Email Post to a Friend: Unlocking Your Potential: It's All About Data

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January
24

Video Transcription

Harley: Hello and welcome to another addition of Unlocking Your Potential here at Delta Media Group. I'm here with Delta Media Group owner Mike Minard, and we're going to sit here and just kind of talk about some things with the new features we've been releasing and why it is we do the things we do. The whole idea behind this is we want you to really understand why we make the decisions we do and why we put time into the features we put into, so that's what we're about. So today we're going to really look into the kind of data you have at your disposal, and we're not going to get too technical with it because that's kind of the opposite of what we're trying to do with these, but we're going to let you know how you can really leverage it and what it really means to you.

Mike: Yeah, and I think really this is a high-level overview for everyone so that they understand, again, at a high level, the data you have which then makes sense as to why you can do the things that you can do, and it will also help you and your business position, especially mentally, the tools that you have and the power that you have within your local marketplace as a real estate professional, as a realtor.

Mike: One thing that I want everyone to understand is that by being on our platform, you are actually the source of the most up-to-date data in the industry, and this gets overlooked but this is something that's really important. So I thought it would be really good that if I created a list of some things that you need to know. This was Harley's suggestion, so I think it's a really good one, but just some facts that you need to know.

Mike: The first one that I want to chat about is that you have real-time data. Now, here's what this means, and I can give you a little bit of a history of Delta just real quick. Not many people are aware of this, but Delta actually used to be a data aggregator for Microsoft, so this was nearly 20 years ago now.

Harley: So we know what we're doing when it comes to data.

Mike: Yeah, so it's been a long time, but when Microsoft had HomeAdvisor and they had listing data on there, well, we were a data aggregator for them, so we've been doing data for a long time, real long time. But what you need to know and what you need to understand is that you have the most up-to-date listing data on your website. So with the majority of MLS feeds or MLSs out there, we're updating data now, what is it, every 60 seconds to about five minutes. We're constantly improving that. Not all MLSs are updating at that frequency, but the majority of them are, and there's reasons why we do that. Yeah, we were kind of joking about it earlier.

Harley: The market changes so fast that, I mean, you really need to have data that fast to really be completely up-to-date and to keep your customers that up-to-date.

Mike: Yeah.

Harley: The idea is, I mean, listings are coming on and off the market so fast that five minutes could be too late.

Mike: Yeah, and here's really what that means because I might say that and you might be thinking, "Okay, what does that mean they update data? Okay, I don't understand that." Well, here's what that means. That means if a new listing goes into your MLS, so if somebody enters a new listing, yourself, your company, or even one of your competitors, a competing company in your marketplace enters a listing into the MLS, within 60 seconds to five minutes or so of them putting that listing into the MLS, it'll be live on your website. So that's really important, and that would be kind of the longest period of time.

Mike: In many cases we've heard from people where, "Wow, I just put this in the MLS, went to my website, and it was there like 20 seconds later." That was a matter of timing, but that means basically new listings put into the MLS or price changes or any changes on a listing in an MLS are reflected almost immediately on your website. Again, just very important for you to understand that because the data on your website is updated quicker than Zillow and Realtor.com, so that's something that you need to understand.

Mike: The second thing that I wanted you to understand before we get into why this is all important is we also have real-time client updates. Now, this was something ... My goodness, when did we launch this? At least two years ago. It's been a while.

Harley: Yeah, it's been a little bit now.

Mike: Been a long time. So you have something available to you on your platform which is called "real-time client updates" or "instant updates," and this is for new listing notifications. I always keep saying "new listing," but it also includes, what, all kinds of other things too, like price changes and-

Harley: Yeah, price changes, open houses are included on there.

Mike: Status changes. I mean, there's, yeah-

Harley: Anything that's recently came off the market.

Mike: Yeah.

Harley: So the emails have all of that different information on them, and it makes a big difference when we bumped it up so that they started getting those right away. Originally, it was I think once a day was the fastest they were,-

Mike: Yes.

