Time to tame your database
DATABASES CAN’T BE BOUGHT; they must be built, and it's up to you to do it. Josh Phegan explains how a modern take on a system that worked for his grandfather can help you successfully track your buyers and sellers.
There's no doubt my grandfather, Arthur Phegan, was a smart man.
Way back in 1972 he categorised his sellers by the month in which they sold their property and tirelessly filled lines of notebooks with their details.
At the start of every month, he'd whisk out the book for the same month from the previous year and make his anniversary calls. Mostly it was just to touch base, but sometimes he'd get another listing and then diligently write their details in a new notebook for current vendors. When they sold, he repeated the process. Simple, right? So why now, in 2016, with a plethora of brilliant technology at their fingertips, do modern agents struggle to maintain a current, categorised database they can mine to produce amazing results?
If my grandfather could maintain a ‘fit' database 44 years ago, you can too. Here's how.
A simple but key skill I'm instilling in the agents I coach is to take ownership of mail redirection for both their vendors and buyers.
MINDSET Just like humans, databases don't become ‘fit' on their own. You have to decide to go all-in and work hard to yield results.
Fitness can't be bought. So make the choice and own it.
CATEGORISE Without categorising your buyers, sellers, landlords, past clients and others, you will continually be forced to prospect as you did when you first started your real estate career.
Why prospect individual by individual when you can mine entire groups of people simultaneously? What categories should you use?
Buyers – All buyers start in this field and receive marketing such as automated buyer alerts.
Buyer hit list – Any buyer that has caught your eye by doing something special, be it bidding at auction, making an offer or seeking a contract, gets moved to this category.
If they do these things you know they're ready to buy now. You have an opportunity to take them to your upcoming properties and help them generate emotional attachment so they make an offer soon after the new property hits the market.
Potential sellers – These are people you know who own a home but you haven't had a face-to-face meeting with yet.
Better known as the market appraisal, this meeting works like a traffic light and lets you
Josh Phegan is a high performance real estate speaker, trainer and coach to some of the best agents and agencies around the world. For more information visit joshphegan.com.au.