6 Ways to Build Your Real Estate Database for Long-Term Listings
Your strongest asset as a real estate professional is your database. It’s your most reliable source of repeat and referral business. The more quality contacts you have in your database, the easier it is to “graduate from the grind” and generate listings in the long run. Too many databases dry up, leaving agents to wonder why long-term listings are so hard to come by. Keep reading to discover how you can build and nurture your database to ensure a consistent and profitable real estate income.
Follow Up With Your Sphere of Influence
Your sphere of influence (SOI) is anyone who already knows, likes, and trusts you. With a strong database of family, friends, and past clients, you’re miles ahead of cold contacts with who you still need to build rapport. All you have to do is make sure you follow up with your SOI on a consistent basis. If you leave your hottest leads untouched, they’ll likely list with another agent.
Reach out to your entire sphere at least twice a year. It can be as simple as a friendly phone call, text message, or monthly newsletter. Or if you have a bigger budget, throw in an occasional client appreciation party, holiday gift basket, or birthday surprise. No matter how you do it, staying in contact keeps you at the forefront of your SOI’s mind so when they decide to sell, they call you. A simple, yet consistent follow-up and check-in will boost your repeat and referral business for years to come.
Door Knock a Neighborhood
Hitting the pavement to knock on some doors is one of the best ways to get in front of qualified buyers and sellers (literally). A lot of agents miss out on door-knocking opportunities because they wait for business to come to them. Taking action by door knocking allows you to get in front of more people, make a genuine face-to-face connection, and add them to your database. You’ll beat out all the competition who prefer to sit around and wait for leads.
Use relevant market data to inform the homeowners of market statistics and potential equity. Add them to your monthly market updates, and call them a few times over the following months to stay top of mind. They’ll be blown away by your vast market knowledge, and you’ll quickly become the neighborhood expert who homeowners will want to refer to other friends and neighbors.
Use Social Media to Your Advantage
It’s never too late to start showing up where people spend a LOT of their free time… on social media. With a dramatic increase in social media usage over the past year alone, agents who don’t maximize their social media presence will be left behind.
Be interactive with your followers and friends by commenting, liking, and sharing posts. Send periodic messages and follow people you come in contact with throughout the week. You can even run paid ad campaigns to get more eyeballs on your business. Ultimately, make sure you’re showing up on your ideal client’s feed regularly so they associate your name with real estate.
Introduce Yourself to Local Businesses
Local businesses can be another great way to build your database and get referrals. Take time to visit local businesses, introduce yourself, and get to know the owners and managers. Create a business-to-business referral system that benefits both parties.
Find painters, loan officers, landscapers, contractors, and other real estate adjacent businesses to refer your clients to when they need help with their home. In exchange, they’ll send you their clients who need an agent. Not only will you help out the community, but you’ll build your database for more repeat and referral business down the line.
Circle Prospect Just Listed/Just Solds
Circle prospecting just listed/just solds with GeoLeads™ is another great way to grow your database. Call around a property you just listed or sold and give details on how well things went or how hot the market is. Then follow up by asking when they plan on making a move.
In time, you’ll earn the reputation of “Neighborhood Agent” as you educate and improve the neighborhood through powerful connections and referrals. If they aren’t looking to move, add them to your follow-up schedule and keep in contact with market updates and local recommendations.
Prospect Other Lead Types
Turn cold leads to quality contacts by prospecting lead types you haven’t tried before. Expireds, For-Sale-By-Owners, For-Rent-By-Owners, and Pre-Foreclosures all offer great opportunities to find “Now Business” that will end up in your database for more referrals and repeat clients later. And even if they’re not ready to list with you now, you can always add them to a drip campaign and warm them up later.
When you call, ask leads if they need your help in the next 90 days. If they say, “No,” ask permission to follow up over text and add them to your database. Just because they don’t need you now, doesn’t mean they won’t in the future.
The Listings are Found in the Long Game
Building your database is all about getting in front of more people. Once you do, they’ll eventually need a trusted real estate agent in the future. Don’t give up thousands in commissions next year because you’re too focused on what’s going on now. If you don’t play the long game in real estate, your pipeline will eventually dry up. Build your database now to have reliable and consistent listings in the future.
REDX is a software company that provides real estate agents with the highest quality homeowner lead data through our Vortex® prospecting platform. We empower agents to acquire and manage new clients while they develop sustainable growth and reliable business strategies.
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