Growing and Nurturing Your Luxury Database

I want you to think about your luxury database as your future. Your database is a goldmine if you manage and handle it properly. Be obsessed with adding as many quality connections to your funnel as you possibly can. When I first got into real estate, my broker said to me, “You know, Debbie, if you will keep track of your past clients and your sphere of influence and send them a Christmas card every year, they’ll probably be your clients for life.” If only it were still that easy!

We all know the real estate industry is over-saturated. Everybody knows more than one agent, and that’s why you want to get them into YOUR funnel and market to them consistently. If you don’t, there’s a good chance someone else will and you will lose them. One of my clients recently told me, “Debbie, I think of it like I’m building a moat around my people that I know are my raving fans, because I want to keep them forever.”

No Two Leads are the Same

It’s fine if they aren’t buyers or sellers right now, one day soon they may be. I have heard trainers in the past say, “If they’re not ready to buy in 30, 60, 90 days — get rid of them. If they move out of state, throw them away.” Instead of doing this you should have categories. If someone leaves your state and is not likely to come back, maybe they’re not worth a quarterly phone call. Maybe it’s not even worth a direct mail piece. However, it’s worth it to keep them in your luxury database so they’re at least getting frequent messages from you via email. It doesn’t cost you a penny or any extra effort, so why not? Chances are they know someone local who might need your help one day. Your goal is to nurture them and build a long-term relationship.

In luxury, we know people have a high expectation of service. They will be delighted when you remember all the details about your last meeting or conversation, or you ask them questions about their family or hobbies. When you add them into your luxury database, make sure to label them. Are they a buyer? Are they a seller, a past client, a sphere of influence, open house lead, online lead, or another connection you just met? Label them and gather as many notes as you can and put those into your CRM and set the appropriate follow-up plan. Your follow-up is going to be different for a past client than it would be for an online lead. Each time you speak to them, update your notes.

In the future, you might want to bring in a partner or sell your business. And what are you selling if that’s the case? You are selling your database. The more notes and information you have, and the more you can prove that you have a great relationship with these leads, the more valuable your database is to you now and will be to you in the future.

Network In Order to Grow Your Database

You might consider investing in something like a social membership at a local country club. Often, some pricier country clubs end up providing incredible leads. As a result, you’ll gain access to these connections for a typically reasonable fee associated with a basic social membership. This creates opportunities for meeting and interacting with new contacts, and potentially expanding your luxury database. Social memberships, country clubs, events surrounding the arts or charities, and even the local gym in the community you’re interested in doing business in can all be great sources for new connections.

Master the art of working the room, whether it’s the actual room or the Zoom room. Develop your skills of building rapport. Ask potential leads questions. What are they interested in? As you have conversations with new people, find opportunities to direct every conversation back to real estate. Be prepared with five terrific properties to talk about, even if they’re not your own. Offer them the opportunity to be part of your information loop.

You could say, “There’s something I do for my friends, family, and the people I know. I include them in my information loop. I send them bulletins and market data and keep them on top of what’s going on in our local market. Tell me, would you like to be part of my information loop? No cost or obligation. Just great information.” If they say yes, then say, “Terrific. Let me get your address in case I have something to mail out, your email, and occasionally I might text a hot property or update. What’s the best cell phone number to send you a text message?” Whatever you do, don’t just get their email address.

Now you are bringing them into your funnel with their permission. Now you are going to drop your web of connections over them. Should they get a direct mail piece every month? Should they get an email once or twice a month? Should they get a phone call? And if so, how often? Categorize them and put them in your database with a particular plan for that specific client or prospect. Continue to nurture and connect with them in whichever way is appropriate.

Continue to Nurture Your Luxury Database

Hold yourself accountable. Set a goal for how many quality people you would like to add to your CRM each week. Remember, your goal is to get their full contact information and then market to them. You are going to market to them with expert advice, great reports, and market data until they buy, they sell, or they die — or they ask to be removed.