Either strategy requires efficient prospecting.\u00a0 Tools that have served the industry well for decades, including conventional advertising, direct-mail flyers, open houses, and direct cold calls, are all inefficient: a substantial volume of approaches results in small numbers of leads.\u00a0 Referrals, purchased lists of leads and targeted online advertising are more productive but flawed.\u00a0 Referrals are difficult to generate at scale, lists can be stale, and online advertising can be a \u201cblack box\u201d in which some ads work and some don\u2019t, for reasons that may be opaque to the advertiser.<\/p>\n\n\n\n
This creates a need for innovative tools that real estate professionals can leverage for client prospecting.\u00a0 Platforms that provide comprehensive data can streamline the process of identifying and connecting with potential clients or sellers, a crucial aspect in adapting to the new market realities.<\/p>\n\n\n\n
Real Estate Prospecting with Spokeo for Business<\/h3>\n\n\n\n
It\u2019s possible to make a strong argument that the realtors who survive and thrive in this new environment will be those who adapt most quickly.\u00a0 Spokeo for Business<\/a> provides a competitive advantage in that quest, serving equally well as a tool for generating a higher volume of leads or leads for higher-value properties and clients.<\/p>\n\n\n\n Spokeo draws from over 5,000 individual data sources, yielding billions of data points.\u00a0 The intuitive search interface gives effective results with minimal training and can be used for numerous purposes by agency staff or directly by realtors themselves.\u00a0 The detailed reports generated by these searches can be used in many ways by real estate professionals, including:<\/p>\n\n\n\n Note: Spokeo for Business cannot be used to make decisions about credit, for tenant screening, or any purpose covered by the Fair Credit Reporting Act (FCRA).<\/em><\/p>\n\n\n\n Aside from these direct contributions to prospecting and therefore potential sales, Spokeo can aid realtors in addressing various other challenges arising from this new regulatory environment.<\/p>\n\n\n\n The recent legal developments in real estate emphasize the need for transparency.\u00a0 The push for changes in the industry\u2019s longtime commission structure was rooted in the perception of collusion<\/a>, a perceived lack of transparency, and arguments that commissions and some other aspects of the realtor\/client relationship were obfuscated.<\/p>\n\n\n\n As a result, the industry can expect greater scrutiny from both regulators and consumers.\u00a0 Realtors will need not only to remain compliant with the prevailing legislation and industry practices, but to have the capacity to demonstrate conclusively, at need, that they\u2019ve done so.<\/p>\n\n\n\n Tools like Spokeo for Business, which offer open-source intelligence, can aid realtors in aligning with evolving regulations and maintaining fair practices.\u00a0 Such transparency is becoming increasingly vital in building trust and credibility in the market.\u00a0 Spokeo is indeed known for making the world more transparent.<\/p>\n\n\n\n As legal and regulatory focus intensifies, thorough due diligence becomes more important than ever. Tools that aggregate actionable data can become valuable for realtors, helping them verify information and allowing the mitigation of fraud and security risks.\u00a0 Examples of these mitigations include identifying potential fraud; and detecting potential money-laundering schemes by looking for inconsistencies in the offer they bring to the table or signs of criminal activity.<\/p>\n\n\n\n Aside from the realtor\u2019s obligation to perform due diligence, research of this kind can have more immediate benefits. Agents can verify callers\u2019 identities before a showing, with as little as a phone number or email address, search for any possible history of violent criminality or other \u201cred flags\u201d. (Learn more about using Spokeo for Business as a tool to help stay safe at showings by reading this article<\/a>.)<\/p>\n\n\n\n In an era where legal actions often bring unethical practices into the spotlight, maintaining a strong reputation is essential.\u00a0 Real estate professionals can leverage social media aggregation and other open-source intelligence to manage and enhance their online presence, a critical component of reputation in today’s digital world.<\/p>\n\n\n\n Social media enables agents to connect with potential clients, fostering trust by showcasing expertise and sharing success stories.\u00a0 Well-maintained social media accounts can be leveraged to generate leads directly, or indirectly by soliciting referrals or positioning the agency or individual realtor as a source of expert knowledge in the field.<\/p>\n\n\n\n Spokeo began in 2006 as a social media aggregator, and Spokeo for Business offers unmatched social media insights.\u00a0 For real estate professionals wishing to leverage social media to their advantage, it\u2019s a potent tool.<\/p>\n\n\n\n Understanding the evolving legal landscape requires deeper market insights.