¶ Data Bank vs Database Explained
Data bank , not database . That is chapter four of my ebook and I'm going to dive right in . See , I'm in a few groups on social media and I keep seeing agents who have been in the business for years asking how to get business . They have dozens , sometimes hundreds , of past clients and they're asking where they should buy leads from .
Their business is up and down and they can't achieve consistent results . And I see this all the time and it blows my mind . You see , whether you're new or have years in this business , you have a data bank , not a database . A data bank If you have past clients . Your SOI sphere of influence consists of people who know you , like you and trust you .
You definitely have transactions waiting . If you have a phone with numbers in it , you have clients waiting . Quit stepping over $50 bills to pick up pennies . Buy leads . If you want to buy leads , just don't make the mistake of not having your data bank working for you . You see , on average
¶ Leveraging Your Sphere of Influence
people know 250 to 600 people . So let's say , you help the Smiths buy a home last year . Now you assume Judy and John Smith aren't moving anytime soon . You still reach out to John and Judy Smith , often Call them quarterly . Make sure they're getting automated messages from you throughout the year . Call them on their home anniversary .
You see , it's not about Judy and John . Well , it is , but not entirely . It's about the 250 to 600 people that they each know Parents , siblings , friends , cousins , aunts , uncles , co-workers the list goes on .
When one of those people mentioned real estate around John or Judy , your name should be the first that comes to mind , and the only way this is going to happen is if you are top of mind . You need to say in front of them and why wouldn't you ?
You had a great transaction the year before and they more than likely would refer business to you if you make it easy for them to do so . 80% of people would refer and or use their agent again , and less than 20% do because they don't know how to get a hold of the real estate agent , because they aren't top of mind . Which brings me to your CRM , customer
¶ CRM Ownership and Strategy
relationship management system . Automation is key . If your clients prospects sphere of influence are not in your data bank or your CRM , they are in someone else's . They need to be in yours . Now , as far as choosing which CRM is right for you , well , that would be a book in itself , so I recommend doing some research and ask around .
Many CRMs have trial periods and all the ones I know have the option to export your contacts and then import them into the new system . So in the event you change CRMs , you should be able to export and import your contacts into different CRMs . Now , data is more valuable than oil . Now data is more valuable than oil . Just ask Mark Zuckerberg .
The agent who has their CRM running like a well-oiled machine and feeds it every day will win . Your goal is to get the four key pieces of information , which is the phone name , cell phone number , email address and physical address .
Own your data and I highly recommend getting your own email address that can follow you anywhere you go to any brokerage state team , anywhere , and if a team or brokerage insists that you use their signature email address , just know they own that email and , in the event you leave , they can go in and will shut it off and forward it to another agent .
The same goes for CRMs . If you're using a team or brokerage CRM , they own the data , not you . So my tip for you when you join a brokerage and if you join a team , be sure to review your ICA . This is your independent contractor agreement .
This agreement outlines commission splits , business practices , regulations , fees , policies , compensation , what happens when you leave
¶ Running Your Business Like a Pro
. This includes pending transactions , active clients lead your sphere of influence , etc . Many agents don't even know what this is when I ask them about it . So always review your ICA if you're thinking about leaving , so you can put together a solid exit strategy .
Now , next week , we're going to dive into no secret agents a whole other topic that I'm really passionate about and , to wrap up , today's data bank versus database . It's really important that you go back and maybe listen to the entrepreneur versus amateur , because you see , if you're in real estate , you're an independent contractor , you're 1099 , you are it .
You are a business owner . So I encourage you to take a moment and sit down and reflect on your business . Are you showing up like a business owner ? Are you running it like a business , or are you running it off and on Willy nilly , letting your emotions and how you feel dictate whether you show up to work or not ?
It's all so very important and I want you to just really think about it and be honest with yourself . You know we all have room to grow , and that's why having a great coach or mentor is so important because they can peel back the blinders and help you see what you currently cannot see in your business .
They'll quantum leap your results and get you from where you are to where you want to be in a quarter of the time . It would take you to do it alone , if not less .
So be honest with yourself , look at where you're at , look at where you want to go and start closing the gap and start showing up as if that person , as if your goal is already done and come from your goal versus working to your goal . And that's the first step in really collapsing the timeline that it will take you to get there .
So , until next week , make it a
¶ Next Steps and Final Thoughts
great day and go out and sell something .