The average loan officer’s contact database should be in the thousands – but typically it’s only a few hundred
I know my database should be larger, but I never seem to find the time to put it together. I even have previous customers from previous companies I am not keeping in touch with. I have been in the industry for over 10 years, but my database is just 350 contacts. I have closed more loans than that.
--Bill from Wisconsin
This is a question I get again and again from real estate agents and loan officers. The average database should be thousands, but it typically is a few hundred. The opportunities you are missing are tremendous in this regard. To frame my answer, I am going to start by giving a foundation of concepts and then I will elaborate more next week. Here are the concepts:
· First, your database should not be just a database of your previous customers, it should be a compendium of your entire sphere.
· You have databases all around you – from your cell phone to your business card file.
· Do not cull your database. Move contacts out only when they are deceased. You will prioritize marketing actions to the contacts, but not eliminate those which are not prioritized.
· You must have the technology you need, which means a powerful CRM system. You can't market to your database using sticky notes or even Outlook.
· You will achieve the numbers you need one step at a time. Five contacts a day inputted means 1,200 in a year and 12,000 in ten years. Compare these numbers to yours and you can see the chasm.
We will go deeper within these concepts next week.
Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published. His website is www.originationpro.com. If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at [email protected].