Database Development: Contacts and Management Software

1. building❓ the Database: Contacts

A database is essential for organizing customer❓ information, aiming to collect relevant and accurate data.

• Basic Contact Information:

  • Name (First, Last)
  • Phone Numbers (Home, Mobile, Work, Fax)
  • Email Address
  • Address (Residence or Work)
  • Notes on Previous Correspondence: detailed record of conversations, meetings, agreements.
  • Source: Where the contact information was obtained (Referral, Exhibition, Website).
  • Database Group: Categorization based on shared characteristics (potential❓ Clients, Current Clients, Partners, Suppliers).
  • Active: Whether the contact is actively seeking services or products.
  • Status Level: Importance level (A: Key Client, B: Potential Client, C: General Contact). Uses Expected Value (EV): EV = P(Conversion) * Estimated Deal Value (P(Conversion) is the probability of converting the contact into a client).
  • Contact Type: Categorization based on role or interests (Direct Seller, Expired Lead).

• Additional Information (“Inner Circle”):

  • Date of Birth: For sending personal greetings.
  • Spouse/Children Birthdates: Showing interest in family.
  • Children’s Names: For personal conversations.
  • Anniversary Date: Expressing appreciation.
  • Hobbies: Understanding shared interests.
  • Job Title: Understanding role in the company.
  • Company: Knowing where they work.

These dates should be noted and reminders set.

• Updating the Database:

  • Update contact information.
  • Place the contact in the correct category.
  • Apply the correct database plan.
  • Update notes.

Detailed notes about correspondence are necessary. All team members should record dates and important points.

• Customizable Fields:

  • Buyer/Seller Specialist.
  • Closing Year.
  • Cooperating Agent.
  • Referring Agent.
  • Investor.
  • Adopting Buyer (Purchased team listing).
  • Sale Price.
  • Home Description.
  • Interest Rates.
  • Loan Type.

2. Contact Management Software (CMS)

Generating leads depends on the size and effectiveness of the database.

• Using Contact Management Software:

  • CMS examples: Top Producer, Online Agent, Act.
  • Benefits:
    • Fast access for email marketing.
    • Facilitates direct mail: Print labels or export the database.
    • Central location for storing all contact information.
    • Facilitates team collaboration.
    • Create pre-programmed action plans for team members.
    • Synchronization with mobile devices and web access.

• Choosing the Right CMS:
  Average database size for top agents is 3600 contacts. They use their contact databases daily, add 17❓❓ contacts weekly, and remove 7 weekly.

• Basic CMS Features:

  • Contact Information Management: Fields for detailed information (birthdays, professions, hobbies, children’s names). Customizable fields and detailed correspondence records.
  • Address Book Import/Export: Import to avoid re-entering contacts, export for backups and direct mail.
  • Transaction Management: Assign tasks, store contracts, track listings, closings, and other transactions.
  • Calendar and Appointment Scheduling: Record events, schedule appointments, set reminders.
  • Email integration❓ and Automation: Integrate contacts into mass emails for marketing.

• Additional Features:

  • Reports: Analyze areas of business, such as marketing campaign effectiveness.
  • Marketing Materials: Integrate contacts into marketing materials.