Are Brokers Failing at Collecting Data?

Collecting data is crucial so that companies can market effectively to potential homebuyers and sellers. Take, for example, a brokerage that compiles user information including previous customers' names, addresses, email addresses and phone numbers. While these may seem like trivial pieces of information, they may provide a foundation for future business growth.

What to Look for When Collecting Data

Collecting data seems to be the easy part. Figuring out how to interpret and leverage that information proves to be a more complicated process. We recommend that you use your datasets by segmenting them into lists and categories (i.e., prospective buyers, past sellers, past buyers, referrals, etc.).

At a minimum, brokers should collect and be aware of the following data sets:

1. Buying/Selling Patterns—Demographic patterns that can be correlated to specific locations. An example of this would be first-time home buyers being attracted to a particular subdivision over others.
2. Online User Behavior—Your website is a spider web of information. You can gain insights into the way users interact with your site and what they are looking for. Brokerages can bring their local knowledge full circle by using that information to power their marketing strategy, audience and message.
3. Average Length of Homeownership—Understanding the average length of homeownership can lay the groundwork
for future seller campaigns or sphere marketing. If homeowners in Community A typically live in their homes for six years before upgrading, segment those people into appropriate lists according to their length of homeownership. Then, reach out with targeted messages when the six-year mark is approaching.

There are several companies that can help you analyze your data. Two REAL Trends has discovered are Buyside and Cole Realty Resource. Buyside helps brokerages transform their data into actionable insights and intelligent marketing tools to win new business. Cole Realty Resource is a hyper-local prospecting platform for real estate agents, built by marketers. Of course, there are many new companies offering these services. Always do your due diligence to ensure you pick the right product for your business needs.