Harley: ... and then-

Mike: Then we switched it to twice a day a few years ago. Then we thought, "Well ... " And here was the thinking actually, because I think it's good that you understand our thinking behind this is we were thinking as a customer. Let's say as one of your customers, let's just say we're in a hot market and the listings are being sold almost instantly. In other words, if a listing comes on the market, you better have an offer in within 24 hours or you might miss it. I know there's some markets in the country that are still that way, so we thought, "Wow, it would be good to be able to send out instant listing notifications." So if we're getting the data really quickly on your website, that means we can also send out those notifications out instantly.

Mike: But we didn't just do that too, because it's important that you understand too that you have control over how that can be set up, so you can set up people to receive instant notifications. So if I'm in the market looking for a home right now and I'm actively looking and I've narrowed down my criteria, then you could say, "Hey, let's set you up for instant notifications because there's not that many listings coming on the market and they're selling quickly. Let's set you up for instant notifications." All the way to, what's, we have all kinds of time increments in there all the way up to every 28 days I think.

Harley: Yeah. Well, monthly is how we list it, but, yeah, 28 days.

Mike: It's every 28 days.

Harley: Something like that.

Mike: And that would be more for someone just keeping track of the market. They're not ...

Harley: Yeah, and we realize how much email we get on a day-to-day basis and how much email your customers will get on a day-to-day basis, so somebody who's not interested, instead of potentially overwhelming them with a lot of listing updates or maybe they're in a market where there are a lot of changes really constantly, it makes sense to bump those intervals out further so that you keep engaged with them, you still have that customer interaction, but you're not constantly bombarding them with email too. So different situations, they just call for different actions like that.

Mike: Yeah, and what you have to know too in your local marketplace is our instant listing notifications on average are much faster than anyone else in the marketplace. So for example, I shared with Harley that I've seen some TV commercials for Zillow saying, "Hey, sign up to receive new listing notifications." Well, if your customers sign up through Zillow, they'll be getting them pretty old, pretty delayed, and actually on our system we test our notifications against the so-called "digital brokerages." I know there's one in particular, if you know who they are then you know who I'm talking about, there's one in particular that touts the fastest notifications. In our testing, we're faster than them, so we're actually the fastest, and we're continually trying to improve that even, but here's what you can know is you can confidently tell your customers, "Hey, if you sign up with this, you'll be the first to know of new listings coming on the market. So if you sign up for these new listing notifications through me, you'll receive them immediately before anybody else."

Mike: Then the third thing that I want you to understand before we get into the whys of all this is you have available to you I call it "unrivaled," I don't know if I'm spelling this right, unrivaled, yeah, I think so.

Harley: I think there's only one "L." I think we're good.

Mike: Unrivaled search power. Now, this feature within the Delta net, this feature was widely requested. We saw a problem in the industry, and the problem was twofold. One, either you're in an area where there's multiple MLSs and you belong to multiple boards and multiple MLS feeds so the normalization and basically the similarity of data becomes an issue because multiple listings are going in multiple MLSs and multiple MLSs support different fields. It gets-

Harley: Some of them call it subdivisions, some call it neighborhoods, some call it ... So aggregating all that data into something that's universal so that we can search it gets difficult.

Mike: But then we also found too that the majority of the MLSs out there ... Granted, you can set up listing notifications through the MLS, but what we found was the power, the search power as a whole was not that great. You might be in a marketplace where your MLS provides pretty decent search functionality, but what we decided to do was, well, we want to give our sales associates that are on our platform the ability to search on any MLS field, and so we did that and we launched that in the past 12 months, and it's all normalized. So even if you belong to five different MLSs, you can create a search.

