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Mets and Haven't Mets
Chapter: Mets and Haven’t Mets
Introduction: The Foundation of Your Contact Database
A robust contact database is the cornerstone of any successful real estate practice. Regardless of the method you employ to generate leads, the contacts you acquire can be primarily categorized into two fundamental groups: “Mets” and “Haven’t Mets.”
Understanding the distinction between these two categories is crucial for effective database management and targeted communication strategies.
Defining “Mets” and “Haven’t Mets”
| Category | Group | Definition |
|---|---|---|
| Havenโt Mets | General Public | People you havenโt met and who donโt know you. |
| Target Group | People you havenโt met and donโt know. It differs from the General Public in that you have targeted them as people with whom youโd specifically like to do business (like a geographic or demographic farm). | |
| Mets | Network Group | Individuals who know you because you have met them either in person or by phone. Might do business with you. |
| Allied Resources | A very select subset of your Met Group who are in real estate-related fields. Individuals you expect either to do business with or to receive business leads from every yearโusually, multiple times. Can and/or have done business with you (mortgage companies, title companies, appraisers, landscapers, etc.). | |
| Advocates | People who not only have done business with you in the past and will continue to do so in the future, but will actively bring other people to you to do business, as well. | |
| Core Advocates | Not only can and will do business with you, but they are well placedโowner of a sports team, executive at a large corporation, a builder, etc.โand will send you a steady stream of clients. |
The Business Potential of Mets vs. Haven’t Mets
The type of business you can anticipate from each group differs significantly:
- Mets: Offer potential for repeat business, referrals, and new opportunities.
- Haven’t Mets: Primarily generate new business, with potential for referrals, particularly if they are a targeted group exposed to your branding.
Database Size and Conversion Rates: A Mathematical Perspective
The Millionaire Real Estate Agent model provides a framework for understanding the scale required to achieve specific transaction goals. It highlights the contrasting conversion rates between Mets and Haven’t Mets.
- Mets: A 12:2 conversion rate is assumed after an “8 x 8” initial contact plan, followed by a “33 Touch” program over 12 months. This suggests that for every 12 Mets in your database who are actively nurtured, you can expect 2 closed transactions.
- Haven’t Mets: A 50:1 conversion rate is projected after implementing a “12 Direct” marketing program over a year. This indicates that for every 50 Haven’t Mets you consistently market to, you can anticipate 1 closed transaction.
Formula for Transaction Volume:
Let:
T= Target number of closed transactions per yearM= Number of Mets in your databaseH= Number of Haven’t Mets in your databaseC_M= Conversion rate for Mets (2/12 = 1/6)C_H= Conversion rate for Haven’t Mets (1/50)
Then:
T = (M * C_M) + (H * C_H)
Example:
To achieve 320 closed transactions:
- Option 1 (Mets Only):
320 = M * (1/6) => M = 1920 - Option 2 (Haven’t Mets Only):
320 = H * (1/50) => H = 16000 - Option 3 (Balanced):
320 = (M * 1/6) + (H * 1/50). One possibility isM = 960andH = 8000.
Caveats and Real-World Considerations
- Ramp-Up Time: Building a database of Mets and establishing trust takes time. The projected conversion rates typically require 2-5 years of consistent communication and relationship building.
- Continuous Growth: It’s unrealistic to have all contacts from day one. A continuous strategy of adding new contacts is crucial.
Methodology: Building Your Mets Database
Here are proven sources to cultivate your Mets database:
a. Family
b. Friends
c. Neighbors
d. Home service providers
e. School contacts
f. People you do personal business with (e.g., grocer, dentist)
g. Sports and hobbies groups
h. Former employers, co-workers, suppliers, customers
i. Organizations
Building Your Haven’t Met Database
Two primary avenues for acquiring Haven’t Mets contact information:
- Title Companies: Often provide lists free of charge. Consider co-marketing opportunities to reduce costs.
- Third-Party Vendors: Credit bureaus (TransUnion, Experian, Equifax) and specialized marketing vendors offer targeted lists and services.
The Daily 10/4: A Disciplined Approach to Database Growth
The “Daily 10/4” principle, emphasized in the KWU IGNITE course, provides a structured approach to database growth and maintenance:
- Make 10 new contacts
- Enter 10 people into your database
- Write 10 notes
- Preview 10 homes (weekly)
Adhering to this routine builds a valuable business habit. Every new interaction should be viewed as an opportunity to capture contact information.
Impact of Consistency:
Adding 10 new contacts per day for 200 working days results in a database of 2,000 names.
Expanding Your Mets Database: Proactive Strategies
- Database Maintenance: Regular calls and visits to existing Mets.
- Community Engagement: Meeting new people through various activities.
- Open Houses.
- Geographic and/or Niche Farms.
- Targeting FSBOs and Expired Listings.
- Agent-to-Agent Referrals.
- Internet Leads.
What to Feed Your Database: Essential Information Gathering
Collect at least the following information:
- Full Name (accurate spelling)
- Home Address
- Home Phone Number
- Email Address
- Business Card (record details on the back: who was with them, the date you met, and where.)
This data forms the basis for an “8 x 8” and “33 Touch” marketing action plan.
The FORD Technique: Deepening Relationships
Use the “FORD” technique to gather additional information:
- F: Family
- O: Occupation
- R: Recreation
- D: Dreams
This will help you build rapport and gather valuable information.
- Buyer or Seller: Are they looking to buy or sell?
- Urgency: How soon are they likely to transact?
- Spouse’s Name: Essential for a comprehensive understanding of the household.
- Personality Profile: Adapt your communication style accordingly.
