Taking Real Estate from Hustle to Harmony: CHAPTER 4

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Successful real estate agents understand the critical difference between having a database and cultivating a databank of valuable relationships that generate consistent business.

• Agents with years of experience still struggle with inconsistent results despite having hundreds of past clients
• Average people know 250-600 others who could potentially need real estate services
• Stay top-of-mind with past clients through quarterly calls, automated messages, and anniversary recognition
• 80% of people would refer or reuse their agent, but less than 20% do because agents don't maintain contact
• Choose a CRM system carefully and feed it consistently with client information
• Collect four key pieces of information...
and much more!

• Consider working with a coach to accelerate your success and identify blind spots

Next week, we'll dive into "No Secret Agents" – stay tuned and make it a great day!

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Episode Transcript

Speaker 1 (00:02):
Data bank, not database.
That is chapter four of myebook and I'm going to dive
right in.
See, I'm in a few groups onsocial media and I keep seeing
agents who have been in thebusiness for years asking how to
get business.
They have dozens, sometimeshundreds, of past clients and

(00:24):
they're asking where they shouldbuy leads from.
Their business is up and downand they can't achieve
consistent results.
And I see this all the time andit blows my mind.
You see, whether you're new orhave years in this business, you
have a data bank, not adatabase.
A data bank If you have pastclients.

(00:47):
Your SOI sphere of influenceconsists of people who know you,
like you and trust you.
You definitely havetransactions waiting.
If you have a phone withnumbers in it, you have clients
waiting.
Quit stepping over $50 bills topick up pennies.
Buy leads.

(01:08):
If you want to buy leads, justdon't make the mistake of not
having your data bank workingfor you.
You see, on average people know250 to 600 people.
So let's say, you help theSmiths buy a home last year.
Now you assume Judy and JohnSmith aren't moving anytime soon

(01:30):
.
You still reach out to John andJudy Smith, often Call them
quarterly.
Make sure they're gettingautomated messages from you
throughout the year.
Call them on their homeanniversary.
You see, it's not about Judyand John.
Well, it is, but not entirely.

(01:51):
It's about the 250 to 600people that they each know
Parents, siblings, friends,cousins, aunts, uncles,
co-workers the list goes on.
When one of those peoplementioned real estate around
John or Judy, your name shouldbe the first that comes to mind,

(02:14):
and the only way this is goingto happen is if you are top of
mind.
You need to say in front ofthem and why wouldn't you?
You had a great transaction theyear before and they more than
likely would refer business toyou if you make it easy for them
to do so.
80% of people would refer andor use their agent again, and

(02:40):
less than 20% do because theydon't know how to get a hold of
the real estate agent, becausethey aren't top of mind.
Which brings me to your CRM,customer relationship management
system.
Automation is key.
If your clients prospectssphere of influence are not in

(03:01):
your data bank or your CRM, theyare in someone else's.
They need to be in yours.
Now, as far as choosing whichCRM is right for you, well, that
would be a book in itself, so Irecommend doing some research
and ask around.
Many CRMs have trial periodsand all the ones I know have the

(03:25):
option to export your contactsand then import them into the
new system.
So in the event you change CRMs, you should be able to export
and import your contacts intodifferent CRMs.
Now, data is more valuable thanoil.
Now data is more valuable thanoil.
Just ask Mark Zuckerberg.

(03:45):
The agent who has their CRMrunning like a well-oiled
machine and feeds it every daywill win.
Your goal is to get the four keypieces of information, which is
the phone name, cell phonenumber, email address and
physical address.

(04:06):
Own your data and I highlyrecommend getting your own email
address that can follow youanywhere you go to any brokerage
state team, anywhere, and if ateam or brokerage insists that
you use their signature emailaddress, just know they own that

(04:29):
email and, in the event youleave, they can go in and will
shut it off and forward it toanother agent.
The same goes for CRMs.
If you're using a team orbrokerage CRM, they own the data
, not you.
So my tip for you when you joina brokerage and if you join a

(04:52):
team, be sure to review your ICA.
This is your independentcontractor agreement.
This agreement outlinescommission splits, business
practices, regulations, fees,policies, compensation, what
happens when you leave.

(05:12):
This includes pendingtransactions, active clients
lead your sphere of influence,etc.
Many agents don't even knowwhat this is when I ask them
about it.
So always review your ICA ifyou're thinking about leaving,
so you can put together a solidexit strategy.

(05:33):
Now, next week, we're going todive into no secret agents a
whole other topic that I'mreally passionate about and, to
wrap up, today's data bankversus database.
It's really important that yougo back and maybe listen to the
entrepreneur versus amateur,because you see, if you're in

(05:55):
real estate, you're anindependent contractor, you're
1099, you are it.
You are a business owner.
So I encourage you to take amoment and sit down and reflect
on your business.
Are you showing up like abusiness owner?
Are you running it like abusiness, or are you running it

(06:18):
off and on Willy nilly, lettingyour emotions and how you feel
dictate whether you show up towork or not?
It's all so very important and Iwant you to just really think
about it and be honest withyourself.
You know we all have room togrow, and that's why having a
great coach or mentor is soimportant because they can peel

(06:41):
back the blinders and help yousee what you currently cannot
see in your business.
They'll quantum leap yourresults and get you from where
you are to where you want to bein a quarter of the time.
It would take you to do italone, if not less.
So be honest with yourself,look at where you're at, look at

(07:01):
where you want to go and startclosing the gap and start
showing up as if that person, asif your goal is already done
and come from your goal versusworking to your goal.
And that's the first step inreally collapsing the timeline
that it will take you to getthere.
So, until next week, make it agreat day and go out and sell

(07:25):
something.