How to Maximize Your Real Estate Database

INTRODUCTION

The importance of a real estate database.

On the topic of building your real estate agent database, iconic real estate coach Mike Ferry said this:

“The majority of our best producers often get 30-50% of their business from their database.”

Ferry is a proponent of the 10% rule, and urges his clients to maximize the rule by maintaining a database of at least 1,000 contacts. Here’s what he says:

“We believe that you can get 10% of that database to either do business with you or provide you with a referral every year. So 1000 times 10% equals 100 transactions. And for those 100 transactions, let’s say your average commission is $10,000. Ultimately, we want to see you get your database to a thousand people, 10% rule, 100 deals a year, making $1 million in revenue from your database alone.”

Indeed, most of the industry’s top producers (many of whom are Vulcan7 clients) embrace the importance of real estate database management.

In this blog post, we’re going to discuss best practices for building, managing and leveraging your real estate database.

REAL ESTATE DATABASE

What to include.

In simplest terms. a real estate agent database is a resource that allows professionals to store, organize and retrieve their contact information easily. In general, here is what would go into a real estate database:

• Property addresses
• Descriptions
• Images
• Transaction history
• Client contact information
• Preferences
• Market trends

The goal of effective real estate database management is to maximize an agent’s efficient use of time by putting critical client information a click away.

Additional benefits of real estate database management.

Let’s look at several other benefits of building a real estate database:

• Efficiency and organization: A database simplifies business management by organizing information and streamlining transactions, client interactions, and listings workflows.
• Enhanced client engagement: A real estate database helps with lead generation by storing and tracking client information, allowing targeted and personalized follow-up, marketing, and customer service.
• Improved lead generation and conversion: Clear, consistent communication with your contacts helps you develop trust, grow relationships, and establish yourself as a reliable resource. This leads to stronger connections and more successful deals overall.
• Improved analytics and informed decision-making: Active engagement with your real estate database is vital for obtaining valuable market insights and making informed decisions on investment opportunities, pricing properties, and adjusting strategies based on market conditions.

BUILDING YOUR REAL ESTATE DATABASE

The Vulcan7 solution.

As discussed in the next section, there are myriad ways to build your real estate database over time. However, many top-producing real estate professionals choose to invest in their success by using a lead generation system like Vulcan7 as the foundation of their business.

Founded in 2011, Vulcan7 has become the leading real estate lead generation resource in the industry. For agents looking drive their prospecting business and build a superior real estate database, Vulcan7 offers best-in-class solutions such as:

• The industry’s best expired real estate listings. Including the most accurate phone numbers and email addresses. Top-producers see expireds as low-hanging fruit and their best opportunity to generate commissions in the short-term.
• The best For Sale by Owner (FSBO) leads.
• Successful high-producing agents always have several investors with whom they work.  These agents appreciate Vulcan7’s For Rent by Owner (FRBO) leads for their timeliness and accuracy.
• Many agents take the strategic approach of becoming a neighborhood expert and rely on Vulcan7’s industry-leading circle prospecting software for prospecting homes in the vicinity of their “just listed” or “just sold” homes.

Below, we will discuss how Vulcan7’s CRM software helps real estate professionals manage and leverage their databases.

Additional ways to add to your real estate database.

In our post, HOW TO GET LEADS FROM YOUR SPHERE OF INFLUENCE, we outline alternative ways to build your real estate database:

• Identify Your Current Network: Start by creating a list of your existing contacts, including friends, family, colleagues, neighbors, and acquaintances. These are the people who already know you. Here’s a partial list:
  • Friends and family members
  • Church members
  • Neighbors and friends of neighbors
  • Former high school or college friends
  • Parent-teacher groups
  • Book clubs
  • Country clubs
  • Personal service people: hairdressers, house cleaners, mechanics, etc.
• Utilize Social Media: Leverage social media platforms to connect with community members. Join local groups, participate in discussions, and share valuable content related to real estate.
• Attend Community Events: Actively participate in community events, neighborhood meetings, and local gatherings. This provides opportunities to meet new people and establish connections.
• Join Clubs and Organizations: Become a member of local clubs, organizations, or business groups. This not only expands your network but also positions you as an active community member.
• Provide Value: Offer valuable information and resources to your network. This could include market updates, home improvement tips, or guides to the local real estate scene.
• Host Events or Workshops: Organize events or workshops related to real estate, homeownership, or community issues. This positions you as an expert in your field and allows you to connect with attendees.
• Personalized Communication: Regularly communicate with your contacts through personalized messages, emails, or even handwritten notes. Show genuine interest in their lives beyond real estate.
• Ask for Referrals: Don’t be afraid to ask for referrals from satisfied clients and members of your network. Let them know you appreciate their support and are ready to assist anyone they referrals.
• Collaborate with Local Businesses: Build partnerships with local businesses. This could involve cross-promotions, joint events, or simply recommending each other’s services to clients.

