What’s Your Real Estate Database Grade?
Peter Drucker was an Austrian-American management consultant that Forbes called “the Albert Einstein of business management” whose writings contributed to the philosophical and practical foundations of the modern business corporation. He is well known for saying “You can’t improve what you don’t measure.”
Measurement is key to much of what we do here at Revaluate, and yet recently, we had one of those aha moments around measurement that seems so very obvious in retrospect. In fact, what we developed is a simple pain killer for the Real Estate Industry.
In this sales market, agents, brokers, teams and brands are looking for highly qualified leads yet seeking to maximize every dollar of marketing spend to its greatest potential.
Today, we launch Database Grade, by Revaluate to help eliminate waste and locate lost opportunities.
The Database Grade allows top performers the ability to instantly view the grade of their database quality and completeness. The insight from Database Grade, informs Revaluate clients where they have data omissions or errors, so they can improve their database quality.
There’s Gold in Your Data
Today’s real estate and mortgage professionals (agents, teams or brands) measure most of what they do in a given day, week and year. However, there’s a black hole of measurement when it comes to their database. Until now, there’s not been any method for grading and measuring the quality, completeness and content of a database.
Revaluate has launched Database Grade as a FREE new feature for our clients that sheds light on the deepest, darkest, worst part of today’s real estate business: the database.
People like to say “there’s gold in your data” but, they don’t know how, or where to start to measure the value or quality of a database. Like a gold mine without lights, or a canary – there’s no telling what’s down there. Is it a fortune – or poisonous.
Revaluate Database Grade is the first of its kind feature that grades the quality of your database to ensure you have an accurate, full contact record for your prospects. Without an accurate full contact record, your marketing will be ineffective, more expensive and will simply not be received – causing you to lose out on potential listings.
Defining a Full Record
A full contact record consists of 4 parts, and allows for complete marketing options and further qualifies your prospects. I wrote about Full Real Estate Data Records for Lead Gen yesterday.
Change is inevitable and Bad Data is everywhere.
In a typical year, in a typical database, 10% of your contacts ought to move. Thus, every year 10% of your database goes bad. This compounds every year, compounding wasted marketing spend and fruitless sales calls.
Zillow (& RDC, & Google PPC) Sold You Incomplete Leads
Every buyer lead you’ve ever purchased from Realtor.com or Zillow (and others) lacks their home address. You don’t know if they live in Boston, Bettendorf or Burbank. These are buyer leads and knowing your prospects home address changes everything, allowing you to do the following:
a) Prequalifies them as a seller (vs a renter)
b) Locates them within your geographic footprint (and/or allows for a referral)
c) Permits accurate AVM / CMA and financing conversations
d) Opens the door to direct mail and door knocking conversations
e) With correct data, you increase responses on emails and texts
Lacking a home address for your prospect is no longer excusable. Sellers believe you ought to have their contact info correct. Your marketing needs to be on point, accurate and dialed in to your prospect. Otherwise you do damage to your reputation as a local exert. Each direct mail with the wrong name, each email with the wrong valuation, each inaccurate text message erodes confidence in you as a local expert.
Know Your Data Goal
After you’ve received a Grade there are generally two paths depending on the quality of your Grade – and more importantly, where you want to be with your database in the future. What is the quality level you are shooting for? Are you looking for quality over quantity? Once you know this, you can take action.
Action: Detox, Refresh and Repair
In data, we use the term “append” when talking about something that’s used to refresh or fix the bad data issue. What it really means is to “fill in the blank” in your database. To append is to repair your broken dataset. So we named our service Revaluate Data Repair.
Revaluate also removes bad data like emails that bounce, Bart Simpson and friends as well as prospects with profanity in their contact record.
In all, Database Grade by Revaluate is included with your Revaluate account for FREE and helps you save money, and earn more commissions by grading the quality of the contact records and prospects. With this information, you can improve the quality of your database using Revaluate Data Repair.
To learn more about Revaluate Data Repair and how clean data can help you with lead gen read this http://revaluate.com/repair and schedule a time to connect with our data nerds.