How to Data Mine for Real Estate: Fixing Misinformation in Your CRM

Customer relationship management (CRM) systems are invaluable for real estate agents, making it easier to track client interactions, leads, and deals. But simply having a CRM isn’t enough—if your data isn’t complete or accurate, you could lose out on potential opportunities. Here's how to fix misinformation and maximize your CRM through data mining.

Why Incomplete CRM Data Is a Problem

Inaccurate CRM data can cost you leads and sales. If you don’t have up-to-date contact information, like email addresses, you might miss key communication opportunities with potential clients. Incomplete data can drastically reduce sales productivity.

According to a study by Tom Ferry & Revaluate, of 500,000 leads analyzed, more than half lacked crucial details such as names, email addresses, and phone numbers. This resulted in 5,161 missed listings worth $2.57 billion in sales, translating to $50-$70 million in lost commissions for agents. For every deal secured, these agents missed 3 to 5 others due to incomplete data. Conversely, businesses with complete, accurate CRM data are three times more likely to outperform competitors.

Pro Tips for Better CRM Data

Improving your CRM data can be simple with a few key practices:

1. Collect All Details: When working with new leads or clients, ensure you collect all essential contact details—names, emails, and phone numbers. Clients generally appreciate your effort to stay in touch. Use our Lead Tracking Form to stay organized.
2. Regular Updates: During conversations, confirm contact information. Ask questions like, “Is this still the best number for you?” Keep a list of update questions handy, and record any updates in your Contact List.
3. Timely Input: Input new or updated information into your CRM right away. The faster you update your CRM, the less likely you’ll forget important details. Use your CRM’s mobile app for updates on the go.
4. Data Mining: Tap into the power of data mining by using your CRM as a base. Combine internal data with external sources like market trends, public records, and engagement data. This can help fill gaps and provide a fuller picture of your prospects.
5. CRM Integration: Integrate your CRM with marketing platforms, purchase records, and invoices to consolidate data and make your CRM even more powerful.

Benefits of Accurate CRM Data

Complete CRM data brings many advantages:

• Predictive Power: With comprehensive data, you can predict future sales trends, allowing for smarter decisions about marketing strategy, time management, and budgeting.
• Targeted Marketing: A complete profile lets you segment your audience, enabling personalized messaging that resonates with clients. Use A/B testing to determine which campaigns are most effective with different demographics.
• Stronger Relationships: Personalizing interactions by remembering specific client details fosters trust. Clients feel valued when they see that you recall their preferences or personal connections, making them more likely to choose you as their agent.

Ensure your CRM is in top shape by using Breakthrough Broker’s Lead Tracker Form and Lead Follow-Up Planner, designed to keep your data organized and actionable.