- Birthday: A simple gesture can strengthen relationships.
- Hobbies/Interests: Tailor your communication and offers.
- Children: Names and ages can provide additional conversation starters and personalize your approach.
Critical Analysis of Approaches
Different approaches to database management have varying strengths and weaknesses.
- “Mets-Focused” Approach: Leveraging existing relationships yields faster results but requires consistent nurturing. May limit long-term growth potential if not actively expanded.
- “Haven’t Mets-Focused” Approach: Requires significant investment in marketing and may have lower immediate returns. However, it can create a wider net and establish a strong presence in a target area.
- Balanced Approach: Combines the strengths of both by cultivating existing relationships while continuously prospecting for new contacts.
Common Challenges and Misconceptions
- Misconception: A large database automatically equates to success. Reality: A large, unmanaged database is less valuable than a smaller, actively nurtured one.
- Challenge: Maintaining consistent communication. Solution: Implement automated systems and delegate tasks where appropriate.
- Misconception: All contacts should be treated the same. Reality: Tailor your communication strategy based on the “Met” or “Haven’t Met” status and their individual needs.
Conclusion: The Path to Database Mastery
Mastering the art of classifying and managing Mets and Haven’t Mets is pivotal for building a thriving real estate business. By understanding the unique potential of each group, implementing structured strategies, and continuously refining your approach, you can harness the power of your contact database and achieve sustainable success.
Exercise
What information do you need to collect for a Seller Prospect versus a Buyer Prospect? Use the checklist below to indicate which information you will need to gather from a Buyer or Seller prospect. Discuss how you might use this information to build or strengthen relationships, establish trust, provide greater service, and so forth. Choose a spokesperson and be prepared to present your results to the class.
Checklist
| Contact Information | Property Information |
| Source of contact (ad, referral, open house, etc.) | Address of property |
| Referralโs name | Date property was purchased |
| Date referred | Purchase price |
| Contactโs name, address, phone, fax, email | Assessed tax value |
| Contactโs employer and work phone | Desired sales price |
| Contactโs job title | Occupancy: residence, rental, other |
| Contactโs start date of employment | Date of lease end |
| Contactโs date of birth | Date listing to expire |
| Spouseโs name | Mortgage balance |
| Spouseโs employer and work phone | Loan type |
| Spouseโs job title | Interest rate |
| Spouseโs date of birth | Available equity or down payment |
| Spouseโs start date of employment | Description of property |
| Anniversary date | House style |
| Children(s) names | Number of bedrooms, sizes |
| Children(s) date of birth | HOA fees |
Chapter Summary
Mets and Haven’t Mets: Scientific Summary
Recapitulation: This chapter introduces the fundamental categorization of contacts in a real estate database: “Mets” (individuals you’ve met) and “Haven’t Mets” (individuals you haven’t met). Mets are further divided into Network, Allied Resources, Advocates, and Core Advocates. The chapter emphasizes that Mets provide repeat, referral, and new business, while Haven’t Mets primarily contribute new business, potentially referrals over time with targeted marketing. The volume of contacts needed to achieve specific transaction goals (e.g., 320 transactions/year) is discussed, highlighting the importance of consistent database growth and engagement. Building both Mets and Havenโt Mets databases is important for success in real estate.
Key Takeaways:
- Categorization is Key: Understanding the distinction between Mets and Haven’t Mets, and the subgroups within Mets, is crucial for targeted communication and relationship building.
- Mets First: Focus on building a Mets database initially, as these contacts provide a faster route to repeat and referral business.
- Consistent Growth: Implement strategies to add new contacts to your database daily. Following the “Daily 10/4” from the KWU Ignite course (10 new contacts, 10 database entries, 10 notes, preview 10 homes weekly) will ensure your database grows fast.
- Long-Term Engagement: Recognize that realizing the full potential of your Mets database requires consistent communication over two to five years, following systematic marketing plans like the 8x8 and 33 Touch programs.
- Database Segmentation: Leverage your database to establish regular communication with contacts to build relationships to move them to becoming a Core Advocate.
Connection to Real Estate Principles: This chapter connects directly to core lead generation and relationship marketing principles in real estate. It emphasizes the importance of systematic prospecting, targeted marketing, and nurturing relationships over time to build a sustainable business. The 80/20 principle is also relevant, where 20% of your database will lead to 80% of your business.
Practical Next Steps:
- Categorize Existing Database: Audit your existing contact database and classify each contact as either a Met or a Haven’t Met, and further classify the Mets into their relevant sub-groups.
- Implement Daily Contact Strategy: Commit to adding 10 new contacts to your database each working day. Use the provided sources (family, friends, neighbors, etc.) to identify potential Mets.
- Develop Communication Plans: Create targeted communication plans for each contact category (Mets, Haven’t Mets) using an 8x8 and 33 Touch program.
- Master FORD: Use the FORD technique (Family, Occupation, Recreation, Dreams) during initial conversations to gather key information for personalization.
- Track and Measure: Monitor conversion rates from each contact category to assess the effectiveness of your communication strategies.
Further Exploration:
- Advanced Segmentation: Explore advanced database segmentation techniques to further refine your targeting and communication.
- Marketing Automation: Investigate marketing automation tools to streamline your communication efforts and improve efficiency.
- Behavioral Psychology: Study the psychology of influence and persuasion to enhance your relationship-building skills and increase conversion rates.
- Referral Systems: Research and implement strategies to incentivize referrals from your existing Mets database.
- Data Enrichment: Explore data enrichment services to gather more comprehensive information about your contacts and improve personalization.
