How much business should you get from your database? How can you communicate with your database in an effective, systematic way? I’ll explore both of those questions today.
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When I meet an agent, I like to ask them to tell me about their database.
Most agents don’t necessarily have a database; their database is simply the contacts on their iPhone or Android. Even if you don’t necessarily have an organized database, we all have one, and it’s important that you communicate with your database in a systematic fashion.
Hopefully, you have at least 150 people in your database. As a real estate agent, you should have even more than that.
Let’s say you have 144 people in your phone who know, like, and trust you. How much business can you get out of that database?
Now, one in six of those 144 people will actually hire you; another one in six will refer you, so you’re going to get a 12 to two return. Basically, you should end up with 24 transactions from your sphere of influence.
You need to systematically communicate with your database.
To be able to do that, you need to communicate with your database in a systematic, effective way. The laws of lead generation are:
- Build a database.
- Add to it every day.
- Communicate with the database in a systematic way.
- Service the leads from your database.
In order to effectively communicate with your database, you need 33 touches that add value. A lot of agents say, “Won’t people think I’m just being a nuisance with 33 touches?”
Let me ask you this: If I called you up 33 times in the next year and offered you an ice cream cone each time, would you be upset with me? No.
If you offer something of value 33 times a year, then your database will take your calls.
In northern Virginia, 24 transactions at an average commission of $10,000 will get you $240,000 in commission.
If you have any questions about how to grow your business by communicating with your database, just give me a call or send me an email. I would be happy to sit down with you and go over how to reach your business goals!