Over the past year, among the many challenges and difficulties brought about by the COVID-19 pandemic, the real estate and mortgage sectors have seen a wave of success with low interest rates, refinancing opportunities, etc. More recently, the buzz has surrounded bidding wars over extremely low inventory, buying refinancing, and fluctuating mortgage rates.
However, I couldn’t help but notice that we can do ourselves a disservice if we don’t recognize what’s going on outside of our bubble (s).
Ah, the cookie. The software’s modest code has fallen almost everywhere on the web, allowing advertisers and publishers to collect consumer data. At the end of 2019, Google announced the phase-out of third-party cookies on its platforms in a move meant to protect consumers demanding more privacy. Needless to say, the digital world has noticed.
Again, Google made headlines in March 2021 when they pointed out that the code would cease to exist on its platforms by 2022. Adding gas to the fire, Google acknowledged that it would not develop alternative identifiers to track people browsing the Web or use them in their products.
This news, along with many of Facebook’s changes and Apple’s advancements with iOS 14, could very well be the biggest reshuffle to date on the subject of digital data usage.
If you’re not quite sure what the loss of third-party cookies means, let me explain briefly. When you run affiliate marketing or retargeting on various channels or websites, for example, your campaigns likely rely on third-party tools to identify and track individual consumer behavior.
Like many, I’m not saying it’s the end of digital marketing as we know it. As a marketer, I find it rather exciting to see what happens next while recognizing the opportunity to revitalize older, proven, less cookie-dependent strategies.
A good CRM never goes out of style
This is not a doomsday scenario and if you delve deeper into it on Google you will surely see plenty of ways to still effectively manage data driven campaigns (yes, the irony of that phrase does not escape me). But if you’ve gone that far, I’d like to ask you this question: How good is your real estate or mortgage CRM software?
The reality is that consumers who might do business with you have already expressed an interest. Your own database is – if it isn’t already – the holy grail of success. It’s filled with first-to-part zero data collected from your own website, meetings, referrals, and more. Now is the time to improve the collection and use of first party data.
In real estate, data is king. The more you leverage your own data, the better off your loan officers or officers will be, as they will be able to identify, target, and create better customer experiences.
If you’re struggling to scale with your current real estate CRM, it might be time to switch to more flexible software such as Salesforce Edition of Propertybase. Built on the best CRM in the world, Propertybase has enriched the platform specifically for real estate brokers in order to get the most out of their data. With configurable options, custom fields, reports and dashboards, integrated marketing tools, automation and more, Propertybase adapts to your needs so that you and your agents save more time to boost productivity and the growth.
More than 4000 mortgage professionals use Unify, a mortgage business platform belonging to the Propertybase family of brands. Loan officers stay competitive by taking advantage of Unify mortgage application alerts. Automation within the software identifies and attaches four types of alerts (Inquiry, Prepayment, First to Buy and Potential Buyer) to contact records, which creates immediate engagement and untapped revenue opportunities already in the database .
The hard truth is that in residential real estate and mortgages, customer retention is a struggle. Customer engagement is a struggle. Knowing what the ideal customer looks like can be difficult.
There will surely be more information about the impact of cookies and third party data in the digital space. I can’t help but wonder what would happen if we moved so far away from finding the next bright new consumer via the modest cookie and focused on using a better database as the basis of the success.