“Resist the temptation to try to use dazzling style to conceal the weakness of substance.” Stanley Schmidt
There are many technology providers in the real estate industry offering access to data and promising leads. I’ve written in the past about how most of these companies provide “lists,” not “leads” – you can see more about that in my blog post, Leads? It’s a Matter of Quality over Quantity.
This got me thinking more about the quality of the information that results in these lists. There is a clear distinction to be made here between “explicit” data versus “implicit data.”
Quite simply, explicit data is active data that a user must enter to continue on a site. Things like email addresses, phone numbers, and form-filled information must be complete to get the information they want. When you add to this, much of the information provided is fictitious (i.e., fake email addresses are the most common). At the same time, others are being completed by bots, the accuracy and efficacy of this data are questionable. I want to think of this as lead gathering 1.0. For the longest time, it was the only way you could cultivate leads. You would cordon your prospect into completing a lead-form out to continue to navigate your site. Someone willing to fill out that form must be a willing buyer or seller. This worked for a while to find buyers. But with celebrity Million Dollar Real Estate agents and HGTV gamifying home buying, many of those so-called leads are presumably viewers satisfying their entertainment fix.
On the other hand, implicit data is information that is gathered without asking the user for it, from the obvious things like the user’s location, browser, default language, and mobile device.; to the more obscure data points like cost of gasoline or groceries, age of the home, equity in the property. When enough of this data is gathered, a pattern emerges, you get behavioral intelligence. The pieces of the puzzle are weaved together and tell a narrative. With enough of these implicit data points, a story provides insights that no amount of form-filled lead forms will ever deliver. When the puzzle is complete and analyzed, the accuracy of predicting when someone is ready to move grows exponentially.
With the advancement in artificial intelligence, it’s become easier to weave together a through-line to your lead’s life journey. I see this as the 2.0 version of a lead’s life, providing a more effective and personalized way to engage with your prospective clients. Call me an optimist, but I imagine a world where you can connect with a prospective seller at the appropriate point on their journey and, with your insights, provide guidance and invaluable support.
The distinction is clear, when analyzing the money you spend on leads it’s important to know whether the data is explicit or implicit. The value of finding the nuggets of gold in your leads are much easier when the data is properly analyzed.
REfresh Your Contact Database
At Likely.AI, we recently launched our revolutionary database REfresh tool. The reaction has been astounding, with Realtors and Mortgage Brokers benefiting from the refinement of their lists. Imagine being able to take your sphere of influence list and upload them into our patented refinement tool to determine the likelihood of finding Gold without doing all the work.
With our Database REfresh tool, it’s painless. Using our Artificial Intelligence engine, you can mine your existing database for consumers that are likely to sell. We’ve made the process simple, confidential (we don’t share your client data), and useful. But don’t just take our word for it, see how our partner, Cody Gibson, owner of United Home Group, benefited from this solution
How does REfresh work? It’s easy:
- Drag & Drop your contact database
- You will receive a text within an hour once your contact database has been REfreshed.
Try it out for yourself FREE with zero risk – upload your file HERE, and request your free database REfresh report on the checkout page.
At Likely.AI, we have spent the past few years perfecting the analysis and delivery of Likely Sellers. Our mission is to become the real estate ecosystem’s Artificial Intelligence modeling partner. Using our unique machine learning models, we deliver vetted and validated leads (aka Likely Seller) that have a higher likelihood of becoming a deal than others in the industry. We believe so much in our models’ accuracy that we are willing to put our money where our mouth is. With only a nominal license fee to cover some of our costs, we instead tie our revenue model to a closing percentage. In other words, our success is predicated on your success. We don’t make money unless you make money. Thus, allowing you the real estate professional, to maximize your profits by partnering with Likely.AI, who will can and will provide you with Likely Sellers in your market.
From predictive modeling and complicated algorithms to deep learning and artificial intelligence, Likely.AI is a new-age lead generation tool that is changing lead quality expectations by identifying consumers’ likely real estate decisions before their decisions have been made. To learn more, you can contact Likely.AI HERE.