Data is a big topic — not only in real estate but in every industry where digital technology offers insights.
Data can seem esoteric and opaque to gregarious, relationship-focused real estate professionals. But you don't have to be a data scientist to make sense of it all. Instead, you need the right tools to connect those figures with your business outcomes.
Data is crucial in real estate because, as in other selling professions, it provides an objective source of truth to fact-check expectations against results. When challenges arise, it's no longer necessary to fill in the blanks with "hunches" or "gut feelings."
Instead, you can know precisely where your limited time, energy, and budget are best spent.
That means you can continuously, consistently improve.
No single piece of data is a North Star. You'll need data from a variety of sources. Synthesizing them, you can create a total picture of your business. That leaves you with less ambiguity to navigate and a much shorter path to actionable plans.
Let's see how it all comes together.
The Biggest Types of Data You'll Use in Real Estate
It wasn't long ago when real estate agents had access to very little data. They would meet people, follow up, and track the outcomes of their conversations. Between encounters, however, the lead's mind was unknowable. Even if it seemed like leads were moving forward, it wasn't necessarily the case.
Then, as today, it could take weeks or months for a lead to dive into the market. There were few high-touch, low-effort ways of staying connected until that happened. Phone calls and in-person meetings were the norms. By comparison, today's leads provide an enormous amount of data.
That's just one area where data has clarified the picture. Let's zoom in on the crucial types of data that shape the real estate world:
Three Steps to Leverage Your Data for Greater Success
Ask data scientists and they'll tell you data is always increasing in two ways:
As time goes on, these effects increase and compound one another. Luckily, you don't have to worry about vast oceans of data. With sound processes, you'll stay laser-focused on finding and using the data most relevant to your prospects, leads, and customers. That, in turn, propels your business forward.
Delta Media Group helps you achieve repeatable, reliable marketing and growth through data. Contact us to find out more today.
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