Real Estate Training: 6 Proven Strategies for Long-Term Database Growth and Success

Today, I want to share some practical advice on one of the most important aspects of your real estate training: building a robust database. As a top 1% real estate agent for 15 consecutive years, as well as a coach and mentor, I've seen firsthand how a well-managed database can completely transform your career. When I first started as a real estate agent back in 2004, I had no idea where to begin or how to navigate this crazy, competitive industry. But through a lot of trial and error, strategic training, and implementing proven strategies, I've managed to build a business that not only survives but thrives.

The Importance of Database Building 

Your database is your lifeblood. It's the foundation upon which you'll grow your business for years to come. When I first started out back in 2004, I focused relentlessly on expanding my network. Whether I was cold calling, attending community events, or simply chatting with neighbors, I made it my mission to connect with as many people as I could in all possible ways, and add them to my database. As you start your real estate training, remember that you have to be creative, and turn every opportunity that comes your way into a means to expand and build your network

Quality Over Quantity 

But here's the thing - it's not just about quantity. Quality matters too. Your database should be filled with people who know you, like you, and trust you. These are your A-listers, the ones who always have your back, and who rave about you to anyone who'll listen, who will refer you business, and who won't hesitate to recommend you to their entire network. In real estate sales training, it's crucial to focus on cultivating these kinds of relationships.

Key Steps to Building a Succesful Database for Real Estate Training

So, how do you go about building a database brimming with quality contacts? Let's break it down, and look at the important steps for making a database that'll be super helpful whether you're just starting some specific training like real estate appraiser training, or you've been at it for years.

Step 1: Building Your Sphere of Influence (SOI)

This is the foundation of your database, and it includes all the people you already know, like, and trust. We're talking about your friends, family, colleagues, and acquaintances. Don't be shy about letting them know you're in real estate, and ready to help them with their property needs.

However, your SOI isn't just a static list. It's a living, breathing network that you need to continuously grow. As part of your real estate training, it's always good to have a head start, so attend local events, join community organizations, and always be on the lookout for opportunities to connect with new people. Remember, every conversation is a chance to expand your SOI, and build meaningful relationships.

Step 2: Acquiring New Leads

While your SOI is the foundation of your database, you can't stop there. To really grow your business, you need to be proactive about acquiring new leads. This is where strategies like cold calling, geographic farming, and targeting expired listings come into play.

Now, I know cold calling can be intimidating, but as someone who has been through it, it really does work. Accept that this is part of your real estate training and for the years to come. Set aside dedicated time each day to make those calls, and don't get discouraged by rejections. Every "no" brings you closer to a "yes." I personally believe that a rejection is a redirection to your hard-earned success. 

Geographic farming is another fantastic way to establish yourself as the go-to agent in a specific area. Focus on a particular neighborhood, and become an expert on everything from local market trends to community events.

And don't forget about expired listings! These are properties that didn't sell during their initial listing period, and the owners may be feeling frustrated and in need of a new approach. Reach out to these potential clients, offer your expertise, and show them how you can help them achieve their goals.

Step 3: Leveraging a CRM System

Okay, so you've got your SOI and you're acquiring new leads - now what? This is where a Customer Relationship Management (CRM) system comes in. A CRM is your secret weapon for keeping all your contact information organized and easily accessible. In your real estate training, you should find a CRM that works for you - there are plenty of great options out there, then customize it to fit your unique needs. 

But if you’d like to know what’s proven and tested already, I personally swear by kvCORE.You can go check out my Million-Dollar Lead Framework if you’d like to know how you can achieve millions of sales just like I was able to achieve $325 million in real estate gross volume sold using kvCORE. 

The reason I'm telling you this is because it's where you need to track your interactions, set reminders, and automate your follow-up process. As someone who is ranked in the top 1% nationally, a well-maintained CRM will save you countless hours, and help you stay on top of your game. So, make sure you do your research, and set up a CRM system right away when you start your real estate training.

Step 4: Building Rapport and Trust

Now that you've got your contacts organized in your CRM, it's time to focus on fostering relationships and building trust. This is an important aspect to master during your real estate training because once you nail it, there's no stopping you.

So, make a point to reach out to your contacts regularly, whether it's through phone calls, emails, or personalized notes. But don't just reach out for the sake of reaching out - ensure you're providing value with every interaction. Share market updates, offer homeownership tips, and keep them informed about local events.

