Why Do You Need to Clean Up Your Database?
Your real estate business collects a ton of data over a long period of time. The problem is that so many business owners don’t have control over their databases. That means they’re not making the most effective use of the data they have. The end result? Missed opportunities to engage potential clients, which means you’re making fewer sales. I’m going to look at a few ways for you to take back control of your database. But first, let’s look at some of the reasons why you need to do it in the first place.
It’s all about creating discipline and control within your business.
When you clean up your database, you’re taking control of your cash flow. That means you’re mitigating the impact that the market can have on your business. That means you’re able to predict the future of your business and create the frameworks needed to get to that future. But beyond that, taking control of your database means you can build the business that you’ve always wanted. More control also means you’re protected when a team member leaves. You’re able to just pipe somebody else into the role because you know that you have a clean database. That’s because it’s much easier to train a new team member when you’re not grappling with inaccurate data.
Finally, there’s the monetary side of things.
A while back, I did a little exercise with one of my mentoring clients. We spread that exercise out over the course of six months and discovered some amazing facts. Lack of control over the database had cost the business $1.5 million in that six-month period in lost opportunities. They had all of the data. They knew where their customers lived and how to get in touch with them. However, they weren’t leveraging that data to maintain contact with these customers. As a result, they never knew when the customer wanted to sell, which meant they missed out on potential transactions.
Maybe you’re in the same position. That means it’s time to take back control of your database. These are the steps you need to take.