[Podcast #6] Agents Boost How To Get a 22 Percent Return on Investment from Real Estate Database
Click Here to Hear Audio Podcast Agents Boost How to Get a 22 Percent Return on Investment from Real Estate Database
Hi everybody, it’s Wade Webb, the author of “The Lazy Realtor” and founder of Agents Boost.
So many times agents are focused on finding that next customer and finding that next deal and we forget about the value of the existing clients that we’ve already done business with. All those people that we have in our relationships list in our database of the people that are already no less like us, love us, and trust us and are we really taking enough time and are we really digging deeper to be able to get a higher return on investment?
So, one of the strategies I want to share with you is just a simple strategy on how to get a 22 percent return on your existing database. So one of my coaching clients, a guy with the name of Keith Hawkin, has a business in the city where he is only a few years in the business and he has a database of 180 clients. He minimally touches this people at least 33 times a year. So, he is touching 180 people in his database about 33 times a year and he is getting a 22 percent return on his investment which means 40 transactions at an average of 8 thousand dollars and a 320 thousand gross commission income return on his investment.
So how does he do that? Simple, Wade, I can’t touch people 33 times… that’s where you’re wrong, you can. So just imagine if you implemented a simple strategy like a monthly hardcopy newsletter. Each newsletter goes out once a month, that’s twelve touches rate there. Imagine if you implemented on the 15th of each month an e-report, you email all data report on statistics, articles, things like that, and on the 15th of every month, that’s 12 times a year, that’s 24 touches. Imagine of you have a client appreciation event, like a barbecue or a movie theatre night, or something like that, there is another touch. Imagine if you had a pick up the phone and just call them and touch base for them 4 times a year, there is four more touches.
Imagine if you implemented a simple system like sending them a personal handwritten note. After each time you’ve talked to them you write them a personal handwritten note how nice it was to talk to them put your card in there there’s our more touches after your phone call. You’re getting more and more ways of finding ways to be able to build value, deepen relationships with your clientele.
Here’s a reality, each and every one of those 180 people, know another 200 to 250 people. Are we tapping in to those other 200-250 people that each of those people know? How do we do that? by adding value, by giving, by touching, by keeping top-of-mind. Keith is only spending $150 a year on each of his clients, on each of those items, on each of those articles. So, I’m not asking you to invest a whole lot of money, that total is $27,000 a year, that’s about $12.50 a month for each of his customers but it’s in return of $320,000 gross return on his investment. That’s like 1058% return on your activities on that, so think about how you can deepen your impact on your existing database, how you can create more referrals, and how you can get more with less.
Touching them and deepening with them, stop chasing for new people and strangers and people that you don’t know, and start working on how you can tap in to those people that already know you, like, and trust you and invite you in to those other people. This is Wade Webb and this is your Agents Boost.