How data is used in a business determines business growth and here I explain why.
Choose the right data
The type of data to focus on varies depending on overall goals and sector.
Finding data can be time consuming because it involves analyzing large amounts of information and then learning from it. As a rapidly changing industry, there is no time to waste in the real estate industry. Instead, agents are advised to choose a reliable data provider to save time and provide the information necessary for their growth.
Additionally, having a reliable company provide this will greatly reduce the possibility of wasted revenue due to poor data quality.
In the real estate industry, knowing which zip code properties are selling the fastest, which location has the most buyers, and which location has the best chance of getting planning permission can help. agents to provide the best possible service to their clients.
At Information Works and its sister company Nest Data, for example, we provide a wide range of property data and direct mail programs focused on over 29 million residential addresses in the UK. The data we provide to our customers is in a safe place, allowing users to be consistent and efficient when using it.
Real estate market companies that use this meaningful data will be able to uncover tons of useful information. This includes, but is not limited to, home tenure, home value, and when it was last listed for sale.
Anyone in the real estate industry who has access to this data can use it to learn more about their audience and make better decisions when investing in real estate.
Comprehensive property data can also be used to take a business to new heights through targeted mailings.
In the real estate industry, direct mail campaigns are a great way to convert prospects into new clients. With approximately 96% of consumers engaged in all direct mail, it is undeniable that direct mail is an effective way to generate interest.
Using data to conduct direct mail campaigns can raise awareness of your agency or business and allow you to build familiarity as well as long-term relationships.
Improved customer relationship
Although data alone is a crucial element of business success, how data is used is an even more important factor.
Relationships are built on trust, and in the real estate market, clients often build trust with familiarity.
For example, using direct mail campaigns, agents can connect with existing and former customers. In addition to this, new relationships can be formed using the new data provided by the chosen data source.
Having the right data is a step in the right direction, but how a company chooses to use it is also very important.
Ensure that customer data is used responsibly and in a way that benefits the customer and the business.
Maintain data compliance
We advise that before investing in data, you do the right research and trust companies that prioritize security, are GDPR and PAF compliant, and have relevant safeguards in place.
In addition, it is necessary to understand that not all customers want to share data, so they must have the option to opt out. At Information Works, the data we provide goes through a vigorous process and consumers can opt out if they wish.
We believe data can take the real estate sector to new heights. Focusing on data and using it to better understand the target audience will keep you ahead of the competition and is fundamental to your overall business growth.
*Nigel Ross is Managing Director of Information Works