Data Depth: How deep can our Data go?

Video Transcription

Jared Wright: Here we go. It's another week for the J&A Show.

Andrew Scherer: It has to go. You got to do this on ...

Jared Wright: I think every time, I don't even know what I'm doing.

Andrew Scherer: It's a different version every time.

Jared Wright: It's a different version. I was a little bit more...

Andrew Scherer: Sometimes it's a different key.

Jared Wright: Addie's got to step up her game to get that cut and get that out there ASAP. So Andy and Jared are back. We're going to rap a little bit about data depth. I think it's easy to assume the categories that we put our buckets together in or different areas of data, can I dig in a little bit further? Could I add a element to separate me from the agent next door when I'm ultimately prospecting for listing or seller leads, right?

Andrew Scherer: Yeah.

Jared Wright: So when Andy and I were rapping about what to talk about, he's like, "Hey, let's talk about how deep can we dig in with the data." And I'm like, that's a good question. It's kind of a double-edged sword for someone like us. If you open up that can of worms, it could lead to a lot of talk and not a lot of end result. But when you find the right partnerships and the right relationships with people that really want to dig in and understand the data and how it can benefit them or take that lead to the next level like we do with Swift Homes and some of these other larger data groups, the sky is kind of the limit. So maybe we can-

Andrew Scherer: Even smaller stuff. What you guys do with me is far beyond what any other data providers are going to end up doing. And I'm not a big data puller, but I know what questions to ask and how to manipulate that a little bit more.

Jared Wright: Totally.

Andrew Scherer: The flexibility you guys have is far and away better than honestly any other data provided that I can see.

Jared Wright: Well, I appreciate that. And why would you say that? Just because of ...

Andrew Scherer: I mean, just to cut straight through all of the crap and get to the heart of this thing. I mean, there are so many companies that tried to do the whole predictive analytic side of it. Listen, when it comes to real estate agents or honestly mortgage brokers and insurance agents or anybody else who's pulling data, you guys know what clients that are going to be the ideal. So you guys are going to sit there and say, okay, well, likely to sell. If you go to any other competitor that is trying to do a predictive analytic, likely to sell list, they don't tell you what it is.

Jared Wright: Right.

Andrew Scherer: They have their canned, "This is what we're going to pull, this is what we're going to do, this is how we're going to do it. And oh, by the way, we're not going to tell you."

Jared Wright: Right.

Andrew Scherer: It's going to be, "This is our predictive analytics and you have no say inside of any of it."

Jared Wright: It's a lot of fluff and not a lot of do.

Andrew Scherer: Not a lot of showman. I mean, and I can name the companies. And I don't want to do that. I won't do that.

Jared Wright: We're not that popular yet.

Andrew Scherer: I don't want to name-drop with it.

Jared Wright: You don't have to.

Andrew Scherer: But at the same time, where I can come to you guys, even when before it was you and me having all these conversations, it was me and Sean.

Jared Wright: Yeah.

Andrew Scherer: And I would go to him and say, "Hey, listen, can we pull something where, yes, the likely to sell, but let's narrow it down a little bit more. Let's say that it's seven, no more than 15," because after 15 we hear that they're going to carry them out of the house.

Andrew Scherer: Let's do it so that they have to have 40% of equity in their homes. Let's do it so that they have to have certain credit scores. Let's do it so that they have to have whatever, or a family event had to happen in order to make it on the list.

Jared Wright: Yeah.

Andrew Scherer: You guys have that opportunity to do that and work with the agents or the insurance brokers or mortgage brokers in order to get that stuff where everyone else, man, is ... you get the hamburger with the cheese on it, you get no ketchup, mustard, mayo or anything else.

Jared Wright: No substitutions. Yeah, no soup for you.

Andrew Scherer: Yeah, no soup for you.

Jared Wright: You're walking behind. You look down the aisle. You're like, yeah.

Andrew Scherer: That's so crazy.

Jared Wright: Totally. So to tie this in, how it can benefit ... open the ... yeah, it looks like-

Andrew Scherer: Yeah, open that up, man.

Jared Wright: ... like someone's having White Claws.

Ideas to Change Things Up

To kind of use this as an agent for benefit here, here are some ideas that I have maybe to kind of change some things up, and you kind of brought some of them up with length of residence from seven to 15. After 15 years, people don't want to move. But the property value, in some cases, maybe you want to start with 150,000 and above, or cap it at 750,000. So home value becomes an element that you can utilize for customization.

Political Affiliation

Another one that seems to be hot in certain states that's a touchy subject, but is political affiliation. We do have a lot of our California agents going after conservative homeowners that have the likely to sell flag.

