Earlier this month, our president & CEO Avi Gupta spoke at Real Estate Connect NYC 2014, Inman's flagship conference. Avi was a panelist for Data Crunching: The Promise of Predictive Data and Practical Applications. The entire buzz was about predictive data at this year's conference.
Take a look at some of the questions Avi addressed during the panel: What are some of the biggest mistakes with farming habits? What are the disadvantages for agents who do not prospect with data insights? What are the top real estate game changing predictions for 2014?
Biggest mistakes with farming habits:
Agents tend to think of prospects as leads, but need to understand that prospects must be nurtured.
Agents tend to send irrelevant marketing material to homeowners, but need to understand where they are in the decision making process, and what factors may trigger them to sell, etc.
Agents need data/insights into info such as: how long individuals have owned a property, when they may have refinanced, family size, equity or lack of, etc.
Many agents have no patience and must understand that farming is a long-term process (sowing the seeds for future rewards).
Agents tend to change territories too often. A rolling stone gathers no moss!
Agents need to hone in on an area that works best for them, and stick with it for the long run (as they establish dominance and expand).
Agents tend to "spray and pray" with un-targeted marketing:
Send marketing material to entire farm and just wait for a call.
Inconsistent marketing: no focus on number of touches it takes to truly make an impression.
Disadvantages for agents who do not target prospects with data insights:
Agents waste time and money on the wrong people (which means less time with the right people, reducing your chances of success).
Agents only have so much time and money to spend on their marketing budget. It's better to spend a marketing budget consistently on homeowners most likely to convert, so they can be touched consistently.
Agents can come across as uninformed if the message/offer sent to the homeowner doesn't sync with their personal situation. Agents want to avoid leaving a bad impression at all times.
It is difficult to compete against an agent that has data insights (not knowing who to spend the most time on gives the other agent an advantage).
Top real estate game changing predictions for 2014:
Predictive data will become the standard: As more and more agents discover the advantages of targeted marketing, those not targeting will struggle to compete.
Avi shed light on the above and explained why SmartTargeting provides great advantages for real estate agents today. "Inman's Real Estate Connect was a tremendous opportunity for agents, thought leaders and industry influencers to converge, share ideas, and explore new innovations within our space," said Avi. "I met with some of the most fascinating leaders in real estate technology and was able to help shape conversations and discuss some of the challenges agents face as well as our solutions. It was such a productive experience for us, and a great opportunity for agents to learn new and sophisticated ways to farm in an age of technological innovation."
If you missed your chance to meet with the SmartZip team at Real Estate Connect this year, email firstname.lastname@example.org or call us at 888.402.7960