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Looking for a Goldmine of Referrals? Look No Farther than Your Database!

By
Mortgage and Lending with Fairway Independent Mortgage Corp Louisiana NMLS#2289 Equal Housing Lender NMLS 69996

 

Looking for a goldmine of referrals for future business? Look no farther than the relationships you have already developed with your past clients!  Instead of spending precious time and money marketing to people you don't even know in an effort to procure new business, wouldn't it make more sense to go deeper with your existing clients? What if you were to regularly reach out to your past clients to collect relative information to help you understand their ongoing needs?



In the book, "Business at the Speed of Thought",  Bill Gates states,
"How you gather, manage and use information to serve the needs of your customer will determine whether you win or lose in your business."

Consider this quote a definition of database management.  Database management is about gathering pertinent information about your customers so you have an understanding of their relevant needs. From there, you can proactively structure a plan to give your clients exactly what they want. You MANAGE the DATA! 

If you don't have a database, maybe this has happened to you......You provided excellent service to a client but failed to plug them into system. You kept thinking you would do it - but you didn't. A few years later (still no database or system) you find out (too late) that they used the services of one of your competitors without even giving you the opportunity to make a bid for their business! When this happens, it happens for a reason. The fact is, your client had a need and you weren't there to fulfill it for them. And most likely, it was because you didn't even know they HAD a need.



Today there are many database programs available with the capability to automate contacts with past clients, run reports and even analyze the information you have about your clients. You can take that information and use it to to put yourself a step ahead of the competition. By proactively serving your clients' needs and interests, you will no doubt stay ahead of the competition.



Coming Soon - Gathering Information for Your Database!



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Louise Thaxton VA Military Suits in Boots 

Louise G. Thaxton NMLS #69996, VA Home Loan Expert

#14 in Nation for VA Loans (Scotsman Guide)

Fairway Independent Mortgage Corp NMLS #2289

Phone: 866-960-9115  Email: lgthaxton@fairwaymc.com

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Comments (6)

Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

Some past clients are ready to move up, but most all know someone who is ready to buy or sell!

Oct 10, 2011 03:44 PM
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

My business continues to be prosperous because of my referrals.  It is one of the reasons I left the "big box" actually.  I didn't need them....in fact, they were taking more money out of my pocket than they helped me bring in.

Oct 10, 2011 03:47 PM
Kristine Ginsberg
Elite Staging and Redesign, LLC - Short Hills, NJ
NJ Home Stager

Louise - love your post and having a data base of past clients is so important to future business! I try and keep in touch will all my past clients and have not only done future business with them, they've given me great referrals that turned into more business!

Oct 10, 2011 05:15 PM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Louise,

Excellent post,  Here is an example to illustrate your point.  We had a client who came to her senses about doing something for her business, when she met a former client at the market.  The lady said to her, I thought you were DEAD, because I had not heard from you for years.  I tried to find you when I was selling my house and buying a new one...LOL A

Oct 11, 2011 05:56 AM
Louise Thaxton NMLS 69996
Fairway Independent Mortgage Corp Louisiana NMLS#2289 Equal Housing Lender - Leesville, LA
Military Mtg Specialist - 866-960-9115 VA FHA USDA

Thanks to all of you for your comments:

Vickie and Don - REFERRALS are the key! 

Kristine - Thanks for that affirmation!  As successful as you are, I would suspect that you have a HUGE data base!

A - LOVE the story!  And just backs up what I was saying - how will our clients remember us if we don't REMIND them! 

 

Oct 11, 2011 11:03 AM
Doug Bullwinkel
E Mortgage Capital, Inc. NMLS 1416824 - Roseville, CA
Mortgage Loan Officer NMLS #281609

It's important to keep in touch with past clients.  I agree that it's easier to work with people that know you to get referrals instead of going after total strangers.

Oct 13, 2011 08:59 PM