Why I still have no contact database
Diary of a Real Estate Rookie
By Alison Rogers, Monday, November 10, 2008.
I follow the rule -- I don't even remember where I read it -- that my success in my real estate business is based on a three-month lag, that what I do today influences whether I am going to be eating ramen or steak 90 days from now. Given that, my goal for October was to set up some sort of contact management database: My business is growing beyond my ability to run it off Post-its, and I wanted to do what I have not been able to do for two years, which was to have a busy spring.
Well, it's November and still no database. For good or for ill, I did other things. I find that that is one of the most difficult aspects of this business, that the present gets in the way of the future. But in the spirit of self-examination, here's what I did instead, and why I did it:
1) Closed a personal sale. I sold my second home, which was an investment property that I had once lived in. Tying up the loose ends -- which included evicting the tenants, moving a bunch of furniture into storage, and tossing mountains of junk -- ate a great deal of time. The positive? A pile of cash that's ready to be invested in a new home.
2) Moved a big sale into contract. The market has been choppy here in New York City -- I'm not complaining, I know it's not as bad as in the rest of the country, but we are seeing a lot of handshakes and not so many closings. I have a property that I listed in March that saw three accepted offers go bust -- so I spent a lot of the last month making sure I had a deposit and a signed contract come in on go-round number four. The positive? We're not closed, but we are closer. This is an expensive property in an area I have geographically targeted, so I need both the money and the big win.
3) Closed a rental. This is a rule from my Bernice Ross tapes: The business that you can close within the next seven days comes first. Rentals are a pain; they require a lot of detail work for a relatively low commission, so the hourly rate earned is low. The positive? One more satisfied customer to help build my referral tree.
4) Bought smokin' new glasses. It seems folly in these times of economic doom and gloom to spend money on anything that didn't come from a dollar store -- but image is something, and I could afford it, so I gave myself a little bit of a style injection. The positive? Even my older clothes suddenly look hip again.
5) Took some time out to get involved with my sphere. Sure, their addresses aren't collected in any one place, but I still want to see my clients. I took my last clients, who had relocated from across the country, to a cute neighborhood spot for dinner. This was two months after their deal had closed, and I felt it was important to take the time to make sure they were getting settled in their new life. The positive? Later, when my database actually is set up, they should be a little bit more tolerant of my mailings.
Looking back, I'm not sad that I did any of the things that I did, even though I didn't manage to computerize my life any. Now let's see if I can get my act organized and together during November.
Alison Rogers is a licensed salesperson and author of "Diary of a Real Estate Rookie."
***
What's your opinion? Leave your comments below or send a letter to the editor. To contact the writer, click the byline at the top of the story.
All rights reserved. This article may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this article without permission is a violation of federal copyright law.
You must login or register to post a comment.
Submitted by Anne Hensel on November 10, 2008 - 4:38am.
I could not live one day without my contact data base. I started it some ten years ago and it is so important to me. A big part of the Real Estate business is to stay in touch, over the years I have gotten a lot of sales because of my system. People will say, “oh Anne you are the only Realtor that remembers my birthday” or “I am in sales too and I can appreciate all the affords you made to stayed in touch all this time” or I will get e mails that say. “Anne, we met you about 8 years ago and now we are ready to buy property in St. Petersburg” and the list goes on and on. Just having a contact management system however is not good enough. You have to use it. I send out monthly newsletters per e mail, I send out hand written birthday cards, I send out printed cards for the time change, sometimes I just sit down for a few hours and make calls. It takes some discipline to input all the contact info, but it will pay off. As a Realtor, you meet so many people and you will not remember most of them but with a contact management system they will remember you. So, take some time, do your research and get a system. Good luck and have fun with it.
Anne Hensel
Broker, ABR, E-PRO, C-CREC, ASR, AHS, TRC, RECS
South Beaches Real Estate Professionals
727 409 8706 www.Southbeaches.info
Submitted by Emily Medvec on November 10, 2008 - 6:34am.
Real estate sales is all about managing your oontacts with a one to one personal communication in some form. This is more about soft selling and developing a relationship with strangers. I realize you are in the middle of a career transition and having made one myself, I know it can be challenging. Selling homes is different than flipping them or writing about the real estate market. The bottom line is your base --- your data base and your business plan. I had call yesterday from a couple two years after I made a photograph of them on Santa Fe's historic plaza and gave them my card. I put them on my contact list and sent them information on visiting Santa Fe on a regular basis. I recommend researching the range of lead management systems available and putting one in place for the future of your real estate business NOW. Good luck and thank you for an informative column.