MANAGING YOUR REAL ESTATE DATABASE

Leveraging the Vulcan7 CRM platform. 

Building a real estate database is one thing, but maximizing the value of that database is another thing.

The widespread popularity of Vulcan7’s CRM platform stems from the fact that it is highly functional yet simple and intuitive to use. Here are a few reasons why so many top-producing agents turn to Vulcan7:

• Manage their leads in a simple, user-friendly platform.
• Our interface makes note-taking easy.
• Schedules all follow-up activities to maximize your efficiency.
• Customizes layouts and tags.
• Provides powerful advanced search capabilities.
• Allows agents to develop and deliver customized email messages.
• Simplifies the process for planning and delivering email campaigns.
• Coordinates broadcast campaign delivers.
• Facilitates intra-team communication by giving each member their own log-in access, thus improving overall team efficiency.
• Provides team management and admin control, with effective reporting protocols.

CONTACT VULCAN7 to learn more about our entire lead generation system.

LEVERAGE YOUR REAL ESTATE DATABASE

So, now that you have the basics of building and managing your real estate database, what can you do to leverage the database to drive your business? In this section, we’ll outline some best practices that top-producing agents use to get the most value out of their database.

The importance of outreach.

It’s critical for you to practice consistent outreach with your database. Here’s why:

• Stay top-of-mind: Regular outreach significantly increases your likelihood of being the go-to agent when your clients are ready to buy or sell a property. Sometimes this means simply reminding them that you’re there. Having a consistent (but not overbearing) presence reminds them that you can help with their real estate goals when the time comes.
• Improved customer engagement: Regular contact allows you to continue providing valuable information to your real estate database. You can demonstrate your concern for their needs by sharing market updates, industry insights, and personalized property recommendations,
• Referral reminders: When you provide excellent service and maintain frequent communication, clients will feel more confident recommending your services to their friends and neighbors. Referrals are the best leads, as they expand your professional network and place potential business directly on your plate.

Maintain regular communication.

There are varying philosophies regarding the frequency of contact with your real estate database. Some experts propose eight contacts, while others push the frequency to as much as 20 times per year.

For our purposes, we agree with Mike Ferry that you should communicate with your database at least four times yearly. It’s enough to stay top-of-mind, but not too much to be overbearing (and potentially annoying).

Here are some of the best ways to stay connected to your database:

• Pick up the phone and call! Direct calls are valuable for individual follow-ups with the clients within your real estate database. Direct calls offer a personalized touch and a faster opportunity to start deeper conversations. This leads to a better understanding of client preferences and building stronger relationships.
• Send an email: Email is a convenient way to share information about what you’ve been doing recently. BONUS: Vulcan7 clients have access to STORYTELLR, our exclusive video email software that allows you to send personalized video emails to your database.
• Reach out via social media: By regularly posting updates, news articles, and informative content on platforms like Facebook, Instagram, Youtube, TikTok, or LinkedIn, you can keep your clients informed and engaged—while also meeting new people.
• Create a newsletter: a newsletter: Keeping clients updated about the real estate market through a regular newsletter positions you as a knowledgeable and reliable resource in the industry. A more personalized option would be sharing successful client stories to help build a library of testimonials.

Deliver value with each contact.

As discussed above, consistent outreach is the best way to leverage your real estate database for future business. However, contacting someone for the sake of contacting them is counterproductive and can be frustrating for your prospect.

To that end, try to always bring value to each call or email, such as:

• Update them on market conditions and recent activity in their neighborhood. They might not be ready to sell, but they may have friends interested in moving to that neighborhood.
• Introduce the homeowner to vendors you have worked with or who you know of, such as landscapers, electricians, etc. You are more likely to be remembered if you are a valuable resource.
• By the same token, ask the prospect if they have any concerns or need anything related to their home (rehabbed kitchen or bathroom, new garage door, etc.)

Again, anything you can do to build rapport and trust with your database will pay dividends in the long run.

SUMMARY

Vulcan7 is here to support your real estate database.

Considering that as much as 50% of your revenue can come through effective real estate database management, you’ll want to invest in the best possible tools to manage your database.

With over 13 years of experience helping top-producing real estate agents build their databases and revenue streams, Vulcan7 is uniquely positioned to help you get the most out of your database.

CONTACT US to learn more.

Doug Spak

Doug Spak has over four decades of experience as an advertising copywriter, agency creative director, blogger, and content creator. He joined Vulcan7 as a Content Specialist in 2016. In addition to ongoing website copy refreshes, Doug has produced over 300 blog posts while developing content for Vulcan7’s social media platforms.