Dirty Data Is Losing Wholesalers TONS Of Money

Bad data costs real estate businesses millions of dollars annually. As a real estate wholesaler, you can’t afford to waste time chasing bad leads. Learn how to keep your database clean.

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Did you know that 30% of the leads in your database go stale each year

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and that it cost companies on average $100 per lead in their database?

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Think of how much time you’re probably wasting or your VAs are wasting

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trying to call wrong numbers, or how much money you’re spending on mailers

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that go to the wrong people.

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So today

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we’re going to look at the cost of bad data

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and how you can make sure that yours is clean.

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But first, don’t forget to like subscribe and hit the notification bell

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so we can keep providing you great educational content for free

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Okay.

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First, let’s talk about incorrect data that’s in your system.

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Hopefully you’re using something better than spreadsheets for lead management,

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but let’s pretend that you are for the sake of math.

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Let’s say that I have a thousand properties on the spreadsheet

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and that I went through and skip traced all of these about a year ago.

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If 30% of my lead list is stale, that’s 300 people.

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So 300 people on this list have moved.

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They’ve changed phone numbers or their names.

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And since this is just a spreadsheet, it may contain duplicates.

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If it costs $100 per bad lead in my database, that means I’m

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wasting $30,000 a year on these folks.

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Now, let’s break down the cost of time.

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It could be your time.

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It could be your VAs time.

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If 30% of our data is bad, that means that 30% of the VA’s

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time is spent chasing bad leads.

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Another study showed that 66% of a VA

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or sales reps time is spent on administrative activities.

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I’m talking data entry prospect research.

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Basically, they’re sifting through all the spreadsheets,

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looking for the right contact details.

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When you add it all up, the cost of dirty data is astronomical.

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So what’s the solution?

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First, make sure you’re updating your data every few months.

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We recommend doing it every three to six months.

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In BatchLeads, you can do this really easily, and I’ll show you how.

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In the Properties tab, all you’re going to do is select all of the addresses

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you want to skip, trace you go to actions and then skip trace.

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It’s super easy to do that.

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I mean, that took me seconds.

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Plus, the system will automatically get rid

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of your duplicates, so it’s like a win win.

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Another thing to note, when you skip trace your properties,

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make sure that you’re using a program that has accurate data.

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There is nothing worse than spending hundreds of dollars

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making your data dirtier than it was before.

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And FYI BatchLeads data is 97% accurate.

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Second, use a list management system.

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If you’re not using one, it’s a game changer.

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The thing I love about batch leads is that you can sort filter

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and tag until your heart’s content, and I’ll show you what that looks like.

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Under the Properties tab, you’re going to select all the properties

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and I can put them into any type of lists I want.

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I can tag them as specific things so that when I’m looking for specific

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types of people

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or maybe people that I’ve already called so I can sift those people out,

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it’s really easy to manage that list and make sure

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that you’re contacting the right people.

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That way you and your VAs aren’t spending hours

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sifting through spreadsheets looking for specific pieces of information.

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Third, if you’re using a direct mail company,

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you’re probably spending two to $3 per piece mailed.

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If we go with the 30% dirty data rule,

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that’s $3 times 300 bad leads, which is 900 bucks.

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Your best bet is to go with an all in one software platform like BatchLeads,

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which offers direct mail for as low as $0.40 apiece.

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That way, if your data is dirty, you’re only wasting $120 versus $900.

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Okay.

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I know we’ve done a ton of math today, but I have one more statistic for you.

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The average cost to clean your data is $10 per

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lead versus 100 that we talked about before.

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Multiply that by the 300 dirty contacts in my database, and that’s $300.

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If I spend $300 every few months cleaning up my list, I’m

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going to save tens of thousands of dollars in wasted time and

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advertising.

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If you’re not convinced, give it a try in BatchLeads for free.

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See how much of your data needs to be updated

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and see what kind of a difference it makes.

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Click the link in the description below

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and we’ll give you a seven day trial of BatchLeads for free.

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Thanks, everybody. I’m Amy for BatchTV.

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If you like this content, you can help us create

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more by looking, subscribing, and hitting the notification bell.

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And don’t forget to check out our webinars with the links in the description below

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so you can get more tips and tricks on how to use BatchLeads for your business.

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We’ll see you next time.