It’s time for agents to protect their metadata. Why? Because it’s the new frontier of real estate. Metadata is commonly defined as ‘data about data’. In the real estate context, data can be defined as Listings on web portals and Sales Data provided by data companies such as RP Data and APM. And most importantly, real estate data is the CRM (client relationship management) data owned and managed by agents.
The new frontier is real estate ‘metadata’. Specifically, what your clients like and dislike when it comes to properties and which agent/s they have dealt with. This information, at present, is only known by you, the real estate agent.
Why is this metadata so important and why doesn’t anybody realise this? Because it represents the fundamental ingredient for connecting you with your customers. Only agents know this. It is actually the defining attribute between who is paid a commission and who is providing a service to those being paid a commission.
Why does consumer John Smith choose agent Jack to sell his house? Many people say it’s because Jack is competent and has convinced John that he will get the highest price in the most reasonable amount of time. Wrong. It is because he is connectedand to some extent trusts Jack to sell his house. Why? Because he is connected with Jack. Why is he connected? Because they spent time getting to know each other and agreeing on terms at appointments and/or via message threads and phone calls.
How many properties are listed via a signed agreement without having first connected and at least negotiated the terms? None.
How many prospective sellers take the time to select and negotiate an agent because it’s such a large, expensive, and often life eventful decision? Most.
Most sellers choose the agent that they are most connected with. The agent that has spent the most quality and productive time with their client is typically the most connected. The fundamental attributes to ‘connecting’ are meetings, message threads and phone calls.
That’s why an online portal will never be the primary vehicle to sell a property. Whoever has access to your metadata has the capacity to monetise the transaction - that’s why your metadata is so important and is the next frontier in real estate.
Protect your metadata. Don’t let any third party see it or access it and