Real estate may be the most data-driven industry in the world. If you’re a professional in this field, you know just how vital accuracy is when you’re juggling client contracts, property appraisals, and lead generation. You wouldn’t be able to do any of this without the solid foundation of data that you rely on. As an entrepreneur, though, you’re always looking for innovative new ways to use data, too. Tools like a real estate API can help you do this by applying a unique vantage point to your properties. See how you can turn data into leads and turn leads into conversions.
1. Learn as much as possible about your properties. The best real estate data providers offer bulk data packages that can be used to research properties, develop leads, and research owner details. This information is difficult to obtain through individual searches, so an all-in-one data wholesaler offers a great solution. You can use this information to initiate connections and eventually broker deals.
2. Get to know your prospective leads. Most real estate professionals understand the importance of property data. Fewer are aware of how valuable owner information can be. If you’re seeking leads for potential property listings, you need to know who you’re reaching out to — and more importantly, you need to make sure that their information has been verified. An effective real estate API offers this information.
3. Predict the most reliable targets. Real estate always involves an element of gambling, but you can minimize your risk by devoting your resources to the leads that are most likely to pan out. Are you looking at an off-the-market property that was previously listed three years ago? Has a large tract of land remained undeveloped by its owner for over a decade? Details like these can help you develop a convincing sales pitch and narrow down leads who will be receptive to your efforts.
Identify New Potential Customers
4. Understand each property’s history. When you’re seeking out leads for potential real estate deals, you need to understand the history of each property you’re looking at. If a home was inherited as part of an estate, for example, its owner may be hesitant to list it on the market, but they may still be amenable to offers. Similarly, if a property is in pre-foreclosure, you may be able to help its owner by brokering a deal. Looking at this kind of information can help you accurately identify potential customers.
5. Ensure your property data is accurate. When you’re researching potential leads, nothing is more important than ensuring that the information you use is accurate. If it’s not, you risk wasting time and money, but you also face the liability of contacting the wrong person and mistakenly sharing privileged information. You can improve the quality of your data with a tool such as address standardization. What is address standardization? Address standardization is the process of formatting an address in compliance with USPS guidelines and removing any inaccuracies or misspellings.
Use your property data with confidence when you get it from a trusted source.