Getting in touch with new people is getting harder to do, but you must still expand your business by connecting to new people and growing your luxury real estate database. However, the fastest return on time and money invested will always be the people you already know, so it’s important not to forget your existing connections.
Don’t Take Your Luxury Real Estate Database for Granted
As you gain more years of experience in the luxury real estate space, you can look forward to receiving those easy “come list me” calls from happy people who like you — and who likely are already a part of your luxury real estate database. However, I recently read an interesting statistic that said customer loyalty is generally down by 50% across various industries. Why? Because customers have access to a ton of information these days, and they’re constantly being marketed to by other real estate professionals.
According to the National Association of Realtors, there are about 2 million licensed real estate agents in the United States. Undoubtedly, some of them are marketing to your sphere and past clients, thus impacting the quality of your luxury real estate database. If you expect to maintain customer loyalty and stay top of mind, then you must stay in touch with them often by mail, email, and even face-to-face meetings when possible.
Never Stop Marketing to Your Luxury Real Estate Database
You may be terrific at what you do. In fact, you may be so good that potential clients may simply seek you out when they’re ready to partner with you. However, if you are not constantly at the top of their minds, would they still be as likely to hunt you down to give you a referral? Here are a couple of other thoughts to consider:
Do your clients know all the areas that you service? I find that agents often lose direct business or referrals because clients are unaware that an agent works in a particular geographic area. It is critical that they are aware of every area where you can assist them, and regularly providing them with this information is key.
In an attempt to appear in high demand and enjoying the success that often comes along with it, have you given leads in your luxury real estate database the impression that you are actually too busy to help them? To help prevent this from happening, try using the following line the next time someone asks you how your business is doing:
“It’s great! Thank you for asking. And you know, I always have time to help another great customer. Is there anyone you can think of who may need my help today?”
A Well Maintained Luxury Real Estate Database Constantly Gives Back
Another reason to give prime-time attention to your database should be a fairly obvious one — it is your biggest asset in the future. It can actually serve as a type of retirement fund as you sell it or partner with someone else willing to work it for you once you no longer want to be as active. The bigger your luxury real estate database is (while maintaining quality) and the more connected with it you are, the more value it has.
I have met real estate professionals who create 10% return on their luxury real estate database on an annual basis. For example, if they have a total of 1000 quality database leads, that means they’re creating deals from 100 of those leads. Sounds like a lot, right? Well, it is!
In order to achieve this — especially on an annual basis — you have to work in a very systematic fashion. You’ll need tools, scripts, technology, marketing, and coaching to make sure you’re not missing out on a single opportunity to stay connected. Remember, growing your luxury real estate database is important, but keeping the members of your database happy (and aware of you) is even more critical.
Great article, Debbie! I have been following you on youtube. Thank you for always giving practical advice. It’s very helpful!