English
Database Power: A Foundation for Success
1. data❓base Concept
A database is an electronically stored, organized collection of data designed for easy access, management, and updating. Scientifically, it’s an information system aiming to:
- Reduce data redundancy: Avoid storing the same information in multiple places.
- Ensure data consistency: Ensure stored data is correct and updated, with all users seeing the same information.
- facilitate data❓ accessibility: Provide effective methods to search and retrieve data.
- Provide data security: Protect data from unauthorized access, modification, or deletion.
1.1 Database Models
Common database models:
- Relational Database: Based on a mathematical “relations” model. Data is organized into tables with rows and columns. Relationships are defined using primary and foreign keys.
- Object-Oriented Database: Stores data as objects with attributes and methods.
2. Database Power in Real Estate
A real estate database can be used for:
- Lead Generation: Identify potential clients interested in buying or selling properties.
- Customer Service Improvement: Track customer interactions and needs to provide personalized service.
- Marketing Improvement: Segment customers based on characteristics and interests for targeted campaigns.
- Sales Increase: Track the sales process and identify obstacles to improve sales team performance.
2.1 Mathematical Formula for Database Value
Database Value (DBV) = L * A * CR
Where:
- L = Number of potential clients (Leads)
- A = average transaction value❓❓
- CR = Closing rate
Example:
- 1000 leads
- Average transaction value of 500,000 Riyals
- 2% closing rate
DBV = 1000 * 500,000 * 0.02 = 10,000,000 Riyals
3. Building an Effective Real Estate Database
Key steps:
- Identify Data Sources:
- Real estate exhibitions
- Websites
- Social media
- Referrals
- Lead lists
- Community events
- Define Data to Collect:
- Name
- Phone number
- Address
- Budget
- Property type
- Location
- Purchase timeline
- Personal interests (FORD model: Family, Occupation, Recreation, Dreams)
- Choose a DBMS:
- Data storage
- Data search
- Data update
- Data analysis
- Reporting
- Integration with other tools❓ (e.g., CRM)
Examples: Microsoft Access, MySQL, PostgreSQL, Salesforce, HubSpot
- Enter and Regularly Update Data: Ensure accuracy.
- Data Cleansing: Remove duplicates or incorrect data.
- Segmentation: Group customers based on characteristics and interests for targeted marketing.
4. Database Feeding
- Collect 10 business cards daily.
- Contact 5 people daily.
- Write 15 notes daily.
- Preview 5 houses daily.
5. Systematic Communication with the Database
- “8x8” plan: Intense marketing plan over 8 weeks with 8 different contacts.
- “33 Touch” plan: Long-term plan over a year with 33 contacts.
- Email Marketing: Send regular emails with market information, special offers, and tips.
- Social Media Marketing: Engage with potential and current clients.
6. Serving All Potential Clients
Serve all leads with respect and care.
7. Legal Security of the Database
Comply with data protection laws like GDPR. Obtain consent before collecting and using data, and provide an opt-out option.
Chapter Summary
- A strong database❓ is crucial for success in real estate.
- The database is the core of real estate work, and regular communication with it is vital. The database is a valuable asset.
- Database tools❓ range from simple paper cards to advanced database management systems. The best tool is the one used regularly and systematically.
- Four key database management laws: database construction, daily database feeding, systematic database communication, and serving❓❓ all potential clients.
- The size and quality of the database are directly proportional to the size of the real estate business. Contacts are divided into “haven’t met” and “met” categories, each with different strategies. Focusing on converting contacts into “core supporters” is important, as 20% of them may lead to 80% of the business.
- Daily database feeding involves collecting❓ business cards, making phone calls, writing notes, and visiting homes. Contact information should be continuously updated.
- Systematic communication with the database is crucial through specific marketing plans, such as “8x8” for building relationships, “12 direct” for creating new relationships, and “33 touches” for maintaining existing relationships. The goal is to “outperform in communication” all other agents.
- The database is the most important asset for a real estate agent, and is the foundation of growth and sustainability. Regular and systematic use of the database is key to success. Time should be allocated daily to feed and update the database. Systematic marketing plans should be applied for effective communication with the database.
- Real estate agents should develop comprehensive marketing strategies focused on building, feeding, and communicating with a database of potential clients.
- Necessary resources, including time and money, should be allocated to manage the database effectively.
- Real estate agents should invest in training and development to enhance their skills in building and managing databases.
- Database performance should be measured, and the effectiveness of the strategies applied should be evaluated to improve results.
