The significance of data in cultivating long-term customer relationships

Everyone recognizes the importance of data when it comes to understanding the customer, but the real question is how to deploy it. Recently as the real estate industry has shifted from a buyer’s market to a seller’s market, it’s become paramount for Realtors to continually meet their clients at critical life touchpoints to extend the longevity of that relationship. This involves creating an experience that is both seamless and relevantfor the consumer during the initial transaction and at pertinent moments after.

A new trend in the industry is leveraging customer data to not only provide relevant protection products for their home, but for any number of life events they might encounter. While there are many companies out there that offer these products, not all of them have the capability to embed protection at thoughtful points in the customer journey. By working with a partner that understands how to utilize customer data effectively, they’ll find that there is actually abundant opportunity to engage their renter even beyond the signing of the lease.

Typically, when someone rents a home, their property management company may suggest (or even require) that they get renters insurance. This process should be seamless, with protection offers presented during the application process or the execution of a rental agreement. If done effectively, this is one of the first moments in the renting journey that the property management company can use data to personalize their offerings — but it doesn’t have to stop there. If their tenant eventually adds a pet to the lease, their property management company can offer them pet insurance options, building a purposeful relationship with them rather than one that is simply transactional. By offering them relevant protection products at the right time, informed by significant data points, real estate companies and agents can give their customers the convenience they want.

Creating meaningful touchpoints can take on many forms, but the common throughline is finding ways to show your customers that you’re invested in their care and happiness. When you offer them protection for their purchases, you’re letting them know that you’re looking out for them in the long run. By looking at the data collected during the customer journey, you can build a framework for effective outreach campaigns that can meet undiscovered needs they might have.

Another example is the lifecycle of car ownership. When a customer goes through the home rental process, data is collected on their vehicle, which may include, color, make, model, year and more. Using this data, customized marketing messages can be created and dispatched at relevant points in the car owning journey. If the customer has just purchased a new car, they might be offered car warranties or auto insurance. If they’ve owned their car for around a year or so, their property management company might recommend a reputable local mechanic they can schedule a maintenance check with. Staying top of mind with relevant, personalized content strengthens customer relationships and demonstrates a kind of thoughtful utility that will go a long way.

Data can also improve existing customer touchpoints by automating maintenance requests or streamlining communications, for instance. Quicker and more effective services such as these can extend the relationship with your tenant and keep them happier for longer. They can also help you cut down on operational spend, so you can allocate those funds into more growth opportunities for your business.

Getting ahead of a turbulent market with consumer data

By knowing when customers and prospects are looking for a new home, needing to tap into their home equity, or needing other mortgage products, lenders can reduce customer churn and identify new opportunities faster than ever before.

Presented by: CoreLogic

When it comes to something as fundamental to their everyday lives as housing, consumers have an increasing desire for a more meaningful and long-term relationship with their real estate companies. Purposeful outreach in the form of protection or other complementary products is a growing trend in the property space, but not one that will wane anytime soon. Especially as the consumer controls the renting or home-buying process, it’s more important than ever for realtors to differentiate themselves by offering them a data-driven experience that resonates with their lifestyles and needs.

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