Many agents believe that having a database of thousands of people makes them successful, but they mistakenly focus on quantity over quality. What makes a database more likely to lead to more transactions? How do we properly classify a lead, and what should we be doing to stand out from every other agent? On this episode, Beverly Ruffner is back to talk about common database mistakes agents make, and the simple but effective ways to correct them.
In real estate, it’s tough to build a competitive advantage that withstands somebody else being more convenient. -Matt Johnson
Why a database isn’t enough
A database is great but it can just be a glorified phone book of names, phone numbers and emails. You want a database that is organized so you know every person you’ve ever spoken to and exactly what their situation is and why they are buying.
Why a list of names doesn’t automatically mean more business
There’s no exclusivity with online leads, and even with your database. Every lead that is in an your database is in at least 3 other databases of your competitors. No one is going to do business with you out of loyalty. What they care about is you being convenient. Your goal should be to position yourself to be convenient when they are looking.
Leads vs. respondents
Online respondents should not be confused with a lead. A lead is when you’ve built a relationship and there’s a level of trust between you and the person. A respondent is just someone who took action on an ad.
The assets of a real estate company are the relationships you have and your systems. A database without any real, detailed information about why they want to buy or sell or when is really just a list of names and numbers. In order for our databases to actually move the needle for our business, having the conversations that give us information is key. You need to aim to be different from everyone else by actually putting effort into regular communication. Even with the best brand, if you don’t have a strong database, your business won’t survive any shift on the horizon.
Beverly Ruffler is the CEO/Founder of Balance Business Consulting and real estate team owner licensed in Virginia. Go to https://www.balancebusinessconsulting.com/ for more information.