\u00a0 Platforms providing comprehensive data and analysis can enable realtors to grasp market dynamics more effectively, aiding in well-informed decision-making.<\/p>\n\n\n\n Existing industry sources provide excellent data about listing prices and selling prices, but convey little about the purchasers or sellers as individuals.\u00a0 Researching recent buyers and sellers matching your desired profile is a hypothetical use case for a tool like Spokeo for Business.\u00a0 The insights you glean into their purchase history, and any public posts they\u2019ve made regarding their recent sales\/purchases on social media, may help realtors identify similar prospects<\/a>.<\/p>\n\n\n\n The pressure is greater for buyer-side agents, who will now face additional pressure to justify their involvement in the selling process.\u00a0 Here again, Spokeo\u2019s ability to generate a detailed, holistic picture of the buyer as an individual gives the buyer\u2019s agent the opportunity to craft a bespoke value proposition that meets the client\u2019s needs, and maximizes the agent\u2019s negotiating position.<\/p>\n\n\n\n The increased regulatory scrutiny might lead to more collaborations among realtors, law enforcement, and regulatory bodies.\u00a0 Reliable data sources can play a significant role in facilitating these collaborations, creating an environment of cooperation and shared understanding.<\/p>\n\n\n\n Collaboration within an agency can benefit the agents involved, if they have complementary skill sets or target markets.\u00a0 Agents specializing in older homeowners wishing to downsize might form a partnership with agents focusing on younger families weighing to upgrade, for instance. Collaborations between buying and selling agents, however,\u00a0 may be more problematic, given that the appearance of collusion underpinned the recent lawsuits against the NAR and other industry bodies.\u00a0 Spokeo for Business maintains a record of searches conducted and the resulting reports, should it become necessary to document those for compliance purposes.<\/p>\n\n\n\n The prospect of such searches to unearthing evidence of fraud, money laundering, or other criminal activity has already been discussed.\u00a0 This in turn may make it necessary and appropriate for realtors to build working relationships with their local law enforcement agencies, in order to thwart such attempts.\u00a0 Concise and detailed reports from Spokeo for Business provide a useful starting point for investigators, who may themselves be using the product.<\/p>\n\n\n\n The changing legal scenario presents various challenges, from regulatory uncertainties to the need for customized solutions. Technology platforms are adapting to these changes, aiming to align their offerings with the emerging needs of the real estate sector.<\/p>\n\n\n\n It is likely that success-focused professionals will identify use cases for more than one such software tool.\u00a0 Easy interoperability between these tools is a highly desirable feature, simplifying multi-vendor deployments, and reducing the need for expenditures on in-house IT support or third-party consultants.<\/p>\n\n\n\n Spokeo for Business is constructed with this need in mind.\u00a0 Its powerful application programming interface (API) can be used to share data easily with other analytic or data-gathering tools, either sharing the results of Spokeo searches with another product or receiving data from another product. \u00a0 In the latter case, that data will be displayed along with native search results in its reports, and will be viewable from the administrative Dashboard.<\/p>\n\n\n\n The recent legal developments surrounding NAR are indicative of a new era in real estate. In this changing landscape, the role of technology and platforms like Spokeo for Business has become increasingly significant<\/a>.\u00a0 They offer tools and data necessary for realtors to adapt and thrive, ensuring preparedness for the dynamic nature of the real estate industry.<\/p>\n\n\n\n Ready to see what Spokeo for Business can do for you? Reach out today to begin a complimentary trial.<\/a><\/p>\n\n\n\n Disclaimer<\/strong>: This blog post is not intended as legal advice.\u00a0 Consult your legal and\/or compliance department before making any changes to your operations.<\/p>\n\n\n\n Fred Decker is a prolific freelance writer based in Atlantic Canada, with articles appearing in print and online since 2007. He writes primarily on technology, personal finance, and food and food service, drawing on previous careers in those industries. He was educated at Memorial University of Newfoundland, Nova Scotia Community College, and the Northern Alberta Institute of Technology.<\/em><\/em><\/p>\n\n\n\n Sources<\/p>\n\n\n\n Real Estate Weekly: What Agents Need to Know About Commission Rule Changes<\/a><\/p>\n\n\n\n\n
Transparency and Verification Amidst Legal Changes<\/h3>\n\n\n\n
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<\/figure>\n\n\n\nEnhanced Due Diligence in a Regulated Environment<\/h3>\n\n\n\n
Reputation Management in a Digital Age<\/h3>\n\n\n\n
Gaining Deeper Market Insights<\/h3>\n\n\n\n
Collaboration in a Changing Industry<\/h3>\n\n\n\n
Navigating Industry Challenges<\/h3>\n\n\n\n
Conclusion<\/h3>\n\n\n\n