Emily Medvec, Realtor
Prudential Santa Fe Real Estate
Best Anytime Cell 505.660.4541
www.emilymedvec.com
Submitted by Linda Hutchinson on November 10, 2008 - 6:45am.
You are always going to have busy work to keep you distracted from what is MOST important to your business and that would be the development and care of your database. Without setting aside time to properly work this aspect of your business you will have a tough time maintaining your career. I highly recommend you immediately start organizing your database and start contacting your sphere with a card of thanks for the month of November. Trust me...in the years to come, you will realize the importance of top of mind awareness. Good luck!
Linda Hutchinson
Stirling Sotheby's Intl Realty
Orlando, FL
407-898-9090
OrlandoNest.com
Submitted by Albert Clark on November 10, 2008 - 7:02am.
Hi To All, I have been in the Stay In Touch Field for about 10 years. Just some facts!
70% Of an agents future business will result from past clients and sphere of influence marketing
95% of everyone an agent knows is NOT in a transaction mode-- (Today maybe 98)
Only 11% of consumers ever use the same agent for a 2nd transaction-- when the 89% are asked why, a a majority said they could not find the agent or remember the agents name.
Chicken Pot Pie recipe cards don't work!
Albert Clark
My Home Management Club
Submitted by Robert A. Hulme on November 10, 2008 - 10:23am.
I would be lost without my contact database. Staying in touch with past clients is the most important part of our business. But today, my three month lag is successful only if I prospct daily for new business. I think this is crucial to my success.
Robert A. Hulme
Realtor, GRI, e-PRO
Prudential Utah Real Estate
robert@RobertHulme.com
www.UtahCountyRealEstate.us
www.UtahCountyHomes.ws
Blog : www.UtahHomes.ws
801-885-2586
Submitted by Matthew Hardy on November 10, 2008 - 12:59pm.
Many times I've heard "if only I had all the data from every transaction I was involved in, I could leverage that work into new and repeat business."
Certainly you can make money in real estate by simply moving from transaction to transaction without collecting data into a system, but you are not well-positioned to leverage your work. An agent I know who worked for years developing a very lucrative geographic farm wanted to become a trainer. He was able to sell his real estate business for a considerable sum BECAUSE he had collected the data. The person who bought his business recognized clearly its future income potential. So, even if you don't sell your real estate business, think of its increased value for your own future earnings.
I have over 30 years of expertise in CRM systems. I have studied both the technical aspects and the human protocols associated with their use - particularly in a sales context. I greatly appreciate the data interoperability and data portability issues involved. I work with many top agents and teams and invite your questions on any aspect of this topic.
---
As the owner of a consulting practice located in the Baltimore/Washington D.C. area, I've created many large database systems including many CRM systems for governments, hospitals, corporations and universities.
About 8 years ago, I was headhunted as a senior designer/developer for a large health care corporation in Phoenix then concluded that, after years of being an independent businessperson, working at a job just wasn't for me. Rather than start another consulting practice, I decided instead to get into real estate.
After researching all the available software for the real estate industry and not finding anything worth spending my own money on, I elected to write my own and start a new software business. I understood the basics of the real estate industry (years earlier, I worked for Tom Hopkins, then strictly a real estate trainer), but still invested a great deal of time meeting with many top agents, brokers, trainers and consultants to get their advice. Their bottom line: get a database system and work it.
Submitted by Tim Brown on November 10, 2008 - 1:29pm.
The hottest new glasses in the country just went back to Wasilla for the whole, frozen winter. Congratulations on your sales, now pick a program, any program, and get tomorrow's names in it; you'll love it.
Tim Brown CRS, GRI
RE/MAX of Kalamazoo (Michigan)
Tim@TimBrown.com
Submitted by Brian Davis on November 10, 2008 - 1:57pm.
Outlook works for tons of agents. Something as simple as an Excel spreadsheet will work as well. Google Docs' spreadsheet is FREE (and allows access from anywhere with an internet connection). Keep a "last contacted" column and you can easily sort and filter to find who you should be contacting in your down time. A spreadsheet will also work great to mail merge if you want to do a holiday mailing. It will also allow you to easily upload contacts to a more sophisticated database/CRM when you are ready.
Search solutions like www.BestHomePro.com have basic back-end contact management features plus property search. It can even integrate with more advanced CRM solutions.
Submitted by Marc Rasmussen - Sarasota FL Real Estate on November 10, 2008 - 5:54pm.
I don't work my database like I should. I use an excel spreadsheet to monitor my contacts. It does everything that I need and it is easy to do a mail merge into MS Word.
I see so many people over complicate this task with super over the top fancy software programs. To each his/her own but I like to keep it simple.
Bird Key Real Estate