A few weeks ago Dan Kublawi posted a blog article on the Top of Mind Networks Mortgage and CRM Marketing Blog talking about the importance of database management. I wanted to expand upon his thoughts here.
In the Top of Mind Networks world we are always taking our clients' databases and transforming them into a usable form. Sometimes, we see databases that are so bad this is not even possible. I am amazed at how many mortgage and real estate professionals do not maintain a proper database. A lot of people are intimidated by the notion and are under the impression that managing a database is a full time job in and of itself. A lot of people never had to bother with it when times were good during the housing boom and now think it is too late to start. And some people are simply too lazy for it. Others may think their past clients don't want to hear from them; while this may sometimes be true you won't know unless you try. The bottom line is that as a professional in the real estate, mortgage, or any industry for that matter it is absolutely imperative that you manage and continually monitor your database.
The fact of the matter is that there has never been a better time to be considered a trusted advisor or subject matter expert in this industry. People watch the news and know what is going on in the housing market, they are anxious about the whole thing they need to able to go to someone they trust to answer their questions about what is going on. That trustworthy individual should be you. True professionals in this business should be OK during this economic downturn. The unethical folks that gave our industry a bad name have made a mass exodus from the business and often times their client base that they left behind has nobody to turn to. Your past clients and your sphere of influence probably know some of these people. So your database needs to hear from you; now more than ever.
Below are a few strategies that will help you build and maintain a working database that will yield consistent results:
- Make sure you use it. People often asked what the best database software/system is. The answer is very similar to the questions of what workout routine is the best or what diet will help you lose weight the best... whichever one you will use consistently. And if you don't think you are capable of consistently using one, you need a turnkey database monitoring solution.
- Provide Regular and Valuable Content. Newsletters, recipe cards, dumb criminal stories of the month, etc get thrown away. If you want people to pay attention to emails or letters when you send them then you must provide value. Reminders to file for your Homestead Exemption, reminders to give a copy of your settlement statement to your accountant at tax time, refrigerator magnets with sports calendars, etc will actually provide value to your client base after closing. Giving a closing gift that has a long shelf life, can be used often, and has your branding is also a good idea (wine opener, address stamper, re-usable "green" grocery bags).
- And finally, keep your database clean! If letters bounce back as undeliverable, try to get an updated address, and if you cannot then remove that person from your database. Same thing with emails, if they bounce back and you cannot get updated contact information then the person should be removed from your database. And lastly, always allow people to opt out of your list (this is especially important with email). You are never going to bat 1000, some people will not like you; and that is OK, just concentrate on the folks that do.
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