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Best Practices for Commercial Real Estate Experts: Contact Management Mistakes to Avoid So You Don’t Lose Deals

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Person Using a macbook air-1Does your contact management system save you time with easy organizational tools and predictive insights? Or, does it take as much time to find the person you’re looking for as it does to actually call them when prospecting?

If you don’t manage your contacts efficiently, you’re wasting valuable time going through your client info, instead of spending that time closing deals. While you’re shuffling through your rolodex or Excel spreadsheet, your competitors are winning business from the same contacts you’re trying to find.

If you want to be (or continue to be) a top broker, you need to manage your contacts like an expert. Wondering what contact management pitfalls could be costing you deals? Read on to find out 3 beginner mistakes, and what to do instead.

Mistake 1: Not Having a Consistent Process

The first beginner mistake is not having an efficient and consistent process to manage and update contacts. If you’re a beginner, you input contact info occasionally into a flat database and update it even less frequently. So, you rarely have the most up to date information about clients, which can result in inefficient prospecting efforts that waste your time.

For example, if you block off a significant chunk of your day to prospect, and spend a couple hours unknowingly cold calling and emailing a bunch of out of date phone numbers and email addresses, it’s going to take you a long time to see a return on your efforts. Meanwhile, your competitors are quickly and efficiently churning through prospecting lists and hearing back from those same clients who you don’t have the right information for, long before you ever will.

How can you avoid wasting precious hours in a day?

You have an organized, repeatable process for updating contact info. You can do this by maintaining a regular cadence of friendly follow-up with prospective, current, and past clients. Monthly, or even quarterly, just send a simple “checking in” email. In doing so, you can check a contact’s email signature to see their most up to date phone number, or read an automatic reply to make a note of when someone’s email address has changed. That way, you always have the information you need to structure your daily activities and maximize your efforts. 

Mistake 2: Not Using the Right Technology

Being organized only gets you so far. The biggest beginner contact management mistake is not using the right technology. If you’re a beginner, you use low tech methods like pen/paper, a rolodex, or Excel to keep track of critical client info.

These methods are time consuming to maintain and do little more than store information instead of putting it to work to make you more money. While you’re wasting time searching for someone’s business card, your competitors are using the latest tech to win lucrative deals (in half the time it takes you).

How can you save time managing your contacts while also closing more deals?

Use expert contact management tech. If you’re an expert, you use a relational database that provides predictive insights and high probability leads. More importantly, that technology is accessible anywhere, from any device, making it effortless to create and update contacts. You’re able to update contact information on the fly at client meetings, so you don’t forget any details by the time you get back to your office. So, with less time and frustration, you get more out of your contacts than your competitors—and win more deals. 

Mistake 3: Not Getting Predictive Insights

The last beginner mistake on the list is not getting the most out of your contact data with predictive insights. If you’re a beginner, the info you gather about prospects and clients doesn’t help you close more deals. Instead, you lose deals to competitors who use contact data to quickly determine which clients are high probability leads for any given property.

How can you avoid losing deals due to less informative insights?

You can make your data work for you. If you’re an expert, you store and organize your contact info in a relational database such as a CRM. CRMs organize information by its relationship to other information, like relating a client to a company or property. This enables you to get predictive insights from your contact data.

Instead of simply knowing basic information about your contacts—like email address, phone number, etc.—you know which contacts are your highest probability leads. That way, you can reach out to the right person at the right time, and close deals faster.

Wrapping It Up

Having an expert system to manage your contacts can be the difference between being an average broker and being a top broker, who always has a full deal pipeline. If you’re making beginner mistakes—like not having a repeatable/organized process, the right technology, or predictive insights—you’re not reaching your earning potential.

To be a top broker, you need to use modern technology that makes contact management easy and puts your client data to work for you. Request a demo of Apto below to see how we can help you do just that and more.