Client Collective was created after the undertaking of a large agency’s database-wide audit. Within this audit, it was realised that millions of dollars in lost commissions were being left on the table, as existing clients were left in database purgatory. With no plan to communicate with clients until they had already decided to sell, and instead of nurturing the thousands of opportunities they already had in their databases, the agents competed with opposition agents, dropped commission, marketed with sup par campaigns, and relied on opportunistic stock rather than building a reliable source of new listings from clients that genuinely trust them.
We spend a lot of time convincing agents just how important making meaningful communication with their existing database really is. If you don’t believe us, conduct an audit on your database for yourself and find out the true value of your missed opportunities
The Audit
Depending on the size of your database, this may take a few involved afternoons, or this may be a much more engaged process. Whether you do this yourself, you delegate it to a team member or you utilise Virtual Assistants, we promise the time spent uncovering the blind spots in your database will be worth it when you see the potential income.
Process
Generate a list of every property sold in your core area/s in the past 12 months. Cross check every property against your database:
- Did you have their details?
- Did you list it?
- No?
- Why not?
- Did you speak to them regularly?
- Did you identify that they were selling?
- Did you get to present for the listing/appraise the property?
- Did they already have a relationship with another agent?
- What percentage did you have the details for, but did not list?
What has this cost you?
Now that you’ve gone through your database, and you’re piecing together some of the areas you may need to spend some time focusing on; you’re going to do one last sweep of the missed sales.
Find your area’s median property price, work out your usual commission rate, and multiply that number by the properties that you did not sell in the last year.
Did your jaw hit the floor?
Write down the figure on a piece of paper and share it in your office.
This isn’t an exercise designed to shame or humiliate you, but to get you to think about your carefully cut sliver of pie, and then reflect on the pie-eating contest surrounding you. Consider the points covered in The Audit and see why you might have missed out on listings for the clients that were already in your database. Consider looking at other blogs on our website and, if you still need more hands-on guidance, get in contact with us! We’d love to help you give you and your team the training and advice to take advantage of the hundreds of thousands of potential lost revenue sitting in your database alone.