Mike: Just as one example, when we were doing testing in a particular marketplace, I said, "Wow, wouldn't it be great if someone that needs an accessible home could be able to set up a very detailed search?" To me, this was a very basic search, but for those of you that have had customers looking for an accessible home, you know it can have challenges. So we were wanting to set up a search where, "Hey, notify me of homes that are listed as accessible that also have wheelchair-height countertops and have hallways that are at least five feet wide." And, again, that sounds pretty simple, but we were shocked at some of the MLSs where that could not be set up at the time. So that's just one example of what can be set up to narrow down at the time to the five listings out of the 15,000 that fit that criteria.

Harley: Yeah. On some of those MLSs, some are more specific about accessibility criteria, stuff like that, and there's some that's specific to a market. So there are some areas where horse properties make a lot of sense, so in those MLSs, you can search by horse properties and others you can't, and now you have the ability through our platform to go in and actually look at stuff that specific that might be really, really market specific. So people have liked it so far.

Mike: Yeah, they love it.

Harley: It's doing pretty good.

Mike: : Those are kind of I guess the three things you need to know about what you have available, but I want to talk about next why this is important. So let me switch boards here. So let's talk through why this is so important to you because really these are just features, and how do you communicate these features, what do they mean to your business? Some of you may be connecting the dots there so to speak, but something that you have to realize, the first thing, is you have the most powerful tools available to you.

Mike: And what this means is ... To me this is positioning, so this is how you're positioned in your local marketplace. You have tools that no other realtor or sales associate has in your marketplace, so you have tools that can give that your website is updated more frequently with data, and in that way you can confidently tell people, "Hey, my website is the first to receive new listings and listing changes." You can confidently tell people, "Hey, if you sign up through me, you'll be the first to know about new listing notifications or price changes, detail changes, whatever they are."

Mike: In addition to that, I look at it this way. Because you have those tools and you know that you would have them is it actually helps you, point number two, build your database. So that can be kind of tough, and this is a big topic in and of itself ... but there's all this talk about building your database. Well, that sounds fine. How? And I know there's a lot of training, a lot of coaching around how to build your database, but what we found though, as simple as it sounds, is most of you watching this don't even know where to begin. "Okay, build my database." And we've even talked with local realtors in our marketplace here, who are very successful by the way so this has nothing to do with success or no success, is, "Hey, I'd like to see your database, let's help you with that," and they bring in basically a shoebox with cards in it. Legitimately, I mean, that's what they did.

Harley: Note cards, notebooks, nice-

Mike: Yeah, here's my-

Harley: Very nice notebooks, but still. It's hard to control+F and search in a notebook or type in a name and get back an email address, that kind of thing.

Mike: Basically, it's a Rolodex at that point, a literal Rolodex in a box. But this is a way that you can build your database, so it's legitimate things that you can be offering people through the new listing notifications, we didn't talk about this, but the market watch emails, we'll touch on that in another video, but legitimate tools that you can be offering people regardless of the phase that they're in, and it's real information that they're interested in, instead of, "Hey, give me your name and your contact information so I can add you to my email list."

Harley: Yeah. People are hesitant to give out their contact information sometimes, so if you can really offer them something like, "I need your contact information but I'm giving you something that you want," then it makes a big difference in people's minds.

Mike: Yeah. Then the last thing that I want to touch on, and I'll kind of tie these together, is leveraging data ... for new listings. Whoops. And we haven't really talked about some of the specific tools that we have because we're going to do three or four more videos in the next three to four weeks that are similar to this or along this thought pattern, but this data that you enter into our system, and I want to ... So here's another why you would do this. So why would you sign somebody up through your website or through the Delta net for new listing notifications or for our market watch email as opposed to let's say the MLS? Well, we use that data for other tools, and one of them is something we just launched or we keep expanding and we'll talk about this a little bit more, but we have reverse prospecting reports available, and I'll touch on that here in a second, but all of this data that's collected here is then leveraged in some other tools that we have that actually help you get new listings.

