Why Build Your Own Real Estate Data Moat?
Leveraging Data to Keep Your Database YOUR Database
How are buyers and sellers finding real estate professionals to help them with their transaction? According to the National Association of REALTORS®, 90% of sellers would definitely want to work with the same agent. But when surveyed, only 53% reported actually working with their previous agent when buying and selling. So about 50% of people did not work with the same agent again, despite the vast majority wanting to do so. The math isn’t mathing because…why is there such a big discrepancy between what they want and what ends up happening?
Ryan Dendievel, VP of Business Development and Strategic Partnerships at Revaluate, was a guest on Chime’s weekly webinar and chatted with host, Brett Baker, on how to leverage data, build a sustainable database, and how to keep those contacts engaged. (Disclosure: Revaluate is fully integrated with Chime to make your marketing and lead gen needs easy to read and utilize and has an ongoing business relationship)
Although Chime has its own lead scoring system, it differs from Revaluate scores. Chime’s lead score is based on a contact’s engagement with your website, emails, and other communications. Revaluate’s score is calculated by our proprietary algorithms and artificial intelligence to analyze the prospects’ propensity to move based on Life Events. A score can range from 1-100. Any contact that is 80+ is considered a “Very Likely Mover” and predicted to move within the next 6 months. Utilizing both of these scores will drive more conversations!
Curious how the data works? Big data is out there and companies across all industries are using it to target customers. Brett makes an example of himself and the Life Events that are happening in real time. He knows he is going to move soon and has a baby on the way. (Congrats!) He has bought some packing tape and now he constantly sees ads that revolve around the moving process. Similar to Revaluate, the data is being used to predict what customers need based on their habits.
So why a moat, and what does it take to build a strong database and nurture all the contacts in it to stay top of mind? How do we create this “moat” to protect our database? First, you need to know that a data moat is the competitive advantage you hold against other businesses based on your proprietary data set. Then you need to know the steps forward.
Step 1: Build Your Database
The more contacts (Email addresses), the better. Make sure to add everyone in your SOI, especially past clients. Include the people you have built strong relationships with and are most likely to refer you to friends. Add any contacts that were considered a lead. Whether you paid for them, ran ads, or had a signup sheet at an open house, these contacts should be hearing from you on a paced cadence. Lastly, your geographic farm. If you are curious about expanding your geographic farm, ask us about our Reside product, where we will introduce you to market segments, people, and business opportunities that you may never have otherwise connected.
Step 2: Defend Your Database
41% of recent buyers start their home buying journey online looking at properties which means your digital presence is essential. Luckily, if you are a Chime user, there are many tools and functions that make this easy through drip campaigns, AI, and retargeting. Make sure your website is clean, easy to navigate, and somewhere your potential clients keep coming back to. With Chime’s lead scoring system, you can pay extra attention to those who are consistently engaging with your content.
Step 3: Fortify Your Database
The key is to stay top of mind at the right time when clients need you. If you were to go through your entire database, mapped when you think they are going to move, and create custom campaigns for them, it would take weeks to complete. At that point, you’d need to start the process all over from the top to keep it current. Predictive analytics, AI, and Big Data allows you to know how to communicate with those in your database, and when. Take advantage of the technology that is available to nurture your database without doing the heavy lifting. An easy way to automate more of your communication is leveraging Revaluate data. By using actionable move scoring as an if/then trigger, it can automate the various stages of your sales/marketing funnel to enhance the throughput of all your other systems.
Protect your Castle
82% of recent sellers contacted only one agent before finding the right agent they worked with to sell their home. You can be the first to the table by using Revaluate’s predictive analytics. Sometimes you might know they need to move before they do! With the partnership between Chime and Revaluate, it’s an easy setup through an API key (with an even easier solution is on the way!).
Don’t lose out on 50% of your opportunities that don’t repeat business. Schedule a demo with us and learn how Revaluate can help build your business/build your moat!