Topic 2: Contact Management Systems Law 2 of the MREA Set up a Database and Feed It How would you rate your current Contact Management System on a scale of 1-10? (1: Do not have one and don't feed it daily, 10: Use CMS tasks daily and feed it daily) Circle where you feel you are: 1 2 3 4 5 6 7 8 9 10 What do you feel would help you start to manage your contacts at a TEN? Participate If there is anything you want to know about the Lead Generation Model that is not included in this workbook, refer to the resource website at www.coachkorn.com/mtpra and/or refer to pages 133-148 of the Millionaire Real Estate Agent book and any of the MREA KWU courses like: Systematizing your Lead Generation and Your Business is Your Database. You may also email or fax your questions to brad@coachkorn.com. We ll do our best to address your issues. Email: brad@coachkorn.com Fax: 913-563-6835 Phone: 816-220-1661 1
Introduction Objectives for Topic 2 1. Understand difference between a Rolodex, Database and Contact Management System 2. Feed your CMS daily & Convert Leads 3. How your CMS will help you become more consistent and persistent 4. Your Database IS Your Business 5. Tracking the Numbers 6. Action Plan overview 2
1. Build a Database Managing the large number of contacts necessary for massive lead generation is neither practical nor cost-effective unless you are using contact management software (CMS). CMS allows you to effectively leverage yourself in lead generation and provides many benefits 3
This chart gives you a clearer understanding of the Strategic Model for Generating Lead and Building Relationships. This helps you understand who to put on what follow up system. Once you develop the habit of feeding your CMS every day, you will quickly realize you will need a way to keep track of all these contacts. 4
2. Feed it Daily and Cultivate Most agents struggle with cultivation. If they connect but can't immediately close for an appointment, they usually let the lead slip. They simply don't get back to people. Oddly enough it surprises them and disappoints them when they hear that those people listed their house or bought another home with another agent. Gary and the Box Once you start consistently generating a lot of leads a contact management system will be required 5
3. What to Look for in a Contact Management System Your contact management system should keep you focused on your 20%. This should not just be another To Do list, is should keep you focused on your "Have To Do" items. Once you develop the habit of starting your day on your Dashboard, you will be consistent and persistent as Gary suggest in the MREA book. 6
4. Your Database IS Your Business 7
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What are the Lost Opportunities? 7. How often does the average person move? Every years. 8. How Many people in your database now divide by years equals total number of contacts in your database that are moving this year 9. If you look at your last year's sales, and determine how many of those closed transactions came directly from someone already in your database (not counting referrals, open house leads, sign calls, etc) you will see the number of people you captured, and what your lost opportunity was. 5. What are your Lead Generation Goals? 9
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6. Consistent & Persistent Follow-up with Action Plans 15
The numbers presented in the Cost of the Millionaire Lead-Generation Plan allow us to make some interesting deductions. Repeat and referral business (lead generation from your Met database) require less money per sale than new business. We also understand that while these cost less, they take more time and effort (33 touches vs. 12 direct mails). Unless you get more referral and repeat business per person (ex. establish clientele of real estate investors), your time will limit the amount of referral and repeat business you can do. Furthermore, the kind of personal attention required to successfully lead generate from your Met database may also prevent you from eventually stepping out of the business and achieving the final stage, Receive a Million. This is one reason most Millionaire Real Estate Agents aggressively pursue Haven't Met lead generation in addition to their formidable Met marketing and prospecting programs. Recap Focus on your database for the next 90 days. Nothing else. Throughout this course you will build a few action plans and in our bonus session you will learn how to use action plans throughout your business to help your business to be consistent and persistent and help service all the leads that come your way. You are on your way to becoming a Millionaire Real Estate Agent. 16
Topic 2 Action Plan 1. Research your database and others to determine if they offer the features you want in your contact management system. 2. Use your memory jogger list to continue to add new contacts to your database daily. 3. Complete the goal sheets to determine the number of leads you need to add to hit your goals. 4. Read pages 133-148 of the MREA book a minimum of 4 times before next call. 5. Watch 2nd video at www.coachkorn.com/mtpra Notice While Bradley Korn PC has taken due care in the preparation of the coaching program, the material contained herein reflects the practices of other agents and is not necessarily the best practices promoted by Bradley Korn PC. We cannot guarantee the accuracy of the materials. Bradley Korn PC makes no warranties, either express or implied, with regard to the information and programs presented in this manual. Bradley Korn PC will not be liabile for any loss or damage of any kind that you incur as a result of the use of any content provided by the Coach Korn MTPRA sessions. Bradley Korn PC therefore cautions you not to assume that the results of this exercise bear any relation to the financial performance you can expect as a MTPRA attendee. The coaching program is offered to support your professional growth by directing you toward productive activities. Copyright notice: All materials are copyright 2014 Bradley Korn PC. All rights reserved. No part of this publication and its associated materials may be reproduced or transmitted in any form or by any means without the prior permission of Bradley Korn PC, Brad Korn or Coach Korn. 17
Weekly Numbers Form NAME: DATE: Week YTD 1. How many days did you work this week? 2. How many hours did you spend prospecting? 3. How many new contacts did you obtain? 4. How many Listing appointments did you refer to others in your office? 5. How many listings did you sell? 6. How many Ad and Sign calls did you answer? 7. How many Ad and Sign calls did you convert to appointments? 8. How many other buyer appointments did you set (walk-ins, referrals, etc.)? 9. How many buyer agency contracts did you get signed? 10. How many buyer appointments did you attend? 11. How many homes did you sell? 12. How many deals do you have pending? 13. What is your current pending income? 14. How many deals fell through? 15. How much paid income did you receive? Email to takeaction@coachkorn.com or FAX this to 913-563-6835 18