Mike: So wouldn't it be awesome if you could go on a listing presentation and, let's face it, all of you go on a listing presentation wanting to say, "Hey, here's what differentiates me from the other two or three realtors you're going to talk to, here's what makes me different, here's what makes me better, here's why I can do a better job for you." Well, one of the things that we launched past six months ago or so, whatever it was,-

Harley: Yeah, probably four to six months, something like that.

Mike: ... yeah, was a reverse prospecting report. Some of you may not have this available. What, about a third or a quarter of our clients have it activated at this point?

Harley: Yeah, I think so.

Mike: But here's what the thinking behind that was: Wouldn't it be awesome if you could go on a listing presentation and during that listing presentation flat out say, "I have," whatever the number is, "125 people looking for a home just like yours, and I know who they are"? So we have our reverse prospecting report. Then we have another tool that we just launched kind of quietly last week.

Harley: Yeah, it snuck out under the radar. So we'll have more information about that one here pretty soon.

Mike: But that's our listing pre-announcement tool. So basically we have, I mean, we're going to be training to this, you have the tools where you could go out on a new listing presentation and say, "Hey, for your home, I have 125 people," again, whatever the number is, it's driven from the data collected from the listing notifications in the market watch emails, "But I have this many people interested in a home just like yours," and then you can kind of complete that loop saying, "And if you list with me today, when I get back to the office I'll send out a notification to all 125 people tonight letting them know that your home is coming on the marketplace." So it'll be marketed immediately to people that are looking for a home just like yours and they've indicated that. Again, that's pretty powerful, and-

Harley: Yeah, and they could be huge things as far as sellers and what they're concerned, and it speaks back to the real-time data also. I mean, if they set themselves up, say you have a seller that sets themselves up for a search on your website, it's because they want to see homes that compete with theirs. You go and you put theirs on the market, and they immediately get notified their own home came on the market. That's kind of a warm, fuzzy for a seller, right?

Mike: Yeah, yeah. And imagine you're sitting there listening to listing presentations from two or three realtors, that's a big differentiator. A very big differentiator. So anyhow. We wanted to touch high level on these things because over the next, we're not sure if it's going to be three or four weeks yet, but over the next coming weeks here we're going to be doing some specific videos, and I know there are some corresponding tech Tuesdays to these, and if not, if there isn't one yet, which I know on a couple of these there isn't yet-

Harley: Yeah, yeah. Well, especially that pre-announcement tool. That one will be coming up here pretty soon.

Mike: Yeah, but what we'll do is we'll do another video marketing ... we'll do a Monday video on those so that you can understand how to position it a little bit deeper than what I just went over here and how to use it, but then what Harley will do is provide either the following day or a link to the tech Tuesday that will correspond to that, so kind of the how you do it, because I think what is really important is you have to understand the why, why should you do something, before, "Hey, here's how to do it." Why do you want to do this? Why does this matter to your business? What effect can this have on your business? Then, "Okay, here's how this works."

Mike: Here's four topics that we have over the coming weeks. We're going to talk about market watch on one of them, we're going to talk about the new listing notifications, we're going to talk about the reverse prospecting reports for listing presentations, and then also the listing pre-announcement tool. So, again, just high level, but this is why these things should matter for your business because of how you can leverage them, how you can build your database, which is key.

Harley: Yeah, yeah. The other things just don't work as well if there's nobody in the database.

Mike: Yeah. So anyhow, so that's what we have for today's video, and we'll have a lot more information over the coming weeks, more details on these topics.

Harley: Thanks a lot for joining us, and each Monday we're going to fire these off. We're planning on 11:00 Eastern time, so we'll get them all on the schedule, and if you click the little bell down there, you'll get notifications when we go live with the new videos.

Mike: Awesome.

Harley: So thanks a lot for joining us,-

Mike: Thank you.

Harley: ... and talk to you again next week. Well, I'll talk to you tomorrow, but we'll talk to you again next week.

Mike: Thanks.

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