RFM Analysis

Getting face to face with your clients is the way you get listings, but to book those appointments your prospecting calls must produce results. The best way to encourage people to meet with you is to make that meeting relevant to them by knowing your client and their situation. Some of your best prospects are open for inspections attendees, and a lot of those are people you already know.

The first step is to get the data from your opens into your database and categorised quickly. Efficiency is key, because the people you see on Saturday need to hear from you promptly on Monday morning if not sooner. But if you are personally setting up and then gathering data at multiple open for inspections, there is no way you can get that data processed quickly. This is why successful agents often hire an assistant specifically for Saturday opens and data processing.

In addition, implementing RFM analysis yields results that will make your prospecting far more productive. Here is what you need to know:

• Recency: How recently did you meet this prospect?

• Frequency: How often have you met with this prospect?

• Monetisation: Is this prospect likely to spend money with you?

A client you have seen several times recently who has made an offer or bid on a previous property is going to score high on your RFM analysis. That client is likely to buy sooner than a prospect with a lower RFM score. Who do you think you should call first?

What you want is a structured callback list on your desk by 4pm on Sunday afternoon, ready for your Monday morning call sessions. That list will be categorised into buyers, sellers, market appraisals, landlords and tenants, which of them you know already, and what your last contact with them was about.

RFM analysis coupled with categorisation improves your prospecting by making each call relevant to that client’s situation. You will book more appointments if your approach is personalised and meaningful. Relevancy also allows you to set higher fees that customers are willing to pay. By making the decision to hire someone to produce a superior callback list for you, your productivity and profits will be through the roof.

I hope you’ve enjoyed today’s Coaching Tip, and I look forward to seeing you here again next week.