With the property portals expanding their proposition from 'just searching' to 'managing buyers', NOW is the time to take heed to the very serious issue of data security.
Chat data is going to be incredibly valuable for real estate agents if you protect it - or incredibly costly if you don’t.
Chat data tells you when and what you said with whom. It will be a tangible definition of your relationship with your clients. Up until now you have lost this content to the universe of phone calls and SMS/iMessages. Your memory, Box+Dice activities and written notes are all that defines your history with any given contact. Now the game is changing.
Why do you think chat programs such as Whats App, Messenger and Viber are free? Because the owner’s monetise the content by collating metadata about who you are and what you do. They then sell access to you to appropriate companies based on your behaviour.
Real estate is a $15 billion industry in Australia and online portals such as REA must expand their proposition beyond searching because the priority placement model is going to cease to exist in the coming years.
Australia is unique in that only here are vendors willing to pay top dollar for vendor-funded advertising. This will change as everyone begins to understand that the buyers and sellers are online and there is absolutely no need for 1% to be spent on marketing a property.
My guess is that the portals will have to become 'vendor advocate' companies and ask for a percentage of the commission for referring the seller to the appropriate agent. Finding a buyer will be a worthless process as platforms such as Box+Dice gradually become buyer profiling applications.
To understand this point, wind the clock forward and consider how large your database will become once everyone in the company uses it properly - every seller will be in your own database and their metadata will be readily accessible.
The second last thing that the web portals want is for you to have a successful CRM philosophy and comprehensive customer database. The very last thing they want is for you to be constantly engaged and connected with your clients without them knowing it.
Protect your metadata with a reliable CRM platform today!