If you’re like most Real Estate Professionals, your Database is one of your primary sources of business. But here’s the big question:
Is it truly a Database, or just a glorified Mailing List?
When I talk about your Database, I’m referring to your Past Clients, Friends, Family, and Sphere of Influence—relationships that fuel your success.
At RRi, we call our approach the Lifetime Referral System (LRS). And each year, when I review Business Plans, I look at a key ratio in the deal tracker:
Repeat Clients vs. Referrals.
Building an Effective LRS
Your LRS needs three essential elements:
-
Volume
Aim for 24–36 touch points per year to stay top-of-mind. -
Intent
- Highlight your Competency
- Strengthen the Relationship
- Occasionally Surprise and Delight
(Imagine sending a market update email to show your expertise, then following up with a coffee meeting.)
-
Delivery
Use diverse methods:- Voice-to-voice
- In-person
- Text
- Video
(A short, engaging video tour of market trends outshines a generic newsletter every time.)
Repeat vs. Referral: What’s Your Ratio?
Most agents focus too much on automatic touch points like newsletters or market stats, which emphasize Competency.
But referrals come from relationships.
Remember:
- Automatic touch points = Repeat business
- Personal interactions = Referrals
The Choice Is Yours
So, what do you have?
- A Database that balances Competency and Relationship—and occasionally Surprises and Delights?
- Or a Mailing List that’s just a series of automated contacts?
