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How Do I Build A Database for My Business?

How Do I Build A Database for My Business?

 

Inspired by training taught by John Reynolds Associate Broker at Keller Williams Flagship of Maryland- 4 Laws of Database Management

How Do I Build A Database for My Business? 

1.   Choose A Database-  There are lots of them on the market.  Most brokerages have a database you can use, just be sure you know who owns your information.  Can you take it with you if you leave? Some lenders and realtors ® have multiple databases for different purposes.  This can be a huge cost, or a very small cost, depending on the program… I would recommend that if you are planning on getting your own that you start with a basic plan.  All the bells and whistles will cost you as you work on gathering your contacts.  You can always add the bells and whistles later. 

 

I started out with allclients…refer a friend and get $5 off per month!  If you are looking for a good, basic database to get started, this is a great one to take a look at…  http://www.allclients.com/?rfcode=7QHX57

http://www.allclients.com/?rfcode=7QHX57

 

2.  Feed It- Who do I add?  

a.  Everyone you know personally-family and friends, co-workers

b.  Everyone you do business with (plumber, hairdresser, teachers, etc.)

c.   Ask for business cards at networking events. 

d.  Check your social networks for folks with whom you have relationships

Wendy Hess, CEO/Team Lead at KW Flagship recommends that you strive for permission based marketing.  This means that when you meet someone, before adding to your database, ask that person if they would like to be on your VIP list to receive information on the real estate market. 

Be wary of using lists received for other purposes (e.g. neighborhood association, sports rosters, parent-teacher association lists).   This could be a violation of that organization’s policy and could get you in trouble.

3.   Communicate in a SYSTEMATIC way-   This is KEY.  Though sending one letter may get a few phone calls, repeat business from your database comes from regular contact.  You MUST be sure to stay in front of your database on a consistent basis.

 

4.  Service Leads- This is an area where many business owners fall down on the job.  Once they get the referrals, they forget to take care of them.  Forgetting this piece could cause folks to opt out, talk bad about you and could help to put you out of business!   Be sure to thank the person for the referral. 

Building A Database

 

To avoid issues with spam regulations, be sure to provide a way for folks to opt out of your contact marketing plan.

 

When Gary Keller wrote “The Millionaire Real Estate Agent” , published in 2003, he indicated that you should expect about 1 transaction for every 6 people in your database per year (this includes referrals).  As I am sure you realize, the real estate market has changed since 2003, John and Wendy debate the numbers, but believe that it takes between 46 and 52 contacts in your database, communicated with in a systematic way to get one transaction per year.

  

Based on these numbers, how does your database stack up against your business goals?

How Do I Build A Database For My Business?  If you don't have a database, you MUST start to build it and communicate with those on it, if you want to stay in business!

Warm Regards,

Bridget McGee  Maryland Mortgage Mama  NMLS# 196068  Corridor Mortgage Group.   410-960-2061 EHO   bmcgee@corridormtg.com or marylandmortgagemama@gmail.com

 

If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure! 

If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest.  Please contact me at 410-960-2061.

Comment balloon 3 commentsBridget "Mortgage Mama" McGee • January 20 2014 11:03AM
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