How To Build Relationships And Referrals From Your Real Estate Database

How To Build Relationships And Referrals From Your Real Estate Database

As a real estate coach and business consultant in Washington, D.C., I am often asked how to improve productivity from existing tools.  If you have been in business for any length of time, then you have probably heard the saying, "Your database is your business."  I take that a step further and say that the health of your database determines the health of your business.  This is why I encourage coaching clients to "Treat your database like a child."  Here's how:

D.C. Real Estate Coach Says "Feed Your Database"

You get the most out of your database when it grows.  It only grows if you feed it.  You can only feed it if you meet and connect with new people.  What is your strategy for making this happen?  How many people do you need to have in your database in order to reach the goals you have for this year? 

There are myriad strategies for growing your network.  You could attend events designed specifically for that purpose.  You could cold-call and knock on doors.  You could even focus on internet lead-generation and capture.  Whichever strategy you choose, you must have a plan and accountability to see it to fruition.

Real Estate Coaching Tip #2:  Talk to Your Database!

While you are growing your database, it is essential that you communicate with it - consistently, systematically, and purposefully.  After thousands of hours coaching leaders, I find that this is the key area where many business owners and entrepreneurs drop the ball.  Much time and expense is invested in generating leads and contacts, but they fall by the wayside due to communication neglect.

After you are introduced to a new contact, what is your communication plan to establish "mind-share?"  What is the message that you want to resonate with them?  How often and in what form will your communications take place?

Increase Productivity from Real Estate Business by Scrubbing Your Database

Finally, at all stages of development it is important to organize and scrub your database.  Are your contacts organized into buckets or groups that make sense and optimize your follow-up?  Is your members' contact information up-to-date and accurate?  Have you removed people from your list that are only distractions and taking up space?

If you have determined that your database needs work, or if you desire further evaluation, Real Smart Consulting is offering a limited number of complimentary "Database Health Check-ups."  During a 15-minute telephone consultation, we will walk through the questions above and provide you with guidance on steps you can take to improve your database's health.  

How To Capture Your Runaway Entrepreneurial Mind

How To Capture Your Runaway Entrepreneurial Mind