Data: Mortgage and Real Estate Prospects and Leads
Data is arguably the most important, most valuable asset in the Real Estate and Mortgage world, especially when it comes to the future of prospect management and leads. Unfortunately – Data is the most under utilized asset available to every organization in the industry.
It’s been known for some time that data is not being leveraged or utilized to its greatest potential. Many organizations have made data a top priority in recent years perhaps because of a 2013 study on data-driven marketing by Teradata Applications, where 45% of marketers indicated that data is the most underutilized asset in marketing.
Surely this stat improved in following years – but likely the importance and focus varies significantly case by case.
Prospects
In order to better understand the opportunity, It helps to focus on a data subset that directly leads to revenue in both Real Estate and Mortgage: Prospects. All those old leads, past clients, referrals and current clients – they are all contacts that will be leads in the future.
One major stumbling block for many companies is organizing, sorting and cleaning prospect databases. Lack of organization can be costly – and dirty data can have serious consequences. And thats only half of the battle.
Many people who work in the space have private datasets that they don’t want to share with the company – out of fear. They worry that contacts will be misused, or inadvertently deleted. This may or may not be a valid concern – but the result is the same – inaction and underutilization of data assets.
Size Matters*
The size of your database matters. Let’s look at just email addresses as individual contacts.
(Nerd Note: Revaluate uses emails as a unique identifier)
By 2020, there will be 254.7 million email users in the US … and thats a ton. But I know. You are probably saying – “email is just for us old people … what about millennials”? Actually 73% of millennials identify email as their preferred means of business communication. That’s pretty shocking, really.
We want to communicate with people in order to grow revenue…So larger database = more communication = more views = more clicks = more revenue.
*Now it should be said that more is not always better. We must also consider cleanliness / quality – and we cover that in the video below.
The Double Edged Sword
Besides, the holder of the sword is benefiting from both edges being sharp… by cutting both ways its only hurting the other dude. So why do we continue to misuse this reference? To make the point should I remove it from this post? Nope.
Companies and W2/1099 employees are in a fight over data. The worst part of the data fight is that both sides want a resolution and yet this issue hurts both sides financially.
Companies with out a safe data plan in place result in significantly smaller total databases in terms of prospects. Smaller databases directly correlates to a reduction in long term potential revenue. With out uploading their own databases to the company system, individuals (LO’s or Agents) don’t get to take advantage of the company tools, systems and marketing budgets that would help them close more deals and make more money.
It’s a loose- loose and both sides have risks and rewards – but for most, fear leads to inaction.
When do you do nothing, you can be sure of the result.
The Silo Solution
Revaluate has developed a method for cleaning, sorting and storing contacts, leads and prospects that is safe, secure and separately stored – alleviating the fear and concerns of both sides – while moving the financial loss and turning it into financial gain.
The Revaluate silo solution works for Companies, Brands, Brokers and Teams.
Success
Clients that leverage Revaluate’s Data Org Parent/ Child / Grandchild advancement are seeing significant adoption and huge growth of their dataset. Perhaps its not coincidental that these agents and LO’s are among the top producers in the industry.
Watch as CEO Chris Drayer clearly demonstrates and demystifies the logic, cleaning, sorting and storing process within Revaluate in this brief data video.
Leverage your prospects and data and turn them into leads.
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