Real Estate Tip #3 - Your Database is Your Business
Updated: Feb 20
According to the National Association of Realtors (NAR), 87% of real estate agents fail before their 5th anniversary.
Why is this?
There are many reasons why they leave the business, but the #1 reason was that they didn't create a system to generate, nurture and close leads. They simply didn't have enough leads and/or didn't make lead follow-up a priority.
I have heard it thousands of times:
"These buyers aren't ready."
"These leads are just Lookie-Loos."
"I need leads that are ready now."
It doesn't matter where you generate your leads from (open houses, sphere of influence, Zillow, website, direct mail), they need to be nurtured. Some may only require follow-up for a few weeks, but the majority of them need months or even years of touches before they transact.
Realtors who have developed a good follow-up system typically outperform those who just "wing it" or those with the mindset of "I am only interested in working with people who want to buy or sell now".
Your database is like a farm. You can't expect to just plant some seeds and prosper. Your crops (database of potential clients) need watering, sunlight, weeds pulled, fertilizer etc. before you can expect a bountiful harvest.
I get it. Nurturing your database is tedious. But, it is profitable.
So, be sure to constantly feed your database with people you meet - your hairdresser, friends from the gym, landscaper, fellow church members, your pickleball opponents etc.
Consistently nurture those relationships and there is a good chance you won't be a part of the 87% who quit within 5 years.
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Your Database is Your Business
Broker/Owner of Corcoran Dwellings