Is Neglecting Your Real Estate Database Hurting Your Sales?

We've said it once, twice, a thousand times — but we're saying it again: your database is the lifeline of your real estate business.

Your database of contacts is like a goldmine that's just waiting to be tapped into. From past clients to seemingly "weak" leads, your database contains the keys for taking your business to the next level of success.

The truth is clear. Agents who are systematically working their database are doing more business than those who don't. Here's the data to prove it.

How to Start Doing 18% More Business

It's not magic or rocket science. The key to increasing your lead conversion and successfully moving more clients through their transactions to closing all lies in how you leverage your database.

Top-performing real estate agents leverage a CRM to help them manage their workload and grow their businesses.

Did you know:

• The agents who employ a professional solution to manage marketing activities have 14% more business on average than their peers.
• Agents who use a CRM for their daily operations have an average of 18% more business than those who don't.

The ultimate secret here is building a strategy that is sustainable, repeatable, and scalable.

• Sustainable, meaning it's a seamless part of your workflow that you can actually maintain over long periods of time. It's not a one-shot sprint, it's a marathon.
• Repeatable, meaning the system is so organized that you can follow a set of steps over and over again. You keep making the same right moves, and the process continues to generate measurable wins.
• Scalable, meaning even as you grow your business, secure more leads, and boost your production, your strategy still works for you. Your database action plan should be flexible enough to adapt to your business at every stage of its expansion.

If 18% more business sounded good, how about 14 more transaction sides every year?

Data-Proven Follow-up Strategies to Start Doing NOW

Here's everything we learned from a 2021 RealTrends study conducted on individual real estate agents and teams to get a deeper understanding of how marketing processes and contact database size can affect overall performance.

What We Know: Real estate agents who have a formal workflow for new leads average 12% more transactions than those who do not employ any kind of systematic follow-up.

→ What You Can Do: Follow in the footsteps of the best in the business by running systematic follow-up processes and marketing campaigns that nurture your sphere.

What We Know: Real estate agents who have a systematic follow-up process in place for both past clients and new leads do, on average, 22% more transactions than those who do not employ any type of systematic follow-up, and 10% more transactions than those who only target new leads.

→ What You Can Do: Make sure to target both former clients and new leads! Don't leave anyone in your database behind.

What We Know: Agents who use a mix of contact types, including programmatic and social media advertising, do 29% more transactions on average than those who don't.

→ What You Can Do: Support a diverse mix of marketing platforms and contact types to create more touchpoints where you can connect with your sphere.

What We Know: Agents who make 10 or more touchpoints per person, per month have 39% more transactions than their peers who are less communicative.

→ What You Can Do: Aim for 10 or more touchpoints per month! Set a communication cadence that allows you to reach out with different, meaningful messages at least 10 times per month.

What We Know: Agents who maintain a larger contact database complete more transactions. Those whose databases contain more than 500 contacts have an average of 25% more transactions than agents who have less than 500 contacts.

→ What You Can Do: Up your lead generation! The more contacts you have in your database, the better equipped you are to grow and scale your business.

To view the original article, visit the BoomTown blog.