One of the most important things an agent as is their database. In our opinion, the more organized your database is the more leads you’ll generate and the more your business will ultimately be worth.
Right now, it’s also the primary place where agents should be focusing their time and energy. This is so they can set themselves up for success on the other side of the current global uncertainty. In a world where there’s little you can control, your database is one of the things you have complete control over.
Every agent has a database; it’s just that some agents have databases that are more organized than others.
While one agent may have a detailed, highly-organized database in a modern CRM system, there are a lot of successful agents out there that have their database purely in their head or scribbled on some post-it notes or on a whiteboard.
A database defines your business; it’s the core of what you’ve done and it’s the basis for what you will do.
On a basic level, it’s a list of names and contact information of some clients. More complexly, though, it’s a list of the people you’ve interacted with, how to contact them, and in-depth details around how you worked with them and what their relationship is to your business.
Your database is a living, breathing platform that continually needs to grow. In fact, it’s one of the first things you should be logging into and the last thing you log out of at the end of each day.
We all know that a downturn in the real estate market is temporary. At some point, the market will be back in full swing with strong momentum; we just don’t know when that will be, but it will happen.
Right now, you should be using this time to organize your database, work towards building it out, and contacting the people in it on a regular basis through client nurturing.
When the market stabilizes and everything goes back to ‘normal’, your database is going to be one of the key things you’ll need to jump-start your business. It’ll be your lifeline to ensure that people know about you, your brand, and your business when they’re making their decision.
There are three main things you should be doing with your database right now:
1. Decide if Your CRM is the One you Should be Using.
Before you reorganize and take the time to add and update contacts in your database, make sure you’re using a CRM that you actually want to use.
Not only that, but it also needs to be the most useful one for you. If not, now is your golden opportunity to change it.
When you’re choosing a CRM, there are a lot of considerations to make, and those considerations will be different from agent to agent; everyone has different needs.
If you’re having trouble deciding which CRM to use, check out this article right here that we wrote.; it does a deep dive into how to choose a CRM, what to consider, and even some options to invest in.
2. Build up your database
I really believe that right now, one of the main things you should be doing as an agent is building your database. This means getting more and more contacts that are within your target audience into your CRM.
So how do you build your database? The short answer is through marketing.
Even in an economic downturn, you still need to continue to market your business, maybe even more than usual. Marketing can seem like an easy expense to cut, but it really should be one of the last expenses to go.
If not, then when you come out on the other end, and the market ramps up, you’ll be scrambling to get your marketing plan together while the agents that pushed on with their marketing plans will be on top.
A slowdown in the market is your headstart and your cushion to get a fully-realized marketing plan, catering to people’s future needs, in order and ahead of the competition. Biding your time and sitting on the sidelines does little for your brand, your preparedness, or for your business.
At Artifakt Digital, we preach the value of thoughtful, action-oriented pieces that take time because they require thought. If you’re playing catchup with the rest of the market, you’re missing out on exactly that: thinking through your pieces and how they’ll make an impression.
3. Marketing to your database
Now that you’ve built up your database, it’s time to work it.
In fact, right now is the key time to let everyone in your database know that you exist. When everything returns to normal, as it will, a lot of people are going to be making decisions.
When it comes to their real estate options, they’ll have plenty, and you can’t rely on past clout and equity to get you the deal (or even the phone call). You want them to actively think of you, your brand, and the idea that you’re waiting for them to be ready.
In order to effectively work your database, you need to craft something of value. Something your consumer can’t get anywhere else and that’s really useful to them. Then, it needs to be free.
A lot of agents have created material like downloadable buyers guides, customized seller’s guides, neighbourhood reports, curated property lists, and a lot more, that they offer in exchange for very basic contact information.
For example, of Artifakt, we have a whole page of resources we’ve created for agents, that they can download right now, for free, just by offering their name and email address (check it out right here).
The buy-in is low, but it keeps people engaged with your work, your brand, and your values. Ultimately, that’s what it’s all about – when a consumer knows that you value their education, and influence it with your insight, they’ll trust and turn to you when the time is right.
Whether that’s a week, a month, or a year down the road, you exponentially increase your ability to get them to reach out. When you draw out a conversion, you can work your database and keep closer tabs on your potential business. Those touchpoints are invaluable because they keep your brand top of mind.
What have you learned during this time of self-isolation and quarantine? Want to plan how to implement those changes into your business for when the market comes back? Our “Market Turnaround Playbook”, is a self-guided, interactive workbook where you answer questions about your marketing preparedness, value propositions, digital presence, and a lot more, so you can put together an action plan that will help you digitally thrive when the market comes back.