Be intentional and purpose-driven because it will get you farther than collecting connections that lack substance. The more value you provide, the more your contacts will come to see you as a trusted resource and advisor.

Step 5: Categorizing Your Contacts

As your database grows, it's important to categorize your contacts based on the level of your relationship. Learning to organize your contacts is a really important part of your real estate training. As time goes on, you'll get better and better at keeping everything in order. I like to use an A, B, C system. My A contacts are my VIPs - the people I know well and would invite over for dinner. B contacts are folks I've met and want to get to know better, while C contacts are new leads I'm just starting to nurture.

By categorizing your contacts, you can tailor your communication and outreach to fit each group. For your A contacts, focus on personal touches and face-to-face interactions. For your B and C contacts, provide value through targeted content and consistent follow-up. Remember, the goal is to move all your contacts towards that A category over time.

Step 6: Consistent Effort and Follow-Up

Lastly, the secret to making your database work for you is to keep at it and always follow up. It's best to know this from the start of your real estate training. Building a successful real estate business takes time, and your database is a big part of that. Make sure to set aside some time every day to work on your database. This could mean making phone calls, sending emails, or updating your CRM.

And don't forget to leverage the power of automation! Use your CRM to send out birthday greetings, market updates, and other valuable content on a regular basis. At the start of your real estate training, keep in mind that the more consistent you are with your outreach, the more your contacts will come to trust and rely on you.

New Real Estate Agent Training: Overcoming Obstacles

Now, I know building a database can feel daunting, especially when you're just starting out in your new real estate agent training. But just imagine the results it’s going to bring you. That’s going to make it all worth it. Every single person you add is a potential client, advocate, or referral source. And as your database grows, so too will your business.

Real Estate Training Challenge: Taking Action and Growing Your Business

So, whichever point you are in your real estate training, my challenge to you is this: commit to adding at least five new people to your database each week. Reach out to them, build rapport, and watch your business flourish. Remember, your database is your most valuable asset as a real estate agent. Treat it with the care and attention it deserves, and it will pay dividends for years to come.

Conclusion

I hope this advice has been helpful, and I encourage you to join me at one of my upcoming bootcamps or masterclasses. Together, we'll take your database (and your business) to the next level.

Let's do this, future Million-Dollar Agents! Your success story starts now, and I can't wait to celebrate your wins with you. So just keep showing up, keep prospecting, and most importantly, keep building those relationships regardless. The best is yet to come!

Now go out there and make it happen.

People Also Ask

How long does it take to get your real estate license in Virginia?

It takes an average of four (4) months to obtain your real estate license. But, many people take far less or far more time to get their Virginia real estate license. You can obtain a license in just a few weeks. Or, you can take your time and earn your license over the course of a year.

Is it hard starting out as a real estate agent?

Becoming a successful real estate agent demands diligence, commitment, and resilience. Achieving this status involves completing coursework, passing an exam, and securing a brokerage affiliation. However, the journey doesn't end with obtaining a license. Mastering the art of selling homes, a skill not typically covered in real estate education, is essential.

What are the pros and cons of becoming a real estate agent?

The advantages and disadvantages of being a real estate agent include the flexibility to set your own schedule, which allows for personal freedom but may lead to excessive work hours. Additionally, there's the benefit of unlimited earning potential, yet during slow periods, there's no guaranteed income. On the positive side, the fulfillment of assisting in fulfilling dreams is a rewarding aspect of the profession.

What are the odds of making it as a realtor?

According to the Bureau of Labor Statistics, the failure rate in real estate falls within the range of 43% to 54%. However, commonly cited figures suggest that 87% of real estate agents experience failure within a five-year period.

How long do most realtors last?

You may have read online that many real estate agents fail. The National Association of Realtors (NAR) found that 75% of Realtors fail within the first year of being in the industry and 87% after five years

Establishment Age and Survival Data: U.S. Bureau of Labor Statistics. Bureau of Labor Statistics, www.bls.gov/bdm/bdmage.htm#rental. Accessed 19 Apr. 2024.

2023 Home Buyers and Sellers Generational Trends Report, National Association of REALTORS® Research Group, 2023, www.nar.realtor/sites/default/files/documents/2023-home-buyers-and-sellers-generational-trends-report-03-28-2023.pdf.