How’s your database? Part 3

This article is the third in the ‘how’s your database’ trilogy and as the self-appointed database angel on your shoulder, I am once again focusing on this critical element of building a relationship-based business.

This month I want to break down the numbers with you, so it becomes abundantly clear what is possible with a little focus over a period of time.

Firstly database size, have you absolutely spoken to everyone you know, told them what you are doing, why you are doing it, why you are different, along with asking for their support in terms of recommendations and referrals. If not, truly, this is your low hanging fruit.

If you complete that task, it’s likely you will end up with at least 100 contacts in your database, and not just 100 people, 100 qualified contacts, people who will drive business to you.

Now a well nurtured database, over time, will deliver around 1 transaction for every 10 contacts, so let’s look at this in terms of value, now you will appreciate I am writing this for the whole of the UK, so property prices will clearly vary, but my good friend Google tells me that at the time of writing the average in the UK is £256,000, so I will assume an average fee of £3,200.

At that fee, assuming 100 contacts in your database will, on average, drive leads that lead to £20,000 in income for you – not amazing in itself, but that’s just at 100 and remember that’s just your database leads and doesn’t take in to account the leads you generate through prospecting and marketing.

If you then add 1 person per day, Monday to Friday you will have, in just one year, 360 people in your database and that will give you, in a rolling year, an average of 36 transactions which will cap you in any market centre and on our average fee above, drive around £80,000 in income for you.

So the question is – can you tell everyone you know what you’re doing and then can you tell 1 new person a day and add them to your database?

As I said, I hope you find my article like the angel on your shoulder, whispering the things in your ear that will genuinely help you achieve your goals and dreams, because, realistically, that is all the Regional Team and the MC Leadership are here to do.

Have an incredible week.

Andrew Benn

Chief Operations Officer, KWUK