Andrew Scherer: That's interesting.

Targeting Female Head Households

Jared Wright: So yeah, political affiliation was a good one, which is kind of fun. But here's another one that I haven't brought up, but it kind of came to fruition for me because I live with someone that I've been married to for 21 years, but targeting the female head of household maybe instead of the male with these situation. So you could be a female agent that has a better rapport with the head of household, the lady first, and starting that engagement. So you could even filter as ...

Andrew Scherer: That's crazy.

Jared Wright: Yeah. Even as mild as someone ... it might limit the lead, but a lot of the records and a lot of the mortgages and a lot of the deeds do have the female and the male as a head of household. So there's some ways for us to pull some different data sets that way. And that just kind of came to me when I was brainstorming some ideas to talk about that would benefit the actual agent. That's what you and I are getting together and doing.

Andrew Scherer: Yeah. I think some of the stuff too, when we were talking about can we pull some buyer lists, right?

Jared Wright: Yeah.

Andrew Scherer: So renters or first time buyers and going after that list. And then again, even going to the point where if you were to buy a renter list from honestly any name brand provider as it stands right now, sure, they'll give you a renter list, but honestly you're better off just going to Craigslist and posting something on Craigslist.

Jared Wright: Exactly. Yeah, totally.

Andrew Scherer: Where you guys can go down all the way.

Jared Wright: Credit score, occupation, length of occupation.

Andrew Scherer: Income levels.

Jared Wright: Income levels. Another one that's becoming quite popular with some other companies, they talk about bullseye marketing or rooftop radius marketing. So let's say you have a listing or your competitor has a listing in a neighborhood or a hot neighborhood, we could run a 0.2, 0.1-mile radius or as low as a 0.1-mile radius around that listing or that house that was sold with some criteria on it, right, people that have been there longer than five years or people that this and that. So knowing that you can really target a neighborhood with specific criteria helps with the quote/unquote numbers game when you're out in the market.

Andrew Scherer: You and I keep teasing on this stuff too. So obviously, we have a couple things in the works that we're doing on the digital side with the marketing that we're still beta testing through and getting to know the actual stats and actual data inside of it. In your opinion, what's the ideal quantity? So we're talking about narrowing down the data, right?

Jared Wright: Right.

What's the Ideal Data Quantity?

Andrew Scherer: Is there a data set that's too small?

Jared Wright: Yeah, I do think so. For the application that our customers use the data, I think there's a certain number or certain threshold to find some success. It could be 500 records and you call the first 100 and you get some traction, but you could also call the first 500 with no traction. So, to me, it's right around that 2,500 to 5,000 range. It seems overwhelming, but if people are calling at a dedicated time, at a weekly rate, you're going to go through that pretty quick. And we hear, day in and day out, someone that calls through 3,000 leads, gets three to four listings on average, and that's the ROI that I can hang my hat on and enjoy when I turn my computer off at night.

So it's just finding that right, 3 to 5,000 records, I think to start with. When I first started doing this, we were selling 25,000 records at a time. It'd be like, "Oh, let me run your credit card for five grand," or whatever it was. And then we started honing in and being like, "No, that's not fair to the customer. Let's dial it down and start at a smaller batch with the feedback of the success that they can have." And every week, we have repeat customers because they're doing the process. They're actively working the leads.

How Much Time Does it Takes to Convert a Lead Into a Customer

I think I heard something in a conversation in the last week. It takes 18 touches, dude, to convert a lead into a customer, man. So the work really isn't done on my end. It's more done on your end as a coach. But we are literally laying the groundwork for that success. And it's not easy, but we all should know, most of us, and the ones that are successful with it, know that life's not easy. You're not going to find a shortcut. There's no magic potion that you can just go, "Sha-sham." We already went through that last year with the houses selling as fast as they were, right? Now, the cream rises to the top.

Andrew Scherer: That's exactly right.

Jared Wright: We all have to hold ourselves accountable with business, dude. That's what pays the bills.

Andrew Scherer: Yeah.

Jared Wright: I think it's, shit, man, another good successful rant by the J&A Show.

Andrew Scherer: Again.

Jared Wright: We'll talk again in the next couple weeks and maybe we'll dig into the digital piece and what that looks like from a number of records. I think that's a different number of records than the calling, so there's a lot more wormhole we can go down, but we can definitely discuss that too. So anyone has any questions, comments, share the love and we'll keep this train rolling.

Andrew Scherer: As always.

Jared Wright: Much love, brother.