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Predictive prospecting company Revaluate has added a new live database analytics feature to its product line, Inman learned in a Nov. 9 press release.
RealStat is a new interface from the company recognized for its ability to predict the potential that a homeowner will list their property. The user is presented with a live look into the current health of their database, including the names of outside agents a contact may be working with, the status of listings market-wide and the most common and effective modes of communication, among other database vital signs.
“The primary problem that RealStat addresses is the need for a comprehensive and real-time view of the active listings within a real estate professional’s client database,” said Chris Drayer, CEO and co-founder of Revaluate, in a statement. “This new product offers an instant and accurate health check of what’s happening within your client database. Never before has the industry had access to such a level of insight.”
Users can better act when a listing expires, a price is changed or a listing is lingering in an otherwise active submarket. In addition to an overall “grade” of one’s database, RealStat identifies opportunities for growth by unearthing lost commissions from the previous 12 months as a way to challenge marketing efforts, forecasts the effectiveness of current marketing efforts, audits contact information, helps ensure users are not actively marketing to current sellers and offers a map view of contacts’ locations.
RealStat also offers access to something called Revaluate Labs, a collection of industry experts who can advise on messaging, software use and ways to better leverage market data.
An independent audit of Revaluate’s likely-to-move score found it accurate one out of five times, or 36.4 percent of the time. Test subjects came from throughout the United States, excluding New York City and San Francisco, where MLS data isn’t as widespread. It also left out first-time homebuyers (who don’t have a house to sell) and second or vacation homebuyers.
The news comes in the same year the company released a database “clean-up” service designed to audit the quality of records in an agent’s CRM, which often lag from years of little to no contact with previous clients, one-time leads and inaccurate customer profiles. The byproduct of a database mop-up is finding forgotten records that could re-emerge as viable leads.
As agents and brokerages choose new lead generation partners, launch new marketing efforts, bring on new teams or top producers, or move brands, data becomes subject to being mixed, incorrectly duplicated and, in multiple ways, tarnished. Bad data results in a lack of consumer engagement and is often the source of poor prospecting results.
Drayer is an advocate of cleaning up the way the industry uses consumer data, citing that the ability to steer and violate fair housing regulations is simply too easy with the onset of modern data capture technologies and behavioral analytics.
In a June 2023 op-ed for Inman, Drayer said that NAR has largely ignored the risk.
“As you’d expect, the National Association of Realtors is backing its members, but sadly it is failing homeowners and, based on its lack of action, it seems to lack a desire to make meaningful change to reduce discrimination via steering and redlining. I’m starting to lose faith in its ability to change.
NAR and racism have a long history together. The National Association of Realtors no longer denies this. They admitted fault when NAR formally apologized for being racist.
Officially, NAR knows there is an issue — that’s not the problem. The problem is that NAR and its membership have a pattern of doing very little that moves the needle — and, as you would expect, this apology did not resolve anything. And there’s an increasing supply of examples showing the significance of the problem.“
Revaluate was given a 4-star rating upon its initial Inman review and continues to build on its software’s ability to help agents unearth listing clients. It can integrate with a number of common industry CRMs.
