Data, when used to its full potential, holds the key to the property market’s growth. The reason for this is the more relevant information any business has, the better decisions that can be made.
Every successful company runs its business based on data. For example, e-commerce giant Amazon has been able to thrive by collecting data based on each unique customer and the way they use the Amazon website.
Amazon is only one example, but if the property industry were to embrace data the same way that other industries such as e-commerce have, it would be far more fruitful.
How data is used in a company determines how much the company will grow and here I discuss why.
Choose the right data
The type of data that should be focused on varies depending on the overall goals and the sector.
Sourcing data can be time-consuming, as this involves analysing large quantities of information and then drawing insights from this. As a fast-paced industry, there is no time to be wasted in the property industry. Instead, agents are advised to choose a reliable data provider to save time and provide the information needed to grow.
What’s more, getting a reliable company to provide this will significantly reduce the possibility of revenue being wasted because of poor data quality.
In the property industry, knowledge about the postcode where properties sell the fastest, the location that has the most buyers, and the location that has the biggest chance of securing planning permission, can help agents to offer the best possible service to their clients.
At Information Works and its sister company Nest Data, for example, we provide a wide range of property data and mailing programmes focusing on more than 29 million UK residential addresses. The data we provide our customers is in one safe place, allowing users to be consistent and efficient when using it.
Businesses in the property market that use this meaningful data will be able to uncover tons of useful information. This includes, but is not limited to, the housing tenure, the value of the home, and the last time it was for sale.
Anyone in the property industry who is granted access to this data can use it to better educate themselves about their audience and make better decisions if investing in property.
Thorough data about a property can also be used to take a business to new heights through targeted mailings.
In the property industry, direct mail campaigns are an excellent way to convert leads into new customers. With roughly 96% of consumers engaged in all direct mail, there is no denying that direct mail is an effective way to generate interest.
Using data to carry out direct mail campaigns can spread awareness about your agency or business and allow you to establish familiarity as well as long-term relationships.
Improved customer relationship
Although the data alone is a crucial part of the success of a company, the way the data is used is an even bigger factor.
Relationships are built on trust and, in the property market, customers often establish trust with familiarity.
For example, by using direct mail campaigns, agents can check in with existing and former clients. In addition to this, new relationships can be formed using the new data provided by the chosen data source.
Having the right data is a step in the right direction, but the way that a business chooses to use it is also very important.
Ensure that customer data is used responsibly and used in a way that is beneficial for the customer and the business.
Keep data compliant
We advise that, before investing in any data, you carry out the appropriate research and put trust in firms that prioritise security, are GDPR and PAF compliant, and have relevant safeguarding in place.
Also, it is necessary to understand that not all clients wish to share data so they must have the option to opt out. At Information Works, the data we provide goes through a vigorous process and consumers can opt out if they wish.
We believe that data can take the property industry to new heights. Focusing on data and using this to better understand the target audience will keep you ahead of the competition and is fundamental to the overall growth of your company.
*Nigel Ross is Managing Director of Information Works