Real Estate Agents think the only way they can make money is by selling property and getting their commission cheque. But the sad reality is Agents biggest revenue generator is yet to be realized by many.
What is it you ask?
- Their Lead Data
- Their Client Data
- Their Property Knowledge.
Real Estate Agents possess a lot of data that relates to some of the biggest financial decisions people make.
Real Estate Agents know the pulse of what is happening in a community. Why some properties are not selling, what is selling, who is buying, who is building, demographics of houses and so much more.
This data has been getting sold for hundreds of years to marketers however Real Estate Agents have yet to realize the value of the assets they have.
They don’t know the steps to monetize their data. If did they could make significantly more money and would restructure their business,
Fact: the buying cycle for a lead is up to 18 months or longer.
That means you generate leads today that may not purchase for 18 months. During this time you can gather a lot of data about a person, their interests, and their current financial position.
But this is sadly not the case for most Real Estate Agents. They Get a lead, and if it is not ready to buy within the next 14 days, they move on to the next one.
However, this does not need to be the case. I know Real Estate Agents have a time issue and need to focus on what pays the bills. What pays the bills today is commission cheques. However, that does not need to be the case. With the wave of disruption that is hurtling towards the Real Estate Industry, you need to prepare yourself.
Your Client lists are extremely valuable marketing assets for any company that offers financial services or property related services.
Did you know there are companies out there that sell your current lead data for $1 to $300 per lead?
Think about that for a minute, someone else is selling to business owners the exact same data you have, but you don’t get paid for it.
Do the math real quick… how many leads in your data base?
Imagine if you got a cheque every month of that just for making your data available?
But it gets better than that. When you start to analyze your data for trends, demographic data and apply meaning aka “interpretation” to it, you can sell it for significantly more.
There are also pockets of data that is even more valuable like households with elderly parents at home. This data is sought after by home care providers.
The Households with young children who need education aids or associated services.
Let allow the ability to provide co-marketing campaigns to every associated property service vendor.
Because you are working in the Real Estate Industry you also have the pulse of what is happening in any given area. You know where the deals are, and how to access the deals that have not even hit the market yet. Some industries call this insider information, but we all know that it has a value.
My Question to you is how are you using your data?
Would you like to know how you can monetize your data further?
I look forward to seeing the questions you start to ask about your data when you realize that there is value to it.
About the Author: Benjamin Bressington CEO, Founder of HelloAlex.io
Benjamin Bressington is the driving force behind defining the technology vision of HelloAlex and working with the developers to turn lines of code into magic (because that is, in fact, what it is). Previously, he spent time building e-commerce websites, helping create sales systems, consulted to million-dollar companies and authored multiple books. (Can you say overachiever much?) When he has spare time, he loves cycling. In fact, he loves rides that are 60 miles long. With hills. So he clearly has us beat in the fitness department. Around the office, Benjamin is known as the “guy who talks funny.” But before you think we’re being mean, know that it’s because he’s Australian. Alright, mate?
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