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A company that helps real estate agents better predict when someone may decide to move is putting its data processing power to work for the industry’s databases.
Revaluate announced a new database cleanup service for any and all agents who need a more accurate customer relationship management (CRM) system to execute marketing initiatives. Revaluate Data Repair will amend incomplete lead entries that are captured via multiple, inconsistent market channels, according to an announcement sent to Inman.
“We discovered our customers were losing money in two primary ways,” said Revaluate CEO Chris Drayer in the announcement. “First they were spending money on mailers and marketing services and getting returns, bounces, and send-backs due to inaccurate client details. Then, the lesser known issue we discovered was that they were missing opportunities in their database that listed with another agent because they weren’t able to prioritize their marketing effort.”
The issue stems from consumers offered opportunities to submit partial or deliberately incorrect profile information in exchange for marketing content, home valuations and other assets agents use to collect leads. Revaluate’s Data Repair will leverage its capabilities in predicting listing activity to fill in the blank spaces of new lead forms.
The best contact record consists of a full name, email address, phone number and physical address. Lacking any of those renders most marketing efforts fruitless, and thus, a waste of money. Additionally, email campaigns consistently sent to bad inboxes get marked as spam and reduce the sender’s credibility with Internet Service Providers.
Working with an assigned account manager, Data Repair customers will go through what Revaluate calls a “database detox” to shore up forgotten and outdated record information to improve prospecting.
As agents and brokerages choose new lead generation partners, launch new marketing efforts, bring on new teams or top producers or move brands, data becomes subject to being mixed, incorrectly duplicated and in multiple ways, tarnished. Bad data results in a lack of consumer engagement and is often the source of poor prospecting results.
Moreover, a number of paid-lead services rely on selling fragmented data sets to unsuspecting but highly motivated agents. Ensuring what you pay for is accurate is another worthwhile reason to consider data audits.
An independent audit of Revaluate’s likely-to-move score found it accurate one out of five times, or 36.4 percent of the time. Test subjects came from throughout the United States, excluding New York City and San Francisco, where MLS data isn’t as widespread. It also left out first-time homebuyers (who don’t have a house to sell) and second or vacation homebuyers.
With its Reveal product, Revaluate leverages artificial intelligence-supported predictive analytics to help brokerages identify potential listing clients according to data collected from online activity and processed through proprietary algorithms, technology often put to work for proptech partners, as well. Chime linked up with Revaluate in 2021 to offer its users a way to rank new leads.
Data Repair is available to those who are not yet existing customers even if they choose not to continue with Revaluate after cleanup.
