effort now will save you hundreds of man hours in the future.
Having a database filled with your contact’s personal details makes it easy to market to them in the context of the relationship you have.
Whether you met them at an open house a couple of months ago or they’re an old friend from the town you grew up in, every contact has potential.
Keeping track of those relationships is vital. Let’s say you want to run a re-engagement campaign for your high-end clients. If you don’t have them categorised in your CRM, reaching out would be a nightmare and you might miss some important contacts. If they’re well organised, it’s just a matter of ticking a few boxes and hitting ‘send’.
Treat each entry as an opportunity for a lifelong friend and referral source.
Feeding those contacts into your CRM will allow software programs such as ActivePipe to automatically nurture those relationships with timely, relevant and valuable information at each stage of the property lifecycle.
Just as you enjoy meeting your mates for coffee, each email works as a digital catch up, giving your contacts the opportunity to reach out and engage with you.
Because you’ve added contacts to your CRM and they are hearing from you regularly, you are inadvertently building up a profile in their minds. They know who you are but more importantly, you know who they are.
Analytics from your communication will identify certain characteristics and real estate interests that you can use to get a better picture of what they are looking for. One of the number one principles of marketing is the importance of knowing your target audience so let technology get to know your contacts for you.
At the end of the day, this is what you’re here for. Why would you bother going to all this effort if it didn’t result in dollars for your bottom line?
Rather than giving you sweeping statements let’s hit you with some facts:
In the month of December an agent from Ray White Tugun added 101 contacts to his database. In doing so, he discovered that 21 of them were looking to up or downsize, ten of those contacts even requested an appraisal.
When you consider that the average commission earns you $12,000 and there’s an appraisal-to-sale conversion rate of approximately 20%, it means that our agent secured a possible $24,000 in commissions he wouldn’t have if he failed to update his database.
Hardly numbers to scoff at.
Quality CRM management results in more leads and better sales.
The next time you get a portal enquiry, host an OFI or put effort into marketing, grab those leads and feed them straight into your CRM.
Data is power. Treat every lead with respect.