A great database becomes great by choice, and that means progressing people through those categories to each new stage next stage. In my Coaching Tip today I’ll show you how to understand trigger points of a healthy database to make those changes that are so important for successful prospecting.
We use a system called RFM analysis to sustain recency, frequency and monetization. Think about how recently you’ve contacted a customer, how frequently you contact them, and how likely they are to spend money with you. Looking at your categories, most of your customers came to you first as buyers. If some of those have since come back for a second appointment or second open for inspection, requested legal documentation, made an offer, or bid on a property, then they should progress into your buyer hit list.
Next, look at your potential sellers category to see who you can move up to market appraisals. These are people to contact for an appointment to visit and let them know the current market value of their home. From there you will be able to move some of them into your seller hit list. Taking action on this progression puts you well ahead of the curve.
One method to decide who to call next is lead scoring. Using RFM analysis again, think of customers you’ve been recently involved with, those you’re frequently involved with, and those you know are likely to spend money. Also look at your past clients who purchased a home from you because they will eventually be sellers. Be sure to call them up every anniversary of their purchase, and keep them informed of significant listing and sales.
It’s up to you to make that decision to be a great agent. By using these trigger points of a healthy database you’ll always be progressing your clients into new categories at the right times. Maintain that position as their trusted advisor and friend in the business. Whatever they do in real estate, make sure they choose to work with you.
I hope you’ve enjoyed today’s Coaching Tip, and I look forward to seeing you here again next week.