5 Rules For A Lucrative CRM

A CRM is more than just a list of contacts. The data gathered from your transactions will assist you in running a more efficient and lucrative business.

If you aren’t using a CRM to its fullest potential, here are 5 rules that will help you develop your business in a goldmine:

1. Create a solid database.
2. Fill your pipeline daily.
3. Maintain constant communication with it.
4. Ensure all contact information is updated and in the appropriate category.
5. Support and service all the prospects.

Let’s break it down even further.

1. Create a solid database

Whether you are new to real estate or have been doing it for a while, you must ensure that your database provides a solid basis for your business. When establishing your database, keep in mind that this is your retirement income. Many agents have sold their database for thousands to millions of dollars once they retire. Alternatively, they may be utilized as a referral machine to keep money flowing during their retirement years.

How do you begin developing that gold mine? Continue reading….

2. Fill your pipeline daily

On a daily basis, you should be adding prospects to your database. It would help if you started with your SOI, whether you are a solo agent or part of a team.

Begin by going through your cell phone and adding all of your contacts, including family and close friends. They must be reminded that you are an agent capable of managing their business!

If you’re working in a team, make sure you discuss how you’ll handle your SOI. Is the split the same, or is there an extra incentive? In any case, be certain that the SOI connections are labeled as your own.

You show your thanks to the team leader by adding your own contacts and leads to the CRM. Your team will aid you in marketing to your SOI to obtain more business with little to no effort! By integrating your SOI, you guarantee that your database will become a referral gold mine.

Action tip: Include your SOI in your database today!

3. Maintain constant communication

What good is your database if you aren’t staying in touch with your clients? Every time you call or visit with them, add a note into your system. Every time there is a birthday, anniversary, new home purchase, client event – your CRM should generate an action. Send a “Happy Birthday” card, remind you to send flowers, or call the client with a market update, for instance.

Action tip: Have your VA or Admin Assistant go through your database and ensure that all the notes are current and accurate.

4. Ensure all contact information is updated and in the appropriate category

Make certain to include all important information when inputting contacts into your database. The more detailed the data, the more effectively you can target your marketing money to those demographics. Your database is only as good as the information contained inside it.

Action tip: When a prospect or customer completes a transaction or a marketing campaign, you want to be sure of a few things:

1. They have changed their contact information. (For example, a new home was purchased, an EXPIRED was changed into a listing, and so on.)

2. They belong to the appropriate database category and group. (For example, if an FSBO item has just been listed with you – you move to the Just Listed category)

3. They are on the proper database plan.

Support and service all prospects

You may miss out on opportunities if you do not use the database to consistently follow up on your leads. This could end up costing you money. The most important piece of information you can enter into the database is when and how you follow up with your prospect.

Action tip: Every contact you wish to turn into a transaction should have a “follow-up date” set in your CRM.

Following up with leads is the most critical thing you can do to ensure your database is profitable and making money for you daily and long after you retire!