Your largest single business asset is undeniably your database… meaning, your Past Clients and Centers of Influence list. They are money in the bank, that’s where you get your repeat business and your referrals.
It’s important that you do some “spring cleaning” on your database periodically. After all, it’s only an asset if your list is current and up-to-date. Here’s the formula:
1. For starters, go through your complete roster and eliminate the people who you do not want to call personally. This is a great acid test – if you don’t want to talk to them and ask for referrals then take them off your list.
2. For the “survivors”, you really need to have name, phone number, address, and e-mail address. This is always a great icebreaker when you are touching base (“Hello Mr./Mrs.__________, just wanted to touch base and see how you’re doing. Also, I want to bring my records up to date. The information I have is ______________, is that correct?”)
3. Set up a schedule so you are calling everyone personally a minimum of every 90 days. Don’t worry about the ones you haven’t spoken to in a long time – they’re not keeping track. Simply start off with this approach… “We haven’t spoken in a while and I was calling to see how you are doing”.
4. You should also be sending out a market update at least every 90 days – possibly more frequently (e-mail or surface mail…your choice, depending on your budget, etc.).
5. Lastly, be sure to always ask for referrals. You’re not being pushy – you’re just doing your job… “As you know, I’m always looking for more people to help in real estate. So I was wondering… who do you know that needs my help to buy or sell a home this year?” BONUS Tip: make a rule for yourself, if you don’t ask them for referrals then you can’t count it as a contact. It’s a great way to hold yourself accountable.
Start out by doing your “spring cleaning” (Step #1 above). You’ll be glad you got rid of those you don’t want to call. It makes the rest of the conversations much more enjoyable.
By following the above guidelines you should expect a 10% return per year from your list. Said another way, for every 100 names you’re connecting with personally every 90 days you can expect 10 transactions annually (ie: repeat or referrals). In most markets that’s at least another $50,000 – well worth it!. NO Excuses.