English
Building Your Database.
A \data\\❓\\-bs-toggle="modal" data-bs-target="#questionModal-302126" role="button" aria-label="Open Question" class="keyword-wrapper question-trigger">database❓ is an organized collection of data stored electronically. In real estate, it’s a comprehensive Customer Relationship Management (CRM) system.
Most modern databases rely on the relational model, where data is organized in interconnected tables. For example, a table for customers containing personal information, another for properties they are interested in, and a third for communication activities.
A database acts as an information store, with the goal of reducing uncertainty (Entropy❓❓) in the lead generation❓ process.
Shannon’s Entropy Formula: H(X) = - Σ P(x) log₂ P(x) where H(X) is the entropy and P(x) is the probability of event x.
Building a strong database requires careful planning and systematic implementation. Key principles include:
- clear❓ Goal Definition: Define what you want to achieve.
- Data Source Identification:
- Personal Contacts: Friends, family, former colleagues.
- Current and Former Clients.
- Exhibitions and Conferences.
- Social Media: LinkedIn, Facebook.
- Online Registration Forms.
- Purchasing Lists.
- Data Cleaning and Standardization.
- Compliance with Privacy Laws (e.g., GDPR).
- Choosing the Right CRM System.
Database maintenance involves:
- Information Gathering:
- Demographic Information: Age, gender, income, location.
- Behavioral Information: Purchase history, website interactions, social media engagement.
- Psychographic Information: Values, interests, lifestyle.
- Information Updates:
- Verification of Information: Validate email addresses and phone numbers.
- updating❓ Demographic Information.
- Tracking Interactions.
Case Study: A real estate agent used a CRM database to track potential clients and sent personalized emails based on their interests, resulting in a 20% increase in completed deals.
Experiment: A real estate agency divided its database into different groups based on demographic and behavioral information and sent customized marketing messages to each group, leading to a 15% increase in the conversion rate.
Chapter Summary
The second chapter of “The Art of Lead Generation: Advanced MREA System” focuses on the importance of building a strong database❓ in real estate. The database is the core of real estate business.
Key points:
- The database is the business itself; its strength reflects potential growth.
- database building❓ strategies include: prospecting, marketing, and referrals.
- Daily database feeding is essential; this includes adding contact information, updating❓ existing data, and recording interactions.
Conclusions:
- Success in real estate depends on the database.
- Investing in database building is an investment in the future.
Implications:
- Change the mindset to view the database as a valuable asset.
- Implement effective strategies for data collection and updating.
- Allocate daily time to feed the database.
Summary:
Chapter Two clarifies the database as cornerstone in real estate work. Agents must focus on building a comprehensive database and feeding it daily to ensure❓ sustainable success.
