What is Smart Data?
Smart Data is information that is generated for a specific purpose leveraging complex mathematical algorithms. In our case, we built an algorithm that predicts future listings. In order to generate this data we licensed "big data" from over twenty sources including property records, tax records, consumer information, credit information and many other resources to be able to identify trends in home sales in your area. We process our algorithm on an ongoing bases and validating accuracy against home sales each month.
What do I get with Smart Data?
Our Smart Data includes our Predictive Score, property and mailing address, homeowner contact information when available including email, phone and social media. We also provide details on the property and property owner that helps you personalize your marketing.
How accurate is your Smart Data?
Over the past year we have predicted over 70% of home sales in the U.S. Most areas we range from 60-75% accuracy. This means that 65-75% of the homes that sold in each territory we scored high with our algorithm in the twelve months prior of it selling. Our goal with our predictive scoring is to ensure you are marketing and prospecting to the homes with the highest likelihood of listing their home for sale.
How many Listings can I expect from your Smart Data?
A typical territory has around 2,000 homes. Most areas have around a 5% turnover of homes in a year - which would equate to about 100 home sales. 70 out of the 100 will be identified with our algorithm. In order to convert our Smart Data into listings you need to consistently market to the home owners throughout the year to ensure you identify opportunities. We launched a product called offrs+ that will do this work for you and identify leads by surveying all home owners each month.
What can I do with the Smart Data to build my business?
Data is the most powerful asset to growing your business. Knowing who to target and where your next listing is coming from is half the battle. The number one factor that drives success in real estate is "who you know". Smart Data can help you market to people you don't know and turn them into people you do know. Building your database (a.k.a. Sphere) is how you build a long term successful real estate business. With our platform you can leverage multiple touch points to build relationships including direct mail, phone, email, social media, digitally hand-written letters and more.
How does your platform help me generate leads?
Our platform allows you to easily access and track our Smart Data, and with a few clicks of the mouse launch both personalize and mass marketing campaigns to your targets and sphere. In order to turn data into listings, the first step is to begin prospecting and marketing to homeowners identified with our algorithm. We also provide unique tools to market to your sphere (people you know) as well to generate repeat business and referrals.
What if I am too busy or just don't want to reach out to homeowners?
We understand the first touch is the hardest touch. Many agents are not comfortable introducing themselves cold to hundreds of homeowners. This is the primary reason we launched our offrs+ program where we perform the first touch campaign and survey homeowners to identify those who are currently thinking about selling. This enables you to focus on verified leads.
How do you generate leads with offrs+?
Our method of generating seller leads is truly unique. First we score every property using our proprietary algorithm to identify which homes are most likely to list next. Then we survey property owners to enhance and verify our algorithm. We are the only company that generates Smart Data and then verifies the data by contacting homeowners.
How do I close the leads I receive from you?
Seller leads are different from buyer leads. Most agents are used to dealing with buyer leads they receive from websites, but with seller leads we strongly recommend having a solid lead follow-up and nurturing program. We provide tools in our platform that assist with lead follow-up and we provide training on what works with other agents who use our product.
How often do you update your Data?
We update our data every day. We receive property records updates and tax records each week. We receive new consumer information on a daily basis.
How do you sell your product and service?
We have divided up the United States into territories (based on census tracts). Each territory is available to be licensed by one agent exclusively. The average territory has 2,000 properties. You can view available territories on our website and also see how our algorithm performed over the last year.
How much does it cost?
We license a territory exclusively to one agent for a monthly fee. The monthly fee can ranged from $200 to $500 per month depending on the number of properties and the average market value of properties in the area. Our offrs+ program costs an additional $300 per month which includes our monthly ongoing survey campaign and lead generation.
How long is the contract?
Our contract is 12 months. All of our data providers require a 12 month commitment due to the value of the data we provide. We also want to set expectations that marketing and prospecting does require time to produce results. Our offrs+ program will generate leads beginning in the first month, but it does take time to turn those leads into listings.
How many Agents are currently using your Product?
We have over 5,000 agents using our product today.
What can I expect as a Return on my Investment?
There are multiple ways to justify your investment including new revenue, access to data and cost savings. Let's start with new revenue. The average territory has at least 100 homes sold each year. All the property owners are in our database, and we typically identify over 70 of them using our predictive score. With offrs+ we are able to verify around 50% (or 35 home owners) over the course of the year. This means we deliver 35+ verified seller leads to you over 12 months. If you close 10-15% of these leads, you will generate 4-8 listings. Of course if you have more properties then the number of leads and listings would be higher. Your ROI can be calculated based on your average market value and your commission structure, but on average you should generate a GCI of $36,000 - $70,000 (based on 300k AVM). You can also add to that ROI, the value of the data (which is valued at $0.50 per record) and the cost savings in your current marketing campaigns.
What is the average cost of a Seller Lead?
The cost of a seller leads vs buyer lead is something we have been researching since we started our company. There are a lot of companies who sell "too good to be true" leads at a very low dollar amount, and they end up being 3rd party leads that are more than six months old that have been sold multiple times. What we have found in our research looking at all methods of lead generation (portals, google, facebook, telemarketing, email, referral networks, etc) is that the cost of a "first party" seller lead (a lead that is generated by you and only for you) costs .1% of the average market value of the home. So for example, if a property is valued at $300,000, then a first party lead will cost around $300. Surprisingly, the cost does not vary much among any marketing channel. It's the same range for online ads, telemarketing, direct mail or any form of marketing. If you think of this another way, you can estimate a .5% conversion of any mass marketing to generate a lead (e.g. You can send 1,000 postcards and receive around 5 leads). Of course buyer leads are typically less expensive because they are shared leads and typically 3rd party leads which are harder to convert. Ultimately, tracking your cost per lead is a good way to measure the success of your marketing campaigns.
Do you offer training to customers?
Yes. We provide unlimited Live Training where you can attend one of our classes as many times as you like to learn about our products. We also offer online training with a series of videos you can watch at any time as well.
I am not technical, can I still use your product?
Yes. We understand many agents want to focus on selling properties and not in front of a web application all day. Our offrs+ program is perfect for agents who need a "virtual" ISA to do the heavy lifting and generate leads. With offrs+ we deliver seller leads to your inbox, and you can focus on building the relationship and closing the listing.
I am a broker, how can I offer this to my agents?
We have a broker program we call R.O.O.F. (Real Estate Office of the Future) where we partner with the broker to roll-out our product throughout their organization to agents who want the program. Contact a representative to walk you through the details.
How is this different from other seller lead products?
Our solution is truly unique in the marketplace. We are the only solution that provides all Smart Data around a property and property owner and validates our data via ongoing campaigns to generate leads. Most other seller lead solutions only resell advertising from Google or Facebook to drive potential sellers to a landing page. We offer this service as well as one of six different ways to generate leads.
Who is your Competition?
Our competition includes all companies who generate seller leads for agents and brokers. We put together a Competitive Comparison page for more detailed information.