Commercial Property Sales – Your Database Is Everything So Get It Right From the Start
As a priority for real estate agents, market knowledge should be number one on your list if you want more sales and leases. But it is the type of market knowledge that will really fast track a sale or lease and will attract clients to use your real estate services.
There is no point in claiming you are the best agent or broker in the area unless you can clearly prove it.
So what is the best market knowledge poof that you need and the clients will be attracted to? Try these:
A database of buyers and investors that will consider purchasing good listings as they arrive in your books.
Databases of tenants that will consider renting premises as their leases expire.
These two simple things can underpin many property sales and leases, can convert more listings for you, and will be the foundation of your real estate success if you do it correctly. Most clients will choose a real estate agent that can show that they have the advantage of massive market awareness; that is and should be your database. Show your database for what it is. Impress the client in such a way that they want to tap into that database.
Build the database every day in such a way that you can extract relevant information from it. A great database is almost the single most important factor for the client to use in choosing you as the agent to market their property for them.
So many agents say that they have a database, but the reality of that real estate database is usually something like this:
It really doesn’t exist
It’s a “boat anchor” that no single person can use without extensive training
Someone updates it but you are not sure how and why
It does exist but it is not up to date
It’s in the back of their diary in unorganized notes
It’s in their mobile phone so it is not a real marketing tool for anyone else in the office
It does exist but you don’t want to use it in case your lead gets taken over by the office and out of your hands
It does exist but no-one knows what to do with it
It does exist but you can’t get information out of it that you can rely on
It is full of inaccuracy and spam entries so you can’t trust it
The list can go on, but the message here is clear. If you are going to have a database in your real estate office and you want to use it to drive listing conversions then the following are the rules:
Use reliable software to capture the data.
Have sufficient categories of ranking and requirement so the database can be grouped into prices, rents, properties, region, time, and other special requirements.
Every salesperson should enter every new lead or opportunity into the database either directly or indirectly through a person that controls the database.
When an entry goes into a database, then it must be accurate and maintained by the person that started the entry so that the information remains current.
If you get your database strategy right, you can use it as a major conversion tool in your listing presentation. By showing the client that you have a significant and relevant database that can apply to the marketing of their property you have a much better chance of closing the listing of that property.