Real Estate Contact Management - Contacts and Prospects

Know the difference between a contact and a prospect.

One of the most important daily functions in managing a successful real estate practice is maintaining an accurate and up-to-date real estate contact management system. In today's world, most of us use some type of digital method of management, whether it is a computer, smartphone or other handheld electronic information manager.

Many systems differentiate between a "contact" and a "prospect." This is a good thing to do. What's the difference for our purposes?

• A contact is virtually anyone you know or do business with. In real estate contact management, that would include surveyors, title companies, appraisers, etc.

• A prospect is someone whom you hope to provide your real estate representation services to in the future. They are different, yet one person can fit into both of these niches. It's important to separate them because you will be doing marketing to prospects, while you probably do not want to waste marketing budget for those who have little chance of being a future client..

Part of the Contact Management Training Series - The Whole Series:

• The Importance of a Good System
• Contacts and Prospects - The Difference
• Don't Use The MLS Solution
• Protecting Your Contact Data is Critical
• Using a Prospect Type Field for Efficiency
• Sourcing Prospects for Profit
• Using a Status Field to Help with Marketing